01
Eligible trades
Defined per market by order type, size band and market state at decision time. Ineligible trades are excluded from the measure, never re-labeled.
Net Outcome Index
A measure is only as good as its method.
The Net Outcome Index is the public methodology for how Orbitra measures execution price improvement, all-in cost, liquidation capital saved, funding efficiency, strategy decay and platform-caused credits. The method is published before the numbers, so a figure can be checked rather than believed.
- Definitions first
- Declared exclusions
- Population shown
- Review status attached
Measures
What each measure means.
- Execution price improvement
- The difference between the executed price and the published reference price at decision time, for eligible orders only.
- All-in cost
- Spread, fees and measured impact for a filled order, expressed on notional.
- Liquidation capital saved
- Collateral that remained with accounts because an earlier rescue stage resolved the breach, measured against the modeled full-liquidation alternative.
- Funding efficiency
- The difference between the carry actually paid and the carry of the benchmark structure over the same horizon.
- Strategy decay
- Realized behavior of a deployed strategy compared with its simulated behavior, on the same cost assumptions.
- Platform-caused credits
- Credits issued under the Execution Protection policy, with their count and aggregate value.
Each measure is defined once and used consistently across pages, interfaces and APIs.
Rules
Eligibility, exclusions and aggregation.
02
Reference sources
Published per market, with their timestamp discipline. Prism confidence scores accompany each source.
03
Declared exclusions
Halted and circuit-broken markets, self-crossing, internal accounts and periods of reference-source failure.
04
Aggregation
Volume-weighted within a market, then reported per market. Cross-market aggregates are published only with their composition.
05
Population
Every figure is published with the number of trades or accounts behind it. Small populations are labeled as such.
06
Revisions
Corrections are published with their reason and effective date. Historical figures are not silently replaced.
Demonstration
How a published figure will look.
These values come from the demonstration fixture that ships with the site so the presentation can be reviewed before production measurement exists. They are not measurements of a live network.
- Execution price improvement
- +0.9 bpsVolume-weighted, eligible orders · demonstration
- All-in cost
- 2.6 bpsSpread, fees and measured impact · demonstration
- Liquidation capital saved
- 11.4%Versus the modeled full-liquidation alternative · demonstration
- Platform-caused credits
- 0.00 bpsAggregate value per period · demonstration
Demonstration data, not a measurement of a live network. Production figures replace them with their population, period and review status attached. Orbitra does not publish synthetic or selected comparisons as general user performance.
Review status
What each status means.
Internal
- What it means
- Measured by Orbitra from its own records using the published method.
- How it is labeled
- Shown beside the figure, always.
Externally reviewed
- What it means
- A qualified independent party has reviewed the method and the sample.
- How it is labeled
- Named reviewer and review date.
Superseded
- What it means
- A correction has been published for the period.
- How it is labeled
- Linked to the revision note.
A figure never appears without a status. An internal measurement is never presented as an independent one.
The index measures costs. It does not predict results.
Venue comparisons are limited by differing eligibility, market state and reference sources, and improvement in controllable costs does not make any trade or strategy profitable. See the risk disclosure and the market-data terms.
From method to mechanism.
See the systems these measures describe.