The percentage change in a token's price caused by executing a trade against a liquidity pool. Larger trades relative to pool depth cause greater price impact. For example, a $10K trade in a $1M pool causes minimal impact, while the same trade in a $50K pool would move the price significantly. Aggregators minimize price impact by splitting across pools.
Comece pela explicação mais curta e útil antes de aprofundar.
The percentage change in a token's price caused by executing a trade against a liquidity pool. Larger trades relative to pool depth cause greater price impact. For example, a $10K trade in a $1M pool causes minimal impact, while the same trade in a $50K pool would move the price significantly. Aggregators minimize price impact by splitting across pools.
Use primeiro a analogia curta para raciocinar melhor sobre o termo quando ele aparecer em código, docs ou prompts.
Pense nisso como uma mecânica de mercado usada para precificar, rotear ou mover capital em apps de liquidez.
Coloque o termo dentro da camada de Solana em que ele vive para raciocinar melhor sobre ele.
AMMs, roteamento, liquidez, empréstimos e infraestrutura de trading.
Transforme o termo de vocabulário em algo operacional para produto e engenharia.
Este termo destrava conceitos adjacentes rapidamente, então funciona melhor quando você o trata como um ponto de conexão, não como definição isolada.
Use este bloco compacto quando quiser dar contexto aterrado para um agente ou assistente sem despejar a página inteira.
Price Impact (price-impact) Categoria: DeFi Definição: The percentage change in a token's price caused by executing a trade against a liquidity pool. Larger trades relative to pool depth cause greater price impact. For example, a $10K trade in a $1M pool causes minimal impact, while the same trade in a $50K pool would move the price significantly. Aggregators minimize price impact by splitting across pools. Relacionados: Slippage, Pool de Liquidez
Use contexto do glossário, relações entre termos, modelos mentais e builder paths para receber respostas estruturadas em vez de output genérico.
Opcional: cole código Anchor, Solana ou Rust para o Copilot mapear primitivas de volta para termos do glossário.
O Copilot vai responder usando o termo atual, conceitos relacionados, modelos mentais e o grafo ao redor do glossário.
Esses ramos mostram quais conceitos esse termo toca diretamente e o que existe uma camada além deles.
The difference between the expected price of a swap and the actual execution price due to pool ratio changes between submission and execution. Users set slippage tolerance (e.g., 0.5-1%) as a maximum acceptable deviation; the transaction reverts if exceeded. High slippage occurs in thin pools or large trades relative to pool depth.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
Estes são os próximos conceitos que valem abrir se você quiser que este termo faça mais sentido dentro de um workflow real de Solana.
Essas entradas são fáceis de misturar quando você lê rápido, faz prompting em um LLM ou está entrando em uma nova camada de Solana.
The exponential moving average price published by Pyth alongside the spot price for each feed. EMA price smooths out short-term price spikes and is more resistant to manipulation than the instantaneous price. Lending protocols often use EMA prices for liquidation calculations to prevent unnecessary liquidations from brief price wicks. The EMA window is typically configured for several minutes of price history.
The unrealized loss an LP experiences when the price ratio of pooled tokens diverges from the ratio at deposit. If one token appreciates significantly, the LP holds less of that token than if they had simply held it. The loss is 'impermanent' because it reverses if prices return to the original ratio. For a 2x price change, IL is ~5.7%.
The reference spot price sourced from oracle feeds (Pyth, Switchboard) used as the benchmark in derivatives trading. Index price represents the aggregate market price across major exchanges and is used to calculate funding rates and as a component of mark price. Accurate index prices are critical for fair liquidation and funding rate calculations in perps protocols.
Entradas de glossário só ficam úteis quando estão conectadas. Esses links são o caminho mais curto para ideias adjacentes.
The difference between the expected price of a swap and the actual execution price due to pool ratio changes between submission and execution. Users set slippage tolerance (e.g., 0.5-1%) as a maximum acceptable deviation; the transaction reverts if exceeded. High slippage occurs in thin pools or large trades relative to pool depth.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
Essas entradas vivem ao lado do termo atual e ajudam a página a parecer parte de um grafo maior, não um beco sem saída.
A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.
An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.