The arrival price is the market mid-price at the instant you decide to trade. It is the fairest reference point for a large order, because it is the price you could see before your own trading moved anything.
Benchmarks like VWAP and TWAP are moving averages of the window, so they drift with the market and can flatter a fill that was late and expensive. Arrival is fixed at the decision, so slippage-versus-arrival is what the decision actually cost.
Slippage versus arrival is your average fill price minus the arrival price, in basis points. Positive means you paid more than the price you saw. It is the headline number on the EnsoTrade scoreboard.
EnsoTrade prices a large order against live order books across venues — which venues to use, what size each piece should be, and whether to rest an order or cross the spread. It is independent measurement, not execution: your own desk or execution partner keeps placing the orders on its own accounts, and we never touch custody, keys or funds. Before a window we price it at your real clip size on the venues you can use; after a window we score the fill with full workings. We quote no price or saving until you give your real clip size and fee stack — then the number is yours to check.
Price an order before you trade and score the fill after, on live multi-venue order books. We never touch custody, keys or orders — the independence is the point.
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