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
Quote validity
2 minutes
Default slippage
1%
Max slippage
5%
Fee display
Included in quoted price
Borrowing
Not available in Convert
Why Use Convert Instead of the Order Book？
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？
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).
How Convert Works？
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.
Select tokens — Choose what you're swapping from and to
Enter amount — Type either the amount you want to sell OR the amount you want to receive
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.
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.
Confirm — Review the price and tap Convert
You can view your Convert History here
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.
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.
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