Before every swap, Phantom gives you a chance to review and fine-tune the trade. You can adjust the provider, slippage, and fees to get a better rate, avoid failed transactions, or move faster when the network is busy.

Settings #

Before confirming a swap, tap the settings icon in the upper right to adjust your preferences. The following options may appear depending on the trade:

• Provider: The exchange routing your swap. Phantom selects the best available route by default. Tap to see alternatives.
• Slippage: Your slippage tolerance. Set to Auto by default. Tap to adjust.
• Priority Fee: Helps your transaction get processed faster on Solana when the network is busy. Set to Auto by default. Tap to set a custom value.
• Tip: An optional payment that improves the chance of your transaction being included quickly. Set to Auto by default. Tap to set a custom value.

Review screen #

After entering an amount, Phantom shows a summary before you confirm. Each row lets you review or adjust the setting.

• Pricing: The exchange rate for your swap and the provider routing it. Tap to see the provider, market, and price. The same as Provider in Settings, with additional route details. On Auto, Phantom automatically selects the provider offering the most favorable rate.
• Slippage: Your current slippage tolerance. Tap to adjust.
• Price Impact: How much your trade moves the market price. Higher values mean you may receive less than quoted.
• Network Fee: The total cost of your swap, including the network fee and Phantom's swap fee. For cross-chain swaps, it also includes a source network fee, a cross-chain swap fee, and an optional destination network fee if the bridge provider requires it.

Slippage tolerance #

Slippage is the difference between the price shown when you start a swap and the price you receive when it completes. Token prices can change in the short window between quote and confirmation, which causes this gap.

Phantom sets slippage to Auto by default, which adjusts based on real-time conditions to balance successful execution with price protection.

• If slippage tolerance is too low, the swap may fail before completing.
• If slippage tolerance is too high, the swap may succeed but at a worse price than expected.

To adjust, tap Slippage, then choose a value: 0.5%, 1%, 2%, or a custom value between 0.1% and 30%, then confirm.

Use a higher tolerance if swaps keep failing, especially for meme coins or low-liquidity tokens. Auto works best in most situations.

Price impact #

Price impact is the change in a token's price caused by your own trade. The larger your trade is relative to the available liquidity, the more it can push the price against you and reduce the amount you receive.

Price impact tends to be higher when:

• Your trade is large relative to the pool size.
• The token has low liquidity or low trading volume.
• The token is volatile and prices shift quickly.

Even if a token's market price is rising, a swap can still return fewer tokens than quoted if the pool cannot support the size of your order without moving the price.

Reduce price impact #

• Split large trades into smaller swaps.
• Trade in pools with deeper liquidity.
• Review the quoted output and price impact shown before confirming.

Example: Swapping $2,000 in a pool with $10,000 total liquidity means your trade makes up a large share of the pool, which can move the price significantly and return far fewer tokens than quoted. The same trade in a pool with $1,000,000 in liquidity would typically have much less effect.

How slippage and price impact interact #

These two settings are related but not the same:

• Price impact is the actual price change caused by your trade as it moves through the pool.
• Slippage tolerance is the maximum difference you're willing to accept between the quoted price and the final execution price.

If price impact exceeds your slippage tolerance, the swap fails rather than going through at a worse rate.

Solana transaction settings #

Priority fee and tip apply to swaps on Solana only and are not available for swaps on other networks.

Priority fee #

A priority fee helps your transaction get processed faster when the Solana network is busy. When network activity is high, validators prioritize transactions with higher fees. Phantom sets this to Auto by default.

To set a custom priority fee, tap Priority Fee → Custom, enter a value, then confirm.

Use a custom fee if the network is busy and your swap is slow to confirm, or to retry a stuck transaction. Auto is sufficient when network activity is low.

Tip #

A tip is an optional payment that improves the chance of your transaction being included quickly by the validator leader. Phantom routes transactions through both Jito and SWQoS connections. Tips are most effective during periods of network congestion.

To set a custom tip, tap Tip → Custom, enter a value, then confirm.

See also #

• Swap tokens in Phantom
• Bridge tokens in Phantom
• Unable to swap a token due to low liquidity