> ## Documentation Index
> Fetch the complete documentation index at: https://perps-api.vooi.io/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Quotes and slippage

> Simulate a trade across exchanges and inspect slippage before placing an order

Quote endpoints return estimated execution prices, fees, and slippage without placing an order. Use them to pick the best venue and size your trade.

<Info>
  **Prerequisites:** the cross-exchange quotes and detailed slippage endpoints require a VOOI API token; the top-volume quotes endpoint is public. See [API Tokens](/docs/tokens) if you need one.
</Info>

## Cross-exchange quotes

[`GET /exchange/quotes`](/docs/api-reference/exchange/get-quotes-for-markets) — simulate a trade across exchanges for a given asset, side, USD notional, and leverage. Returns one entry per matching `(exchange, market)` with execution price, fees, funding rate, slippage, and projected liquidation price. A single exchange can return multiple entries when an alias resolves to more than one market there — see [Aliases](/docs/trading-markets#aliases).

<Note>
  The `leverage` query param accepts any positive number, including fractional values such as `12.5`, on every venue. Here it only shapes the projected liquidation price — it does not change the position's actual leverage. The optional `marginMode` (`cross` or `isolated`, default `cross`) likewise only feeds the projected liquidation price. To set leverage for trading, use [`POST /exchange/leverage`](/docs/api-reference/exchange/set-leverage-for-a-market).
</Note>

<Note>
  `quoteSize` is **notional** USD — the full position size (`margin × leverage`), not the collateral posted. It has the same meaning as `notionalUsd` on [`GET /exchange/estimate-slippage`](/docs/api-reference/exchange/get-slippage-for-provided-notional-and-side).
</Note>

## Detailed slippage on one exchange

[`GET /exchange/estimate-slippage`](/docs/api-reference/exchange/get-slippage-for-provided-notional-and-side) — detailed slippage breakdown for a single exchange. Walks the order book and returns best/worst/avg price, effective spread, depth consumed, and whether the order fits at current depth.

The response wraps the result in `{ result: ... }` and `result` can be `null` if the calculation fails (e.g., the order exceeds visible depth).

## Top-volume quotes

[`GET /exchange/top-volume-symbols-quotes`](/docs/api-reference/exchange/get-quotes-for-top-markets-by-24h-volume-across-all-exchanges) — quotes for the top markets by 24h volume across all exchanges. No authentication required.

## Funding arbitrage strategies

[`GET /funding-strategies`](/docs/api-reference/funding-strategies/list-funding-arbitrage-strategies) — current funding-rate spreads paired into long/short legs. Each entry names the long and short venue and asset, the spread, and the legs' rates. No authentication required.

Cross-exchange aliases are applied so a single conceptual market lines up across venues even when the symbols differ — see [Aliases](/docs/trading-markets#aliases). Legs can also share an exchange when an alias resolves to more than one market on that venue (for example, an `xyz:EUR` long against a `mkts:EUR` short on Hyperliquid). Use [`GET /funding-strategies/spread-chart`](/docs/api-reference/funding-strategies/funding-spread-chart-data) to chart any one pair over time, or [`GET /funding-strategies/funding-rate-history`](/docs/api-reference/funding-strategies/funding-rate-history-for-a-single-market) for a single market's hourly history.

For a richer view of the same idea — both trade directions per pair, price spreads alongside funding, depth-aware estimates at a chosen notional, and category filters — see the [Arbitrage scanner](/docs/arbitrage-scanner).

## Next steps

<CardGroup cols={2}>
  <Card title="Orders" icon="list" href="/docs/trading-orders">
    Place your order once you've chosen a venue
  </Card>

  <Card title="Positions" icon="chart-line" href="/docs/trading-positions">
    Track the position after it fills
  </Card>
</CardGroup>


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