Price impact is the price change your trade causes; slippage is the extra change while it waits to execute. When swapping from your wallet, check both the quoted output and minimum received: the first reflects the pool and its fee, while the second limits how much worse the final fill may be.
What is the difference between price impact and slippage?
Price impact comes from the size of your trade compared with the pool’s available tokens. A liquidity pool holds tokens for people to swap; its trading formula gives you a worse rate as your trade uses more of one side. Thin pools usually mean more impact.
Slippage is the difference between the quote you see and the result when your transaction goes through. The pool can change while your transaction waits, because other trades happen first. A fast price move can create slippage even when your own trade is small.
What does the wallet quote tell you?
Look at the quoted output, price impact, swap fee, and minimum received. The quote usually includes the pool fee and the price impact; network gas is separate. Gas is the fee for processing a transaction on the network, and on Avalanche C-Chain it is paid in AVAX.
For example, say a quote offers 990 tokens for 1,000 USDC, and you set 0.5% slippage tolerance. Your minimum received is 985.05 tokens. The tolerance is a limit, not a fee: you may receive more, but the swap should fail if the output falls below that minimum. On Blackhole Swap, as on other pool-based exchanges, that minimum helps protect a wallet swap if the pool moves before confirmation.
What should you check before approving?
First, make sure the wallet is on Avalanche C-Chain and the token names and amounts are right. Then compare the quoted output with your expected rate. If price impact looks high, try a smaller amount and request a new quote; splitting a trade may reduce the impact, but each swap can add a separate fee and gas cost.
Keep slippage tolerance low enough that you would accept the minimum shown. If the swap repeatedly fails, the market may be moving or your limit may be too tight. Refresh the quote before changing the setting. I’d treat a high-impact quote as a reason to pause and check the pool, rather than simply raising tolerance.
Quick swap questions
Does slippage tolerance change the quoted price?
No. The quote estimates what the pool can return now, while tolerance sets the worst output you will accept when the transaction executes. A wider setting does not improve the quote. It only allows the swap to complete after a larger adverse move, so check the minimum received before signing.
Is price impact the same as the swap fee?
No. The fee is charged for using the pool, and its rate depends on that pool. Price impact is the rate change caused by trading against the pool’s available liquidity. Both can reduce your output, and the quoted amount often reflects both. Network gas is another cost, paid separately.
Why can a swap fail when the quote looked good?
The pool may have changed before your transaction was processed, pushing the output below your minimum. A tight tolerance makes this more likely during fast price moves or when other trades get ahead of yours. Refresh the quote and check whether the price or pool depth changed before trying again.
What should I do if price impact is high?
Check that you selected the intended tokens and amount, then request a fresh quote. Try a smaller trade to see whether the estimated impact falls. If it remains high, the pool may not have enough liquidity for the size you want. Compare the expected output and costs before deciding whether to continue.