Execution and slippage

When a stop fires, the job is to sell the position into USDG at a fair price. Rind does not try to sell at any price. It sells within a cap, or it waits.

Venue routing

A keeper that executes a stop submits a route. The route can use any venue on the venue whitelist, such as Uniswap pools for that Stock Token against USDG. The contract checks the result, not the path.

The keeper is paid for a good result. A route that returns more USDG is better for you and is the route a keeper should choose.

The slippage cap

Every sale has a minimum output. It is computed from the reference price at the moment of execution.

min_out = size * P_ref * (1 - slippage_cap)

If the route would return less than min_out, the transaction reverts. Nothing is sold at a bad price. The cap is set by governance for each Stock Token based on pool depth. The example on this page uses 1%.

Partial fills

If the full size cannot be sold within the cap, the keeper sells the largest part that fits. The remainder stays in the vault and waits.

Deferral windows

A deferred sale is retried in the next execution window. Windows are short, measured in blocks. Each retry uses a fresh reference price and a fresh cap. Liquidity often returns quickly, so most deferrals clear within minutes.

You can stop the exit at any time by withdrawing the unsold remainder.

Why the fill can be below the trigger

There are three common reasons.

1. Gaps. The price jumps past your trigger between observations. This happens at the open after a closed market, or on sudden news.
2. Slippage. Selling moves the pool price. A larger position moves it more.
3. Deferral. If a partial fill or deferral is needed, later fills use later prices, which can be lower or higher.

Example

Your NVDA stop fires with a trigger of $165.60. The reference price at execution is $165.00 and the cap is 1%.

The fill is $164.20 per token, $1.40 below the trigger. That is the honest cost of a trigger in a moving market.