Orderflow.art Methodology

Sankey Spec

The sankey displays data from landed transactions from November 1, 2023. It is based on 2 end result datasets we produced: retail trade volume and retail liquidity impact.

Retail Trade Volume

Dune materialized view: dune.flashbots.result_overall_of (Orderflow View)

We built the Trade Volume sankey to monitor the distribution power and orderflow market share of each project along the order flow supply chain. To measure this properly, we need to account for the originally requested trade volume from retail traffic, hence there are two major differences between this result and generic total DEX trading volume:

It only includes a list of known router by frontends which is a better representative of real retail user traffic; and filters out unknown routers, which are likely bot volume today.
It’s deduplicated to avoid the overcounting of router’s multihops.

One known limitation is that it’s likely undercounting the total “retail traffic” as there can be smaller volume routers without labels in public datasets that we don’t cover. Please contact us at [email protected] if you see any missing routers that you would like to add!

Retail Liquidity Impact

Dune materialized view: dune.flashbots.result_overall_lq (Liquidity View)

The Liquidity Impact sankey is meant to show the market structure on the liquidity providing landscape on DEX trading space. Hence we include each liquidity provider’s total routed volume at each layer. It indexes all the liquidity sources and counts all the leg of hops within the trade, introduced by router or solvers. Note that when a router does a multihop to split a less liquid pair into 2 fills (e.g. route token A<->token B thru token A<->WETH, WETH<->token B - where its total volume will be 2x than what user requested to trade - we believe it’s inherent to its routing complexity hence it also counts as the liquidity source’s true volume.

Table Schema

Orderflow View

Column	hash	block_time	block_number	user	frontend	metaaggregator	solver	trade_pair	trade_usd	mempool	ofa	builder
Example	0x123…456	2023-10-02 18:18	19039288	0xabc…def	Metamask Swaps	Metamask Swaps Router	Hashflow	USDC-WETH	100.12	public	null	beaverbuild

Liquidity View

Column	hash	block_time	block_number	frontend	metaaggregator	solver	trade_usd	aggregator	token_pair	amount_usd	liquidity_src	pmm
Example	0x123…456	2023-10-02 18:18	19039288	Metamask Swaps	Metamask Swaps Router	Airswap	100.12	null	USDC-WETH	100.12	Airswap RFQ	Wintermute

Fields Definitions

orange background is columns only in orderflow view

blue background is columns only in liquidity view