Slippage, and why big orders move the price

A quoted price applies to a certain size. Beyond that, your own order starts moving the market against you.

How it happens

An order book is a stack of offers at rising prices. A small order fills at the best one. A large order fills the best, then the next, then the next. The average price you get is worse than the one you saw.

What makes it worse

• Thin pairs. Less depth means less room before the price moves.
• Volatility. Offers get pulled when the market is moving fast.
• Size relative to normal volume.

What to do

Split a large swap into parts, or route through a more liquid pair. Two swaps through a major asset frequently beat one direct swap on a thin pair, even after the extra network fee.

Where this matters, Swap Heaven shows the range a pair can handle as part of the quote.