Compare the minimum you could receive with the amount you expect to receive. A quote is an estimate for a moment; the final swap can change if prices move before the transaction runs.

Compare the same trade on the same terms

Use the same input amount, token pair, and network for every quote. For example, compare swapping 1,000 USDT for WBTC on Ethereum, rather than comparing different amounts or networks. You can use Fermi swap platform to explore a wallet-based swap, then compare its quote with other available routes.

Check how the trade is filled. An automated market maker (AMM) uses a pool of tokens, so a larger trade can move the pool’s price. A swap filled from an exchange’s own inventory depends on the amount and price available there. Either way, judge the quoted output for your exact trade size.

Separate price impact from slippage

Price impact is the price change caused by your trade. Slippage is the difference that can arise while the transaction waits to run, as prices or available liquidity change.

For an example, suppose 1,000 USDT is quoted to return 0.015 WBTC. With a 0.5% slippage tolerance, the minimum output would be about 0.014925 WBTC. That tolerance is a limit on an acceptable change; it does not improve the quote or guarantee the quoted amount.

A common mistake is to raise slippage tolerance when a quote already has poor price impact. That only allows a worse final rate before the swap fails. Instead, compare the quoted output, the minimum output, and the size of the trade; try a smaller amount if the price impact is high.

Check the full cost before signing

The output token amount is only part of the cost. On Ethereum, a swap also uses ETH for gas, the network fee for processing the transaction. That fee changes with network demand, so compare the wallet’s current estimate as well as the token output.

1. Set the exact input. Enter the amount you plan to spend and confirm the token pair and network match across quotes.
2. Record the expected output. Compare the amount you would receive, not just a displayed exchange rate.
3. Find the minimum output. Check how much could arrive at the edge of the stated tolerance. Decide whether that amount still makes the trade worthwhile.
4. Add the network cost. Check the estimated gas in ETH and consider whether it is large compared with the trade. A failed swap may still use gas.
5. Review the wallet transaction. Make sure the token, network, and amounts match what you intended. If the quote has changed or the minimum is too low, stop and get a fresh quote.

Fermi swap is one way to exchange tokens from a wallet; compare its live output and minimum with other routes before deciding. Choose the route whose minimum output and network cost you accept for the exact trade.