One block, many ownersAllocation
1. Instruction — before fills09:14:02
Fund A 40%Fund B 25%Fund C 20%Fund D 15%
↓ proportions locked, prices unknown ↓
2. Block executes — 3 fills09:14:41 → 09:18:07
Fill 1$41.20
Fill 2$41.55
Fill 3$42.10
↓ blended to one average price ↓
Fund A$41.62avg price
Fund B$41.62avg price
Fund C$41.62avg price
Fund D$41.62avg price
decided before price known → fair
decided after price known → cherry-picking