Learn · NEAR trading
Price impact and slippage on NEAR, explained
Price impact is how much your own trade moves the pool's price: big trades in small pools move it most. Slippage is the extra movement you accept while the swap is on its way; past it, the pool sends your tokens back. nearswaps shows impact in red above 3% and asks for a second click above 10%.
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Price impact, with numbers
Take a classic pool holding 1,000 NEAR and 1,000,000 of a token, so the pool price is 1,000 tokens per NEAR. Before pool fees:
| You pay | You get | Average price | Price impact |
|---|---|---|---|
| 10 NEAR | 9,901 | 990 per NEAR | 1.0% |
| 100 NEAR | 90,909 | 909 per NEAR | 9.1% |
Ten times the size costs about nine times the impact. The router lowers it by splitting a trade over up to 3 separate routes when that pays more.
Slippage and the minimum received
Between the quote and the moment your swap runs, other trades can move the pool. Your slippage setting turns into the minimum received line: if the swap would pay less, the pool refuses it and sends your tokens back (as wNEAR if you paid NEAR); the site fee and gas are not refunded. Too low and swaps fail in busy markets; too high and you give room to anyone trading just before you (a sandwich).
How nearswaps sets it
| Where | Choices | Default |
|---|---|---|
| Swap page | 0.5%, 1%, 3%, 5% or your own up to 20%; a warning above 5% | 1%, then your last choice |
| 1-click (Rhea) | Auto by pool depth: impact of a 10 NEAR trade up to 1% gives 1%, up to 5% gives 2%, up to 15% gives 3%, else 5%; tokens the community switched on get at least 3% | Auto |
| 1-click (DCL launches, Intear DEX) | Auto 5%; Shards bonding curves 10% | Auto |
| Pulse quick buy | Auto (10% on a Shards bonding curve, 5% elsewhere) or 1%, 3%, 5%, 10%, 15% | Auto |
| Auto orders | 1%, 3% or 5%; higher choices are capped at 5% | 5% |
When a 1-click trade on Auto does not fill at its minimum, the panel quotes again and sends once more. A fixed setting is never retried.
Fees and taxes are not slippage
Pool fees, launch fees and creator taxes are part of the quote, not of slippage. Launch tokens from Nearly, JustHoot and Shards can carry a buy or sell tax; the swap shows it and refuses taxes above 10%. Intear DEX launch pools often start with a high fee that falls over the first hours: above 10% the fee line turns red and the Swap button needs a second click.