VWAP is the average price over a window weighted by traded volume. Executing at or below VWAP is a common desk benchmark, but it measures a venue average, not the cost of your decision.
Beating VWAP means you traded better than the typical participant over the window. It is useful for pacing a passive order and for comparing against a benchmark a counterparty will recognise.
VWAP moves with the market. If the price drifted up while you bought, matching VWAP can still mean you paid far more than the price you saw at the start. Pair VWAP with arrival-price slippage to see the whole picture.
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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