Inserts run top to bottom. If you have run a splitter into your effect chain then it runs top to bottom too. But the signal chain, as I understand it, the audio comes in thru the top of the channel, thru the inserts from top to bottom, thru the sends, on to the channel fader, then every channel to either busses or main fader. The signal chain emulates the way a physical mixer works, just as a reference.