> Retail transaction-cost analysis from your own statements: slippage distributions, spread-regime context, and session timing for every fill. - Canonical: https://hadalinstruments.com/instruments/execution-cost-auditor/ --- [Back to Instruments](https://hadalinstruments.com/instruments/) P9 Feed & Execution # Execution Cost Auditor Statement-import truth about what your execution actually cost. Anticipated price Anticipated · not ratified · not an offer £99/mo - **Annual term** — £990/yr Twelve months of service for the price of ten. - **Billed monthly** — £1,188/yr £99/mo × 12. Monthly billing costs twenty per cent more than the annual term — the uplift is on monthly, it is not a discount on annual. - **The difference** — £198/yr Two months in twelve. Paying annually saves two months, not twenty per cent — the two are different numbers and only one of them is true. Nothing on this site is on sale. There is no checkout, no cart and no payment link on any page. Prices publish pre-launch so they can be read, compared and checked rather than requested — [seat bands, group licences and multi-year terms are set out in full below](#commercial). here would have added one landmark per placement, which on the homepage means a landmark list that is mostly disclaimer. --> Standing policy — read this beside the figure - **No promise of profit, ever.** Hadal makes no performance claims and carries no implied edge. Past measurements describe instrument behaviour — never future returns. - **You own risk management.** Hadal cannot control it and does not insure it. Good tools do not fix bad discipline — and this site says so. - **Analytical tools, for discretionary use.** Nothing here is investment advice or a recommendation to trade. Every decision, and every outcome, is yours. The same statement stands in the footer of every page.[Terms](https://hadalinstruments.com/terms/) [Privacy](https://hadalinstruments.com/privacy/) [How it measuresThe Feed & Execution suite methodology](https://hadalinstruments.com/methodology/feed/)[BoundsWhat it does not establish](#what-it-does-not-do) Published measurements NOT YET PUBLISHED Specification | Value | Catalogue no. | P9 | Suite | [Feed & Execution](https://hadalinstruments.com/suites/feed/) | Methodology | [How the Feed & Execution suite measures](https://hadalinstruments.com/methodology/feed/) | Availability | Pre-launch — not on sale | Anticipated price | [£99/mo · £990/yr](#anticipated-price) | Delivery | Marketplace SKU · hub subscription | Published measurements | NOT YET PUBLISHED | Provenance artifact | NOT YET PUBLISHED | Institutional desks run transaction-cost analysis as a matter of course. Retail traders are handed a spread figure in a brochure and told that is what trading costs. It is not. The spread is the advertised price of execution; the [slippage](https://hadalinstruments.com/glossary/slippage/) around it, the regime that spread was in when the order arrived, and the session you happened to trade are what you actually paid. The [Execution Cost](https://hadalinstruments.com/glossary/execution-cost/) Auditor imports your own broker statements and computes the difference, fill by fill. Nothing here is modelled from a vendor’s sample or borrowed from a published average. The input is your account’s own record of what filled, when, and at what price, measured against the quote conditions running at that instant. ## What it measures Every fill-by-fill measure waits on your own statement, which is an input I do not hold rather than machinery I have not built. - **[Slippage](https://hadalinstruments.com/glossary/slippage/) as a distribution.** Signed, per fill, kept as a distribution rather than collapsed into an average. Slippage that is symmetric noise and slippage that leans consistently against you are different objects with different consequences, and a mean is precisely the statistic that hides the difference. - **Spread-regime context at the moment of execution.** Each fill is placed inside the [spread regime](https://hadalinstruments.com/glossary/spread-regime/) that was running when it executed, so realized costs sort by regime instead of pooling into one figure that describes no regime in particular. - **Session-timing structure.** Where cost concentrates across the trading day — the rollover window, the thin hour you trade because it suits your schedule, the overlap everyone else is in. - **Cost against the quote of record.** What each fill cost relative to the price that was published to you, so the number is anchored to the feed you actually received rather than to a consolidated tape you never saw. - **n, always visible.** Every figure publishes with the number of fills behind it. Twelve fills is a distribution with twelve points, and the report says so rather than dressing it as a finding. Reference cost distributions from any published sample of *fills*: NOT YET PUBLISHED — realised cost requires executions, and a published sample would have to be somebody’s account. The cost *environment* those fills are measured against is a different object, and it is published and downloadable: a quoted-spread distribution for all twenty-eight pairs, and a complete cost floor — spread plus commission — for the seven where the commission converts, which is [the minimum move that pays for the trade](https://hadalinstruments.com/research/why-is-my-live-spread-wider-than-my-backtest/). The remaining twenty-one are crosses whose commission leg needs a third USD conversion this lane does not hold, and each of them reads `NOT YET COMPUTED` rather than carrying a guessed number. Zero-spread and crossed ticks are counted and excluded rather than averaged in, which makes every floor on that face conservative: folding them back would lower it, never raise it. ## What it does not do The Execution Cost Auditor does not estimate a hypothetical best execution. There is no counterfactual venue here, no claim that a different broker would have filled you better, and no implied figure you were owed — it measures what your executions cost, not what they ought to have cost. It does not assert broker intent: a cost distribution that leans against you is a measurement, and converting a measurement into an accusation is a step this instrument never takes. Nor does it price the orders that never became fills: a [requote](https://hadalinstruments.com/glossary/requote/) you declined or an order that was rejected leaves no fill to measure, and the glossary entry says what an honest accounting does with that gap. It is also bounded by what your statements contain, and the boundary is enforced rather than described. A fill timestamp carrying no time zone is refused, not assumed: every figure here is a measurement at an instant, and a naive stamp read as UTC would silently move every fill from a venue that reports local time. A zone may be supplied, and when it is, the parse records that the times were interpreted rather than read. An order type the parser does not recognise is carried through verbatim instead of being forced into the nearest known bucket, because a conformance test run against a mislabelled order is worse than one that declines. A broker that reports fills without timestamps of usable resolution limits what can be computed, and the report names that limit rather than interpolating around it. ## Who it is for Traders who suspect the gap between their backtested edge and their realized returns is sitting in execution, and who would rather hold a distribution than a suspicion. It pairs directly with the [Broker Feed Auditor](https://hadalinstruments.com/instruments/broker-feed-auditor/): the auditor measures the feed you were quoted on, this measures what you paid on it. ## The ship gate No instrument is sold until it does what this page says it does. Where a page is written in the future tense, that tense is a statement about timing rather than a hedge about capability: the instrument is not finished, so it is not listed as available, not priced as available, and not sold. It waits. Nothing described in this catalogue is a placeholder that will quietly disappear. An instrument that turns out to be wrong gets a [kill-ledger entry](https://hadalinstruments.com/kill-ledger/), not a deletion — which is the only version of that promise anyone can check. ## Commercial terms Published in full, pre-launch, so they can be read and checked rather than requested. Every figure is an anticipated indication I have set and not yet ratified, and every derived figure is the arithmetic of the one above it — shown, not asserted. Nothing here is purchasable: there is no checkout on this site. ### Why Execution Cost Auditor is priced the way it is - **What the figure buys** — It will take your own broker statements and compute, fill by fill, what your execution cost against the quote of record published to you. The intake that reads those statements is built and tested against MetaTrader- and cTrader-shaped statements, and the cost-environment half — quoted spread by pair and hour, session structure, and a named commission line — is computed and content-hashed already; what the fill-by-fill half waits on is your statement, which is an input I do not hold rather than machinery I have not built. Signed slippage is to be kept as a distribution rather than collapsed to an average, each fill is placed inside the spread regime running at the instant it executed, cost is sorted by session so concentration in the rollover window or the thin hour becomes visible, and n is printed beside every figure. The edge is that there is no counterfactual: it does not estimate a hypothetical best execution, does not claim another broker would have filled you better, does not imply a figure you were owed, and does not assert intent. It is also bounded by what your statements contain — where fill timestamps lack usable resolution, the report names that limit rather than interpolating around it. - **Why it is priced this way** — It is priced per account, recurring, because the input is one account's own record: its fills, its timestamps, its quote of record. A second account is a second set of statements and a second set of distributions, so the unit follows the statement rather than the person — two people reading one account's report are reading one measurement, which is why a per-seat charge would be counting the wrong thing. It recurs because statements keep arriving and a cost distribution is only as current as the fills inside it; the trades you took recently are the ones that describe how you trade now. It pairs with the Broker Feed Auditor by design — that instrument measures the feed you were quoted on, this one measures what you paid on it — but it is bought separately, because an account's execution record is a distinct object from the stream it arrived over. - **What the alternative costs** — The raw material is already yours and already free: the broker sends the statements. Export them, and a spreadsheet will give you an average slippage per fill in an afternoon, which is genuinely better than not looking. What that afternoon cannot give you is the quote conditions at the moment of each fill — matching a fill to the spread regime running when it executed requires a synchronised record of the feed, and that reconciliation is the work; the arithmetic never was. An average is also the one statistic that hides the difference between slippage that is symmetric noise and slippage that leans consistently one way, and doing nothing leaves the gap between a backtested edge and realized returns unattributed: it stays a suspicion rather than a distribution, and it stays whatever size it is. Every figure on this page is an anticipated indication awaiting ratification, and nothing here is purchasable. The reasoning above is published for the same reason the arithmetic below is: a price you can interrogate is worth more than a price you have to accept. ### The two-SKU split Two routes, side by side, with the standing rule rendered as a rule: the hub tier is priced at or below its marketplace equivalent, so the hub is always the better of the two. No marketplace SKU has been listed anywhere yet, so that cell says so instead of showing a figure nobody has set. Route | What it is | Anticipated | Marketplace SKU | Where this instrument ships through a platform marketplace, that SKU is the fully-functional standalone tier — the complete battery, running natively on your platform, no external account required. Never paid-but-crippled. | NOT YET LISTED | Hub subscription (this site) | The deepening: hosted runs, the published methodology behind them, and the content-hashed artifacts that let a stranger re-derive the result. This is the tier the figure on this page prices. | £99/mo · £990/yr | The price rule The hub tier is priced at or below its marketplace equivalent. That is a standing rule the pricing table is rendered against, not an offer: a marketplace platform takes a percentage of every sale it processes, and that saving goes to the hub subscriber rather than to Hadal, so a platform fee can never invert your margin. No marketplace SKU has been listed yet, so the cell above reads NOT YET LISTED and the rule stands as a commitment rather than a comparison you can run today. ### The commitment ladder One month less paid per year of service, per step, taken off this instrument's own anticipated annual rate of £990/yr . The rate is held at the figure you sign for the whole term, so a multi-year commitment fixes the price as well as reducing it. Term | Months paid per year | What it means | Anticipated | Monthly billing | 12 | £99/mo × 12. Twenty per cent more than the annual term — that is the uplift for paying monthly, not a discount for paying annually. | £1,188/yr | 1-year term | 10 | Twelve months of service for the price of ten. This is the annual rate every band below is taken off. | £990/yr | 2-year term | 9 | Ten per cent off the annual rate, held at that figure for the whole term. | £891/yr | 3-year term | 8 | Twenty per cent off the annual rate, held at that figure for the whole term. | £792/yr | Three years for what two years of monthly billing costs Eight months paid per year, across three years, is 24 months paid for 36 months of service — one year in three carries no charge. On this instrument the three-year term totals £2,376 . That is 24 × £99 = £2,376 , and two years billed monthly is £1,188 × 2 = £2,376 . The same money. It buys three years instead of two, and the arithmetic is on the page so you can check it rather than take it. ### Group licences, across entities Licensing here is per account or per desk, not per seat, so a seat band does not apply and none is offered — applying one would be a category error dressed as a discount. The scaling axis here is **entities**: where the same instrument is run by more than one legal entity, desk, fund or network inside a group, the licence is negotiated as a single group licence rather than replicated entity by entity. Multi-network clients are exactly the case this exists for, and the commitment ladder above applies to a group licence on the same terms it applies to a single one. ### Commercial routes Pricing scales on entities and on term — one negotiated group licence across desks, funds and legal entities, never a seat band. [Licensing — seat bands, group licences and multi-year terms in full](https://hadalinstruments.com/licensing/) ### Support - Tier **Standard** at this instrument’s base contract — ticket, first response targeted at three business days . Support tier follows the annual contract value, not the price of a single unit — more seats, a suite licence or a group agreement raise the contract value and can raise the tier with it. [Support — the tiers, the ticket-only channel model, and what a target does and does not promise](https://hadalinstruments.com/support/) ### Trial mechanics The trial runs on the hub tier — thirty days, a full natural proof cycle, disclosed in plain words before you start it and cancellable in one step; none of it is live yet. [Trial mechanics in full, by delivery class](https://hadalinstruments.com/licensing/#trial). ### Read before you commit The documentation is published ahead of the product on purpose — intended behaviour is only a commitment if it exists first. Start with [installation and first run](https://hadalinstruments.com/docs/install/), then [the limits](https://hadalinstruments.com/docs/limits/): the conditions under which this instrument refuses to produce a number are the part worth reading before you pay. The full centre is at [/docs/](https://hadalinstruments.com/docs/), and the [support model](https://hadalinstruments.com/support/) states what a ticket does and does not cover. ## Questions and answers Answered from what this instrument publishes about itself. Nothing below is attributed to a customer, because there are none yet. ### Will it tell me what a different broker would have filled me at? No. There is no counterfactual venue here and no implied figure you were owed. It measures what your executions cost, not what they ought to have cost. ### My statements have coarse timestamps. Can it still run? The auditor runs on what the statements contain and names the limit rather than interpolating around it. Fills reported without timestamps of usable resolution bound what can be computed, and that bound is printed with the result. ### Does cost that leans against me prove the broker acted against me? No. A cost distribution that leans against you is a measurement. Converting a measurement into an accusation is a step this instrument never takes. ### Can I buy this instrument today? No. Nothing on this site is on sale — there is no checkout, no card capture, and no product account to create. Every figure on this page is an anticipated indication I have set so it can be read and compared, not an offer, and final pricing awaits my ratification. The launch list is the only thing you can join today. ## Change log NOT YET PUBLISHED Execution Cost Auditor has not shipped, so there is nothing to record. When it does, every version lands here — dated, append-only, written by a person, and including the changes that removed a capability rather than added one. ## Where this sits Execution Cost Auditor is one of the instruments in the [Feed & Execution suite](https://hadalinstruments.com/suites/feed/). How that suite measures — the per-instrument battery, and the receipts each measurement will carry — is set out in the [Feed & Execution methodology](https://hadalinstruments.com/methodology/feed/), part of the site-wide [measurement methodology](https://hadalinstruments.com/methodology/). ### Also in the Feed & Execution suite Execution Cost Auditor shares the Feed & Execution suite with two other instruments. - P1 [Broker Feed Auditor](https://hadalinstruments.com/instruments/broker-feed-auditor/) What does your broker's feed actually do when you measure it instead of trusting it? - P6 [Microstructure Dashboard](https://hadalinstruments.com/instruments/microstructure-dashboard/) Bundled inside P1's subscription. Never standalone. ### Research behind this instrument Execution Cost Auditor draws on nine research notes on this site. - [Why did my broker charge me so much in swaps?](https://hadalinstruments.com/research/why-did-my-broker-charge-me-so-much-in-swaps/) Asked as: "why did my broker charge me so much in swaps" - [Do brokers hunt your stop losses?](https://hadalinstruments.com/research/do-brokers-hunt-your-stop-losses/) Asked as: "do brokers hunt stop losses by widening the spread" - [Why do my forex orders get rejected?](https://hadalinstruments.com/research/why-do-my-forex-orders-get-rejected/) Asked as: "why do my forex orders get rejected" - [Why does my EA work on demo but not live?](https://hadalinstruments.com/research/why-does-my-ea-work-on-demo-but-not-live/) Asked as: "why does my ea work on demo but not on a live account" - [Is my broker trading against me?](https://hadalinstruments.com/research/is-my-broker-trading-against-me/) Asked as: "is my broker trading against me" - [Is my broker's feed honest? How to test it](https://hadalinstruments.com/research/is-my-brokers-feed-honest/) Asked as: "is my broker's feed honest" - [What is slippage really costing me?](https://hadalinstruments.com/research/what-is-slippage-really-costing-me/) Asked as: "what is slippage really costing me" - [Why do backtests fail in live trading?](https://hadalinstruments.com/research/why-do-backtests-fail-in-live-trading/) Asked as: "why do backtests fail in live trading" - [Why is my live spread wider than my backtest?](https://hadalinstruments.com/research/why-is-my-live-spread-wider-than-my-backtest/) Asked as: "why is my live spread wider than my backtest" --- ## Raw artifact — NOT PUBLISHED FOR THIS PAGE No downloadable artifact ships with this page. Eight published measurements do, each content-hashed so a reader can verify the figures independently. Where a measurement is published here without one, that is a gap rather than a policy, and it is stated rather than left to be noticed. [Measurements that ship their data](https://hadalinstruments.com/research/) [Join the launch list](https://hadalinstruments.com/pricing/#waitlist)[How this suite measures](https://hadalinstruments.com/methodology/feed/)