// GLOSSARY

Execution receipt

A per-fill record proving execution quality: what each venue quoted at order time, the fee-adjusted price you got, and the measured difference. Turns "we get you better prices" from a marketing claim into a number you can audit on every trade.

An execution receipt is the paper trail for a single fill. At minimum it records the order, the fill price and size, and the fees actually charged. A useful one goes further: it snapshots what every routable venue showed at decision time, so the routing choice can be audited after the fact.

Worked example

You buy 500 yes. The receipt shows: Kalshi ask 45¢ (its taker fee would add roughly 1.7¢ per contract at that price, net ~46.7¢), Polymarket ask 0.46 with no exchange trading fee (net ~46.0¢); routed to Polymarket; average fill 0.46; measured saving ~0.7¢ per contract, ~$3.50 on the order. If the routing had turned out worse than the alternative, an honest receipt would show that too — the point is symmetry: it reports the delta whichever way it falls.

Why Mithril issues them

Mithril attaches a receipt to every fill so savings are your measured number, not an advertised average — no fabricated benchmarks, just the arithmetic per trade. How to read one, and why the counterfactual is the hard part, is covered in execution receipts and best execution.