Why Did My Token Swap Return Less Than Quoted?
Your final amount can be lower because a quote is an estimate, and a 0.5% slippage limit on an illustrative 100 USDC quote permits as little as 99.50 USDC. The exact reason depends on the swap route: market movement, token rules, and network fees affect different parts of the transaction.
Did the price change before the swap finished?
A quote shows an expected exchange rate, while the final amount depends on what happens when the trade executes. On a shared trading pool, a large trade can move the pool’s price; a delay can also let other trades change it. The gap between the expected and actual price is called slippage.
Many swaps set a minimum amount you will accept. For example, if a quote offers 100 USDC and the minimum is 99.50 USDC, the trade can complete at 99.50 or more. If the amount falls below that floor, the swap may fail instead of delivering less. A wider allowed gap can help a trade complete, but it also accepts a worse price.
For a Fermi swap, the quote is based on the service’s token inventory. Read how Fermi swap trades execute for the full explanation of its wallet trade flow. The source of a quote can differ between services, so check the minimum amount shown for your specific trade.
Did a token rule or network fee affect the result?
Some tokens take a cut when they move between wallets. This is sometimes called a transfer tax: the token’s rules send a portion elsewhere, so the recipient gets less than the amount sent. If a token has this rule, the amount received can differ from a quote that does not account for it.
An Ethereum network fee, called gas, pays for processing the transaction. It is usually charged in ETH and comes out of your wallet balance; it does not normally reduce the number of USDC delivered. So compare the token amount received separately from the gas fee. A failed on-chain transaction can still consume gas, even though the swap itself did not complete.
How can you tell which amount you actually received?
Check the transaction’s status and token transfers in Etherscan, a public Ethereum transaction record. A successful status means the transaction completed; the token-transfer details show what entered your wallet. A failed status means the swap did not complete, though you may still see a gas charge.
Say you expected 100 USDC but see 99.70 USDC. First compare that amount with the minimum in the quote. If it is above the minimum, price movement or a token rule may explain the difference; check the transfer details and the token’s rules. Then check your ETH balance separately for gas.
In short, compare the quoted amount, its minimum, the amount actually transferred, and the network fee as four separate figures. That tells you whether the swap completed within its stated limit, a token reduced the transfer, or the transaction failed.