Definition ∞ Order execution efficiency measures how effectively and quickly a trade order is filled at a favorable price within a financial market. High efficiency indicates minimal price slippage and rapid completion of transactions, ensuring that trades are settled close to the expected market rate. It is a critical metric for traders and market makers.
Context ∞ This concept is a recurring theme in news about cryptocurrency exchanges and decentralized trading platforms. Reports frequently compare the order execution efficiency of various platforms, discussing factors like liquidity depth, network latency, and the sophistication of matching engines that influence trading outcomes for digital assets. Optimizing this is key to market competitiveness.