Once you've connected your wallet to the Uniswap app, you are ready to swap tokens.

Quick reminder: ALL Ethereum transactions cost gas (ETH) to pay for computation. In order to trade on the Uniswap protocol, you'll need to have enough ETH in your wallet to cover the gas fees.

1. Select tokens

First select the token you wish to trade and the token you wish to receive. Click on 'Select a token' and browse the list to find your token. You can also search by token name, symbol, or token address.

2. Enter the input or output amount

Next, enter the amount that you wish to trade. You can enter either your desired input amount or output amount.

If you want to sell a specified input amount

Imagine you want to swap exactly 2 ETH from your wallet to receive as much of the token as possible. To do that, enter your target input amount (e.g. 2) in the first token field. The app will automatically calculate the amount you can expect to receive as determined by the market price, liquidity pool depth, and other factors.

If you want to receive a specified output amount

Alternatively, if you want receive exactly 500 DAI by paying as little as possible, then type "500" in the second token field. The app will automatically calculate the required input amount that you must pay in order to receive 500 DAI.

Price Calculation

The Uniswap app fetches rates from the Uniswap V3 and V2 protocol smart contracts. The app will find the optimal route between pairs that gives you the best price for your trade. If there is a better price for the desired trade on Uniswap V2, a message will appear to notify you. Click on the button to switch to V2 and get a better price for your trade.

3. Approve the Uniswap router to swap your token

If this is your first time trading this token with the Uniswap protocol, then you'll need to approve the token first. 'Approve' is an ERC-20 token standard. When you approve a token, you grant the Uniswap router permission to send that token out of your wallet for the swap. You only need to approve a token one time. After that, you can trade it as many times as you want on Uniswap V3. If you want to trade the token on Uniswap V2, then you would need to approve the token again because Uniswap V2 uses a different router contract.

4. Review your swap

Press the 'Swap' button to view a preview of your swap. This screen will show all the details of your trade:

  • Expected amount: this is the amount you can expect to receive as a result of the swap.

  • Liquidity Provider fee: the Uniswap protocol charges a 0.3% fee on all trades. This fee is incentivizes liquidity providers to provide funds to the market and thus make your trade possible.

  • Route: the route of pairs that your trade executes through. The Uniswap app may route your trade through multiple pairs to achieve the optimal price.

  • Price Impact: the effect your trade will have on the market price for this token pair. In large pools such as ETH/DAI, small trades will have a negligible price impact. However if you are trading large amounts or trading a token pair with low liquidity, then price impact might be high and result in a worse overall price.

  • Minimum Received: this is the minimum amount you will receive from the trade. It is determined by the market price and your slippage limit setting. If the market price shifts suddenly or if your trade is front run, then the Uniswap Protocol will guarantee you receive at least this amount otherwise it will abort the transaction and return your assets, minus the gas fee. The Ethereum network does not refund gas fees.

When you're ready, click 'confirm swap' and confirm the transaction in your wallet. Make sure you review the gas fee in your wallet and select an average or fast transaction speed. If your transaction is too slow it will fail and you will lose the gas you paid to try to execute that transaction. Your gas fee cannot be refunded.

You will be able to see the status of your transaction in your wallet or in the Uniswap app by clicking your account.

Gas fees can be quite expensive but change in real time. If the gas fee for a swap is too expensive for you, come back later to see if the gas fee has come down. Learn more about how gas works here:

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