Slippage is the difference between the price you expected and the price you got. For a large order it comes from the spread you cross, the impact of your own size, and the market drifting while you trade.
Spread: the gap between bid and ask you pay to cross. Impact: how far your size walks the book. Drift: how far the market moves while you work the order. A good execution minimises the first two; only speed or a hedge controls the third.
Measure slippage against the arrival price — the mid at your decision — not against a moving window average. That is the number that reflects what the decision cost.
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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