Slippage is the difference between the price you see when starting a swap and the price you get when it completes. his happens when token prices change during the short window between quote and confirmation. Basically, how much less money you're willing to receive during a swap.
By default, Phantom sets slippage to Auto, which automatically adjusts based on real-time market conditions. You can also choose a custom slippage level if you’re dealing with volatile tokens or want more control.
If your slippage tolerance is too low, your swap may fail. If it’s too high, you may end up receiving fewer tokens than expected.
When to adjust your slippage:
- If your swap keeps failing: Try increasing your slippage to 0.5% or higher, especially for meme coins or newly launched tokens with low liquidity.
- For more stable tokens: The default Auto setting usually works best.
- On Ethereum: Higher slippage (0.5% and above) may help due to slower confirmation times and more volatile price movement.
How to adjust slippage in Phantom
- During a swap, select the Settings icon in the upper-right corner.
- Select Slippage, then set a value other than auto: 0.5%, 1%, 2%, or a custom value between 0.1% and 30%.
- Apply the changes.