Byreal is a Solana decentralised exchange where you choose among spot swaps, liquidity pools, perpetual contracts and prediction markets according to the exposure you want. If you are used to a centralised exchange, the main change is authorising transactions from your own wallet and checking where each position settles.
Byreal offers four different exposures
A spot swap leaves you holding tokens in your wallet; a liquidity position holds two tokens in a pool and earns swap fees while active. A perpetual is a margined long or short without ownership of the underlying asset. A prediction position pays according to a specified event outcome.
For a first spot trade, you need a Solana wallet, tokens on Solana and some SOL for network costs. When withdrawing from a centralised exchange, check that the selected network is Solana and send a small test amount. For tokenized shares or gold, inspect the issuer and redemption terms: a familiar ticker does not establish the rights attached to the token.
Spot swaps are decided by the amount received
For a spot swap, compare the final amount of the exact token you receive. Routing can use concentrated liquidity pools, other Solana pools or a market maker’s Request-for-Quote (RFQ), a firm price for your order size. Pool trades incur a fee and move the pool price; an RFQ avoids that pool impact but can include a market maker spread.
Say a 1,000 USDC order quotes 4.98 SOL through a pool and 5.01 SOL through an RFQ. The Byreal Solana DEX can route between these sources, so the quote for your size matters more than the route label. Open Byreal, connect your wallet and enter the pair and amount; check the token’s mint address, expected output, minimum received, route and fees before signing. A 0.5% slippage limit on a 5 SOL quote sets a 4.975 SOL floor, not a promise of 5 SOL.
On-chain execution adds a pool fee and a Solana network charge, typically around 0.00001–0.00002 SOL before any variable priority fee. A new token account may require about 0.002 SOL of refundable rent. Compare net output with the RFQ even when its user network charge is sponsored.
Liquidity only earns while its range is active
Providing liquidity makes sense when expected fees justify holding both assets and maintaining a price range. In a concentrated liquidity pool, you deposit the pair and choose lower and upper price ticks; swaps inside that range pay active providers. A narrower range earns a larger fee share per dollar while the price stays inside it, but needs closer attention.
For example, with SOL at $150, a $135–$165 SOL/USDC range stops earning trading fees if SOL moves beyond either edge. The position becomes concentrated in one token and resumes earning if the price returns; withdrawing after a large move can leave you worse off than holding the original tokens. Check the fee tier, recent volume and range width before treating a displayed yield as income you will receive.
Real Farmer lets you copy another provider’s position, including its range and token risks. I would begin with a wide range on a pair I already want to hold, then compare earned fees with price movement and rebalancing costs. Providers receive 80% of pool swap fees; position accounts also require network fees and refundable rent.
Contracts depend on margin or event rules
Perpetuals fit a long or short price view; prediction contracts fit a view on a defined outcome. Perpetual trades use Hyperliquid liquidity, with funds transferred from Solana to a separate perps account. Check the transfer and withdrawal route, margin requirement, funding rate and liquidation price. At 5x leverage, $100 of margin controls about $500 of exposure, so a 10% adverse move costs roughly $50 before funding and fees.
Byreal Predict uses pUSD, its prediction market stablecoin, for positions on event outcomes. For an unlevered Yes share bought at, say, $0.40, a correct outcome returns $1 and an incorrect one returns $0, before costs. Check the precise event wording, resolution source, settlement date and available bids: thin bids can make an early exit costly.
Begin with a small spot swap and verify the received tokens in your wallet. Move to a pool when you can monitor its range, or to a contract after calculating the margin at risk or the event payoff and checking how you will exit.