Method
Landed measures a trade the way OpenChainBench measures terminals, so its numbers compare line for line.
The loss
For a SOL-quoted pool, with the arrival price in SOL per token:
Buy loss = 1 − (tokens received × arrival price) / SOL spent
Sell loss = 1 − SOL received / (tokens sold × arrival price)SOL spent and SOL received are your whole SOL change across the transaction: the swap, protocol and creator fees, tips and the network fee.
The arrival price, by venue
| Venue | Kind | Arrival price |
|---|---|---|
| pump.fun | Bonding curve | Virtual SOL reserves over virtual token reserves, from the curve account |
| PumpSwap | Constant product | Quote vault balance over base vault balance |
| Raydium CPMM | Constant product | Quote vault balance over base vault balance |
The split into four lines
The loss is split into the four lines of a receipt. Three are read directly from the transaction’s transfers; the pool line is what remains of the loss.
Landed’s row on Compare
Compare takes other terminals’ rows from OpenChainBench’s live figures (“Trading terminal fill quality 2026”, method v6, CC-BY-4.0). Landed’s row is the median loss and the four medians over the same 24-hour window, computed from its own fills by this method.
Where the measure comes from
Measuring a trade against the price that stood when the order arrived is implementation shortfall, defined by André F. Perold in “The Implementation Shortfall: Paper versus Reality” (The Journal of Portfolio Management, Spring 1988). On Solana the arrival price is exact: the pool’s reserves before the swap are in the same transaction as the fill.