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I don't think Cloudflare Load Balancing can do this (yet), but Dyn can: https://dyn.com/active-failover/

The crucial part is CNAME compatibility. Most DNS services I've had experience with can only do failover between IPs.

Thank you, will try to implement this with Dyn

You can control DNS failover with custom health checks in AWS Route 53. You can also do latency based routing. I can't speak for Cloudflare, but I imagine they have similar capability.

Thank you. I overall prefer CF over R53, will try to check out if this can be achieved with either workers or page rules.

I work for a startup called DLVR (Deliver) and we do this for video streams. HLS, DASH, MSS http://www.dlvr.com

Pretty sure Netlify's CDN is Akamai. So top tier for sure.