> For the complete documentation index, see [llms.txt](https://switchesboard.com/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://switchesboard.com/docs/introduction.md).

# Introduction

### **What is Switchboard**

> Switchboard is the inference exchange: one OpenAI-compatible endpoint that auctions every request to the cheapest reliable model. Buyers save on inference. Sellers monetize spare GPU capacity. Every request feeds the $SWCH token. Point any OpenAI SDK's baseURL at Switchboard and the auction does the rest.

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### **Why an exchange**

> Instead of paying one fixed price for one fixed model, every prompt runs a live auction across competing inference providers, priced against a GPT-4o baseline and metered in $SWCH. The cheapest model that can reliably handle the request wins.

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### **What makes it real**

> This is a genuine two-sided market with honest accounting. Savings use live OpenRouter pricing. Sellers post real staked bonds, not self-reported claims. And the docs are explicit about what settles on-chain versus what's metered off-chain — no black box.

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