Phantom Swapper FAQ

In-app swaps are now available for EVM chains! If you are facing an issue with a third-party DEX, we suggest you reach out to them. This article contains FAQs for the in-app swapper (for Ethereum, Base, Polygon, and Solana networks)

• How do I perform a swap with Phantom?

  You can quickly swap any token within Phantom with just a few simple steps:

  1. Open Phantom Wallet and click on the Swap icon located at the bottom center of the screen.

  2. Select the token you want to swap from, then choose the token you want to swap into from the drop-down list.

  3. Make sure you have enough of the network's native token for transaction fees. For example:

     • ETH for swaps on the Ethereum network,
     • POL for swaps on the Polygon network,
     • SOL for swaps on the Solana network,
     • ETH for swaps on the Base network (since Base uses ETH for transaction fees, similar to Ethereum).

  4. Confirm the details of the swap and proceed with the transaction.

  Remember, you'll need to maintain a balance of the native token (ETH, POL, SOL, etc.) for each network to cover gas fees when swapping tokens.

• What is a swap provider?

  • Phantom has a built-in swapper system.  The swapper aggregates liquidity from multiple decentralized exchanges.  We call these underlying DEXes swap "providers" as they are the provider of the liquidity at the time of the swap.

• What are the fees?

  • Phantom charges a flat 0.85% fee for searching routes available for some swaps. To learn more visit https://phantom.app/terms#fees. There are also network fees associated with any transaction done, including swaps.

• What is slippage?

  • Slippage refers to the difference between the rate of exchange shown to you in the quote in the confirmation screen, vs. the rate that is actually executed on the blockchain. Your transaction will fail if the price changes more than the slippage, which could happen for volatile assets. Too high of a slippage value will result in an unfavorable trade.
  • Phantom's default slippage is set to 0.3%. What this means is if the price of the receiving asset varies greater than 0.3% from the price presented to you, the swap will fail to prevent you from losing value. 
  • As of February 2024, we have launched the ability to set your own custom slippage. Click on the   icon in the top right of the Swapper tab on mobile or Extension to change your slippage. You can pick any value up to 30%. 
  • The value you select will remain the same across your sessions using Phantom. You can change your Slippage at any time. For Ethereum swaps, you may want to increase your slippage to 0.5% due to longer block times.

• What is price impact?

  • Price impact is when the total value given decreases as the swap amount increases, if the liquidity provided on the dex provider isn't large enough.  What this means at the end of the day is you may receive tokens at a worse price than what the market rate is.  So you should always double check the price quoted to you, and that the impact is not higher than what you are comfortable with.

• Can I swap Bitcoin?

  • Swapping Bitcoin is currently not supported using Phantom wallet

Learn More:

To learn more about our in-app cross-chain swapper/bridge, you can learn more with our quick tutorial in the following video: