Payment Rails CROPS Dashboard
Unaudited, unvetted, experimental. Do not use as a reference. AI-researched ratings that may be wrong; not advice or a statement of fact about any provider. Full disclaimer
Pending review. 1150 of 1150 ratings not yet checked by a human. Do not rely on unreviewed ratings.

Houdini Swap

incumbentOff-chain No public chain settlementdocs.houdiniswap.com

Incumbent rails have no public chain settlement and no public code. They are scored with the same rubric as every other row. Their low ratings show the verifiability gap between rails whose behaviour can be inspected and rails whose behaviour must be trusted; that gap is the point of the comparison, not a claim that the incumbent is unsafe.

At a glance

Category
Incumbent baseline
Chain
Off-chainOff-chain
CROPS tally
2 of 23 hold up · 6 no evidence
Security audits
None published
Offered
All but 1 countries
Last edited
2026-10-13 · History
  1. Censorship Resistance0 FailsWeakest: Admin pause or freeze powers; Settle without the provider; Reliance on hosted services; Neutral settlement, disclosed filtering
  2. Open No evidenceWeakest: Contracts verified onchain; Can be self-hosted
  3. Free0 FailsWeakest: Open-source licences; Protection against relicensing; No proprietary dependencies
  4. Privacy No evidenceWeakest: Endpoints can be changed
  5. Security0 FailsWeakest: Who can upgrade the code; Funds safe if provider disappears; Audits and bug bounty

Where it is offered

Offered everywhere except the countries listed. Checked 2026-10-09. Not scored.

The Terms of Service (last updated 2026-07-14) exclude persons in the United States, including its territories and possessions, and politically exposed persons. They also exclude any "Restricted Jurisdiction": any country subject to sanctions or embargoes by the US, UK, Canada, the EU or any other jurisdiction. None of these is named, so only US is listed. The docs add that the website geo-blocks countries under US or EU sanctions (not named) and blocks Tor. The ToS prohibits VPNs and other location masking. Each exchange partner applies its own terms and can require KYC. Integrators using the iframe or API must enforce the same restrictions. Under the more restrictive reading, any comprehensively sanctioned country is also excluded, but we have not listed them.

Excluded countries (1): United States

Evidence (2)2 documented
  1. Documented

    Terms of Service preamble: the Services are not offered to persons residing in, citizens of, located in or incorporated in the US, or in any Restricted Jurisdiction.

    cdn.prod.website-files.com/69143df941a2491956546ef7/6a579a7d3db98c279dc6020b_Houdini%20Swap%20-%20Terms%20of%20Service-14673161-v6.pdf

    checked 2026-10-09

  2. Documented

    Privacy and Compliance page: Tor and restricted jurisdictions are blocked, and the website geo-blocks countries under US or EU sanctions.

    docs.houdiniswap.com/overview/getting-started/privacy-and-compliance

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Censorship Resistance

Who can block valid use, and can users route around them?

0 FailsPillar rating: weakest of 5
0 of 5 Partial or better

What would raise this pillar

Admin pause or freeze powers

Can any privileged role stop, freeze, or block payments through the settlement contracts, and how is that role constrained? C1

0 Fails

Sets the pillar ratingBest evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Two parties can stop an individual payment. Houdini can disable any wallet or identifier at its sole discretion, for any or no reason. The exchange partner holding the deposit can hold the swap pending KYC, and Houdini cannot override that. Neither power is constrained by a multisig, a timelock or notice.

Evidence (2)2 documented
  1. Documented

    Terms of Service (last updated 2026-07-14), 'Accessing the Services': Houdini may restrict any user's access to part or all of the Services at its discretion and may disable any digital wallet or identifier for any or no reason.

    cdn.prod.website-files.com/69143df941a2491956546ef7/6a579a7d3db98c279dc6020b_Houdini%20Swap%20-%20Terms%20of%20Service-14673161-v6.pdf

    checked 2026-10-09

  2. Documented

    FAQ, Exchange Partner Questions: an exchange partner can require KYC before releasing a swap, and Houdini cannot reverse or override it.

    docs.houdiniswap.com/support-and-faqs/faqs

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Settle without the provider

Can a payer or payee complete settlement by calling the public contracts directly, without the provider's API, signer, or relayer? C2

0 Fails

Sets the pillar ratingBest evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Every private or standard swap starts with an order that Houdini's hosted API creates. The API returns the partner deposit address, and Houdini's engine runs both legs. A payer cannot complete a Houdini swap without Houdini's servers. Going to an exchange partner directly is a different product.

Evidence (2)1 verified · 1 documented
  1. Verified

    The official client creates an order with POST /exchanges on Houdini's API and receives a one-time depositAddress from it; the payer then sends funds to that address. The deposit address exists only because Houdini's backend opened the order with a partner.

    HoudiniSwap/houdiniswap-agent · packages/mcp-server/src/tools/swap-flow.ts

    commit b29c75d9c3 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    API docs: all API access is provisioned through the Houdini Partner Portal (API key and secret), and every request goes to https://api-partner.houdiniswap.com/.

    docs.houdiniswap.com/developer-hub/getting-started/authentication

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Reliance on hosted services

Does the payment flow require a relayer, paymaster, bundler, or API that only the provider runs? C3

0 Fails

Sets the pillar ratingBest evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

The Houdini API and routing engine are required, closed and run only by Houdini. The exchange partners are also closed third-party services. There is no self-host path and no fallback operator.

Evidence (2)1 verified · 1 documented
  1. Verified

    DEFAULT_BASE_URL is https://api-partner.houdiniswap.com/v2. config.baseUrl can override it, but no other server implements the API: the org's two public repos are clients.

    HoudiniSwap/houdiniswap-agent · packages/shared/src/client.ts

    commit b29c75d9c3 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Architecture overview: the user's app calls the Houdini API, Houdini's routing engine selects CEX partners or DeFi protocols, and the partners execute.

    docs.houdiniswap.com/developer-hub/overview/architecture

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Neutral settlement, disclosed filtering

Is the settlement layer free of address or geographic filtering, and is any filtering at the edge disclosed and avoidable? C4

0 Fails

Sets the pillar ratingBest evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Filtering sits in the settlement path itself. The exchange partners that hold and convert the deposit screen every deposit and can require KYC, and the ToS leaves the results to their sole discretion. Houdini adds IP geolocation, Tor blocking and wallet screening at its own edge. The categories are disclosed but the criteria and list sources are not: "sanctioned countries" are not named, and partner rules are unpublished. Nothing can be bypassed, because C2 = 0. Judgment call: 0 (filtering partly undisclosed and in the settlement path) rather than 1 (disclosed in docs only).

Evidence (2)2 documented
  1. Documented

    Privacy and Compliance page: the website geo-blocks US- and EU-sanctioned countries (not named) and blocks Tor. Partners must screen all incoming deposits with tools like Chainalysis.

    docs.houdiniswap.com/overview/getting-started/privacy-and-compliance

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Terms of Service: third-party compliance assessments with undisclosed criteria; Houdini reserves automated screening including third-party analytics and IP geolocation tools.

    cdn.prod.website-files.com/69143df941a2491956546ef7/6a579a7d3db98c279dc6020b_Houdini%20Swap%20-%20Terms%20of%20Service-14673161-v6.pdf

    checked 2026-10-09

Token and chain freeze risks disclosed

Are the tokens and chains the rail depends on enumerated, with their issuers' freeze powers and sequencer assumptions stated to payees? C5

1 Weak

Best evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Supported chains are enumerated in docs, and tokens through the hosted API. Issuer freeze or blacklist powers (USDT, USDC) and L2 sequencer assumptions are not stated to payees. Docs only, so 1.

Evidence (1)1 documented
  1. Documented

    Chain Coverage and Partners page: supported chains are listed in a table, and the page names the API as the up-to-date token list. No issuer freeze powers or sequencer assumptions are stated.

    docs.houdiniswap.com/overview/coverage-and-economy/chain-tokens-partners

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Open

Is the whole stack visible?

No evidencePillar rating: weakest of 4
0 of 4 Partial or better · 2 no evidence

What would raise this pillar

Contracts verified onchain

Does the deployed bytecode match public source, and can a third party rebuild it? O1

No evidence

Sets the pillar rating

UnreviewedAssessed by AI research agent (seed), 2026-10-09

No checkable evidence settles this yet, so it counts as 0.

Whole stack published

Are the SDK, frontend, backend or API, indexer, and deploy scripts all public? O2

1 Weak

Best evidence: VerifiedChecked 2026-10-12 7 days ago

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Only client code for the hosted API is public. The backend, routing engine, web app and widget are closed. Judgment call: 1 (SDK only), consistent with other incumbents with public client libraries.

Evidence (1)1 verified
  1. Verified

    github.com/HoudiniSwap has two public repos: houdiniswap-agent (MCP server, AI SDK tools and a shared HTTP client for the hosted API) and houdini-api-examples (reference integrations). Neither contains the routing engine, API server, web app, widget or deploy scripts.

    HoudiniSwap/houdiniswap-agent · README.md

    commit b29c75d9c3 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-12

Can be self-hosted

Can a stranger reach a working deployment from the README? O3

No evidence

Sets the pillar rating

UnreviewedAssessed by AI research agent (seed), 2026-10-09

No checkable evidence settles this yet, so it counts as 0.

Interfaces and data export

Are ABIs, event schemas, an API schema, and a payee data export in a non-proprietary format all in the repo? O4

1 Weak

Best evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

An OpenAPI schema is published, but only on the hosted API, not versioned in a repo. No payee data export exists, and the privacy notice says transaction data is deleted after 72 hours. Documented only, so 1.

Evidence (2)1 verified · 1 documented
  1. Verified

    The MCP server fetches the spec at runtime from `${baseUrl}/openapi.json` instead of shipping a versioned copy.

    HoudiniSwap/houdiniswap-agent · packages/mcp-server/src/resources/openapi.ts

    commit b29c75d9c3 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    OpenAPI 3.0.0 spec (version 2.1.2, 32 paths) served by the hosted API; it is not committed to either public repo.

    api-partner.houdiniswap.com/v2/openapi.json

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Free

Does the license actually let a third party fork, modify, and run it?

0 FailsPillar rating: weakest of 3
0 of 3 Partial or better · 1 no evidence

What would raise this pillar

Open-source licences

Does every repository needed to run the product carry an OSI-approved license? F1

0 Fails

Sets the pillar ratingBest evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

The components needed to run a Houdini swap (API, routing engine, exchange partners) are closed, so nothing that runs the rail can be forked. Of the two public client repos, one is MIT and one is unlicensed.

Evidence (2)1 verified · 1 documented
  1. Verified

    houdini-api-examples has no LICENSE file at this commit (root: .gitignore, README.md, nextjs-example, node-examples). houdiniswap-agent carries MIT.

    HoudiniSwap/houdini-api-examples · README.md

    commit a536b91111 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Architecture overview: every swap runs through the Houdini API and routing engine, then through partner exchanges or DeFi protocols. None of them is published under any licence.

    docs.houdiniswap.com/developer-hub/overview/architecture

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Protection against relicensing

Can the provider unilaterally relicense future versions, and has it committed not to? F2

No evidence

Sets the pillar rating

UnreviewedAssessed by AI research agent (seed), 2026-10-09

No checkable evidence settles this yet, so it counts as 0.

No proprietary dependencies

Does a production deployment need a proprietary plugin or hosted-only service? F3

0 Fails

Sets the pillar ratingBest evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

The MIT client is the only open code, and it cannot do anything without Houdini's proprietary hosted API. The core cannot run without proprietary components.

Evidence (2)1 verified · 1 documented
  1. Verified

    The open-source client is a wrapper around the hosted API at api-partner.houdiniswap.com/v2; it has no local routing or execution logic.

    HoudiniSwap/houdiniswap-agent · packages/shared/src/client.ts

    commit b29c75d9c3 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Production use needs Partner Portal credentials (API key and secret) or x402 pay-per-call payment to the hosted API.

    docs.houdiniswap.com/developer-hub/getting-started/authentication

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Privacy

What can an observer learn, and did the user knowingly choose it?

No evidencePillar rating: weakest of 5
0 of 5 Partial or better · 1 no evidence

What would raise this pillar

Tracking and analytics

Do the SDK, widget, or frontend ship analytics, telemetry, error reporting, or fingerprinting? P1

1 Weak

Best evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Analytics run in the web app by default, and this is disclosed in docs and the privacy notice. Houdini states they are self-hosted. The web app could not be inspected: houdiniswap.com answers curl with a Cloudflare challenge, which we did not bypass, and no trace was run. Which SDKs ship, and whether they can be switched off, is not known. Documented only, so 1.

Evidence (2)2 documented
  1. Documented

    Privacy and Compliance page: aggregated analytics, self-hosted.

    docs.houdiniswap.com/overview/getting-started/privacy-and-compliance

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Privacy Notice (last updated 2024-01-25): automatically collected browsing data includes OS, browser type and ID, URLs, visit times, analytics data and general location; it also states 'We do not use cookies.'

    docs.houdiniswap.com/products/swap-transfer/privacy-notice

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Data collected beyond payment

Does the flow collect anything beyond addresses, amounts, token, and chain? P2

1 Weak

Best evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Collection goes beyond settlement needs. Houdini takes the IP address, plus browsing and general location data in the web app. The reference API integration forwards the end user's IP, user agent and timezone. Partners can additionally require KYC under their own rules. All of this is disclosed in the privacy notice and docs, and the 72-hour retention is a mitigation. Disclosed in policy only, so 1.

Evidence (3)1 verified · 2 documented
  1. Verified

    The reference integration sends x-user-ip, x-user-agent and x-user-timezone headers to the Houdini API on each request (placeholder values in the example).

    HoudiniSwap/houdini-api-examples · nextjs-example/lib/helpers.ts

    commit a536b91111 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Privacy Notice: Transaction Data includes the sending and receiving addresses, tokens and amounts, and the IP address. It is kept for 72 hours by default (longer for open support cases), and users can opt for immediate deletion.

    docs.houdiniswap.com/products/swap-transfer/privacy-notice

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  3. Documented

    Exchange partners can require KYC on a swap, under their own policies.

    docs.houdiniswap.com/support-and-faqs/faqs

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Payments linkable onchain

What do calldata and events reveal about who paid whom for what? P3

1 Weak

Best evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

By design, the chain shows a plain transfer from the payer to a one-time partner deposit address and a separate payout from a partner wallet to the payee. There is no contract call or memo linking the two. The link exists off-chain, in partner logs and in Houdini's 72-hour transaction data. Amount and timing correlation remain possible, and the docs say so for the single-hop flow. We examined no sample transactions, so this rests on docs only and is capped at 1. Judgment call: the substance looks like anchor 2 (minimal onchain linkage, documented), held at the documented cap.

Evidence (2)2 documented
  1. Documented

    Private Swap: the payer deposits to exchange 1, which converts into an unnamed privacy-centric L1 token, and exchange 2 pays the recipient. Onchain, the payer sends to a deposit address and the payee receives from an exchange wallet.

    docs.houdiniswap.com/overview/swaps-and-transfers/private-swaps

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Privacy and Compliance page: exchange partners keep internal logs linking each leg and disclose them on valid legal request.

    docs.houdiniswap.com/overview/getting-started/privacy-and-compliance

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Third parties in the payment flow

Which third parties see a request during a payment, and can they be swapped out? P4

1 Weak

Best evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Each private swap exposes the deposit, amounts and payout address to two exchange partners and their screening vendors, plus Houdini itself. The partners are named in docs, while the screening vendors are named only by example. Houdini's engine picks the partners; the docs describe no user-side configuration that removes them. Disclosed in docs only, so 1.

Evidence (2)2 documented
  1. Documented

    Chain Coverage and Partners page names the 12 CEX partners (ChangeNow, SimpleSwap, StealthEx, Swapuz, LetsExchange, ChangeHero, Changelly, Swapter, EasyBit, Nexchange, Coincraddle, QuickEx) and the DEX and bridge partners.

    docs.houdiniswap.com/overview/coverage-and-economy/chain-tokens-partners

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Partners run third-party AML screening on every deposit; the screening vendors are not fully named.

    docs.houdiniswap.com/overview/getting-started/privacy-and-compliance

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Endpoints can be changed

Can RPC and indexer URLs be changed, and is the indexer code public? P5

No evidence

Sets the pillar rating

UnreviewedAssessed by AI research agent (seed), 2026-10-09

No checkable evidence settles this yet, so it counts as 0.

Security

Who can cause loss, lock users in, or change the rules?

0 FailsPillar rating: weakest of 6
2 of 6 Partial or better · 2 no evidence

What would raise this pillar

Who holds funds in transit

Who holds funds between payer and payee, and can the provider redirect them? S1

1 Weak

Best evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Houdini says it does not hold funds. In flight they are held by the exchange partners that Houdini's engine selects, at deposit addresses those partners control, for 3-50 minutes per the docs. This intermediary custody is disclosed. Whether Houdini or a partner could redirect the payout is not inspectable, because the engine and partners are closed. Judgment call: scored as disclosed third-party custody chosen by the provider (anchor 1).

Evidence (2)2 documented
  1. Documented

    Architecture overview: on private and standard routes, the payer's funds sit at partner exchanges between deposit and payout.

    docs.houdiniswap.com/developer-hub/overview/architecture

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    No Wallet Connect page: the payer sends tokens to a one-time deposit address, an exchange partner converts them, and the output is sent to the receiver.

    docs.houdiniswap.com/overview/swaps-and-transfers/no-wallet-connect

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Who can upgrade the code

Who can change the contract code, and with how much notice? S2

No evidence

Sets the pillar rating

UnreviewedAssessed by AI research agent (seed), 2026-10-09

No checkable evidence settles this yet, so it counts as 0.

Token approval scope

How large an allowance does the SDK ask users to grant, and for how long? S3

2 Partial

Best evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

The private flow uses a plain transfer of the exact amount to a deposit address, so no token allowance is granted. That is at least as tight as an exact-amount approval. Judgment call: held at 2 rather than 3, because the main payer client (the web app) is closed and not inspected, and no package or trace was recorded.

Evidence (1)1 verified
  1. Verified

    For CEX (private and standard) orders the client tells the payer to send exactly the quoted amount to the deposit address; no approve or permit call exists on this path (approvals appear only in the separate DEX tools).

    HoudiniSwap/houdiniswap-agent · packages/mcp-server/src/tools/swap-flow.ts

    commit b29c75d9c3 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Funds safe if provider disappears Derived

If the provider disappears tomorrow, do payees keep their funds and the ability to keep settling? S4

0 Fails

Sets the pillar ratingBest evidence: DocumentedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

Derived. S1 = 1 (partner custody in flight), C2 = 0 (no path without Houdini's API), C3 = 0 (closed single-vendor API), O3 unknown (nothing to self-host). If Houdini disappears, new payments stop. A deposit in flight can be recovered only through the exchange partner's support and recovery process. No verified path exists, so funds and access depend on provider and partner liveness.

Evidence (1)1 documented
  1. Documented

    Once deposited, completion or recovery of a swap depends on the exchange partner's processes. Houdini's API and engine create and drive every order (see C2, C3).

    docs.houdiniswap.com/support-and-faqs/faqs

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Secrets and webhook handling

Are secrets kept out of client bundles and are webhooks signed and verified? S5

2 Partial

Best evidence: VerifiedChecked 2026-10-19 today

UnreviewedAssessed by AI research agent (seed), 2026-10-09

The reference code keeps the API secret server-side. The API has no webhooks (status comes by polling or WebSocket), so webhook signing does not arise. Minor issues are documented: credential rotation needs a support request. The agent client takes a raw wallet private key (x402) from env and, per its README, may store it in plaintext. The closed web app and widget were not inspected, so 3 is not available. Judgment call: 2.

Evidence (2)1 verified · 1 documented
  1. Verified

    The reference Next.js integration calls the Houdini API only from server-side API routes, with the comment 'API_KEY and API_SECRET must never be exposed to the browser'; .env.example L4-L6 marks the credentials server-side only.

    HoudiniSwap/houdini-api-examples · nextjs-example/lib/helpers.ts

    commit a536b91111 · checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    API docs: key and secret go in the Authorization header; rotation is by contacting support, not self-service.

    docs.houdiniswap.com/developer-hub/getting-started/authentication

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

Audits and bug bounty

Has the code been audited at a pinned commit, were findings fixed traceably, and is there a live bounty? S6

No evidence

Sets the pillar rating

UnreviewedAssessed by AI research agent (seed), 2026-10-09

No checkable evidence settles this yet, so it counts as 0.

Security audits 0

Published audits and similar reviews of this provider's code, newest first. Context for the Audits and bug bounty rating, which scores them; this list does not change any rating, and an audit of older code says little about what is deployed now.

No published audit report was found.

Compiled from: The Houdini docs (docs.houdiniswap.com, full text including the Partner FAQs "Security & Audit" entry), the Terms of Service and the public HoudiniSwap GitHub repos. The FAQ says Houdini has not been audited and is pursuing SOC 2 certification with Deloitte, which would not be a code audit. No published report covers the API, routing engine or order backend. Checked 2026-10-13. Only published reports are listed; private audits a provider mentions without a report are not.

Operational and procurement

Facts an institution's procurement, finance and security functions ask for. Separate from the CROPS ratings and never scored.

Group A: operational facts. Group B: 45 due-diligence controls derived from a UN agency's vendor requirements: 14 evidenced, 0 attested, 10 absent, 1 not applicable, 20 unknown. "Not applicable" means there is no operator to hold the control: it falls to whoever deploys the rail. How to read this.

Group A: operational facts

Fees

Evidenced
ComponentPaid byAmountBasis
providerpayerRouting commission inside the all-in quote; private swaps about double No Wallet Connect; no rate publishedFees & Pricing page; Houdini earns a commission back from the exchange partner after each swap.
networkpayerGas, bridge and protocol fees included in the quoteFees & Pricing page; fixed-rate quotes include the destination network fee (release notes).
providerpayerOptional integrator markup (percentage, absolute or basis points) on routes that support itPartner API v2 OpenAPI spec (markup, apiMarkupValue, markupType); set by the integrator per request.
providerpayerAPI via x402 instead of a key: 0.01 USDC per exchange call, 0.001 per quote, 0.0001 per readx402 Payments page; charged to the integrator, not the swapper.
limitnoneMinimum and maximum per token pair, from the API (GET minMax)API reference; values not published as a table.

The swap fee is not published as a figure; it can be read only as the difference between quote and market rate. Exchange partners' own spreads are inside the quote. Houdini Pay links let the creator choose whether sender or receiver pays the fees (release notes, 15 September 2026).

  1. Documented

    Fees & Pricing page (all-in quote, fees by swap type).

    docs.houdiniswap.com/overview/coverage-and-economy/monetization-and-fees

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Partner API v2 OpenAPI spec (version 2.1.2), route markup fields and the minMax endpoint.

    api-partner.houdiniswap.com/v2/openapi.json

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  3. Documented

    x402 Payments page, pricing table.

    docs.houdiniswap.com/developer-hub/core-concepts/x402-pay-per-request

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Custody model

Evidenced

Provider-custodial

Agrees with S1 (score 1, judgment call). Houdini says it holds no funds, but between deposit and payout the funds sit at deposit addresses controlled by exchange partners that Houdini's engine selects (two partners on private routes), so the swap is custodial for its duration. The user's own wallet is self-custodial before and after.

Evidence shared with CROPS: S1 item 1, S1 item 2

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Licences and registrations

Unknown

No licence or registration found for Houdini Swap LLC in the Terms, Privacy Notice or docs; its jurisdiction of formation is not stated, so no register was searched. The 12 named exchange partners (ChangeNow, SimpleSwap, StealthEx and others) hold any licences in the swap path; none was checked.

  1. Documented

    About Houdini; Houdini describes itself as a non-custodial aggregator that runs no exchange and holds no funds, and names no licence.

    docs.houdiniswap.com/overview/getting-started/what-is-houdini

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Cash-out options

Evidenced
WhereMethodPartnerFeeLimits
everywhere offeredexchangeExchange partners selected by Houdini's routing engine (12 named CEXs)Included in the all-in quotePayout in crypto to any address the payer names; min and max per pair; 3 to 50 minutes per the docs.

Fiat cash-out: not_applicable. Houdini has no fiat leg, card, bank or cash partner; the only payout is the crypto leg to an address, and converting to fiat falls to the recipient or the deploying institution. ALL means every country outside the provider file's blocklist (US and unnamed sanctioned jurisdictions).

  1. Documented

    Private Swap page; exchange 2 pays the recipient address.

    docs.houdiniswap.com/overview/swaps-and-transfers/private-swaps

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

First deployment

Unknown

No primary source dates the launch. The docs' release notes start on 9 February 2026, the Privacy Notice is dated 25 January 2024 and the GitHub org was created in December 2022; none is a launch date.

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Operating entity

Unknown

The contracting entity is named (Houdini Swap LLC), but no document gives its jurisdiction of formation, registration number or address; Cayman governing law is not taken as the jurisdiction.

  1. Documented

    Terms of Service name Houdini Swap LLC; disputes go to arbitration under Cayman Islands rules and Cayman law governs.

    cdn.prod.website-files.com/69143df941a2491956546ef7/6a579a7d3db98c279dc6020b_Houdini%20Swap%20-%20Terms%20of%20Service-14673161-v6.pdf

    checked 2026-10-09

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Security incidents

Unknown

Absence of a found incident is not evidence that none occurred.

No incident report or post-mortem found in the docs, release notes (February to September 2026, generic security fixes only), FAQs or partner FAQs; no status page. Third-party reports were not used.

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Product changes affecting users

Evidenced
  • 2024-01-25: Privacy Notice last updated (72-hour Transaction Data retention, opt-in immediate deletion). source
  • 2026-07-14: Terms of Service last updated (US and restricted jurisdictions excluded; Cayman law). source
  • 2026-08-18: Automatic Blockaid security scan added on the sent and received token of every swap. source
  1. Documented

    Privacy Notice header.

    docs.houdiniswap.com/products/swap-transfer/privacy-notice

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  2. Documented

    Release notes, entry of 18 August 2026 (Token Security Screening).

    docs.houdiniswap.com/changelog/release-notes

    checked 2026-10-09 · source unchanged at weekly re-read 2026-10-19

  3. Documented

    Terms of Service header.

    cdn.prod.website-files.com/69143df941a2491956546ef7/6a579a7d3db98c279dc6020b_Houdini%20Swap%20-%20Terms%20of%20Service-14673161-v6.pdf

    checked 2026-10-09

UnreviewedAssessed by AI research agent (operational), 2026-10-09Checked 2026-10-09

Volume transacted (verified only)

Not verifiable

No listed contracts. Deposits go to one-time addresses controlled by exchange partners and payouts come from partner wallets, so settlement cannot be read from any listed contract. Houdini's API exposes provider-reported volume, which is not stored.

UnreviewedAssessed by AI research agent (operational), 2026-10-09

Group B: institutional due diligence

ControlStateWhat was found
Assurance and certifications
B1.1 ISO 27001, developer organisation
Is the organisation that develops the product ISO 27001 certified, and does the certificate name that entity?		Unknown
No ISO 27001 statement found in docs.houdiniswap.com (llms.txt index, partner FAQs, privacy and compliance) or the Terms of Service.
B1.2 ISO 27001, hosting and support organisation
Is the organisation that hosts and supports the service ISO 27001 certified in its own name, with a scope covering the service?		Unknown
B1.3 SOC 2 Type II or ISAE 3000/3402 reports
Does the provider undergo periodic SOC 2 Type II or ISAE 3402 Type II assessments and make reports available?		AbsentNo SOC 2 or ISAE report exists yet; Houdini's partner FAQ says it is in the process of obtaining SOC 2 certification with Deloitte (security, availability and operational controls).
source 1
B1.4 Independent source-code security review before go-live
Was the application reviewed by an independent party before launch, and is the report linked?		AbsentHoudini's partner FAQ answers the question why Houdini has not been audited yet by pointing to the SOC 2 process; no independent review of the API, routing engine or web app is published. The docs mention audits only for third-party DEX contracts.
source 1
B1.5 Penetration testing
Is the service penetration-tested before go-live and at least every three years, with results available?		Unknown
B1.6 Vulnerability scanning cadence
Are the platform and the application scanned for vulnerabilities at least every six months?		Unknown
Vulnerability and patch management
B2.1 Security contact and disclosure policy
Is there a published way to report a vulnerability (SECURITY.md, security.txt, or a disclosure page)?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ no security policy file; HoudiniSwap/houdini-api-examples ✗ no security policy file
source 1 · source 2
B2.2 Patch service levels
Does the provider commit to patch timelines for known vulnerabilities (the partner expects 30 days critical, 40 high, 90 medium)?		Unknown
B2.3 Dependency and vulnerability scanning in CI
Do the public repositories run dependency or code scanning automatically?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ no scanning config or workflow step found; HoudiniSwap/houdini-api-examples ✗ no scanning config or workflow step found
source 1 · source 2
Incident reporting and continuity
B3.1 Incident reporting commitment
Does the provider commit to notify customers of security or data incidents within a stated time (the partner expects 24 hours)?		Unknown
No incident-notification commitment found; the partner FAQ says there is no fixed SLA for transaction issues and critical partner escalations go through direct channels.
B3.2 Backups and restore testing
Are customer records backed up daily and restores tested on a schedule?		Unknown
B3.3 Recovery plan
Is there an approved and tested recovery plan for the service?		Unknown
Recovery of a deposit in flight depends on the exchange partner's processes (CROPS S4 = 0); no service recovery plan published.
CROPS S4
B3.4 Status page and post-mortems
Does the provider publish service status and post-mortems for incidents?		EvidencedA public, unauthenticated health endpoint (GET /v2/status, also /v2/health) reports API and CEX/DEX quote availability; no status page answered at status.houdiniswap.com and no post-mortems were found. Fortnightly release notes (from February 2026) mention only generic security improvements.
source 1
Identity and access (operator side)
B4.1 MFA for end users
Can or must end users protect accounts with multi-factor authentication?		N/A: no such service
Swappers have no account; each swap is an order with a one-time deposit address, created without sign-in (wallet connection is optional). Partner Portal accounts (email sign-up) are for integrators; their MFA is not documented.
B4.2 MFA and separate accounts for privileged access
Is privileged access protected by MFA and kept on separate accounts?		Unknown
B4.3 Periodic access reviews
Are user access rights reviewed at least annually and privileged accounts at least six-monthly?		Unknown
B4.4 Segregation of duties and joiner-mover-leaver controls
Is there a documented segregation-of-duties model and a joiner-mover-leaver process?		Unknown
B4.5 Session timeout
Are idle interactive sessions terminated after a defined period (the partner expects 60 minutes)?		Unknown
implied from the component list
API and integration
B5.1 API authentication, browser to server
Which standard (OAuth 2.0, OpenID Connect, SAML, JWT) protects browser-to-server API calls?		EvidencedPartner API requests carry a static API key and secret in the Authorization header (key:secret); alternatively x402 pay-per-request with a signed USDC authorization. No OAuth 2.0 or OpenID Connect.
source 1
B5.2 API authentication, server to server
Are server-to-server calls authenticated with keys or PKI certificates, and are keys scoped and rotatable?		EvidencedOne key and secret per partner account; rotation only by contacting support; no scopes. The reference integration keeps the secret server-side (see CROPS S5).
CROPS S5 · CROPS S5
B5.3 Token expiry
Do API tokens expire, and within what period (the partner caps it at 120 minutes for public data, 30 otherwise)?		EvidencedNo token expiry is documented; the key and secret are long-lived and change only when support rotates them.
source 1
B5.4 Export controls
If an API exports data, does it limit volumes and log exports?		EvidencedPer-endpoint rate limits by tier (Free 50 quotes and 10 exchanges a day; Pro 5,000 and 2,000); order listings return only the last 48 hours. No export logging is documented.
source 1
Data protection and privacy governance
B6.1 Data classification and encryption
Does the provider state a data classification and enforce encryption at rest and TLS 1.2 or better in transit?		Unknown
The Privacy Notice (last updated 25 January 2024) lists security as a purpose but states no encryption, TLS or classification measures.
B6.2 Production data kept out of test environments
Does the provider state that production or real personal data is not used in development and testing?		Unknown
B6.3 Data retention and deletion on termination
What is retained, for how long, and is customer data removed on termination?		EvidencedTransaction data (addresses, tokens, amounts, IP) is deleted automatically after 72 hours, kept longer only for open support cases; users can opt for immediate deletion. Exchange partners keep their own logs linking each leg (CROPS P3). See CROPS P2 for what is collected.
source 1
CROPS P2
B6.4 Data protection impact assessment and roles
For systems holding personal data, has a DPIA been completed and are controller and processor defined?		Unknown
The Privacy Notice does not name a data controller or processors; no DPIA statement.
B6.5 Data processing or sharing agreement available
Can a customer obtain a data processing agreement or equivalent?		Unknown
Partner responsibilities are said to be defined in a partner agreement, which is not published.
Logging and monitoring
B7.1 Audit logging
Are account changes, logins and activity on important records logged and retained?		Unknown
B7.2 Central monitoring and endpoint detection
Are logs sent to a managed SIEM and is endpoint detection running on all platforms?		Unknown
Hosting and network
B8.1 Hardened hosting
Are hosts hardened to a recognised benchmark, with only essential ports open, IDS/IPS, a WAF for internet-facing applications and tenant isolation?		Unknown
B8.2 Deployment configuration and infrastructure as code
Does the repository ship reproducible deployment configuration (containers, IaC, Helm) that a self-hoster can harden?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ no deployment configuration; HoudiniSwap/houdini-api-examples ✗ no deployment configuration
source 1 · source 2
Engineering practice in public repositories
B9.1 Default branch protected
Does the default branch require reviews and passing checks, with no direct pushes?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ no branch rules visible (classic branch protection is not readable without push access); HoudiniSwap/houdini-api-examples ✗ no branch rules visible (classic branch protection is not readable without push access)
source 1 · source 2
B9.2 CI runs on pull requests
Does every pull request trigger automated checks?		Evidencedsome of 2 repo(s): HoudiniSwap/houdiniswap-agent ✓ 2 workflow file(s); HoudiniSwap/houdini-api-examples ✗ no .github/workflows
source 1 · source 2
B9.3 Tests run in CI
Do the CI workflows run the test suite?		Evidencedsome of 2 repo(s): HoudiniSwap/houdiniswap-agent ✓ test command in a workflow; HoudiniSwap/houdini-api-examples ✗ test command in a workflow
source 1 · source 2
B9.4 Coverage reported
Is test coverage measured and reported (the partner expects 85%)?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ coverage tooling referenced; HoudiniSwap/houdini-api-examples ✗ coverage tooling referenced
source 1 · source 2
B9.5 Versioned releases
Are releases tagged with immutable semantic versions?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ no tags; HoudiniSwap/houdini-api-examples ✗ no tags
source 1 · source 2
B9.6 Signed tags or commits
Are release tags or recent commits cryptographically signed?		Evidencedsome of 2 repo(s): HoudiniSwap/houdiniswap-agent ✓ 5 of 10 recent commits signed; HoudiniSwap/houdini-api-examples ✗ 0 of 10 recent commits signed
source 1 · source 2
B9.7 Changelog
Is a changelog maintained with the code?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ no changelog or release notes; HoudiniSwap/houdini-api-examples ✗ no changelog or release notes
source 1 · source 2
B9.8 Contribution and branching model documented
Does the README or contribution guide state how changes are proposed, reviewed and released?		Absentnone of 2 repo(s): HoudiniSwap/houdiniswap-agent ✗ none found; HoudiniSwap/houdini-api-examples ✗ none found
source 1 · source 2
Architecture documentation
B10.1 Architecture documentation
Is there a public architecture document covering logical, infrastructure and integration architecture and the components used?		EvidencedIntegration architecture only (Architecture Overview, OpenAPI 3.0 spec, swap-flow guides); the routing engine, backend and partner integrations are not documented.
CROPS C3 · CROPS O4
Commercial and financial
B11.1 Contracting entity
Which legal entity would an institution contract with, and in which jurisdiction?		EvidencedHoudini Swap LLC under the Terms of Service (last updated 14 July 2026), Cayman Islands governing law and arbitration; notice address ops@houdiniswap.com. Jurisdiction of formation not stated. Each swap is executed by third-party exchange partners under their own terms; API partners sign a partner agreement (not published).
source 1
B11.2 Funding of ongoing operation
How is ongoing operation and maintenance funded (revenue, foundation, grants, fee switch), per a primary source?		EvidencedHoudini earns a commission from each exchange partner after the swap (built into the all-in quote), shares part with API partners under per-partner terms, and charges x402 pay-per-request API fees. No subscription fees and, per the docs, no user-data monetisation.
source 1
B11.3 Termination terms
What happens to customer funds and data on termination by either side?		EvidencedHoudini may change, suspend or terminate the Services or a user's access at any time without notice, and suspend use for any reason. A deposit already sent sits with the exchange partner, and its completion or refund depends on the partner's processes (CROPS S4).
source 1
CROPS S4
AI components
B12.1 AI in the payment path
Does an AI system take part in payment processing or compliance decisions (for example automated transaction screening)?		EvidencedAutomated screening takes part: Houdini reserves automated screening (third-party analytics, IP geolocation) for illicit activity and sanctions; exchange partners screen every deposit with real-time AML tools such as Chainalysis; every swap runs an automatic Blockaid token scan. Whether any of these use AI or machine learning is not stated.
source 1 · source 2
B12.2 AI controls documented
If AI is used, are monitoring, validation, override, decommissioning and bias evaluation documented?		Unknown
No documentation of monitoring, validation, override or bias evaluation for the screening; blocked users are told to contact support.

Scope of assessment

Components in the payment path

ComponentRolePublicLicenceOperatorRequired
Houdini Partner API (api-partner.houdiniswap.com, order creation and status)apiNoproprietaryHoudini Swap LLCYes
Houdini routing engine and order backendbackendNoproprietaryHoudini Swap LLCYes
CEX exchange partners holding deposits in flight (12 named in docs)otherNoproprietaryThird-party instant exchanges selected per orderYes
Partner AML screening (e.g. Chainalysis) and partner KYC when triggeredkycNoproprietaryExchange partners and their screening vendorsNo
Public chains (source, destination, unnamed intermediary privacy L1)ledgerYesvariousEach chain's validators or minersYes
Houdini web app (houdiniswap.com)frontendNoproprietaryHoudini Swap LLCNo
Embeddable swap widget (iframe)frontendNoproprietaryHoudini Swap LLCNo
houdiniswap-agent (MCP server, AI SDK tools, shared HTTP client)sdkYesMITuserNo
houdini-api-examples (Next.js and Node reference integrations)sdkYesnoneintegratorNo
x402 facilitator for pay-per-call API access (agent path only)otherNoproprietaryunnamed x402 facilitator (USDC on Base)No

Repositories

RepositoryRoleLicense
HoudiniSwap/houdiniswap-agentsdkMIT
HoudiniSwap/houdini-api-examplessdknone

Contracts

None listed.

Assessor notes

Incumbent under the eligibility rule. Houdini Swap is a hosted aggregator. Private swaps route the payer's deposit through two third-party instant exchanges and an unnamed privacy-centric L1 token, and standard swaps through one. Houdini runs no contracts in that path, and nothing needed to run it is public. github.com/HoudiniSwap (org created 2022-12) has two public repos, both API clients: houdiniswap-agent (MIT) and houdini-api-examples (no licence). Unit of assessment: the Private Swap (and private-send) flow via the web app or the Partner API. The DEX/bridge route, which calls third-party aggregator and bridge contracts, and the staking service are excluded. houdiniswap.com and app.houdiniswap.com answer curl with a Cloudflare challenge (403), which we did not bypass, so the website field points at the official docs. The ToS is a PDF linked from the docs and is archived as text. Contracting entity: Houdini Swap LLC; governing law and arbitration in the Cayman Islands (ToS). PSE's Private Transfers Analysis was used only to locate the product. Search log: docs/research/houdini-swap.md.