> ## Documentation Index
> Fetch the complete documentation index at: https://docs.houdiniswap.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
```

<Steps>
  <Step title="User deposits source token">
    User sends funds to Houdini-provided deposit address
  </Step>

  <Step title="Multi-hop CEX routing">
    Funds route through 2 partner exchanges to break transaction trail
  </Step>

  <Step title="Delivery to destination">
    Final token arrives at user's destination address
  </Step>
</Steps>

### Technical Flow for Integrators

For detailed integration steps, see the [Private Swap guide](/developer-hub/swap-flows/private-swap).

<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>

### Pros and Cons

<CardGroup cols={2}>
  <Card title="Advantages" icon="check">
    * **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>

  <Card title="Considerations" icon="circle-info">
    * **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
  </Card>
</CardGroup>

### 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
```

<Steps>
  <Step title="User deposits source token">
    User sends funds to deposit address
  </Step>

  <Step title="Single CEX hop">
    Funds route through one partner exchange
  </Step>

  <Step title="Quick delivery">
    Faster settlement to destination address (3-30 minutes)
  </Step>
</Steps>

### Technical Flow for Integrators

For detailed integration steps, see the [Standard Swap guide](/developer-hub/swap-flows/standard-swap).

<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.
</Note>

### Pros and Cons

<CardGroup cols={2}>
  <Card title="Advantages" icon="check">
    * **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>

  <Card title="Considerations" icon="circle-info">
    * **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
  </Card>
</CardGroup>

### 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](/developer-hub/swap-flows/fixed-rate-swap).

### Pros and Cons

<CardGroup cols={2}>
  <Card title="Advantages" icon="check">
    * **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>

  <Card title="Considerations" icon="circle-info">
    * **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
  </Card>
</CardGroup>

### 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
```

<Steps>
  <Step title="User approves tokens">
    Wallet approves token spending (if needed)
  </Step>

  <Step title="Execute on-chain swap">
    Transaction sent to DEX or bridge contract
  </Step>

  <Step title="On-chain settlement">
    Swap completes on-chain, funds arrive at destination
  </Step>
</Steps>

### Technical Flow for Integrators

For detailed integration steps, see the [DEX Swap guide](/developer-hub/swap-flows/dex-swap).

### Pros and Cons

<CardGroup cols={2}>
  <Card title="Advantages" icon="check">
    * **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>

  <Card title="Considerations" icon="circle-info">
    * **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
  </Card>
</CardGroup>

### 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

<CardGroup cols={2}>
  <Card title="Order Lifecycle" icon="rotate" href="/developer-hub/core-concepts/order-lifecycle">
    Understand order states and status transitions
  </Card>

  <Card title="Private Swap" icon="user-secret" href="/developer-hub/swap-flows/private-swap">
    Detailed integration guide for private swaps
  </Card>

  <Card title="Fixed Rate & Reverse Quote" icon="lock" href="/developer-hub/swap-flows/fixed-rate-swap">
    Guaranteed output — rate locked at quote time, on standard or private routing
  </Card>

  <Card title="DEX Swap" icon="link" href="/developer-hub/swap-flows/dex-swap">
    Complete guide for DEX swap integration
  </Card>

  <Card title="API v2 Reference" icon="code" href="/api-reference">
    Full API documentation for all endpoints
  </Card>
</CardGroup>