How to read a swap quote: every number on the screen, decoded
BlazePhoenix Engineering · updated 2026-07-18 · 4 min · written from the deployed bytecode
Abstract in 15 languages · resumo · resumen · 摘要 · 要旨 · ملخص
English — Expected out is a forecast; MINIMUM RECEIVED is your only real contract with the machine. Price impact tells you if your size is too big for the depth. Read a quote like data, not like an invitation to sign.
Português — Expected out é uma previsão; MINIMUM RECEIVED é o teu único contrato real com a máquina. O price impact diz-te se o teu tamanho é grande demais para a profundidade. Lê uma cotação como dados, não como um convite para assinar.
Español — Expected out es un pronóstico; MINIMUM RECEIVED es tu único contrato real con la máquina. El price impact te dice si tu tamaño es demasiado grande para la profundidad. Lee una cotización como datos, no como una invitación a firmar.
Français — Expected out est une prévision ; MINIMUM RECEIVED est votre seul vrai contrat avec la machine. Le price impact dit si votre taille dépasse la profondeur. Lisez une cotation comme des données, pas comme une invitation à signer.
Deutsch — Expected out ist eine Prognose; MINIMUM RECEIVED ist dein einziger echter Vertrag mit der Maschine. Der Price Impact verrät, ob deine Größe die Tiefe sprengt. Lies eine Quote wie Daten, nicht wie eine Einladung zum Signieren.
Русский — Expected out — прогноз; MINIMUM RECEIVED — ваш единственный настоящий контракт с машиной. Price impact показывает, не велик ли ваш размер для глубины. Читайте котировку как данные, а не как приглашение подписать.
Türkçe — Expected out bir tahmindir; MINIMUM RECEIVED makineyle tek gerçek sözleşmenizdir. Price impact, boyutunuzun derinliğe fazla gelip gelmediğini söyler. Fiyat teklifini imza daveti gibi değil, veri gibi okuyun.
العربية — الناتج المتوقع تنبؤ؛ أما الحد الأدنى المستلم فهو عقدك الحقيقي الوحيد مع الآلة. يخبرك أثر السعر إن كان حجمك أكبر من العمق. اقرأ التسعيرة كبيانات لا كدعوة للتوقيع.
हिन्दी — Expected out पूर्वानुमान है; MINIMUM RECEIVED मशीन के साथ आपका इकलौता असली अनुबंध है। Price impact बताता है कि आपका आकार गहराई से बड़ा तो नहीं। कोट को डेटा की तरह पढ़ें, हस्ताक्षर के निमंत्रण की तरह नहीं।
日本語 — Expected outは予測。MINIMUM RECEIVEDだけが機械とのあなたの実際の契約です。Price impactはあなたのサイズが深さに対して大きすぎるかを教えます。見積もりは署名への招待ではなくデータとして読みましょう。
中文 — 预期产出是预测;最低收到量才是你与机器唯一真实的契约。价格影响告诉你订单是否超出深度。把报价当数据来读,而不是签名邀请。
한국어 — Expected out은 예측이고, MINIMUM RECEIVED만이 기계와 맺는 유일한 실제 계약입니다. 가격 영향은 주문 크기가 깊이에 비해 큰지 알려줍니다. 견적은 서명 초대장이 아니라 데이터로 읽으세요.
Bahasa Indonesia — Expected out adalah ramalan; MINIMUM RECEIVED adalah satu-satunya kontrak nyata Anda dengan mesin. Price impact memberi tahu apakah ukuran Anda terlalu besar untuk kedalaman. Baca kuotasi sebagai data, bukan undangan menandatangani.
বাংলা — Expected out একটি পূর্বাভাস; MINIMUM RECEIVED-ই যন্ত্রের সাথে আপনার একমাত্র প্রকৃত চুক্তি। Price impact বলে আপনার আকার গভীরতার জন্য বেশি বড় কিনা। কোটকে ডেটার মতো পড়ুন, সইয়ের আমন্ত্রণ হিসেবে নয়।
Filipino — Ang expected out ay hula; ang MINIMUM RECEIVED ang tanging totoong kontrata mo sa makina. Sinasabi ng price impact kung sobra ang laki mo para sa lalim. Basahin ang quote bilang datos, hindi bilang paanyayang pumirma.
EXPECTED OUT is what the math says you will receive right now. On this site that number is computed by the contract on-chain — "EXACT — simulated on-chain execution, this block" means the quote literally ran your swap and measured the result. MINIMUM RECEIVED is the floor you are guaranteeing: if execution cannot deliver at least this, the whole trade cancels instead of filling badly. The gap between the two is your slippage tolerance.
PRICE IMPACT is how much your own trade size moves the market — high impact means the pools are thin relative to your order. PROTOCOL FEE here is 0.28%, charged on the QUOTED output only: if execution beats the quote, the extra (the surplus) reaches you fee-free. LEGS is how many pools your trade is split across — "5 legs" means the router spread your order over five venues to get a better blended price.
The two numbers that deserve your attention
First: MINIMUM RECEIVED — it is your only real contract with the machine. Everything else is a forecast; this is the enforcement line. Set slippage deliberately (0.5% on majors) so the line means something.
Second: PRICE IMPACT — if it is above a couple of percent, the market is telling you your size is too big for the depth. Split the order, or check the token through the Pool X-Ray before proceeding. A quote is not an invitation to sign; it is data. Read it like data.
Do not trust this page — reproduce it
Every claim above is checkable against the chain. Start here:
open the swap tab, quote 1 WETH → USDC, and match every number on screen to this articleContracts are verified on every chain we deploy to — addresses in the protocol manifest. Deeper formal treatment: the whitepaper (PDF).
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