> ## Documentation Index
> Fetch the complete documentation index at: https://docs.dyxy.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Market orders

> Swap instantly at the best price available right now.

A market order, also called an instant swap, executes immediately at the best price DYXY can find across the network's liquidity. It is the default mode in the swap panel.

## How to place a market order

**1. Select the network and tokens**

Pick the network, the token you pay with and the token you want to receive.

**2. Enter an amount**

Type the amount in either field. If you type in **You receive**, DYXY calculates how much you need to pay.

**3. Check the quote**

Review the rate, price impact, minimum received and route. Quotes refresh automatically every few seconds while the panel is open.

**4. Approve the token if asked**

The first sale of an ERC-20 token needs an approval transaction.

**5. Click Swap and confirm**

Confirm the transaction in your wallet. The output arrives in your wallet once the transaction is included in a block.

## What can change between quote and execution

The price in the quote is an estimate. Between the moment you click **Swap** and the moment your transaction lands onchain, other trades can move the price. Two settings protect you:

* **Slippage tolerance.** The maximum price movement you accept. If the price moves further, the transaction reverts and your tokens stay in your wallet.
* **Minimum received.** The exact floor that slippage translates into. You never get less than this amount.

See [Routing and slippage](https://docs.dyxy.io/trade/swap/routing-and-slippage.md) for how to choose a slippage value.

## Price impact warnings

DYXY warns you when price impact is high. Large price impact usually means the pool you are trading against is small compared to your trade.

| Price impact | What it means |
| - | - |
| Under 1% | Normal for most trades |
| 1% to 5% | Noticeable. Consider a smaller amount, a limit order or a TWAP |
| Above 5% | High. You lose a significant share of the trade's value to the market |

> [!TIP]
>
> For large swaps in less liquid tokens, a [TWAP order](https://docs.dyxy.io/trade/swap/twap.md) usually gets a better average price than one large market order.

## If a swap fails

A failed swap does not take your tokens. They stay in your wallet, and you only lose the gas for the failed transaction. Common reasons:

* **Price moved beyond your slippage.** Try again, or raise slippage slightly.
* **Not enough gas.** Top up the network's native token.
* **The token charges a transfer tax.** Some tokens take a percentage on every transfer. Raise slippage above the tax amount to trade them.
* **The quote expired.** Refresh the quote and confirm again.


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