> ## Documentation Index
> Fetch the complete documentation index at: https://docs.houdini.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Routing Types

> Understand Houdini's routing strategies — private, standard, and DEX — plus the fixed rate and reverse quote options, and when to use each

## Overview

Houdini supports three core routing strategies — private, standard, and DEX — plus two options that apply on top of CEX routing: **fixed rate** and **reverse quotes**. You can choose to support one, multiple, or all routing types in your integration.

## Routing Strategy Comparison

| Feature | Private Swap | Standard Swap | DEX Swap |
| - | - | - | - |
| **Privacy Level** | Highest | High | Public/Transparent |
| **Wallet Connection** | Not required | Not required | Required |
| **Speed** | 15-45 minutes | 3-30 minutes | Variable (seconds to minutes) |
| **Gas Fees** | None (included) | None (included) | User pays |
| **Liquidity** | High (CEX depth) | Very High | Variable |
| **Fixed Rate Available** | Yes — `fixed=true` | Yes — `fixed=true` | No |
| **Reverse Quote Available** | Yes — with `fixed=true` | Yes — with `fixed=true` | No |
| **Default Rate Guarantee** | No (floating) | No (floating) | No (slippage applies) |
| **Best For** | Privacy-focused users | Fast execution | On-chain transparency |

## 1. Private Swap

### How It Works

Private swaps route through **multiple CEX hops** to maximize privacy and eliminate the need for wallet connections.

```mermaid theme={null}
graph LR
    A[User Deposit] --> B[CEX 1]
    B --> C[CEX 2]
    C --> D[Destination Wallet]
    style A fill:#e1f5ff,color:#000
    style D fill:#e1f5ff,color:#000
    style B fill:#fff3cd,color:#000
    style C fill:#fff3cd,color:#000
```

**1. User deposits source token**

User sends funds to Houdini-provided deposit address

**2. Multi-hop CEX routing**

Funds route through 2 partner exchanges to break transaction trail

**3. Delivery to destination**

Final token arrives at user's destination address

### Technical Flow for Integrators

For detailed integration steps, see the [Private Swap guide](https://docs.houdini.com/developer-hub/swap-flows/private-swap.md).

> [!NOTE]
>
> Private swaps support a **fixed rate variant** — add `fixed=true` to lock the rate across both hops — and **reverse quotes**. See [Fixed Rate & Reverse Quote](#3-fixed-rate-and-reverse-quote) below.

> [!NOTE]
>
> **On-chain hop**: When a token has no direct private route, a floating private swap can run privately to a hub token (for example USDC), then take an on-chain hop to the destination token. This reaches almost any token on Solana and high-volume EVM chains. It is turned off by default and needs one extra field, `intermediateRefundAddress`. See [Private Routes with an On-chain Hop](https://docs.houdini.com/developer-hub/swap-flows/private-onchain-hop.md).

### Pros and Cons

> [card] Advantages
>
> * **Maximum privacy**: Multi-hop breaks transaction trail
> * **No wallet needed**: Users just send to deposit address
> * **No gas fees**: All fees included in quote
> * **Deep liquidity**: Access to CEX order books

> [card] Considerations
>
> * **Longer completion time**: 15-45 minutes typical
> * **CEX dependency**: Relies on partner exchange availability
> * **AML screening**: Transactions screened by partner CEXs
> * **Not instant**: Not suitable for time-critical swaps

### When to Use

* Users prioritize privacy and anonymity
* No wallet connection is possible or desired
* Time is not critical (15-45 min acceptable)
* Swapping larger amounts where CEX liquidity shines

## 2. Standard Swap (No Wallet Connect)

### How It Works

Semi-private swaps use a **single CEX hop** for faster execution while maintaining privacy.

```mermaid theme={null}
graph LR
    A[User Deposit] --> B[CEX Partner]
    B --> C[Destination Wallet]
    style A fill:#e1f5ff,color:#000
    style C fill:#e1f5ff,color:#000
    style B fill:#fff3cd,color:#000
```

**1. User deposits source token**

User sends funds to deposit address

**2. Single CEX hop**

Funds route through one partner exchange

**3. Quick delivery**

Faster settlement to destination address (3-30 minutes)

### Technical Flow for Integrators

For detailed integration steps, see the [Standard Swap guide](https://docs.houdini.com/developer-hub/swap-flows/standard-swap.md).

> [!NOTE]
>
> Standard swaps support a **fixed rate variant** — add `fixed=true` to your `/quotes` request to lock the rate and guarantee the output amount. See [Fixed Rate & Reverse Quote](#3-fixed-rate-and-reverse-quote) below.

### Pros and Cons

> [card] Advantages
>
> * **Faster than multi-hop**: 3-30 minutes typical
> * **No wallet needed**: Deposit address flow
> * **No gas fees**: Included in quote
> * **Excellent liquidity**: CEX order book depth

> [card] Considerations
>
> * **Less privacy**: Single hop vs multi-hop
> * **CEX dependency**: Relies on partner availability
> * **AML screening**: CEX compliance applies
> * **Not instant**: Still takes 3-30 minutes

### When to Use

* Balance between speed and privacy
* Faster execution preferred (3-30 min vs 15-45 min)
* No wallet connection needed
* Good liquidity required

## 3. Fixed Rate and Reverse Quote

These are not routing types — they are **options layered on top of CEX routing**. Both work with standard and private swaps; neither works with DEX.

### Fixed Rate

Fixed rate **locks the exchange rate at quote time**. The user receives exactly the quoted `amountOut` regardless of market movement, as long as the exchange is created before `validUntil` expires. On a private swap the lock spans both hops, and expires at whichever hop expires first.

```mermaid theme={null}
graph LR
    A[User Deposit] --> B[CEX Partner]
    B --> C[Destination Wallet]
    style A fill:#e1f5ff,color:#000
    style C fill:#e1f5ff,color:#000
    style B fill:#d4edda,color:#000
```

### Reverse Quote

A reverse quote inverts which side of the swap you specify. Instead of "the user sends 1 ETH, what do they get?", you ask "the recipient must receive 2500 USDC, what must the user send?". It **requires** a fixed rate — a floating rate cannot guarantee an exact output.

### Technical Flow for Integrators

For detailed integration steps, see the [Fixed Rate & Reverse Quote guide](https://docs.houdini.com/developer-hub/swap-flows/fixed-rate-swap.md).

### Pros and Cons

> [card] Advantages
>
> * **Guaranteed output**: Exact `amountOut` delivered regardless of volatility
> * **Reverse quotes**: Quote backwards from the amount the recipient needs
> * **Works with private**: Available on both standard and private routing
> * **No wallet needed**: Same deposit-address flow

> [card] Considerations
>
> * **Rate lock window**: Must create the exchange before `validUntil`
> * **60-second quote window**: Enforced separately from `validUntil`
> * **refundAddress required**: Must supply a source-chain refund wallet
> * **Route-bound**: No fallback if a provider becomes unavailable
> * **Fewer routes**: Can return no quotes where floating rate succeeds
> * **CEX only**: Not available for DEX swaps

### When to Use

* User needs a guaranteed output amount (e.g. paying an exact invoice)
* High-value swaps where slippage is unacceptable
* Partner wants to show a firm quote in the UI before the user commits
* The output is the fixed constraint — use a reverse quote instead of quoting by send amount

## 4. DEX Swap

### How It Works

DEX swaps execute **directly on-chain** through decentralized exchanges and bridges.

```mermaid theme={null}
graph LR
    A[User Wallet] --> B[DEX/Bridge]
    B --> C[Destination Wallet]
    style A fill:#e1f5ff,color:#000
    style C fill:#e1f5ff,color:#000
    style B fill:#d4edda,color:#000
```

**1. User approves tokens**

Wallet approves token spending (if needed)

**2. Execute on-chain swap**

Transaction sent to DEX or bridge contract

**3. On-chain settlement**

Swap completes on-chain, funds arrive at destination

### Technical Flow for Integrators

For detailed integration steps, see the [DEX Swap guide](https://docs.houdini.com/developer-hub/swap-flows/dex-swap.md).

### Pros and Cons

> [card] Advantages
>
> * **Fully on-chain**: Transparent and verifiable
> * **No CEX dependency**: Pure DeFi execution
> * **Can be fast**: Seconds to minutes depending on network
> * **Trustless**: Smart contract execution
> * **Wide token support**: Access to long-tail assets

> [card] Considerations
>
> * **Public**: All transactions visible on-chain
> * **Requires wallet**: User must connect wallet
> * **User pays gas**: Network fees additional
> * **Variable gas costs**: Can be expensive on Ethereum L1
> * **Slippage risk**: Especially for large trades or volatile pairs

### When to Use

* On-chain transparency required or preferred
* Access to long-tail or newer tokens
* Lower gas fee networks (L2s, alt-L1s)
* Users already have wallet connected
* Trustless execution is priority

## Next Steps

> [card] [Order Lifecycle](https://docs.houdini.com/developer-hub/core-concepts/order-lifecycle.md)
>
> Understand order states and status transitions

> [card] [Private Swap](https://docs.houdini.com/developer-hub/swap-flows/private-swap.md)
>
> Detailed integration guide for private swaps

> [card] [Fixed Rate & Reverse Quote](https://docs.houdini.com/developer-hub/swap-flows/fixed-rate-swap.md)
>
> Guaranteed output — rate locked at quote time, on standard or private routing

> [card] [DEX Swap](https://docs.houdini.com/developer-hub/swap-flows/dex-swap.md)
>
> Complete guide for DEX swap integration

> [card] [API v2 Reference](https://docs.houdini.com/api-reference)
>
> Full API documentation for all endpoints


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