Toxiflow – an execution layer that measures fill toxicity

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SO2304

toxiflow

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Toxiflow

v0.6.4 — a pre-trade microstructure execution layer in Rust.

Toxiflow measures the adverse-selection cost of order fills — toxic<br>flow — and gates, sizes, or refuses order placement on that signal,<br>before orders reach the exchange .

It is not a trading strategy and does not generate alpha. It is the<br>layer that sits between a signal source and the venue: you point<br>your own order flow at it, and it defends that flow against adverse<br>selection with a graded response —

full size → continuous size attenuation → discrete refusal → kill-switch

Toxiflow ships with a runnable end-to-end harness — demo signal<br>sources, a mock and a live executor, a live dashboard — so it runs out<br>of the box. But the product is the gate , not the demo strategies.

Licensing. Toxiflow is proprietary software —<br>LicenseRef-Toxiflow-Proprietary-1.0, see LICENSE.<br>This repository distributes release binaries and operator<br>documentation . Source access is licensed separately.<br>Contact: souhaybrharrab@gmail.com

Quick start (release binary)

Download from the<br>Releases page:

Platform<br>Layer binary<br>Self-check

Windows x86-64<br>toxiflow.exe<br>toxiflow-selfcheck.exe

Linux x86-64 — static musl, no glibc<br>toxiflow-linux-musl<br>toxiflow-selfcheck-linux-musl

The binaries are not code-signed . Verify the SHA-256 of every<br>download against<br>RELEASE_NOTES_v0.6.4.md before running it<br>(Get-FileHash on Windows, sha256sum on Linux). On Linux,<br>chmod +x the binary first.

Then validate the deployment before going live:

# 1. Pre-flight self-check — drives the whole stack in-process<br>TOXIFLOW_HTTP_PORT=8765 ./toxiflow-selfcheck<br># → prints a 16-check report, exit 0 = OK to deploy

# 2. Dev demo run (mock executor, synthetic candles, live dashboard)<br>TOXIFLOW_HTTP_PORT=8765 ./toxiflow<br># → http://127.0.0.1:8765/ HTML dashboard<br># → http://127.0.0.1:8765/health JSON snapshot<br># → http://127.0.0.1:8765/metrics Prometheus text

toxiflow-selfcheck prints a cargo test-style report — one line per<br>shipped wire — and exits 0 (PASS) or 1 (FAIL). The PASS/FAIL<br>aggregator is itself a formally-checked module, so a green light is<br>trustworthy by construction:

[PASS] boot_wire_audit emits stable grep token<br>[PASS] MAR-1 STP refused opposite-side signal<br>[PASS] flow EWMA consumes Candle.taker_buy_base_volume<br>[PASS] microstructure gate refused orders in opposing flow<br>[PASS] hysteresis keeps gate refusing in hover zone (no flapping)<br>[PASS] attenuator shrinks size in mid-band opposing flow<br>[PASS] consecutive-adverse alert rising-edge fired exactly once<br>... (16 checks total)<br>──────<br>pass=16 fail=0 skipped=0 total=16<br>OVERALL: PASS

The microstructure layer

Component<br>What it does

Mark-out tracker<br>Per-side realised adverse-selection cost at a 10 s horizon — the CEX analogue of LVR (Milionis-Moallemi-Roughgarden-Zhang 2022; Cartea-Drissi 2023).

Flow EWMA<br>Normalised kline signed flow ∈ [-1, +1] — kline-resolution Order Flow Imbalance proxy (Cont-Cucuringu-Zhang 2023).

Gate<br>Discrete refusal of orders flagged AdverseSelection or FlowConflict, with a sticky hysteresis layer that prevents threshold flapping.

Attenuator<br>Continuous order-size shrink before the gate's hard refusal — the graded complement to the discrete wall.

Consecutive-adverse<br>Burst detector + one-shot Telegram alert at a configurable streak threshold.

Enforcement mode<br>Observe (shadow — compute + count, never block) vs Enforce (production).

Every order — wherever the signal came from — travels:<br>risk → MAR-1 self-trade prevention → microstructure gate →<br>attenuator → place. All of it is visible on /metrics, /health,<br>and the embedded HTML...

toxiflow pass flow layer order gate

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