Slippage and price impact

What slippage tolerance, actual slippage and price impact mean, how to change the tolerance in the app and what happens when the price moves too far.

Updated 3 min read
Short answer

Slippage tolerance is the largest price difference you accept between the quote and the executed swap. In the mobile app the default is 3% and you can change it in the swap settings. If the price moves further, the route refunds or does not fill the swap.

On this page

The price of a swap can change between the moment you see the quote and the moment the route executes it. Slippage settings control how much change you accept.

The terms

TermMeaning
Slippage toleranceThe largest price difference you accept. It sets the minimum amount you can receive.
Actual slippageThe price difference the route expects for your amount at this moment.
Price impactHow much your own swap moves the price. Larger swaps in smaller pools have more impact.
Minimum receivedThe lowest amount the route may pay out. Below it, the swap is refunded or not filled.

Change the slippage tolerance

  1. On the swap screen, tap the settings icon.
  2. Under Slippage Tolerance, choose 1%, 2%, 3% or 5%, or tap Custom and enter your own value.
  3. Tap Save.

The default is 3%. A custom value must be above 0 and below 50. The app warns you with High Slippage above 5% and Very High Slippage above 20%.

Some routes apply their own tolerance from the quote. The fee details always show the value that applies to the selected route.

In the web app: there is no slippage setting. Each route uses the tolerance from its quote. Quote details shows Slippage and Minimum received.

Where you see slippage before you confirm

  • Review Swap Details shows Slippage for the selected route. It turns to a warning colour when it is high.
  • Tap the Total fee to open Transaction details. It lists Slippage Tolerance, Actual Slippage, Estimated Swap Output and, on routes that carry a minimum, Min Swap Output.

If the slippage is too high for the amount, the Swap button stays disabled. Lower the amount, pick another route or adjust the tolerance.

If the price moves too far

The route does not execute below the minimum. On cross-chain routes such as THORChain, Maya, Chainflip and NEAR Intents the swap is refunded: the coin you sent returns to your sending address, minus network fees. On order-based routes the order is not filled. See My swap is stuck, delayed or refunded.

MEV risk

On some routes the route list shows MEV Risk with an amount in US dollars. It is the app's estimate of how much of the swap could be lost to traders who reorder transactions around yours. Consider another route when you see this warning.

Reduce slippage on large swaps

  • Open Routes and compare what you receive on each route.
  • Use a streaming route. It splits the swap into parts, and each part moves the price less. See Streaming swaps.
  • Split the amount into several smaller swaps.
Warning

A very high tolerance can leave you with far fewer coins than quoted. Raise it only as much as the swap needs.

Common questions

What slippage tolerance should I use?

The app starts with 3%. A lower value protects the price but makes a refund more likely when the market moves. A higher value makes the swap more likely to complete but allows a worse price.

What is the difference between slippage tolerance and actual slippage?

Slippage tolerance is the limit you allow. Actual slippage is the price difference the route expects for your amount right now.

Why can I not set slippage in the web app?

In the web app every route uses the tolerance that comes with its quote. The quote details show the resulting minimum you receive.

What happens if the price moves more than my tolerance?

The route does not execute the swap below the minimum. Depending on the route the swap is refunded or the order is not filled.

How do I reduce price impact on a large swap?

Compare the routes, use a streaming route that splits the swap into parts, or split the amount into several swaps.

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