Elysium

Trade routing. From a gap to a fill.

Every real trade Materral places will take one of three routes. This page defines each route, how one is chosen, the checks that run before anything is sent, and what is recorded afterwards.

The path of an order#

text

gap found (Materral engine, live books)
        │
ticket or bot ── rules, size caps, kill switch
        │
   route chosen ─────────────────────────────────────────────┐
        │                                                    │
  Elysium route (default)                         Hyperliquid direct (fallback)
  Materral Router on Elysium                      trade-only agent key, approved once
   ├─ pre-trade check via read precompile          └─ order on the trader's HyperCore account
   │    gap still there? slippage? caps?
   │    no → the transaction reverts, nothing is sent
   ├─ Elysium legs (Nest …): swapped on Elysium
   └─ HyperCore legs: order intent → keeper lane
        → order on the trader's HyperCore account
        │
fill recorded: expected vs realised, fees, route

The three routes#

Route	Used for	How the order is placed	Atomic	Status
Elysium	Default for any trade with a HyperCore or Elysium leg, once the lane is live	Router contract on Elysium; HyperCore legs through the order lane	No, when a leg is on HyperCore	Planned
Elysium native	Gaps where every leg is an Elysium pool	One transaction through the Router	Yes	Planned
Hyperliquid direct	First live route, and the fallback when the lane is slow or down	Hyperliquid API with a trade-only agent key the trader approves	No	Planned

How a route is chosen#

Elysium first. When the order lane is live and healthy, every trade with a HyperCore leg goes through Elysium.
Fallback on degradation. If the lane is late, rejecting or down, Materral switches to Hyperliquid direct and labels the trade that way. It never switches silently.
Cheapest valid route for Hyperliquid-only trades. Spot against spot, spot against perp and funding carry on HyperCore can go either way; the route with the lower all-in cost wins, and Elysium wins ties.
Exchange legs are not routed. Kraken, Coinbase and the other exchanges stay in discovery. Their legs are placed on the exchange itself, outside Elysium, when exchange execution is enabled.

Checks before anything is sent#

On the Elysium route these run inside the Router, so a failed check reverts the transaction. On Hyperliquid direct the same checks run in Materral before the order is signed.

Check	Refuses the trade when
Edge	Net after fees, at the trade size, is below the trader's minimum
Slippage	Expected fill is worse than the limit price (expected VWAP ± max slippage)
Freshness	Any quote behind the decision is older than its staleness limit
Size and caps	Size is over the per-trade cap, or today's total is over the daily cap
Kill switch	The trader, or Materral, has paused trading

Keys and permissions#

Who	Can	Cannot
Trader's wallet	Deposit, withdraw, approve or revoke Materral, sign Elysium transactions	—
Trade-only agent key	Place and cancel orders on the trader's HyperCore account	Withdraw or transfer funds
Materral Router	Run checks and pass orders the trader signed	Hold funds between trades or move them anywhere else
Materral servers	Find gaps and suggest trades	Sign anything or touch funds

Before real money. The Router is audited before it handles real funds, and the keeper trust model is confirmed with Kinetiq first. Live trading starts with small caps and needs explicit approval.

Non-atomic legs and unwinds#

A trade between Elysium and HyperCore has two legs placed separately. The lane places an order on the HyperCore book; an order is not a fill. If one leg fills and the other does not within its window, Materral unwinds the filled leg at market, inside the same slippage limit, and records both the loss and the reason. Unwind rules are part of every route except Elysium native.

What is recorded#

Route used, and why it was chosen
Expected and realised price per leg, in bps and in dollars
Fees per leg, gas, and any unwind cost
Time from decision to each fill
For the Elysium route, the transaction hash of the on-chain record

The same fields already appear on paper trades, so a paper result and a live result can be compared line by line. See Reading expected vs realised.

materral docs. Read-only, no keys, no real orders. Not investment advice.