The long-awaited Runes Swaps feature is now live on Magic Eden! In this guide, we will highlight how you can trade your favorite Rune using this new feature.
At launch, we will offer Buy-Side swaps (BTC → Runes) for ALL Runes.
Sell-Side swaps (Runes → BTC) will be gradually rolled out for Runes Collections with the largest bid demands.
🎯 Place more bids (limit buys) on your favorite Runes to enable Sell-Side swaps!
How Do Runes Swaps Work?
Runes Swaps is a brand new UX designed on top of our onchain orderbook.
It is important to note that Runes Swap is NOT an AMM, and is powered by the liquidity provided by users - listings (asks) from sellers, and bids (limit orders) by buyers.
Trading Runes with Runes Swaps
1. Head to the 'Swaps' tab on a Runes Collection Page.
2. Input the amount of BTC you would like to swap.
3. Click the gear on the top right to bring up the swap settings where you can configure all your swap preferences.
Swap Price Tolerance
The Swap Price Tolerance allows you to set the price percentage difference you are willing to accept for your swap vs. the lowest available ask.
Learn more about Price Tolerance here.
Pending Buys
A toggle to choose between showing all listings, including orders that are still pending on Mempool vs. showing only available listings.
Mempool Protection
A toggle to allow users to prioritize Full Mempool Protection for all purchases, or only to use Full Mempool Protection for Runes Swaps.
4. Click 'Get Quote'. You'll be matched with the best available quote at that point in time. Find out how your quote is broken down here!
As swaps are powered by the liquidity on a specific side of the orderbook, Magic Eden will through the entire orderbook to look for the best quote that falls within your Price Tolerance.
⚠️ Requested Lots ≠ Quoted Lots. Available lots set the rules.
5. This quote will be available for 30 seconds, before it expires and a new quote would be issued.
6. If you are satisfied with the quote, go ahead and click 'Swap'. This would broadcast your Runes Swaps order!
No Quote?
If you're facing trouble getting a quote or getting your swap filled, try out these few troubleshooting methods:
Increasing your Price Tolerance %. This allows lots further down the orderbook to be considered in your swap quote.
Adjusting your Mempool Protection settings. This allows lots that are not fully protected to be considered in your swap quote.
Increasing your swap BTC amount to access more listings.
☝🏼 Remember: Magic Eden uses an onchain orderbook model, NOT an AMM.
Price Tolerance ≠ Slippage
Deciphering Your Swap Quote
On your quote, you'll see:
Average Price: This is the average price of all Runes bought in your swap.
Average vs. Lowest Ask: The % between your swap order price vs. floor price.
Price Range: The max % above floor in your order.
Highest/Lowest Price: The highest and lowest prices of the lots you swapped in your order.
Price Tolerance in Action
Take for example that the floor of PUPS•WORLD•PEACE is 300 sats/rune, and I wished to swap 0.005 BTC.
If I set a Price Tolerance of 10%, this means that I am willing to pay up to 330 sats/rune for this specific swap.
Upon clicking 'Get Quote', Magic Eden will search through all available listed lots (asks) to look for a quote that suits my specific preferences:
≤ 0.005 BTC
≤ 330 sats/rune
I eventually received a quote of 0.0031 BTC for 308.9 sats/rune for 1000 PUPS•WORLD•PEACE.
This quote is below my total swap amount, and also within my 10% price tolerance.
What Collections Have Sell-Side Swaps Enabled?
At launch, only these following collections will support Sell-Side Swaps:
DOG•GO•TO•THE•MOON
BILLION•DOLLAR•CAT
CYPHER•GENESIS
MEMENTO•MORI
PUPS•WORLD•PEACE
SAIKO•HAMSTER
BASED•INTERNET•PANDA
GIZMO•IMAGINARY•KITTEN
RSIC•GENESIS•RUNE
BITCOIN•BRO•BEAR
Want Sell-Side swaps on your favorite collection? Go place those bids!