Token swap

A token swap is the basic trade of a DEX: you hand a pool one asset and receive the other in the same transaction. There is no order to place and no counterparty to wait for; the pool's reserves price the trade the moment it executes, and the exchange completes as one atomic unit or not at all.

The lifecycle on OneSwap is short. You pick a direction, enter an amount, and receive a quote that itemizes the real costs: the pool fee, the price impact of your specific size, and network cost. Accepting submits a transaction whose settlement moves both assets simultaneously under Canton's contract rules. If conditions shift past your slippage tolerance before settlement, the transaction fails cleanly and nothing moves.

Two properties distinguish swapping from trading on a custodial exchange. Assets never sit with an operator, so there is no withdrawal step and no operator balance-sheet risk. And execution quality is fully mechanical: the same amount against the same reserves always prices identically, which makes costs auditable in a way hidden order-book internals are not.