Orbital

Benchmarks

Orbital against Uniswap and Curve

One Orbital pool for three stablecoins, measured against Uniswap V3, V4 and Curve with the same capital, the same order flow and the same arbitrage, on one local chain.

USD — per protocol1 bp trader feeRevision —

Capital V3 needs—–—×to match an Orbital pool
Gas per swap—V3 — · Curve —
Slippage, 100k at 0.999— bpV3 — bp
USDT goes to zero$—kept by the LP · Curve $—

01Same capital, more depth

Uniswap V3 needs one pool per pair, so the same capital is split three ways. One Orbital pool serves all three pairs and quotes deeper than V3 in every configuration: — bp against — bp on 100,000 USDC → USDT with the LP at 0.999. Splitting orders across V3's pools closes part of the gap, at — bp. V4 returned V3's outputs to the wei on — of — fills, so every V3 result here holds for V4. Curve, built for the peg, is deeper than every Orbital LP except the most concentrated one (section 05).

Execution loss against 1:1

Loss in bp of the order, fee included, on a fresh pool; log scale, lower is better. Each row is one LP position, from a single tick at 0.9999 to one at 0.95; V3 ranges mirror it.

02Capital efficiency

To give the same output as an Orbital pool, V3 needs —× to —× the capital, and —× to —× with split routing. Curve needs —× to —×: it does more with less against LPs at 0.999 and wider, and needs —× against the LP at 0.9999.

Capital needed to match Orbital

Multiple of Orbital's capital that gives the same output, net of fees; log scale. Right of 1×, Orbital does more with less; left of it, the competitor does.

03Gas at the level of Uniswap

An Orbital swap at the peg uses — gas, level with V3 (—) and V4 (—), and — less than Curve (—). Each further tick crossing adds about 62k gas on a fresh pool and 49k to 51k on a mature one.

Single-hop swap at the peg

Median receipt gas from an externally owned account through each protocol's own entrypoint.

04Cheaper from the first dollar

Counting both slippage and gas, Orbital is cheaper than V3 on USDC → USDT from the smallest order measured, $100, up to its single-swap capacity of about $—. On USDT → USDS, where V3's direct pool is cheapest to call, Orbital takes over from $— to $— depending on the LP. Against Curve, Orbital stays cheapest on small orders, where Curve's extra gas dominates, and at every size with the LP at 0.9999; against LPs at 0.999 and wider, Curve is cheapest on larger orders.

Cost of an order by size

Slippage plus gas in bp of the order, gas at 1 gwei and ETH at $3,000; log scales. On Polygon the gas term nearly vanishes. Curve is measured at seven sizes; between them the tooltip reads along its line.

    05A concentrated LP beats Curve at the peg

    An Orbital LP at 0.9999 loses — bp on 100,000 USDC → USDT against — bp for Curve at A = 2000; Curve needs —× the capital to match it. Each LP chooses how far to concentrate.

    Execution loss with the LP at 0.9999

    Loss in bp of the order, fee included. From 0.999 outwards, Curve's amplified curve is deeper at the peg.

    06Depeg risk the LP chooses

    Every Orbital LP picks the price at which its position stops selling healthy assets. With USDT at —, Orbital LPs lose $— to $— against holding, Curve LPs $—. If USDT goes to zero, an Orbital LP still holds about $— of healthy assets; a Curve LP is drained to $—.

    LP value against holding

    Worst LP excess over holding, in dollars, once arbitrage has moved every pool to the USDT price on the axis.

    USDT goes to zero

    Healthy assets the LP can still recover. The dashed line is the value of holding the deposit, $—.

    07Method and limits

    • Every protocol gets the same tokens, capital, trader fee, synthetic order flow and arbitrage search, on a local chain. Uniswap V3 and V4 are the official contracts; Curve is stableswap-ng at A = 2000, byte-identical to the mainnet implementation, with its dynamic fee off. Every revert is recorded.
    • "V3" is one pool per pair, routed over the better of the direct and two-hop paths; "V3 split" also splits an order between them when the extra output pays its gas.
    • Against Orbital LPs at 0.999 and wider, Curve is deeper at the peg and wins most of the volume there.
    • A single swap is capped at about $— with one $— LP. After a depeg that reaches the last LP's bound, the healthy pair waits for a new LP below it.
    • Paths last 72 hours, depeg prices are static, and three assets are measured. The study protocols are available on request.