Price impact is how far your own trade moves a token's price as it executes. It depends on two things only: the size of your order and the depth of the pool behind it. Deeper pool, smaller impact. Your wallet quotes the number before you sign anything.
The mechanism is arithmetic, not sentiment. A liquidity pool prices a token from the ratio of the two assets it holds: buying takes tokens out of one side and adds to the other, and the ratio you leave behind is the new price. Say a pool holds $40,000 and you buy $4,000 of the token — you move a tenth of one side, and your average fill lands visibly worse than the price the first dollar got. Order sizing, splitting and the arithmetic behind both are worked through in price impact and slippage in practice.
Price impact is your own cost, knowable in advance. Slippage is what everyone else's transactions do to your price between quote and fill.
Pool depth sits in the Liquidity panel of every token page and is sortable in the screener. How to read a token page in 60 seconds walks that panel, and buying tokens on Robinhood Chain shows the quoted impact before you sign.
Frequently asked questions
Is price impact the same as slippage?
No, and the difference is who causes it. Price impact comes from your own order size against pool depth, so you see it in the quote and shrink it by trading smaller. Slippage comes from other transactions confirming between quote and fill, so you cannot see it coming — only cap it with a tolerance setting.
Price impact and slippage in practice
Price impact is what your own trade costs you; slippage tolerance is what you'll accept before reverting. Worked arithmetic, and why splitting rarely helps.
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