Tokenized equities on Solana trade across dozens of venues that disagree. Klunix reads them as one book, quotes every venue at your actual size, and reverts any swap a single venue would have beaten.
—One transaction from your own wallet, routed through Jupiter. The best single-venue fill is written in as the minimum out — if the swap would land under it, Solana rejects it and you keep your money. xStocks are not available to US persons.
The problem
Sorting a book by price is what “best bid and offer” means. Here is — against USDC, sorted exactly that way — beside what each venue charges once you are actually $10,000 in, and what $10,000 would actually get you there.
| Venue | Advertised price | Price at $10,000 | $10,000 fills |
|---|---|---|---|
| Reading Solana… | |||
What it costs
Search Solana for “NVIDIA xStock” and you get more than one mint. Only one is NVIDIA. Assets are identified by mint address from the verified xStocks list, never by name, and a venue is routable only if it absorbs $2,500 within 1% of its own price.
Not spot. Every venue is quoted on its own — single venue, no hops — for the exact amount you are trading: Raydium, Orca, Meteora, Manifest, the proprietary market makers and the rest. You see what each one would really pay.
One venue, or a split across several when splitting genuinely wins. At retail size it usually does not — the cheapest venue is normally the deepest — so the route is one place, and the panel says which.
Before you sign, the best single-venue fill is written into the transaction as its minimum out. Solana enforces it on-chain: if the swap would land under what any one venue would have paid, it fails and you keep your money.
Across Solana
Every xStock quoted on more than one routable venue, widest disagreement first. The megacaps are tight. The gaps are in the names nobody is watching.
| Asset | Routable | Cheapest | Dearest | Spread | Fills $10k best |
|---|---|---|---|---|---|
| Reading Solana… | |||||
FAQ
A displayed price is the price for an infinitely small trade. The moment you buy, you move it — and how far depends entirely on how much money is in the pool, which the price does not tell you.
The pools above have quoted within a few basis points of each other while differing by orders of magnitude in what they can absorb.
Precisely this: no single venue would have filled your order better. Before you sign, Klunix quotes every venue for your exact size, one at a time. The best of those single-venue fills becomes the swap’s minimum output, written into the transaction. If what actually lands is less, Solana rejects the whole transaction.
It is deliberately not a claim of global optimality across every possible split — that is an exponential search. It is the claim you care about, and one the chain can enforce.
No. The swap is one Solana transaction, signed in your own wallet. USDC leaves your wallet and the xStock lands in it — or the transaction fails and nothing moves. Klunix has no program, no vault and no keys; the swap itself executes through Jupiter’s on-chain router, which also enforces the minimum out.
Usually not, and we would rather say so. At retail size the cheapest venue is nearly always also the deepest, so the best route is one venue.
Splitting pays only on orders large enough to exhaust the best venue. The value of routing is picking the right venue, not carving the order up.
The quotes are taken seconds before you sign. If a price moves before the transaction lands, the floor is no longer met and the swap fails — you lose only the network fee. That is the trade: or nothing means sometimes nothing.
The comparison covers venues Jupiter can route to on their own. A pool it does not index is not compared. xStocks are tracker certificates issued by Backed, not the shares themselves, and are not offered to US persons.
Liquidity concentrates where attention does. Megacaps have deep pools that arbitrage keeps aligned. Thin names have shallow pools nobody bothers to arbitrage — and that is exactly where a fill goes wrong quietly.
One liquidity source that can fill the order on its own: Raydium CLMM, Orca Whirlpools, Meteora DLMM, the Manifest order book, or a proprietary market maker like Riptide or Hadron. Where one source has several pools for the same xStock, its best pool stands in for it. Each prices the xStock independently, with its own depth.
