> For the complete documentation index, see [llms.txt](https://hyperlynx.gitbook.io/hyperlynx-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hyperlynx.gitbook.io/hyperlynx-docs/trading/spot-swaps.md).

# Spot Swaps

A swap trades one token for another against on-chain liquidity. Hyperlynx routes your trade through concentrated-liquidity pools to find the best execution.

## How routing works

* **Direct pools.** When a pool exists for your pair (for example HYPE/USDC), the swap executes directly against it.
* **Multi-hop.** When there's no direct pool, Hyperlynx routes through an intermediate asset (for example A → HYPE → B) and shows you the combined route and total fee.

You always see the route before you confirm.

## Fees

Hyperlynx uses Uniswap V3-style **fee tiers**. Each pool has a fee tier set for its pair:

| Tier      | Typical use                        |
| --------- | ---------------------------------- |
| **0.01%** | Stable or tightly correlated pairs |
| **0.30%** | Most standard pairs                |
| **1.00%** | Volatile or long-tail pairs        |

The fee is paid by takers and earned by the liquidity providers in that pool. A share of protocol revenue ultimately flows back to $LYNX holders — see [The fee machine](broken://pages/a2808436461be04061fe43f06fe61e2c11420184).

## Price impact & slippage

* **Price impact** is how much your trade moves the pool price. It grows with your size relative to the pool's depth.
* **Slippage tolerance** is the maximum adverse move you'll accept between quote and execution. If the price moves past it, the trade reverts instead of filling at a bad rate.

{% hint style="info" %}
On deep pools, impact is tiny. On thin pools, split a large order or choose a deeper route.
{% endhint %}

## Approvals

The first time you trade a given token, you grant a one-time **approval** so the router can move it. After that, swaps of that token are a single confirmation.

{% hint style="warning" %}
Every quote is an estimate until it settles on-chain. Network conditions can change the final fill within your slippage tolerance.
{% endhint %}


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