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영어 원문 읽기 →A pool is not a price sticker
Explain why changing trade size can change a swap quote.
Imagine a counter with two jars. Taking from one and adding to the other changes what remains.
- Input amount
- Pool and route
- Fees and impact
- Minimum received
Trading against liquidity
In a Uniswap-style automated market maker, trades interact with pooled assets rather than a conventional queue of limit orders. Available liquidity affects the quote for a particular size. A displayed token price is not a promise that any quantity can trade at that price.
Two different changes
Price impact comes from your trade changing the pool. Slippage is the difference between expected and executed pricing. Review both, along with fees and minimum output. Raising a tolerance accepts a wider execution range; it does not improve the underlying liquidity.
Compare two pretend quotes
A fictional pool offers 99 units for an input of 100, but 900 units for an input of 1,000.
- Calculate the output per input unit for each quote.
- Notice that multiplying the input by ten did not multiply the output by ten.
- List what else you would need to know: fees, route, quote time and minimum received.
A quote is tied to an amount and a moment.
Inspect a size-specific quote, not only the headline price.
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