Slippage is the difference between the price you were quoted for a trade and the price it actually filled at. On Robinhood Chain the gap opens because other transactions land between your quote and your confirmation, so the pool has already moved by the time yours executes.
Say your wallet quotes 1,000 tokens and you set slippage tolerance to 1%. Tolerance is an instruction, not a prediction: cancel the transaction if the fill would come in under 990 tokens. Two other buys confirm ahead of you, the pool reprices, and you receive 994 — inside tolerance, so it fills. A reverted transaction still costs gas. Where to set the number, and what happens at either extreme, is worked through in price impact and slippage in practice.
Slippage comes from other people's transactions. Price impact comes from your own — the price move your order size creates against pool depth, quoted before you sign. Thin pools worsen both at once, which is why the two get confused.
Every token page shows the pool depth that decides how much room your order has; the tolerance setting itself lives in your wallet, not on Locksley. How to buy tokens safely covers the checks that come before you sign, and buying tokens on Robinhood Chain walks the route from quote to confirmation.
Frequently asked questions
Is slippage the same as price impact?
No. Price impact is the price move your own trade causes, set by your order size against the depth of the pool, and your wallet shows it before you confirm. Slippage is what other transactions do to your price between quote and fill, so you learn it afterward. Tolerance caps slippage; it does nothing about price impact.
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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