The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →There is no single official XRP Ledger (XRPL) statistic for the share of trading that comes from order books versus automated market maker (AMM) pools. XRPL can route an execution through an order book, an AMM, or both, so a credible comparison must define its assets, time window, denominator, and treatment of mixed executions. For historical results, classify validated transactions—not current pool reserves or open-offer depth.
Why order-book and AMM share is not a simple split
XRPL has a native, Offer-based decentralized exchange (DEX) alongside AMM liquidity. These are distinct liquidity sources within an integrated trading system: offers and payments are optimized across pools, order books, or both to seek the best rate. As the XRPL AMM documentation puts it, “Offers and payments are automatically optimized to determine whether swapping within a liquidity pool, through the order books, or both, provides the best rate and executes accordingly.”
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That means an execution need not belong exclusively to one venue. A binary “order book or AMM” label can obscure trades that draw on both. XRPL documentation does not prescribe a canonical share calculation, and the official sources cited here do not provide a ready-made network-wide percentage.
Choose what “share” means before calculating it
Different denominators answer different questions. State the denominator alongside every reported percentage; a number without it is not interpretable.
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- Share by execution count: the number of executions attributed to a source divided by all executions in scope. This weights a small execution the same as a large one.
- Share by executed value: the value attributed to a source divided by the value of all executions in scope. Specify the numeraire and how trades in different assets are converted into it.
Also distinguish an individual execution from a transaction or payment that may involve multiple exchanges. Explain how your dataset identifies and counts the unit being measured.
Define the asset universe and time window
Identify the start and end of the measurement period, preferably by ledger range or UTC timestamps, and state whether the data covers XRPL mainnet or another network. Specify whether the calculation covers all DEX trading or a selected set of pairs. A result for selected pairs is not a network-wide share.
For issued assets, identify each asset by both currency code and issuer, not by a ticker-like code alone. Different issuers can use the same currency code. XRPL permits up to one AMM for a given asset pair, but the pair’s AMM pool and its order-book market remain distinct liquidity surfaces. See the XRPL DEX documentation for the exchange mechanics.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchUse validated executions for realized share
For a retrospective measurement, classify realized exchange activity using validated transaction outcomes and metadata. XRPL ledger closes occur approximately every 3–5 seconds, and tentative execution calculations can differ from validated results when transactions affect the same book in one ledger. Use final validated ledger data for the period being measured.
State queries are useful for examining liquidity, but they do not substitute for historical execution data:
amm_inforetrieves an AMM’s state at a specified ledger and reports whether the result is validated.book_offersreads offers in an order book, whilebook_changesreports changes.
Pool reserves and open offers describe liquidity at a point in time. They do not show how much was actually executed over a period, so they cannot by themselves establish AMM or order-book trading share.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Choose and disclose a rule for mixed routing
Because XRPL can optimize across pools and books in one trade, a source classification needs an explicit rule. Two defensible approaches are:
- Keep a mixed category: report order-book-only, AMM-only, and mixed executions separately. For a value-based result, define how the executed value of mixed activity is recorded.
- Allocate mixed executions: assign realized amounts to each source using a documented rule. Explain the evidence and calculation used; do not silently treat a mixed execution as wholly one source.
Whichever approach you choose, apply it consistently across the selected assets and validated ledger range.
What a reproducible result should report
Publish enough detail for another analyst to understand the calculation and reproduce its scope:
- Network and validated ledger range or UTC time window.
- Asset pairs, with issued assets identified by currency and issuer.
- Whether the denominator is execution count, executed value, or another defined measure; for value, the numeraire and conversion method.
- How executions are identified and how mixed routing is classified or allocated.
- Data source, exclusions, and whether results cover the full DEX or only selected pairs.
Keep execution count and executed value distinct when both are useful. They measure different things and can produce different shares.
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