Spot trading
After graduation, spot trades execute against the token's USDC liquidity pool. Buying transfers tokens to your wallet. Selling transfers tokens from your wallet in return for USDC.
The pool uses constant-product pricing. For input amount A, input reserve X and output reserve Y:
Adjusted input = A Γ 9,900
Output = floor(Y Γ Adjusted input / (X Γ 10,000 + Adjusted input))This includes the 1% input fee. The fee remains in the pool's reserves.
Price impact and slippage#
Price impact is the change caused by your order moving through the pool. Larger orders use more liquidity and receive a worse average price.
Slippage tolerance sets the minimum output you accept if the price changes before execution. It does not remove price impact. A trade reverts if it cannot meet your minimum received amount. Network gas can still be charged for a reverted transaction.
Changing the token, amount, trading mode or slippage setting creates a new quote. Check the final quote before signing.
Orderbook#
The Orderbook shows buy and sell depth calculated from the pool's current reserves. These are pool quotes, not resting limit orders submitted by traders. Orders execute against the pool.
Volume#
The app shows separate 24-hour spot and perps volume for each token. Volume comes from executed onchain trades and is measured in quote currency.
The perps volume label counts pool swaps made by the margin market, including opening, closing and liquidation execution. Those swaps are excluded from spot volume so the same swap is not counted twice. The label does not change how the underlying borrowed-asset positions work.