Swapping tokens with low liquidity can be difficult, even when the price appears to have increased. This can be frustrating when you expect to make a profitable trade but can’t complete it.
When this happens, Phantom may display a warning: “No quotes available to swap.” This message appears when the token pair isn’t supported due to low liquidity.
What liquidity means in token swaps
Liquidity refers to how many tokens are available in a trading pool. A token with low liquidity has fewer tokens available for swaps, especially larger ones. If there aren’t enough tokens in the pool, your transaction may fail—even if the price looks favorable.
Note: If a swap fails, try reducing the amount you’re swapping or check a decentralized exchange (DEX) like Raydium or Orca. These platforms may offer more trading pairs and access to different liquidity pools.
Why price increases don’t guarantee a successful swap
A rising token price might seem like a good opportunity—but price alone doesn’t guarantee success. Trades can still fail in low-liquidity environments.
Here’s why:
- Artificial price spikes: Prices can be inflated by small or coordinated trades that don’t reflect real demand.
- Pool depth limits: Even if price movement is organic, the pool may not have enough tokens to support a larger trade.
- Outdated data: Displayed prices may not reflect real-time liquidity. You may receive less than expected—or the trade may fail entirely.
Important: Use caution when trading tokens with sudden price increases or limited liquidity. Always double-check liquidity on a DEX and consider trading a smaller amount.
What to try if a swap fails
If you can't swap a token, you can:
- Check the liquidity pool: Use a tool like Solscan or go directly to a DEX to see if the token pair has enough supply.
- Lower the trade amount: Smaller trades can reduce price impact and increase your chances of success.
- Wait it out: If the price looks volatile or inflated, consider waiting for more liquidity or a stable market.
- Use another platform: Some DEXs may offer better liquidity for your token.
- Verify the token: Use a trusted source to check the token’s activity and trading history. This helps you understand whether the price reflects real demand.
How to spot low-liquidity tokens in Phantom
You can often identify low-liquidity tokens by:
- A dash (–) where the token price is usually shown
- No price data available
- High price impact warnings during swap attempts
If you see these signs and can’t complete a swap, the token likely has insufficient liquidity. In these cases, converting the token may be difficult or impossible, and recovering your funds may not be feasible.
Key takeaways
- Low-liquidity tokens are harder to swap due to shallow pools, high price impact, and possible price manipulation.
- Price increases don’t guarantee a successful trade if liquidity is too low.
- To improve your chances, try smaller trades, check liquidity, and monitor market conditions.