> ## Documentation Index
> Fetch the complete documentation index at: https://docs.levery.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Execute a Swap

> Learn how asset swapping works in authorized pools using standards-compliant execution, oracle-guaranteed pricing, and audit-ready receipts.

The **Trade** page is the spot swap interface that provides a DEX-like experience (select a pool, enter an amount, swap) while keeping institutional guardrails **enforced on-chain**:

* **Permissioned access**: only eligible accounts can trade in restricted pools.
* **Compliant settlement**: swap proceeds can only be received by the initiating wallet.
* **Deterministic execution**: the platform enables swapping only when it can compute an **on-chain quote** for the exact trade context.
* **Audit-ready outcomes**: every trade is traceable to a transaction hash, logs, and canonical pool state.

***

## Trade screen

<Frame>
  <img style={{ borderRadius: "0.5rem" }} src="https://mintcdn.com/levery/pk16WeWTbZLJRyem/images/levery-trade-dark.jpg?fit=max&auto=format&n=pk16WeWTbZLJRyem&q=85&s=8da22d12e6d29a27efd546c480a0bb27" alt="Trade" className="block dark:hidden" width="2880" height="1800" data-path="images/levery-trade-dark.jpg" />

  <img style={{ borderRadius: "0.5rem" }} src="https://mintcdn.com/levery/pk16WeWTbZLJRyem/images/levery-trade-dark.jpg?fit=max&auto=format&n=pk16WeWTbZLJRyem&q=85&s=8da22d12e6d29a27efd546c480a0bb27" alt="Trade" className="hidden dark:block" width="2880" height="1800" data-path="images/levery-trade-dark.jpg" />
</Frame>

<Columns cols={2}>
  <Card title="Swap panel" icon="arrows-rotate">
    Select a pool, choose direction, enter amounts, review fees and gas, then execute the swap. The swap button is enabled only when an on-chain quote is available and the account passes policy checks.
  </Card>

  <Card title="Assets info" icon="circle-info">
    Asset profiles with project description, market/supply metrics, 24h change, and pricing sourced from trusted market price oracle feeds, enabling informed, accountable trading decisions.
  </Card>
</Columns>

<Card title="Pool picker (pair + network)" icon="magnifying-glass">
  Pools are identified by **pair + network** and may include pool-specific rules (fee behavior, oracle configuration,
  and access policies). When the user select a pool, the Trade page binds the user’s session to that pool’s parameters.
</Card>

***

## What Levery guarantees during execution

<CardGroup cols={2}>
  <Card title="Permissioned trading" icon="shield-check">
    Swaps execute only when the connected account meets the institution’s pool admission rules, including roles, compliance status, and any operator-defined access constraints.
  </Card>

  <Card title="Compliant settlement" icon="user-lock">
    Settlement is bound to the initiating account. The compliant router prevents proceeds from being redirected to
    arbitrary recipients, ensuring custody and accounting controls remain intact.
  </Card>
</CardGroup>

<Card title="On-chain determinism" icon="link">
  Trades are enabled only when an on-chain quote can be produced and the submitted transaction matches the same pool
  parameters and account context used for enforcement and pricing.
</Card>

<Note>
  Levery separates **execution correctness** (on-chain quote + enforced checks) from **display convenience** (fiat
  conversion and informational metrics). A UI estimate is never sufficient to enable execution on its own.
</Note>

***

## Execute a swap

<Steps>
  <Step title="Select a pool (pair + network)">
    The user opens the pair selector at the top of the swap card and selects a pool.

    A pool defines:

    * the two assets,
    * the network,
    * the fee behavior (static or dynamic),
    * and the permission policy that applies to swaps.

    If the connected wallet is on another network, the wallet prompts a network switch before execution.
  </Step>

  <Step title="Choose direction (From → To)">
    The user selects the asset to spend in **From** and the asset to receive in **To**, and may use the flip control to reverse direction.

    Direction matters because fee logic, oracle deviation rules, and policy constraints can be direction-sensitive.
  </Step>

  <Step title="Choose an execution intent (Exact input or Exact output)">
    Levery supports two trade intents:

    * **Exact input**: the user specifies the **From** amount. The platform computes an estimated output subject to slippage protection.
    * **Exact output**: the user specifies the **To** amount. The platform computes an estimated maximum input subject to slippage protection.

    This choice impacts **how service fees are charged** (see below) and which trade guarantee is preserved.
  </Step>

  <Step title="Wait for an on-chain quote (required)">
    The Trade page continuously requests an **on-chain quote** for the selected pool, direction, and amounts. This quote is produced by simulating the swap against the pool’s current state and enforcement rules.

    Typical states include:

    * **Quoting…**: the UI is fetching or refreshing a quote.
    * **Ready**: a valid quote is available and the swap button can be enabled.
    * **Estimate only (swap disabled)**: the UI may show an indicative estimate, but execution is blocked because a deterministic on-chain quote is not available.

    <Callout type="warning" title="Why Levery can disable swaps even when a price is displayed">
      Fiat prices and indicative estimates can still be shown. However, execution is enabled only when Levery can reproduce the trade deterministically on-chain under the same context used for enforcement.
    </Callout>
  </Step>

  <Step title="Review fees and gas before submitting">
    Review the badges below the inputs:

    * **Total fees**: the estimated aggregate of LP fee and service fee for this trade intent and direction.
    * **Gas estimate**: the network fee estimate (in the chain’s native token and converted to fiat for convenience).

    <Callout type="info" title="Estimates vs final amounts">
      Final gas paid depends on network conditions. Final fees depend on the pool’s on-chain execution rules and the exact deltas realized during the swap.
    </Callout>
  </Step>

  <Step title="Approve spend permissions (if required)">
    If the input asset is an ERC-20 token, approvals may be required before swapping.

    Many Levery deployments use a hardened allowance model:

    * **Token → Permit layer approval** (authorizes the permit contract to move tokens)
    * **Permit layer → Router approval** (authorizes the compliant router to spend under strict rules)

    If the input asset is the chain’s native token, token approvals are not required.
  </Step>

  <Step title="Execute the swap and confirm the receipt">
    The user selects **Swap** and confirms the transaction in the connected wallet.

    After submission, the Trade page tracks the transaction until it is confirmed and then displays a receipt including:

    * amount paid,
    * amount received,
    * fees charged,
    * gas paid,
    * and a link to view the transaction in a block explorer.

    This receipt is intended for reconciliation: it reflects what was actually recorded on-chain.
  </Step>
</Steps>

***

## Exact input vs exact output

<Columns cols={2}>
  <Card title="Exact input" icon="arrow-right">
    The user specifies the amount to spend. Levery computes an estimated output and enforces a **minimum amount out** (`minOut`) using slippage protection.

    **Service fee behavior**

    * Service fee is charged **from the specified input amount** before swap execution.
    * The pool consumes the remaining amount after the service fee is withheld.
  </Card>

  <Card title="Exact output" icon="arrow-left">
    The user specifies the amount to receive. Levery computes an estimated maximum input and enforces a **maximum amount in** (`maxIn`) using slippage protection.

    **Service fee behavior**

    * Service fee is charged **after execution**, based on the **actual input delta** required to produce the exact output.
    * The requested output amount remains exact (subject to the transaction not reverting).
  </Card>
</Columns>

<Callout type="tip" title="When to use each mode">
  **Exact input** is suitable when a precise spend amount is required. **Exact output** is suitable when a precise
  receive amount is required (with a bounded maximum input).
</Callout>

***

## Fees explained

Levery separates fees into two categories.

<CardGroup cols={2}>
  <Card title="LP fee (liquidity providers)" icon="droplet">
    LP fees are paid to liquidity providers and depend on the pool configuration.

    * **Static pools**: a fixed fee rate applies.
    * **Dynamic pools**: fee rate can adjust on-chain based on market context (for example, deviation between pool price and an oracle reference), to support market integrity policies.
  </Card>

  <Card title="Service fee (protocol / operator)" icon="receipt">
    The institution operating the Levery instance charge a service fee. This fee is collected **on-chain** and routed to the service fee vault for distribution according to institutional rules.

    Service fee timing depends on trade intent:

    * **Exact input**: charged from input *before* swap execution.
    * **Exact output**: charged *after* execution using the realized input delta.
  </Card>
</CardGroup>

<Note>
  Fees are enforced by on-chain logic. The UI displays estimates for transparency, but the final amounts are determined
  by the transaction’s executed deltas.
</Note>

***

## Slippage protection and deadlines

Every swap includes two execution protections:

* **Slippage tolerance**
  * Exact input swaps enforce a minimum output (`minOut`).
  * Exact output swaps enforce a maximum input (`maxIn`).

* **Deadline**
  * Transactions must execute before a deadline timestamp. After that, execution is rejected.

<Callout type="warning" title="Why swaps can revert">
  If the pool price moves beyond tolerance, the quote becomes stale, or the deadline expires, the transaction can revert
  rather than execute at an unexpected price.
</Callout>

***

## Pricing and data provenance

Levery uses two separate pricing concepts on the Trade page.

<CardGroup cols={2}>
  <Card title="Execution pricing (on-chain quote)" icon="bolt">
    Execution pricing comes from an on-chain quote that simulates the swap against:

    * the pool’s live state,
    * the pool’s fee logic (including dynamic fees),
    * and the institution’s on-chain enforcement rules.

    If an on-chain quote cannot be produced, swapping stays disabled.
  </Card>

  <Card title="Display pricing (fiat values + metrics)" icon="chart-line">
    Display pricing is used for fiat conversion, asset summaries, and historical context. It is sourced from the institution’s configured pricing feeds backed by oracle infrastructure and indexed for real-time and historical reference.

    This improves trust because pricing provenance is consistent, auditable, and not dependent on ad-hoc client-side API calls.
  </Card>
</CardGroup>

***

## Compliance and settlement model

Levery is designed to provide DEX-like execution without losing compliance control:

* **On-chain admission checks**: swaps are rejected if the account fails the pool’s access policy at execution time.
* **Initiator-only settlement**: swap proceeds cannot be delivered to arbitrary receivers.
* **Context-bound quoting**: quotes are computed for the same pool parameters and account context required for execution.
* **Audit readiness**: trades are traceable to transaction hashes and on-chain state transitions.

<Card title="What to share with support" icon="life-ring">
  If a trade fails or is blocked, the user should share the pool (pair + network), the attempted amount, and the
  transaction hash (if one was submitted). This lets the operator reconcile outcomes directly against on-chain records.
</Card>

***

## Troubleshooting

<CardGroup cols={2}>
  <Card title="Swap button disabled" icon="ban">
    Common causes include a disconnected wallet, the wrong network, no executable on-chain quote (liquidity/RPC/config),
    or the account not being permitted for the selected pool.
  </Card>

  <Card title="Transaction reverted" icon="triangle-exclamation">
    Common causes include slippage exceeding tolerance, an expired deadline, insufficient balance, missing approvals (or
    allowance not yet reflected), or an on-chain policy rule rejecting execution.
  </Card>

  <Card title="Approval required" icon="key">
    ERC-20 input assets may require approvals before swapping. Once the required approval step(s) are completed, the swap
    can be quoted again and submitted for execution.
  </Card>

  <Card title="Quote error" icon="bug">
    Quote failures may mean the pool is unavailable, the quoter/RPC is unstable, or policy rejected execution. Retry, refresh, switch RPC, or pick another pool.
  </Card>
</CardGroup>