Every trade goes through the same steps, so you can tell what Rex checked before anything moved. The web shows the quote and waits for you. In Telegram a buy or sell runs as soon as you tap, so the checks below happen after the tap.
A trade, step by step
- Quote. On the web, Rex prices the routes for your amount and shows what you receive at least, the route, your slippage and the price impact before you confirm. In Telegram, Rex prices the trade when you tap the amount.
- Checks. Rex checks your balance and keeps enough of the chain's coin for the network fee. On a buy it checks your per trade and daily limits. Sells are not capped by those limits. The token page shows safety checks, and in Telegram a token graded dangerous asks for an extra go-ahead before a buy.
- Fresh quote. Just before sending, Rex prices the trade again. On the web the new price is compared with the minimum you reviewed. If it is worse, nothing is sent and you are told the price moved.
- Send. The trade is signed from your wallet and sent with a minimum amount out, so the swap is refused if the price slips past it.
- Result. Rex waits for the chain, then shows what you received. A trade it cannot confirm yet shows as not confirmed, and a message follows when it settles. The same trade is not sent twice, and a repeat of the same trade within about 30 seconds is blocked. A different amount goes through at once.
Slippage
Slippage is how far the price may move against you before the trade cancels instead of filling. The default is 3%. You can pick 0.5%, 1%, 3%, 5% or 10% in Settings. In Telegram, when a trade fails on price, Rex offers a retry at 5% or 10% for that one trade, and your own setting stays as it was. On the web, raise slippage in Security and try again.
| Setting | Good for | Cost of a wide one |
|---|---|---|
| 0.5% to 1% | Deep, calm markets | More trades cancel when the price moves |
| 3% | Most tokens | A fill can be a little worse than the quote |
| 5% to 10% | Fast launches and thin pools | You can be filled at a clearly worse price |
Price impact
A big trade in a small pool moves the price against you. The web review shows the impact in amber above 2% and red above 5%, with a plain warning above 10%. Telegram shows the impact as a number on the full token card. A thin pool can make a trade expensive even at low slippage. Where a quote shows an impact, the review also shows Pool depth: roughly how large a trade moves the price 10% in that pool, worked out from this one quote. It is an estimate and is rough for pools that are not constant product.
Price check on NEAR buys
Slippage only guards against the price moving after the quote. On NEAR, Rex also compares what a buy would pay with the token's market price just before it signs. If the route would pay more than 30% above market, a buy you tap in Telegram is stopped and nothing is bought. On the web, the review asks you to tick that you accept the price before it lets you confirm. Sells, orders and automatic buys are never stopped by this check, so a stop loss can always get out.
Routes
A route can go through one pool or several. Rex sends it as a single transaction with the minimum set on the last step. If any step cannot meet the minimum, the swap is refused and you keep what you started with. A leftover middle coin can only happen in cross chain buys and in the two step bridge route, which the Bridge page explains.
Orders and snipes
An order that fires goes through the same steps. A take profit, stop loss or trailing stop that is refused for price movement is retried up to 3 times, 60 seconds apart. Snipes allow up to 20% price movement on an instant buy and 10% on a fee level. An operator setting can raise the slippage a stop uses, and it is off unless the team switches it on.