Integral SIZE is a decentralized exchange that is specifically designed for the execution of large orders on blockchain. It enables traders to execute orders at time-weighted average price (TWAP), a strategy that is highly used to minimize a large order's price impact and result in price improvement.
To better understand the advantages of using Integral SIZE for large orders over interacting with a decentralized exchange or centralized exchange, or want to learn if SIZE is made for you, please check the dedicated page:
Integral SIZE's interface is similar to Uniswap, with additional information related to the TWAP execution:
The User Interface of Integral SIZE
After submitting, your order will be sent to the delay contract, and sit there for 30 minutes. During this time, the protocol will pick up price information from the oracle, and calculate TWAP. This price will be used to execute your order with 0 price impact.
Integral SIZE's UI displays several data points relative to your projected trade to help you understand the trading fee, gas fee, and execution delay.
Pre-trade Summary of Integral SIZE
Orders will be executed 30 minutes after submission at the duration's time-weighted average price (TWAP) determined by Uniswap v2's oracle.
Integral SIZE currently charges 1 bp for all trades regardless of their sizes.
Orders executed by Integral SIZE experiences 0 price impact.
Prices on crypto markets fluctuate constantly. The Minimum Received amount corresponds to the worst-case scenario for your trade.
Just like in any other decentralized trading platform, when a trader submits a swap, typically he will also set a slippage tolerance parameter, to account for the potential difference in price between submission and execution. For example, a tolerance of 0.5% means that the trader is willing to accept up to 0.5% less tokenAmoutOut for final execution compared to the tokenAmoutOut estimated at submission time.
If tolerance is set to be small, then there is a higher chance that the swap transaction will revert. In the event of a revert, the input token will be refunded back to the trader, but the trader will have wasted any incurred gas cost.
On the other hand, "positive slippage" is also possible, meaning that at execution, the amountOut could be greater than the amount quoted at submission time. Integral SIZE gives back all positive slippage to the trader.
Please note that slippage and price impact are two completely different concept. Please read this dedicated section to learn more.
Execution Delay is the time that your trade will be enqueued for before being mined. During this time, the protocol will calculate the TWAP based on the price information from the Uniswap oracle. After the delay elapses, the protocol will execute your trade with TWAP.
Unlike other DEX, whose swap functions are technically only one interaction between the wallet and the pool (aka atomic), swap on Integral involves with two interactions:
- 1.The interaction between your wallet and Delay Contract.
- 2.The interaction between the Delay Contract and the pool.
The execution gas prepay funds the gas cost of the second interaction. It is an estimated amount since no one can predict precisely the gas environment when the second interaction takes place after 30 minutes. If you end up overpaying, you will get some ETH sent back to you after your order is complete. The refund can be seen under the 'internal txns' tab on the etherscan wallet address.
If your order submitted to Integral SIZE fails, here are some potential reasons:
- The actual amount of tokens you'll receive from the SIZE is less than the Minimum Received. (You can fix this by increasing the slippage tolerance)
- There is not enough capital in the pool to be swapped out, because another same-direction order passes the delay time earlier than yours and gets executed. (You can decrease the order size, or wait for liquidity providers to provide more capital to the pool.)