0x API vs. 1inch Fusion: DEX Aggregation for Treasury Swaps

Programmatic liquidity access: Exposes raw RFQ liquidity from professional market makers (Wintermute, Amber) alongside on-chain DEXs. This matters for custom routing logic and composable DeFi integrations. Offers granular control over fillers, slippage, and settlement.

Key Metric: Processes over $200B+ in lifetime volume, with deep institutional liquidity pools.

Best for bespoke integrations: Its API-first design allows for conditional orders, MEV protection via FILLOR_KILL, and seamless integration into dApps, DAO treasuries (e.g., Uniswap DAO), and automated systems. This matters if you need to build a custom trading desk or embed swaps directly into your protocol.

Predictable, gasless execution: The Fusion mode uses a Dutch auction model where resolvers compete to fill your order, often subsidizing gas costs. This matters for budget certainty and protecting against network congestion. You set a limit price; resolvers absorb gas and MEV risk.

Key Metric: Over $30B+ swapped via Fusion mode, with typical gas cost savings of 20-100% for the user.

Best for set-and-forget large orders: Submit a large treasury swap (e.g., 10,000 ETH to USDC) with a time limit (1h-24h). The system automatically finds the best net price after gas. This matters for treasury managers who prioritize execution guarantee and hands-off operation over micro-optimizing each fill.

RFQ-based liquidity from professional market makers: Accesses private liquidity pools (e.g., Amber Group, Wintermute) for large, single-block fills with zero slippage. This matters for multi-million dollar swaps where price impact on public AMMs is prohibitive.

Dutch auction model with resolver network: Orders are filled by a permissionless network of resolvers competing on price, offering strong protection against MEV and front-running. This matters for security-first operations where minimizing toxic order flow leakage is a priority.

RFQ liquidity has minimum size requirements (often ~$10k+). For smaller, recurring operational swaps, the API may default to on-chain AMMs, where 1inch's aggregated liquidity might find better rates. This matters for payroll or grant distributions in smaller denominations.

Auction-based model introduces latency variability. Orders have a time window (e.g., 30-120 seconds) for resolvers to bid, unlike 0x's instant RFQ quotes. This matters for time-sensitive arbitrage or rebalancing where execution speed is paramount.

Resolvers & Dutch Auctions: Routes orders through a network of professional market makers (resolvers) via a time-based Dutch auction. This often yields better prices for large, non-time-sensitive swaps by creating competition for order flow. Matters for treasury operations where saving basis points on a $1M+ swap directly impacts the bottom line.

Intent-Based Architecture: Users submit a desired outcome (intent), not a transaction. Resolvers fulfill it off-chain and submit the final settlement. This eliminates front-running, sandwich attacks, and guarantees no failed transactions (no gas wasted). Matters for protecting treasury funds from predatory bots and ensuring budget predictability.

Hybrid Liquidity Model: Aggregates both on-chain DEX liquidity (Uniswap, Curve) and off-chain RFQ liquidity from professional market makers (like Wintermute, Amber). This provides deep, stable liquidity for large trades, especially for major pairs (ETH/USDC, WBTC). Matters for executing large, one-shot treasury rebalances without excessive slippage.

Flexible Order Types & SDK: Offers fill-or-kill, partial fill, and custom expiry orders. Its robust TypeScript/Go SDKs allow for complex, programmatic trading strategies and easy integration into custom treasury management dashboards. Matters for engineering teams that require fine-grained control over swap logic and settlement.

Auction Time Trade-off: The Dutch auction model (typically 30-60 seconds) is slower than a direct on-chain swap. While great for price, it's unsuitable for arbitrage or seizing a fleeting market opportunity. Matters for treasury operations that may need to react quickly to market movements or governance votes.

On-Chain Settlement Risk: While RFQ orders are MEV-safe, aggregated on-chain swaps are exposed to front-running and sandwich attacks in the public mempool. Failed transactions also incur gas costs. Matters for treasuries that are highly risk-averse to any value leakage, even if statistically small.