# 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 |

***

### 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 |

{% hint style="info" %}
**Tip:** Convert is designed for simple swaps. For limit orders or active trading, use the Order Book.
{% endhint %}

### 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)** |

{% hint style="info" %}
**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).
  {% endhint %}

***

### How Convert Works？

1. **Open Convert**

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

<div align="left"><figure><img src="/files/crqWfNE91XUt44i2ggcf" alt="" width="375"><figcaption></figcaption></figure></div>

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

<div align="left"><figure><img src="/files/cK0SnscizHRw7UMmdV67" alt="" width="563"><figcaption></figcaption></figure></div>

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

<div align="left"><figure><img src="/files/m5GdEg4RI7k20HH15XZi" alt="" width="323"><figcaption></figcaption></figure></div>

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

<div align="left"><figure><img src="/files/5DcrDU5jOj7jVcUI8pRn" alt="" width="320"><figcaption></figcaption></figure></div>

4. **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.*

<div align="left"><figure><img src="/files/kWzFyyxG9wRoXLyCqQT0" alt="" width="327"><figcaption></figcaption></figure></div>

5. **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**.*

6. **Confirm** — Review the price and tap Convert

<div align="left"><figure><img src="/files/7juXxXtj2VOgenxNp2wB" alt="" width="326"><figcaption></figcaption></figure></div>

7. You can view your **Convert History** [here](< https://backpack.exchange/portfolio/trades/convert-history>)

***

### 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&#x20;

<details>

<summary><strong>What happens if no quote arrives?</strong></summary>

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.

</details>

<details>

<summary><strong>Why can’t I convert all my tokens?</strong></summary>

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**.

</details>

<details>

<summary><strong>The price changed when I tapped Convert. Why?</strong></summary>

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%).

</details>

<details>

<summary><strong>Why is Convert unavailable?</strong></summary>

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.

</details>

<details>

<summary><strong>Can I set a limit price in Convert?</strong></summary>

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**.

</details>


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