The Vibe: The difference between the price you expect when you place a trade and the actual price you get—often worse in fast-moving or low-liquidity markets, like paying more for something because the price jumped while you were checking out.
The Details: Slippage happens when you execute a trade (especially market orders or large swaps on DEXs) and the final price differs from what you saw. On centralized exchanges (CEXs), it’s usually small due to order books and liquidity. On decentralized exchanges (DEXs) with automated market makers (AMMs) like Uniswap or PancakeSwap, slippage is common: big trades move the price against you because the liquidity pool adjusts automatically (constant product formula). For example, buying a lot of a token can push its price higher mid-trade, so you end up paying more. Positive slippage (better price) is rare but possible.
Pro Tip: Always set a slippage tolerance in your wallet or DEX (start with 0.5–1% for normal trades, up to 3–5% for volatile ones). Use limit orders when possible to avoid surprises. Check pool depth or order book on DexScreener before big swaps—small trades in thin markets can still slip badly.
Related Terms: [AMM], [Liquidity Pool], [Market Order], [Limit Order], [Order Book]