{
  "slug": "price-impact-vs-slippage-crypto-swap",
  "type": "article",
  "title": "Price Impact vs Slippage Before a Crypto Swap: Why the Expected Amount Changes",
  "pageUrl": "https://etz-swap.com/blog/price-impact-vs-slippage-crypto-swap",
  "cover": "https://api.etz-swap.com/api/v1/content?path=blog/price-impact-vs-slippage-crypto-swap-cover.jpg",
  "publisher": {
    "name": "ETZ Swap",
    "url": "https://etz-swap.com",
    "logo": "https://api.etz-swap.com/api/v1/content?path=blog/logo.webp"
  },
  "friendlyUrls": [
    {
      "url": "https://etz-swap.com/blog/crypto-swap-fee-breakdown",
      "anchor": "crypto swap fee breakdown"
    },
    {
      "url": "https://etz-swap.com/blog/floating-rate-crypto-swap",
      "anchor": "floating-rate crypto swap"
    },
    {
      "url": "https://etz-swap.com/blog/fixed-rate-crypto-swap",
      "anchor": "fixed-rate crypto swap"
    },
    {
      "url": "https://etz-swap.com/blog/crypto-swap-quote-expired",
      "anchor": "crypto swap quote expires"
    }
  ],
  "keyQuestions": [
    "What is the difference between price impact and slippage in a crypto swap?",
    "Is slippage the same as a fee?",
    "Is price impact the same as spread?",
    "Does increasing slippage tolerance improve my rate?",
    "Can a small crypto swap have high price impact?",
    "Why did I receive less crypto than the quote showed?",
    "Does a fixed-rate swap remove price impact?"
  ],
  "quickSteps": [
    "Compare the executable swap quote with the market reference price instead of assuming they should be identical.",
    "Check whether your amount is large relative to available liquidity before blaming later market movement.",
    "Separate spread, price impact, slippage, and network fees when explaining a lower receiving amount.",
    "Confirm whether the route uses a fixed or floating quote and check the quote validity before sending funds.",
    "Compare the final executed amount with the last valid estimate, and stop to investigate if the difference does not match the stated quote conditions."
  ],
  "issueRouting": {
    "start": "Why is the expected or received amount different from the market value or earlier swap estimate?",
    "branches": [
      {
        "if": "The first executable quote is already below the reference market value.",
        "then": [
          "Check the spread and actual executable route price.",
          "Check whether the swap amount is large relative to available liquidity and may create price impact.",
          "Separate visible route costs and network-related costs from market execution effects."
        ]
      },
      {
        "if": "The estimated receiving amount changes after the initial quote.",
        "then": [
          "Check whether the swap uses a floating-rate quote.",
          "Compare the latest executable estimate with the earlier estimate to identify market or liquidity movement.",
          "Check whether the original quote is still within its validity conditions."
        ]
      },
      {
        "if": "The final received amount differs from the last valid expected amount.",
        "then": [
          "Compare the final execution details with the last valid quote.",
          "Check separately for slippage, quote repricing, and blockchain network costs.",
          "Stop and investigate if the difference does not match the stated fixed or floating quote conditions."
        ]
      }
    ]
  },
  "riskNotes": [
    "A higher slippage tolerance does not guarantee a better execution price and permits a wider range of unfavorable outcomes.",
    "A large swap can create substantial price impact even when the external market price does not move.",
    "A small swap can still have high price impact when liquidity is unusually shallow.",
    "Spread, price impact, slippage, and network fees can affect the same swap but represent different mechanisms.",
    "A market-price website may show a reference value that is not directly executable for the requested amount.",
    "An expired fixed quote may require a fresh quote even if the previously displayed rate looked favorable."
  ]
}