Slippage
Slippage is the difference between a trade’s quoted output and its actual executed output. It may be positive or negative and can increase with volatility, thin liquidity, order size, and execution delay.
Why slippage matters
Slippage is the difference between the output quoted for a trade and the output actually received when it executes. It matters because prices and available liquidity can change between quote creation and on-chain confirmation.
Volatile tokens, thin liquidity, large orders, and slower execution can increase the gap. A swap can also fail if the final result moves outside the tolerance allowed by the user or interface.
How it works
Suppose a quote says that 1 SOL should return 10,000 tokens. Before the swap lands, other trades change the pool and the transaction receives 9,950 tokens. The execution experienced 0.5% negative slippage versus the quoted output.
Slippage can also be positive if the final output improves. Interfaces usually emphasize negative slippage because it reduces the amount received.
Slippage tolerance
Slippage tolerance sets the maximum unfavorable quote-to-execution movement a swap will accept. A very low tolerance can protect the quoted output but may cause more failed transactions in a fast market. A very high tolerance makes execution easier but exposes the trade to a worse fill and potentially harmful transaction ordering.
- Verify the token and exact trading pair.
- Read minimum received, fees, route, and expected output together.
- Compare smaller trade sizes when liquidity is thin.
- Do not raise tolerance automatically just to force a failing swap through.
Slippage vs price impact
Price impact is the movement caused by the size of your own order relative to available liquidity depth; it is estimated in the quote. Slippage is the change between that quote and the actual execution result.
Some interfaces use the terms more broadly, so inspect how the product calculates each number. Neither metric is a network fee, and a displayed tolerance is not a guaranteed loss. It is an execution boundary.
Use slippage tolerance to limit quote-to-execution movement, not as a substitute for checking liquidity, route, token rules, and minimum received.
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