STAMFORD, Conn., September 10, 2025 /PRNewswire/ – BestEx Research Group LLC, an independent provider of high-performance algorithmic execution and measurement solutions for equities and futures, today announced the launch of Pulse Analytics, a new business line dedicated to pre-trade and execution analytics. Built as an API-first, multi-asset platform, Pulse Analytics is designed to help portfolio managers and traders estimate, measure and improve trading costs. Clients can integrate seamlessly via a REST API—or access Pulse Analytics through BestEx Research’s Algorithm Management System (AMS), the firm’s cloud-based front end.

“Today’s trading analytics are often delivered as static PDFs or black-box GUIs, but we believe that model is outdated. The future is API-driven, because portfolio managers and traders want tools they can integrate directly into their workflows, connect to AI engines, or use to build their own dashboards. An API-first approach raises the bar for robustness and transparency–clients want to understand how models work in order to trust and adapt them. That’s why we built Pulse Analytics, a platform that reflects how trading and technology are evolving,” said Hitesh Mittal, Founder and CEO of BestEx Research.

The platform’s first offering, the Pulse Market Impact Model for Futures, is now live, delivering symbol-specific transaction cost estimates that reflect the unique structural nuances of futures markets. The model provides both historical and forward-looking transaction cost estimates, broken down into market impact and order placement cost components. Estimates account for key factors affecting execution cost, such as order size, urgency, duration, and time of day. In addition to cost estimates, the model provides access to other execution-relevant analytics—including trade imbalance, spread, and depth of book—as well as benchmark prices such as VWAP, participation-weighted price (PWP), and arrival price. These capabilities enable institutional traders to back-test strategies with cost awareness, evaluate historical trading costs, and estimate the cost of future trading. Coverage currently includes 70 base futures products across Energy, Agriculture, Metals, FX, Equity Indices, and Interest Rates.

Most futures transaction cost models have borrowed their approach from equities, but futures cost estimation faces unique challenges: shadow liquidity, large tick sizes, wide variation in intraday liquidity, and a limited amount of data—especially for large orders. Pulse addresses these challenges by using both high-frequency order book data and execution data, and employs product-specific models. BestEx Research uses a unique approach to normalize input variables to account for expected order book characteristics at the time of execution.

Adam Orlov, COO of Aura Capital, a beta user of the Pulse Market Impact Model commented based on his experience, "With the recent uptick in volatility across products, getting a handle on trading costs has been a real focus for us. It’s not something you solve overnight, but having a reliable model that can be plugged in via API—and used to run multiple cost iterations across order size, duration, and participation—has allowed us to factor cost into position sizing and portfolio construction in a way we couldn’t before. It’s helped us avoid situations where trades look good on paper but give back too much in execution. That’s been really impactful."

Validated on a diverse sample of more than 72,000 executed orders, the methodology demonstrates strong performance across order sizes, participation rates, times of day, and market regimes—including volatile and illiquid contracts and expiries. The complete details of model development and performance are documented in a research paper available to clients upon request, underscoring BestEx Research’s commitment to transparency and rigor in cost estimation.

While its Futures Market Impact Model is the initial release, Pulse Analytics will expand to include additional asset classes, a broker-neutral transaction cost analysis, execution optimization tools, and futures roll analytics. Institutional traders can explore the full capabilities of the Pulse Market Impact Model—including product coverage, performance metrics, and detailed API documentation—on the firm’s website. Access to the trial environment is available upon request.

About BestEx Research

BestEx Research Group LLC is a provider of sophisticated execution algorithms for equities and futures aimed at reducing trading costs for buy-side managers. The firm's cloud-based Algorithm Management System (AMS) combines their execution algorithms with a user-friendly dashboard, transaction cost analysis, customization, and automation in the industry's first multi-asset, independent algorithmic execution platform. BestEx Research also offers sell-side firms a seamless, customizable trading solution for their clients with no coding required. For more information on BestEx Research's mission and products, or to request a product demo, visit www.bestexresearch.com. Please follow BestEx Research on LinkedIn and X.

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Media Contact

Mohit Shah

press@bestexresearch.com

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SOURCE BestEx Research

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