Slippage

On an AMM like Uniswap or Raydium, your trade moves along a bonding curve. Bigger trade or thinner pool, worse fill. If a pool has $20k of liquidity and you try to swap $5k in, you're eating a brutal price impact — not fees, just math.

Slippage tolerance in your wallet is the max deviation you'll accept before the trade reverts. Set it too low on a volatile token and transactions fail (you still pay gas). Set it too high and MEV bots sandwich you. Check pool depth before you click swap.