The one real difference
Helicone sits in the request path. Traza does not.
Helicone logs your model calls by proxying them: you point the SDK’s base URL at Helicone and add a
Helicone-Auth header. Traza records spans your application exports with OpenTelemetry, so your SDK
talks to the provider directly and Traza never sees a request it could slow down or drop.
That also means Traza does not do what a gateway does: response caching, provider fallbacks, request rate limiting. If you rely on those, keep a gateway for them and record behind it.