> For the complete documentation index, see [llms.txt](https://docs.clovis.network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.clovis.network/more/yei-finance/yeiswap/swaps.md).

# Swaps

YeiSwap lets you exchange one token for another directly within the Yei ecosystem. Trades are matched based on available liquidity in the pool, enabling fast and permissionless swaps.

### Mechanism

YeiSwap is a decentralized exchange (DEX) that integrates Yei’s native interest-bearing tokens.

* Users swap tokens as usual, with no change in experience.
* Liquidity providers (LPs) earn both **trading fees** and **lending yields**, boosting capital efficiency.

***

## Token Swap

![](https://content.gitbook.com/content/AVHC81FYBgMAILvctkBu/blobs/Lt0gEbtqFyo2mJpFgrSs/image)

### Important Concepts

* **Price Impact**: Change in market price caused by your trade. Larger trades experience higher impact.
* **Slippage**: Difference between expected and actual price due to market changes. Set a slippage tolerance to manage this.

### How to Swap

Follow these steps to complete a swap on Yei:

{% stepper %}
{% step %}

## Select Tokens

Choose the token to swap from and to.
{% endstep %}

{% step %}

## Set Slippage

Adjust your slippage tolerance.

![](https://content.gitbook.com/content/AVHC81FYBgMAILvctkBu/blobs/4UKNktLs761l3JHGP0EJ/image)
{% endstep %}

{% step %}

## Review Price Impact

Higher impact = worse rates.
{% endstep %}

{% step %}

## Approve Token

Required only on the first swap for each token.
{% endstep %}

{% step %}

## Sign and Confirm

Approve the transaction in your wallet.
{% endstep %}
{% endstepper %}

***

## Security

View our [audit report here](/security/yei-finance-audits.md).