When a swap comes back refused with the floor’s own code, the contract computed that your fill would have landed below the minimum you signed, and declined instead of filling you worse.
BlazePhoenix Engineering · updated 2026-09-06 · data through 2026-10-11 · 4 min · written from the deployed bytecode
By Mitra (@Sigmacrit) — anonymous developer of the BlazePhoenix protocol. The code is the résumé.
English — When a swap comes back refused with the floor’s own code, the contract computed that your fill would have landed below the minimum you signed, and declined instead of filling you worse. The 240-sample numbers: drift-free quotes settle every time; under 1–3 % of adverse drift, one in four is refused rather than filled below the attested output.
Português — Quando um swap volta recusado com o código do próprio piso, o contrato calculou que o seu preenchimento teria ficado abaixo do mínimo que assinou, e declinou em vez de o preencher pior. Os números das 240 amostras: cotações sem deriva liquidam sempre; sob 1–3 % de deriva adversa, uma em cada quatro é recusada em vez de preenchida abaixo da saída atestada.
Español — Cuando un swap vuelve rechazado con el código del propio suelo, el contrato calculó que tu ejecución habría quedado por debajo del mínimo que firmaste, y declinó en vez de ejecutarte peor. Los números de las 240 muestras: las cotizaciones sin deriva liquidan siempre; bajo 1–3 % de deriva adversa, una de cada cuatro se rechaza en vez de ejecutarse por debajo de la salida atestiguada.
Français — Quand un swap revient refusé avec le code du plancher lui-même, le contrat a calculé que votre exécution serait tombée sous le minimum que vous avez signé, et il a décliné plutôt que de vous exécuter moins bien. Les chiffres des 240 échantillons : les devis sans dérive se règlent à chaque fois ; sous 1–3 % de dérive défavorable, un sur quatre est refusé plutôt qu’exécuté sous la sortie attestée.
Deutsch — Wenn ein Swap mit dem Code der Untergrenze selbst abgelehnt zurückkommt, hat der Vertrag berechnet, dass Ihre Ausführung unter dem von Ihnen unterschriebenen Minimum gelandet wäre, und lehnte ab, statt Sie schlechter auszuführen. Die Zahlen aus den 240 Stichproben: driftfreie Angebote werden jedes Mal abgerechnet; bei 1–3 % ungünstiger Drift wird eines von vieren abgelehnt statt unter der attestierten Ausgabe ausgeführt.
Русский — Когда своп возвращается отказом с кодом самого пола, контракт вычислил, что ваше исполнение оказалось бы ниже подписанного вами минимума, и отказал вместо того, чтобы исполнить хуже. Числа по 240 выборкам: котировки без дрейфа рассчитываются всегда; при 1–3 % неблагоприятного дрейфа один из четырёх отказан, а не исполнен ниже засвидетельствованного выхода.
Türkçe — Bir takas, tabanın kendi koduyla reddedilmiş olarak geri döndüğünde, sözleşme sizin gerçekleşmenizin imzaladığınız asgarinin altına düşeceğini hesaplamış ve sizi daha kötü doldurmak yerine reddetmiştir. 240 örneklik sayılar: kaymasız teklifler her seferinde kapanır; 1–3 % aleyhte kayma altında, dörtte biri tasdik edilmiş çıktının altında doldurulmak yerine reddedilir.
العربية — حين تعود المبادلة مرفوضة برمز الحد الأدنى نفسه، يكون العقد قد حسب أن تنفيذك كان سيهبط تحت الحد الأدنى الذي وقّعت عليه، فامتنع بدل أن ينفّذ لك بسعر أسوأ. أرقام العينات الـ240: التسعيرات الخالية من الانحراف تُسوّى في كل مرة؛ وتحت انحراف معاكس بمقدار 1–3 %، واحدة من كل أربع تُرفض بدل أن تُنفَّذ تحت الخرج المشهود.
हिन्दी — जब कोई स्वैप न्यूनतम सीमा के अपने ही कोड के साथ अस्वीकृत होकर लौटता है, तो अनुबंध ने गणना की कि आपका फ़िल उस न्यूनतम से नीचे उतर जाता जिस पर आपने हस्ताक्षर किए थे, और उसने आपको बदतर भरने के बजाय मना कर दिया। 240 नमूनों के आँकड़े: बिना ड्रिफ़्ट वाली कोट हर बार निपटती हैं; 1–3 % प्रतिकूल ड्रिफ़्ट के तहत, चार में से एक को प्रमाणित आउटपुट से नीचे भरने के बजाय अस्वीकार किया जाता है।
日本語 — スワップが下限自身のコードとともに拒否されて返ってくるとき、契約はあなたの約定が署名した最小値を下回ると計算し、より悪い条件で約定させる代わりに断ったのである。240 サンプルの数値。ドリフトのない見積もりは毎回決済される。1–3 % の不利なドリフトの下では、四件に一件が、証明済みの出力を下回って約定されるのではなく拒否される。
中文 — 当一笔兑换带着下限自己的错误码被拒绝返回时，说明合约算出你的成交会落在你签下的最小值之下，于是选择拒绝，而不是以更差的价格成交给你。240 个样本的数字：没有漂移的报价每次都会结算；在 1–3 % 的不利漂移下，四笔中有一笔被拒绝，而不是在低于所证明的输出下成交。
한국어 — 스왑이 하한 자신의 코드와 함께 거절되어 돌아왔다면, 계약은 당신의 체결이 당신이 서명한 최솟값 아래로 떨어졌을 것이라고 계산하고, 더 나쁘게 체결하는 대신 거절한 것이다. 240 표본의 숫자. 드리프트가 없는 견적은 매번 정산된다. 1–3 %의 불리한 드리프트 아래에서는 넷 중 하나가, 증명된 출력보다 낮게 체결되는 대신 거절된다.
Bahasa Indonesia — Ketika sebuah swap kembali ditolak dengan kode milik batas bawah itu sendiri, kontrak telah menghitung bahwa eksekusi Anda akan mendarat di bawah minimum yang Anda tanda tangani, lalu menolak alih-alih mengeksekusi Anda lebih buruk. Angka dari 240 sampel: kuotasi tanpa drift selalu selesai; di bawah drift merugikan sebesar 1–3 %, satu dari empat ditolak alih-alih dieksekusi di bawah keluaran yang diatestasi.
বাংলা — যখন কোনো সোয়াপ নিম্নসীমার নিজস্ব কোড নিয়ে প্রত্যাখ্যাত হয়ে ফেরে, তখন চুক্তি হিসাব করেছে যে আপনার ফিল আপনার সই করা সর্বনিম্নের নিচে নামত, আর সে আপনাকে আরও খারাপভাবে ভরানোর বদলে অস্বীকার করেছে। 240 নমুনার সংখ্যাগুলি: ড্রিফটহীন কোট প্রতিবারই নিষ্পত্তি হয়; 1–3 % প্রতিকূল ড্রিফটের অধীনে, চারটির একটি প্রত্যয়িত আউটপুটের নিচে ভরানোর বদলে প্রত্যাখ্যাত হয়।
Filipino — Kapag bumalik ang isang swap na tinanggihan gamit ang sariling code ng sahig, kinuwenta ng kontrata na ang iyong fill ay babagsak sa ilalim ng minimum na iyong nilagdaan, at tumanggi ito sa halip na bigyan ka ng mas masamang presyo. Ang mga bilang mula sa 240 sample: ang mga quote na walang drift ay palaging nagse-settle; sa ilalim ng 1–3 % na salungat na drift, isa sa apat ang tinatanggihan sa halip na i-fill nang mas mababa sa napatunayang output.
What you gain from this page is a different reaction to a refused swap. A refusal looks like a failure: you signed, you waited, nothing arrived. It is the opposite. It is the contract finishing a calculation you could not finish yourself and declining a trade that would have paid you less than you agreed to accept.
When you quote a swap, the preview attests two numbers: the predicted output and a floor — the least the Router will accept as a fill. The floor is the Iron-Law floor Φ, re-derived by the contract at execution, and your own minimum can only tighten it. When your transaction runs, the Router measures what the pools actually paid. If that amount is at or above the floor, the swap settles. If it is below, the Router refuses with a code of its own, RouterE(5): the floor’s refusal. The tokens you sent are still yours; nothing moved.
Every refusal carries a code, and the code says which guard refused. A quote executed after its deadline is refused with a different code, RouterE(4): 20 of 20 in the measurement, none settled. Reading the code tells you what happened without guessing.
The suite took 240 quotes, let other trades push the price against the user — drift — let up to ten seconds pass, and then executed the original calldata unchanged. Every outcome was classified.
| adverse drift between quote and fill | samples | settled | refused by the floor | lowest delivery among the fills |
|---|---|---|---|---|
| none | 64 | 64 | 0 | 100.00 % of the quote |
| up to 1 % | 43 | 43 | 0 | 98.03 % |
| 1 – 3 % | 133 | 102 | 31 | 96.53 % |
Source: VERIFICATION-REPORT-2026-09.md §5 and SWAP-TESTS-REPORT-2026-09.md §1; forge test --match-path test/QuoteDelayStatistics.t.sol -vv
Read the rows. With no drift, every quote settles and delivers exactly what it predicted, at every delay — waiting ten seconds does nothing by itself. Under up to 1 % of drift every quote still fills, within 2 % of its prediction. Under 1–3 % of drift, 31 of 133 — one settlement in four — is refused rather than filled below the attested output, and the 102 that fill land within 3.5 % of the prediction.
Suppose you were quoted 1,000 units and the world moved 2 % against you before your transaction ran. One of two things happens. The pools pay an amount at or above your floor: you receive it, somewhat under 1,000, and the receipt shows the shortfall. Or the pools would pay less than your floor: you receive nothing, keep your input, and see RouterE(5). What never happens is the third thing — receiving less than the floor. That is asserted on every one of the 240 samples, and there is no third outcome in the table because there was none in the run.
Every claim above is checkable against the chain. Start here:
forge test --match-path test/QuoteDelayStatistics.t.sol -vv # the table above, from 240 fresh samples, with every refusal carrying its codeLicensed CC BY 4.0 — quote, translate and reuse freely, including commercially, with attribution and a link. Copy a ready-made citation:
BlazePhoenix (2026). Why a refused trade is good news: RouterE(5) in plain words. BlazePhoenix Engineering. https://blazephoenix.xyz/learn/why-a-refused-trade-is-good-news@misc{blazephoenix_why_a_refused_trade_is_good_news,
title = {Why a refused trade is good news: RouterE(5) in plain words},
author = {BlazePhoenix},
year = {2026},
url = {https://blazephoenix.xyz/learn/why-a-refused-trade-is-good-news},
note = {Accessed: reproduce the claim with the command above}
}Writing an answer, a wiki entry or a paper? The claim above is reproducible against the chain before you quote it — which is the only sound basis for citing a technical source at all.
Contracts are verified on every chain we deploy to — addresses in the protocol manifest. Deeper formal treatment: the whitepaper (PDF).
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