[am17an]

Typically you want to measure both things - time it takes to send an order and time it takes to calculate the decision to send an order. Both are important choke points, one for latency and the other for throughput (in case of busy markets, you can spend a lot of time deciding to send an order, creating backpressure)

The other thing is that L1/L2 switches provide this functionality, of taking switch timestamps and marking them, which is the true test of e2e latency without any clock drift etc.

Also, fast code is actually really really hard, you just to create the right test harness once

[auc]

Yeah definitely. Don’t want to have an algo that makes money when times are slow but then blows up/does nothing when market volume is 10x