Some tokens—especially new, unverified, or meme tokens—can be difficult to swap. Even if the price looks appealing, the swap can fail when there isn’t enough liquidity available.
This article explains what low liquidity means, what you might see in Phantom, and what you can try next.
Why swaps fail with low liquidity
Swaps rely on liquidity pools. If a pool is small, it may not have enough depth to fill your trade—especially for larger amounts.
You might see the following:
- "No quotes available to swap"
- A high Price impact warning
- A dash (–) instead of a token price
- "Price history unavailable"
A token can appear to be “going up” and still be difficult to swap. The displayed price may be based on small or artificial trades, the quoted price may not be realistically available at your size, or the pool may not have enough supply to complete the swap.
What you can do
- Swap a smaller amount. Smaller trades are more likely to go through.
- Check whether liquidity exists. If you’re comfortable doing so, look up the token on a DEX interface or a network explorer (for example, Solscan on Solana) to see pool size and activity.
- Try another swap venue. Depending on the network and token, another platform may route the trade differently (for example, Raydium, Orca, or Jupiter on Solana).
- Wait and try again later. Liquidity can change as more people trade the token.
Important: If a token has little or no liquidity, you may not be able to swap it in Phantom or anywhere else. In that case, there may be no reliable way to recover value.