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.
🎯 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.
Magic Eden is also now partnered with Sats Terminal. This means larger liquidity and better prices for our users! When swapping runes, you will be able to swap into quotes from Sats Terminal & DotSwap as well.
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, or select a percentage of your total BTC you would like to swap.
♻️ You will be able spot where your current Rune Swap quote is from.
(We can see the quote above is from liquidity on Magic Eden)
3. Click the gear on the top right to bring up the swap settings where you can configure all your swap preferences.
Auto-Split Amount
If your listing price exceeds this amount, it will be automatically split into smaller lots before listing. The price per rune will remain the same as defined in your original listing.
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.
5. 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.
Route (via Sats Terminal): Where the liquidity for your current Rune Swap quote is from.