Rate methodology
AnonExch is an aggregator: we don't run an order book, we make independent exchanges compete for your swap and hand you the winner.
Every quote is a competition
When you ask for a quote, the request fans out to multiple independent liquidity partners in parallel. Each answers with the amount it would deliver for your exact pair and amount — all-in, after its own fees (see fees). We rank the answers by one number only: how much you receive. The top of that ranking is the rate you see.
Ranking cannot be bought
There is no paid placement and no preferred partner. The ranking is computed from the quoted receive amounts and nothing else — a partner wins your swap by delivering more of the coin you want, or not at all.
Re-quoted when it matters
The widget's estimate is indicative — rates move. At the moment you confirm, the comparison runs again server-side and the order is created at the best rate available right then. Nothing you saw earlier is trusted blindly, in either direction.
If the winning partner declines the order at the last moment — the rate moved, the pair paused — we fall back to the next-best quote rather than failing your swap. If nobody can take it, you get a clear "unavailable" instead of a degraded rate.
Why partners are anonymized
Swap details reference partners by neutral labels rather than by name. Which venue executed which leg of a swap is itself information about you and your transaction, so we treat the routing as private — the same reasoning behind the rest of the privacy architecture. Partners are vetted for registration-free execution and settlement reliability before they are added to the pool.