How a Fermi swap quote turns into a filled trade

One market maker’s inventory is what fills a Fermi swap: FermiSwap is a proprietary automated market maker, or prop AMM, that quotes from its own token holdings instead of a pool funded by outside liquidity providers. That inventory model is the key difference from a typical pooled AMM. Your fill depends on the maker’s current quote, the route chosen for your trade and the minimum output you accept.

The maker sets prices for token pairs and refreshes them as market conditions change. When an aggregator considers a fermi swap, it can compare the expected output with other available routes before submitting a transaction.

How does a Fermi swap fill on Ethereum?

A Fermi swap fills when your transaction reaches the onchain venue with a usable quote and enough inventory for its size. FermiSwap’s maker supplies fresh quote information through Titan, an Ethereum block builder; Titan can order the quote update ahead of the swap in blocks it builds.

The trade itself settles through Ethereum’s contracts: your input token goes in, and the output token is sent to your recipient if the transaction succeeds. The quote is not a promise that the trade will land at that price in every circumstance. The builder’s ordering role matters, and the latest displayed quote may differ from the one available when the transaction executes.

How is FermiSwap different from a pooled AMM?

A pooled AMM calculates prices from the token balances in a public liquidity pool. FermiSwap instead trades against a market maker’s inventory, with the maker actively setting and updating the prices offered for each pair.

That setup can make quotes more responsive than a pool that waits for trades or arbitrage to shift its price. It also means outside liquidity providers do not set the price or add funds to that inventory. The maker controls the quotes, and may offer different prices or depth as the market moves.

A Fermi swap quote can be competitive for one trade size and less attractive for another. A larger order may use more of the available inventory or move through less favourable price levels, so compare the estimated output for the amount you actually plan to swap.

What should you check before submitting a Fermi swap?

Check the route and the amount you are expected to receive, then decide whether the minimum output is acceptable. Slippage is the difference between the quoted output and the amount ultimately received; setting a minimum helps define when a worse price should make the transaction fail.

Before you approve the transaction, review these details:

• Confirm the input and output tokens and that both are on Ethereum.
• Compare the quoted output for your trade size, not just the displayed exchange rate.
• Set a minimum output you can accept, allowing for price movement without making the limit needlessly loose.
• Account for Ethereum gas, which you pay separately from the tokens being swapped.

If the route cannot deliver your minimum output, the transaction should revert rather than complete at a lower amount, though you may still pay gas for a failed transaction. A fermi swap is best understood as a maker’s live offer that can be routed and settled onchain, not a guaranteed fixed price. Review the quote, its size and your minimum before signing.