What is liquidity aggregation?
Liquidity aggregation combines prices for the same instrument from several liquidity providers into one stream. The simplest form takes the best bid and best ask across fresh quotes; others use one LP at a time and fail over when it stops.
See aggregation work
Three LPs quote EURUSD. Pick a mode, then freeze an LP to see what your clients would be sent.
- LP 10.4 pips1.092701.09274
- LP 20.3 pips1.092711.09274
- LP 30.6 pips1.092681.09274
Sent to clients
1.092711.09274
spread 0.3 pips
From LP 2
Freeze an LP to see what each mode does when a feed stops. In single LP mode there is nothing to fall back on.
Single LP, best price or priority
Most bridges offer some version of these three. The good ones let you choose per symbol, because gold and EURUSD rarely want the same answer.
- 01
Single LP
Every price for the symbol comes from one provider. Simple and predictable, but when that feed stops, so does the symbol.
- 02
Best price
The highest bid and the lowest ask across all fresh feeds, which can come from different LPs. Usually tighter than any single provider on its own.
- 03
Priority with failover
Your first choice LP, with a ranked list behind it. When the first goes stale the next takes over, and the first comes back when it recovers.
Aggregation here means top of book: the best bid and ask that clients see on their screens. Some institutional aggregators also merge full order books with volume at each level, which matters when you are filling large orders yourself. For pricing MetaTrader and web clients, top of book is what counts.
Where aggregation goes wrong
Combining feeds is easy. Combining them safely is the part that takes work.
Stale quotes that look best
An LP that stays connected but stops updating still shows a price, and an old price is often the “best” one. A staleness threshold leaves it out until it is fresh again.
Crossed and locked prices
Combining the best bid and best ask from different LPs can produce a bid at or above the ask. Sending that is an invitation to arbitrage, so it needs a guard.
One bad tick
A spike from one provider becomes your best price for a moment. A spike filter keeps it away from clients.
Best price is not best fill
The tightest quote does not guarantee the trade fills there: LPs differ in last look, rejects and slippage. Judge LPs on fills as well as quotes.
Symbols that do not match
EUR/USD from one LP and EURUSD.x from another must land on the same symbol before they can be compared.
Silence nobody hears
A failover that works quietly can hide an LP that has been down for hours. Every switch needs an alert.
In XiroLink
Per symbol modes, with the guards built in
XiroLink lets you choose single maker, best price or priority with failover for each symbol. Staleness thresholds keep an old price from going out as fresh, the crossed-price guard never sends a quote that would cross, and a spike filter can be set per platform.
Every failover raises an alert, and switching back raises another, so a quiet backup never hides a broken LP.
Which LP earns its place?
Aggregation tells you what clients see. To decide which LPs to keep, measure them on the same symbols at the same moments.
- 01
Best bid and ask share
How often each LP had the best price on each symbol, sampled at the same instants.
- 02
Spread
Average and typical spread per symbol, and how it widens around news and the daily roll.
- 03
Availability
How much of the trading day each LP actually quoted, and how often it went quiet.
XiroLink’s LP comparison samples every shared symbol each second and reports exactly this, live or over the last 30 days. For more on the software around aggregation, read what a liquidity bridge is, and for picking the LPs themselves, how to choose a liquidity provider.
Baca juga
Memilih liquidity provider
Jenis LP, apa yang perlu diperiksa sebelum menandatangani, dan mengapa kebanyakan broker memakai dua.
Baca panduanA-book vs B-book vs hybrid
Bagaimana setiap model eksekusi menghasilkan, di mana risikonya, dan apa yang dibutuhkan.
Baca panduanLiquidity bridge kripto
Kripto berdampingan dengan FX di MT4 dan MT5: akhir pekan, digit, nama simbol, dan spread.
Baca panduanAggregation questions
What is liquidity aggregation?
Combining prices for the same instrument from several liquidity providers into one stream. The usual methods are best price (highest bid and lowest ask across fresh feeds), a single LP, or a priority order that fails over when the first LP stops quoting.
What is a liquidity aggregator?
The software that does the combining. It can be a separate product or part of a liquidity bridge, as it is in XiroLink, which aggregates per symbol before applying markups and sending prices to your platforms.
Does aggregation always give tighter spreads?
Best price aggregation is usually tighter than any single LP, because the bid and ask can come from different providers. It only stays honest if stale quotes are left out and crossed prices are never sent.
What happens when an LP stops quoting?
In best price mode its quotes drop out once they pass the staleness threshold. In priority mode the next LP takes over and the first comes back when it recovers. In single LP mode the symbol stops updating, which is why one LP is a single point of failure.
How many LPs do I need for aggregation?
Two is the minimum for failover or best price. Many brokers start with two and add a third for the symbols that matter most, such as gold and major FX pairs.
Lihat XiroLink dengan feed Anda sendiri
Kami menghubungkan bridge demo ke harga LP simulasi atau nyata dan memandu Anda, lalu menyiapkan bridge Anda sendiri bersama Anda.