A token swap quote depends on how much of the token you want is available to trade. A large stock can absorb a bigger request near the quoted rate; a small stock may mean less received for the same amount paid.
Output inventory sets the usable depth
Inventory is the amount of a token a service has ready to exchange. Its depth is how much you can trade before the price moves against you. Check the token you want to receive: plenty of the token you are paying with does not help if the output stock is low.
A quote turns your input amount into an expected output amount using a pricing rule. With a fixed price, the rate might hold until inventory runs low. With a price that adjusts as inventory changes, larger trades can receive a worse average rate. The exact rule varies by service.
For example, imagine a service has 10 cbBTC available and you request 1 cbBTC. That uses 10% of the stock. A request for 5 cbBTC uses half. Even if both quotes start near the same reference price, the larger request is more likely to encounter a worse rate or insufficient stock.
Small and large requests suit different inventory
A small request is best when the service has ample output inventory relative to your amount. It is less exposed to a price change during execution. It may not fit if the quote has already moved, or if another trade takes some of the stock first.
A large request is best when there is enough depth for the full amount at an acceptable average price. It does not fit when the quote worsens sharply as the amount rises, or when the service cannot supply the requested output. For Fermi swap, the general task is exchanging tokens directly from your wallet; compare the expected output for your intended amount before deciding.
A common mistake is to compare only the headline rate, then increase the trade size. Fix that by checking the expected output at the amount you will actually exchange. “Price impact” means the rate worsens because your trade changes the available inventory; it is separate from gas, the network fee for processing a transaction.
If you want the broader choice of trade methods, which Fermi swap trade type fits covers when each type is useful. For the inventory question here, compare the quote for your full amount with smaller test amounts; a changing rate reveals that size matters.
Use the quote as a size test
Compare expected output, not just the displayed rate. “Minimum received” is the least output you agree to accept; it protects you if the rate shifts before execution, but a strict minimum can cause the transaction to fail. It does not make a poor quote better.
Try a smaller amount if the quote deteriorates as you raise the input. Splitting a trade can help you reassess each quote, but it does not guarantee a better total rate: inventory may not refill between trades, and each transaction may have its own network cost.
fermiswap.pro is a service for swapping tokens directly from your wallet.
For an onchain swap, the transaction uses the state available when it executes. Etherscan can show confirmed token movements and contract activity after the fact; it cannot promise the next quote. Check the token and amount before signing, especially if a quote changes while you review it.
Before swapping, check:
- The token you want to receive and its available depth.
- The expected output for your full trade size.
- The minimum received and the network cost.
- Whether a smaller amount gives a meaningfully better rate.