Convert

What is Convert?

Convert is Backpack’s simple token swap feature.

Instead of trading on an order book, Convert uses an RFQ flow:

• You request a quote for swapping Token X → Token Y

• Professional market makers compete to return the best available price

• You confirm and the swap settles instantly

RFQ = Request for Quote It simply means: “I want to swap X for Y — what’s your best price right now?”

Quick Reference

Item	Value
Quote validity	2 minutes
Default slippage	1%
Max slippage	5%
Fee display	Included in quoted price
Borrowing	Not available in Convert

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Why Use Convert Instead of the Order Book？

Concern	Order Book	Convert
Price certainty	Market orders may slip	You see the final quote before confirming
Large swaps	Large orders may “walk the book” and get worse fills	Market makers quote a price for your size
Partial fills	Can fill at multiple prices	Fills all at once at the quoted price
Ease of use	Requires understanding spreads, depth, and order types	Enter amount → review quote → tap Convert

Tip: Convert is designed for simple swaps. For limit orders or active trading, use the Order Book.

When to Use Each？

Scenario	Recommended
Quick swap (any size)	Convert
Large swap (minimise slippage)	Convert
You want a specific limit price	Order Book
You want to see market depth	Order Book
You want a simple, beginner-friendly flow	Convert
You trade actively or need advanced controls	Order Book
You want to sell more than you hold (short)	Order Book (Margin required)

Key points：

• Convert is best for fast, simple swaps with a quoted price.

• Order Book is best when you need control (e.g., limit price, depth, shorting).

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How Convert Works？

Go to Backpack Exchange on the web or open the Backpack app on mobile, then log in to your account.

New to Backpack? Create an account on the web or on mobile to get started.

1. Open Convert

• On mobile: Tap Home, then tap Convert in the top-right corner.

• On web: After logging in, click Convert in the top-right corner.

1. Select tokens — Choose what you're swapping from and to

1. Enter amount — Type either the amount you want to sell OR the amount you want to receive

1. Adjust slippage — Set your slippage tolerance

Slippage is a price cushion that applies only if the quote expires while you confirm. The default is 1% (max 5%), and in most cases you’ll receive the exact price shown. Slippage only applies as a safety net if timing is tight.

1. See quote — Market makers respond with their best price (usually within milliseconds)

Note: Market makers have up to 1 minute to respond. You have 2 minutes to accept the quote. If the quote expires, the app automatically fetches a new quote.

1. Confirm — Review the price and tap Convert

1. You can view your Convert History here

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Fees

Fees are built into the price you see. There are no hidden charges or separate fee lines.

Example: If you're selling SOL and the screen shows you'll receive $149.85 USDC — that's exactly what you'll get. The fee has already been factored in.

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Frequently Asked Questions

What happens if no quote arrives?

In rare cases where no market maker responds:

• The screen shows "Fetching quote..."

• After 2 minutes, the request expires and a new one is automatically submitted

• This continues as long as you're on the Convert screen

In practice, market makers typically respond within milliseconds, so this is uncommon.

Why can’t I convert all my tokens?

Some of your tokens may be locked as collateral for:

• open positions, or

• active borrows

You can only convert the amount that is not backing other positions.

The price changed when I tapped Convert. Why?

Convert uses time-sensitive quotes. If your original quote expired before you confirmed, your swap was executed at the next available quote within your slippage tolerance.

This is expected behavior and helps prevent failed swaps during fast market moves.

What to do next

• Try again with a fresh quote.

• If needed, adjust your slippage tolerance (1%–5%).

Why is Convert unavailable?

Convert may be unavailable if:

• the token pair is not supported, or

• your account is currently in liquidation (Convert is paused during liquidations)

What to do next

• Confirm the token pair is supported.

• If your account is in liquidation, wait until liquidation ends before using Convert.

Can I set a limit price in Convert?

No. Convert is designed for fast, simple swaps and does not support limit prices.

If you want to set a specific price, use the Trading interface and place a limit order.