> ## Documentation Index > Fetch the complete documentation index at: https://docs.cow.bleu.builders/llms.txt > Use this file to discover all available pages before exploring further. # How Intents Are Formed > An intent in CoW Protocol is a signed message that represents a user's wish to trade. It doesn't execute a trade directly — instead, it delegates execution to solvers who find the optimal path. An [*intent*](/cow-protocol/explanation/introduction/intents) in CoW Protocol is a signed message that represents a user's wish to trade. It doesn't execute a trade directly — instead, it delegates execution to [solvers](/cow-protocol/explanation/introduction/solvers) who find the optimal path. **This document explains the anatomy of intents at a conceptual level.** For a step-by-step integration walkthrough, see the **[API Integration Guide](/cow-protocol/howto/integrate/api)**. For higher-level tools, use the **[TypeScript SDK](/cow-sdk/quickstart)** or the **[Python SDK](/cow-py/quickstart)**. Forming an intent follows three stages: ``` Intention → Quote → Intent ``` ## 1. Intention An intention is the user's raw desire to trade. To obtain a quote, you send this intention to the `/quote` API endpoint: ``` POST https://api.cow.fi/mainnet/api/v1/quote ``` The request body describes what the user wants. Basic fields of the request: ```json theme={null} { "kind": "sell", "sellToken": "0xfFf9976782d46CC05630D1f6eBAb18b2324d6B14", "buyToken": "0xbe72E441BF55620febc26715db68d3494213D8Cb", "sellAmountBeforeFee": "1000000000000000000", "from": "0xfb3c7eb936cAA12B5A884d612393969A557d4307", "receiver": "0xfb3c7eb936cAA12B5A884d612393969A557d4307", "validFor": 1800 } ``` | Field | Description | | --------------------- | ------------------------------------------------------------------ | | `kind` | `"sell"` or `"buy"` — whether you're fixing the sell or buy amount | | `sellToken` | Token address you're selling | | `buyToken` | Token address you're buying | | `sellAmountBeforeFee` | How much you want to sell (for `sell` orders) | | `from` | Address of the trader | | `receiver` | Address that receives the bought tokens (often same as `from`) | | `validFor` | Order validity period in seconds | For more details see the [Order Book API](/cow-protocol/reference/apis/orderbook). ## 2. Quote The `/quote` response provides the price information needed to build the order, including fee breakdowns. ### Sell order response Quote for Sell Order ```json theme={null} { "protocolFeeBps": "2", "quote": { "buyAmount": "191179999", "feeAmount": "62483346430736", "sellAmount": "99937516653569264", "kind": "sell" } } ``` | Field | Description | | ------------------ | ---------------------------------------------------------------------- | | `protocolFeeBps` | Protocol fee in basis points | | `quote.sellAmount` | Sell amount **after** network costs have been deducted | | `quote.feeAmount` | Network costs, in **sell token** units | | `quote.buyAmount` | Buy amount **after** network costs and protocol fee have been deducted | ### Buy order response Quote for Buy Order ```json theme={null} { "protocolFeeBps": "2", "quote": { "buyAmount": "200000000", "feeAmount": "42560776189182", "sellAmount": "104486220751250279", "kind": "buy" } } ``` For buy orders, `sellAmount` is **after** the protocol fee, and the `feeAmount` (network costs) is **not yet included** in the sell amount — it must be added separately. ## 3. Amount Stages The quote response and order construction use a shared vocabulary of amount stages — each representing the token amount at a specific point in the fee pipeline. Understanding these terms is essential for interpreting quote values and building orders correctly. | Term | Description | | ----------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **`beforeAllFees`** (= `spotPrice`) | The raw exchange rate with no fees applied. This is the theoretical "perfect world" price. It serves as the reference point for calculating partner fees and slippage. | | **`afterProtocolFees`** | Amount after CoW Protocol's own fee (`protocolFeeBps`) has been applied. | | **`afterNetworkCosts`** | Amount after gas costs (network costs) have been applied. Network costs are always denominated in the **sell token**, but may be converted to buy token units when applied to the buy side. | | **`afterPartnerFees`** | Amount after the integrator/partner fee has been deducted. | | **`afterSlippage`** | The final amount after the user's slippage tolerance has been applied. **This is the value signed into the order** — it is the minimum the user will receive (sell orders) or the maximum they will pay (buy orders). | ### Flow for sell orders Quote Amounts Sell Order > The code below is simplified, see the full working code in [CoW SDK `getQuoteAmountsAndCosts`](https://github.com/cowprotocol/cow-sdk/blob/main/packages/order-book/src/quoteAmountsAndCosts/getQuoteAmountsAndCosts.ts). The `/quote` response maps directly to `afterNetworkCosts`. `beforeAllFees` is reconstructed from it for partner fee calculations: ```ts theme={null} // /quote response maps to afterNetworkCosts const afterNetworkCosts = { sellAmount: quote.sellAmount, buyAmount: quote.buyAmount, } // reconstruct beforeAllFees (spot price) — used as the base for partner fee calculation const networkCostAmountInBuyCurrency = (quote.buyAmount * quote.feeAmount) / quote.sellAmount const beforeAllFees = { sellAmount: quote.sellAmount + quote.feeAmount, buyAmount: quote.buyAmount + networkCostAmountInBuyCurrency + protocolFeeAmount, } // partner fee is deducted from buy amount, relative to spot price const afterPartnerFees = { sellAmount: afterNetworkCosts.sellAmount, buyAmount: afterNetworkCosts.buyAmount - partnerFeeAmount, } // partnerFeeAmount = beforeAllFees.buyAmount * partnerFeeBps / 10000 // slippage reduces buy amount (user accepts receiving less) const afterSlippage = { sellAmount: afterPartnerFees.sellAmount, buyAmount: afterPartnerFees.buyAmount - slippageAmount, } // slippageAmount = afterPartnerFees.buyAmount * slippageBps / 10000 // sell is set to spot price — settlement contract deducts network costs itself const amountsToSign = { sellAmount: beforeAllFees.sellAmount, // = quote.sellAmount + quote.feeAmount buyAmount: afterSlippage.buyAmount, // minimum to receive } ``` ### Flow for buy orders > The code below is simplified, see the full working code in [CoW SDK `getQuoteAmountsAndCosts`](https://github.com/cowprotocol/cow-sdk/blob/main/packages/order-book/src/quoteAmountsAndCosts/getQuoteAmountsAndCosts.ts). Quote Amounts Buy Order The `/quote` sell amount maps to `afterProtocolFees`. The buy amount is fixed and maps to `beforeAllFees`: ```ts theme={null} // /quote response: sell maps to afterProtocolFees, buy is fixed (= beforeAllFees) const afterProtocolFees = { sellAmount: quote.sellAmount, buyAmount: quote.buyAmount, } // reconstruct beforeAllFees (spot price) — used as the base for partner fee calculation const beforeAllFees = { sellAmount: quote.sellAmount - protocolFeeAmount, buyAmount: quote.buyAmount, } // add network costs to sell amount const afterNetworkCosts = { sellAmount: quote.sellAmount + quote.feeAmount, buyAmount: quote.buyAmount, } // partner fee is added to sell amount, relative to spot price const afterPartnerFees = { sellAmount: afterNetworkCosts.sellAmount + partnerFeeAmount, buyAmount: afterNetworkCosts.buyAmount, // partnerFeeAmount = beforeAllFees.sellAmount * partnerFeeBps / 10000 } // slippage increases sell amount (user accepts paying more) const afterSlippage = { sellAmount: afterPartnerFees.sellAmount + slippageAmount, buyAmount: afterPartnerFees.buyAmount, // slippageAmount = afterPartnerFees.sellAmount * slippageBps / 10000 } // buy is fixed (exact amount to receive), sell includes all fees and slippage const amountsToSign = { sellAmount: afterSlippage.sellAmount, // maximum to pay buyAmount: beforeAllFees.buyAmount, // = quote.buyAmount } ``` ## 4. Fees & Slippage Several layers of fees transform the raw spot price into the final amounts signed in the order. ### Fee types | Fee | Description | Token | | ----------------- | ---------------------------------------------------------------- | ------------------------------------------------- | | **Network costs** | Gas fees for on-chain execution, estimated by the protocol | Sell token | | **Protocol fee** | CoW Protocol's fee, expressed in basis points (`protocolFeeBps`) | Buy token (sell orders) / Sell token (buy orders) | | **Partner fee** | Optional fee added by integrators (e.g. widget providers) | Buy token (sell orders) / Sell token (buy orders) | | **Slippage** | Tolerance buffer to account for price movements | Buy token (sell orders) / Sell token (buy orders) | ## Spot Price (beforeAllFees) The spot price is the exchange rate before any fees are applied. It serves as the reference for partner fee and slippage calculations. ### Sell order ``` beforeAllFees.sellAmount = quote.sellAmount + quote.feeAmount Network Costs (buy token) = (quote.buyAmount × quote.feeAmount) / quote.sellAmount beforeAllFees.buyAmount = quote.buyAmount + protocolFeeAmount + Network Costs (buy token) ``` ### Buy order ``` beforeAllFees.sellAmount = quote.sellAmount - protocolFeeAmount beforeAllFees.buyAmount = quote.buyAmount ``` ## Protocol Fee The protocol fee is expressed as basis points (`protocolFeeBps`) in the quote response. ### Sell orders (buy token units) For sell orders, `quote.buyAmount` is already **after** the protocol fee has been deducted: ``` protocolFeeAmount = quote.buyAmount × (protocolFeeBps / 10000) / (1 − protocolFeeBps / 10000) ``` ### Buy orders (sell token units) For buy orders, the protocol fee is applied to the sum of sell amount and network costs: ``` protocolFeeAmount = (quote.sellAmount + quote.feeAmount) × (protocolFeeBps / 10000) / (1 + protocolFeeBps / 10000) ``` ## Partner Fee The partner (integrator) fee is calculated as a percentage of the **spot price** (`beforeAllFees`), not the post-fee amounts. ### Sell orders (buy token units) ``` partnerFeeAmount = beforeAllFees.buyAmount × partnerFeePercent / 100 ``` ### Buy orders (sell token units) The same formula applies, but the result is in sell token units. ## Slippage Slippage tolerance uses the same calculation as the partner fee, but it is applied to the **`afterPartnerFees`** amount rather than the spot price: ``` slippageAmount = afterPartnerFees × slippagePercent / 100 ``` ## All Formulas at a Glance Below is every stage computation in one place. All values are in token atoms (integers). `protocolFeeBps` is in basis points (e.g. `"2"` = 2 bps = 0.02%). ### Sell order — full computation ``` ── Protocol Fee Amount (buy token units) ────────────────────────────────────── protocolFeeAmount = quote.buyAmount × (protocolFeeBps / 10000) / (1 − protocolFeeBps / 10000) ── Network Costs in Buy Token ───────────────────────────────────────────────── networkCostInBuyToken = (quote.buyAmount × quote.feeAmount) / quote.sellAmount ── beforeAllFees (Spot Price) ───────────────────────────────────────────────── sellAmount = quote.sellAmount + quote.feeAmount buyAmount = quote.buyAmount + networkCostInBuyToken + protocolFeeAmount ── afterProtocolFees ────────────────────────────────────────────────────────── sellAmount = beforeAllFees.sellAmount buyAmount = beforeAllFees.buyAmount − protocolFeeAmount ── afterNetworkCosts (= /quote response) ────────────────────────────────────── sellAmount = quote.sellAmount buyAmount = quote.buyAmount ── afterPartnerFees ─────────────────────────────────────────────────────────── partnerFeeAmount = beforeAllFees.buyAmount × partnerFeeBps / 10000 sellAmount = afterNetworkCosts.sellAmount buyAmount = afterNetworkCosts.buyAmount − partnerFeeAmount ── afterSlippage ────────────────────────────────────────────────────────────── slippageAmount = afterPartnerFees.buyAmount × slippageBps / 10000 sellAmount = afterPartnerFees.sellAmount buyAmount = afterPartnerFees.buyAmount − slippageAmount ── Amounts to Sign ──────────────────────────────────────────────────────────── sellAmount = beforeAllFees.sellAmount (= quote.sellAmount + quote.feeAmount) buyAmount = afterSlippage.buyAmount (minimum to receive) ``` ### Buy order — full computation ``` ── Protocol Fee Amount (sell token units) ───────────────────────────────────── protocolFeeAmount = (quote.sellAmount + quote.feeAmount) × (protocolFeeBps / 10000) / (1 + protocolFeeBps / 10000) ── beforeAllFees (Spot Price) ───────────────────────────────────────────────── sellAmount = quote.sellAmount − protocolFeeAmount buyAmount = quote.buyAmount ── afterProtocolFees (= /quote sellAmount) ──────────────────────────────────── sellAmount = quote.sellAmount buyAmount = quote.buyAmount ── afterNetworkCosts ────────────────────────────────────────────────────────── sellAmount = quote.sellAmount + quote.feeAmount buyAmount = quote.buyAmount ── afterPartnerFees ─────────────────────────────────────────────────────────── partnerFeeAmount = beforeAllFees.sellAmount × partnerFeeBps / 10000 sellAmount = afterNetworkCosts.sellAmount + partnerFeeAmount buyAmount = afterNetworkCosts.buyAmount ── afterSlippage ────────────────────────────────────────────────────────────── slippageAmount = afterPartnerFees.sellAmount × slippageBps / 10000 sellAmount = afterPartnerFees.sellAmount + slippageAmount buyAmount = afterPartnerFees.buyAmount ── Amounts to Sign ──────────────────────────────────────────────────────────── sellAmount = afterSlippage.sellAmount (maximum to pay) buyAmount = beforeAllFees.buyAmount (= quote.buyAmount) ``` ## Forming the Final Order The signed order combines the quote API response with UI/integrator settings: | Source | Fields | | ------------------------ | -------------------------------------------------------- | | `/quote` API response | `sellAmount`, `buyAmount`, `feeAmount`, `protocolFeeBps` | | UI / integrator settings | `partnerFee`, `slippage` | The resulting order contains the **`afterSlippage`** buy amount (for sell orders) or sell amount (for buy orders), which the protocol guarantees as the minimum the user will receive (or maximum they'll pay). The fixed amount (`sellAmount` for `SELL` order, `buyAmount` for `BUY` order) corresponds to the spot price amount. ### Sell order ```typescript theme={null} const orderToSign = { sellAmount: beforeAllFees.sellAmount, buyAmount: afterSlippage.buyAmount } ``` ### Buy order ```typescript theme={null} const orderToSign = { sellAmount: afterSlippage.sellAmount, buyAmount: beforeAllFees.buyAmount } ```