Swapping Ethereum tokens using Phantom is usually simple. But sometimes, swaps can fail. This guide explains the most common reasons for failed swaps and offers clear steps to help you resolve them.
Insufficient funds
Every Ethereum transaction requires ETH to pay for gas fees—the cost of using the network. These fees depend on how busy the network is and how complex the transaction is.
Why it happens
If you don’t have enough ETH in your wallet, the swap can’t go through. The Ethereum network won’t process transactions unless it can collect the required gas fees.
What to do
- Check your ETH balance. You need enough ETH on the Ethereum network, not another chain.
- Use a tool like Etherscan Gas Tracker to to see current gas fees.
- Transfer more ETH to your wallet if needed, then try the swap again.
Note: Without ETH, no transaction on the Ethereum network can be completed.
Transfer fees
Some Ethereum-based tokens have built-in transfer fees. These are deducted automatically during each transaction. Phantom uses the 0x aggregator, which doesn’t support these tokens.
Why it happens
The 0x aggregator can’t process swaps for tokens with embedded transfer fees, so the transaction fails.
What to do
- Check if the token has a transfer fee. Use tools like De.Fi to research the token.
- Use a different platform, such as Uniswap, which supports tokens with transfer fees.
Note: Phantom can’t swap tokens that charge transfer fees.
Slippage tolerance exceeded
Slippage is the change in price between when a swap starts and when it completes. Phantom sets a default slippage tolerance of 0.5%.
Why it happens
Phantom sets a default slippage tolerance. If the price moves beyond this range before the transaction completes, the swap is canceled.
What to do
- Increase your slippage tolerance in the swap settings.
- Turn on auto slippage to automatically adjust for price volatility.
- Retry the swap with a slightly higher setting.
Important: Use caution when raising slippage. Higher slippage may lead to worse exchange rates.
Liquidity provider issues
Phantom uses the 0x aggregator to find the best swap rates across Ethereum and other EVM chains. But swaps can fail when liquidity is low for the token pair.
Why it happens
If there’s not enough liquidity, the aggregator can’t find a matching offer to complete your trade.
What to do
-
Retry later. Market activity may increase, improving liquidity.
-
Swap a smaller amount. This reduces pressure on limited liquidity.
Note: The 0x aggregator optimizes rates across DEXs, so the issue is often resolved when liquidity improves on one or more platforms.
Price impact
Price impact is how much your trade changes the market price. If the token pool is small, even modest trades can move prices significantly.
Why it happens
When a liquidity pool is shallow, larger trades affect the price more. This often happens with new or thinly traded tokens.
What to do
- Break large trades into smaller ones. This minimizes your impact on the pool.
- Trade during busy periods. More liquidity usually means less price impact.
- Check liquidity in advance. Use blockchain explorers or DEX interfaces to check the token’s pool size.
Warning: If swaps consistently fail and liquidity is very low, the token may be untradeable—and funds could be unrecoverable.
Malicious account error
If you see a message that the swap failed due to a malicious account, the token is likely a scam. These tokens are often designed to block swaps and trap funds.
Why it happens
Scam tokens block swap functionality, making them impossible to trade.
What to do
- Stop interacting with the token. Do not approve or transfer it again.
- Avoid future exposure. Only use verified tokens and check token contracts using trusted tools.
Important: Scam tokens cannot be swapped. Unfortunately, funds tied to them are usually unrecoverable.