When the spread is too big
to capture alone.
An AASC is an on-chain contract that executes a multi-venue arbitrage in a single atomic transaction. When ON1's internal capture capacity is exceeded, the opportunity flows to a private whitelist of counterparties via Flashbots MEV-Share. Bidders compete; the winning bid settles on-chain.
What is an AASC?
AASC is short for Atomic Arbitrage Smart Contract. It's a smart contract that takes a multi-leg arbitrage opportunity (e.g. buy on venue A, sell on venue B, hedge on venue C) and executes the whole sequence in a single Ethereum block — atomic in the database sense: either every leg lands, or nothing does.
ON1's surveillance stack detects these spreads continuously. When the spread exceeds our internal capacity envelope (size, gas budget, inventory risk), the opportunity is converted into an AASC bid request and dropped onto a private Flashbots MEV-Share relay where whitelisted counterparties bid for the right to execute.
Why bigfish should care
The largest spreads are bigger than any single market participant can route alone — they require simultaneous order placement on multiple venues, atomic settlement, and the ability to absorb slippage on the largest leg. That capacity isn't free.
For counterparties with the inventory, the venue access, and the on-chain execution stack to land an atomic bundle, AASC provides a clean, low-toxicity orderflow channel: each request is sized, priced, and labelled with the legs already identified and the expected gas envelope.
How the routing works
-
A
Detect
Surveillance loop continuously scores cross-venue spreads against ON1's internal capture envelope (size cap, gas budget, inventory risk).
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B
Overflow
Spreads beyond the internal envelope are converted to AASC requests. The leg-by-leg structure is pre-resolved; the counterparty receives a complete bundle template.
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C
Route
The AASC request is sent to relay.flashbots.net (or the equivalent private MEV relay) as a sealed bundle visible only to whitelisted searchers.
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D
Bid
Whitelisted counterparties submit competing bundles. The block builder picks the highest-value valid bundle. On-chain settlement = atomic.
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E
Rebate
A configurable fraction of the captured spread is paid back to the ON1 searcher address via the
block.coinbase.transfer(…)primitive.
What we publish, what we keep private
Published
- Aggregate bundle count per day
- Aggregate rebate received (ETH + USD-equivalent)
- Internal vs. overflow ratio
- Whitelist size (count only)
These aggregates appear on the operator dashboard, scrubbed of any per-opportunity detail.
Never published
- Specific venue pairs
- Spread sizes per opportunity
- Timing windows
- Counterparty identities
Per our signal-publishing policy, only aggregate health signals leave the perimeter — never the alpha.
Current status
Apply for the whitelist
Send a brief introduction by mail. Include venue coverage, notional capacity, and a sample of public Flashbots searcher activity if available. We respond within 48 hours Stockholm time.
oden@on1.unoSubject line should include "AASC whitelist application" so we route to the right pipeline channel.