Phantom Swapper FAQ

  • Updated

In-app swaps are now available for EVM chains! If you are facing an issue with the third-party DEX, we suggest you reach out to them. This article contains FAQs for the in-app swapper (for Ethereum, Polygon, and Solana networks)

  • How do I perform a swap with Phantom?
    • Easy!  If you have ETH, MATIC, SOL or other tokens already in your wallet, click on the swap icon at the bottom center of Phantom.  Select the token you are swapping from and then the one you want to swap into.  Also, make sure you have enough of the network's native token for the fees (ETH tokens on Ethereum, Matic on Polygon, SOL on Solana).
  • What is a swap provider?
    • Phantom has a built-in swapper system.  The swapper aggregates liquidity from multiple decentralized exchanges.  We call these underlying DEXes swap "providers" as they are the provider of the liquidity at the time of the swap.
  • What are the fees?
    • Phantom charges a flat 0.85% fee for searching and offering the best pricing available for some swaps. To learn more visit https://phantom.app/terms#fees.  There are also network fees associated with any transaction done, including swaps.
  • What is slippage?
    • Slippage refers to the difference between the rate of exchange shown to you in the quote in the confirmation screen, vs. the rate that is actually executed on the blockchain. Your transaction will fail if the price changes more than the slippage, which could happen for volatile assets. Too high of a slippage value will result in an unfavorable trade.
    • Phantom's default slippage is set to 0.3%. What this means is if the price of the receiving asset varies greater than 0.3% from the price presented to you, the swap will fail to prevent you from losing value. 
    • As of February 2024, we have launched the ability to set your own custom slippage. Click on the  Slippage_Icon.png  icon in the top right of the Swapper tab on mobile or Extension to change your slippage. You can pick any value up to 30%. 
    • The value you select will remain the same across your sessions using Phantom. You can change your Slippage at any time. For Ethereum swaps, you may want to increase your slippage to 0.5% due to longer block times.
  • What is price impact?
    • Price impact is when the total value given decreases as the swap amount increases, if the liquidity provided on the dex provider isn't large enough.  What this means at the end of the day is you may receive tokens at a worse price than what the market rate is.  So you should always double check the price quoted to you, and that the impact is not higher than what you are comfortable with.

Was this article helpful?

13 out of 40 found this helpful
Can't find what you're looking for?

Start a chat