> ## Documentation Index
> Fetch the complete documentation index at: https://docs.bebop.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# How Bebop Works

> Two liquidity models, one platform - understand how Bebop works and choose the right integration.

## Two Liquidity Models, One Platform

Bebop operates two distinct liquidity networks, each optimized for different execution requirements:

<AccordionGroup>
  <Accordion title="Private Market Makers">
    Professional trading firms that quote directly from their own on-chain inventory. They provide guaranteed execution and guaranteed fill - what you see is what you get. Orders are automatically split across multiple market makers for optimal pricing on large trades.
  </Accordion>

  <Accordion title="Solvers">
    Algorithmic agents that compete to find the best execution path across all available decentralized liquidity sources. They optimize routing in real-time to deliver the best possible price for any token pair, including long-tail assets.
  </Accordion>
</AccordionGroup>

Both models use requests-for-quote architecture: you specify what you want to trade, market makers compete to fulfill it, you sign the quote, submit the order, and settlement happens on-chain without Bebop taking custody.

The key difference is **who provides liquidity and how**:

* **Market Makers:** Professional firms quote from their own on-chain inventory with firm prices
* **Solvers:** Algorithms route through decentralized liquidity sources

## Choose Your Integration

|                     | **RFQ API - Market Maker Liquidity**                                 | **Aggregation API - Solver Liquidity**                                                     |
| ------------------- | -------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ |
| **Execution model** | Firm, guaranteed pricing                                             | Best-effort pricing; solvers optimize routing across all available liquidity               |
| **Settlement**      | On-chain via audited smart contracts; Bebop never holds custody      | On-chain via audited smart contracts; Bebop never holds custody                            |
| **Optimal for**     | Supported token pairs where guaranteed pricing and fills matter most | Long-tail tokens, unusual pairs, or when maximizing token coverage is priority             |
| **Trade-off**       | Limited to tokens where market makers actively provide liquidity     | Pricing subject to on-chain slippage based on solver's execution path and your preferences |

**Use RFQ API when:**

* You need guaranteed fills at guaranteed prices
* You are trading supported pairs at size
* Speed and reliability are critical

**Use Aggregation API when:**

* You need broad token coverage including long-tail assets
* You want to tap into all available on-chain liquidity sources
* You prefer configuring slippage limits to access wider liquidity

**Use both when:**

* You want to automatically route each trade to its optimal liquidity source
* You need both guaranteed execution and fill for core pairs and broad coverage for everything else

<Note>
  Still unsure? [Get in touch with our team](https://survey.typeform.com/to/tmPax8Fu?utm_source=docs_how_bebop_works).
</Note>