Timing, latency classes, and execution viability

Timing is first-class: submit→ack, fill→exit-submit, and feed freshness determine whether a route is viable. Hot/warm/cold are functional classes, not marketing labels.

Core definitions

Route-state

The current aggregated decision context where routes are evaluated on viability, timing, and risk suitability.

Timing-aware ranking

Route prioritization based on time sensitivity, data freshness, and execution viability, not on isolated signals.

Explainability

Public cause/effect explanation of why routes win or are rejected (why-no-trade, route wins, reject reasons).

Interpretation for operators and visitors

  • Tier 2 shows latency histograms when the export includes those buckets; otherwise averages lead — see the observability FAQ.
  • See SPEC (`/spec`) for latency targets and `07_OBSERVABILITY` for metrics and snapshots.

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