Slippage is the difference between the quoted price when you submit a trade and the actual execution price. On an AMM like Jupiter or Orca, your trade itself moves the price — the pool rebalances as it fills your order, so large orders relative to pool liquidity slip the most.
Three things drive slippage: order size vs. pool depth, market volatility during confirmation, and network congestion delaying your transaction while the market moves.
Every DEX lets you set a slippage tolerance — the maximum deviation you'll accept. Set it too tight and your transaction fails in fast markets; too loose and sandwich bots can exploit the gap. A common starting point is 0.5–1% for liquid pairs, higher only when liquidity genuinely requires it.
Aggregators reduce slippage by splitting your order across multiple pools and venues. That's why routing matters: a direct swap on a thin pool can cost several percent, while a smart route across deep pools might cost a fraction of that.
Dexana's swap interface shows price impact before you confirm and lets you set your tolerance explicitly — the number on screen is what you actually pay.
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