// GLOSSARY

Smart order routing (SOR)

Automatically choosing where and how to execute an order across venues — comparing Kalshi and Polymarket books fee-adjusted for your size, then splitting or directing the order to whichever combination yields the best net price.

When the same contract trades on two venues, every order embeds a routing decision. Smart order routing automates it: normalize both books, adjust for fees at your size, and execute against the cheapest combination.

Why quoted prices aren't enough

Kalshi charges a taker fee that peaks near 50¢; Polymarket mostly doesn't, but has its own spread and gas costs. A better quote on one venue is often a worse net price — and because Kalshi's fee varies with price while depth varies by book, the right venue changes market by market and size by size. Routing 600 contracts might mean 400 on one venue and 200 on the other.

What "smart" includes

Beyond venue choice: mapping the two listings to one instrument (unified market IDs), handling partial fills and re-routing remainders, and recording the counterfactual so the decision is auditable — the execution receipt. This is Mithril's core function, and the receipt is how it proves the routing paid. The mechanics are detailed in smart order routing for prediction markets.