What Does Minimum Received Mean in a Swap?

What Is Minimum Received?

Minimum Received is the lowest output amount allowed by the current swap quote and its slippage tolerance. It protects you from completing a swap after the output has moved beyond the accepted limit.

Gem Wallet shows this value in the swap details before you continue. It is different from the estimated receive amount:

• Estimated receive amount — the provider's current quoted output.
• Minimum Received — the lower limit derived from that output and the quote's slippage.

If execution would produce less than the protected minimum, the swap should not execute under those quoted conditions. The transaction can fail or require a new quote instead, depending on the provider and route.

How Does Gem Wallet Calculate It?

Gem Wallet applies the quote's slippage percentage to the estimated output:

Minimum Received = Quoted Output × (1 − Slippage Tolerance)

For example, if the quoted output is 100 USDC and the slippage is 1%:

100 USDC × (1 − 0.01) = 99 USDC

The minimum received amount would be 99 USDC. The app performs this calculation using the asset's smallest units, so the displayed value may be rounded for readability.

note

This example explains the calculation and is not a live quote. Your rate, amount, provider, price impact, slippage, and fees will differ.

Where Can I Find Minimum Received?

You can check it without submitting a transaction:

1. Open Gem Wallet and select Swap.
2. Choose the pay and receive assets.
3. Enter an amount that produces a quote.
4. Expand or review the swap details.
5. Find Minimum Received and Slippage.
6. Leave the screen without selecting Swap if you do not intend to proceed.

Review the value again after changing the amount, provider, asset pair, or slippage. These changes request a new quote and can produce a different minimum.

How Does Slippage Affect Minimum Received?

A larger slippage tolerance creates a lower minimum received amount. A smaller tolerance keeps the minimum closer to the quoted output.

Quoted output	Slippage	Minimum received
100 USDC	0.5%	99.5 USDC
100 USDC	1%	99 USDC
100 USDC	3%	97 USDC

A very low tolerance can make a swap more likely to fail when prices move. A high tolerance may allow it to execute at a substantially worse result. Gem Wallet supports automatic slippage and validated custom values; it warns when a custom setting is high.

Read What is Slippage? before changing this setting.

Is Minimum Received the Final Amount?

Not necessarily. The final output can be higher than the minimum and may be close to the quoted amount. Minimum Received is a protection boundary, not a prediction of the exact result.

Also consider costs that may be represented separately or incorporated into the route, including:

• Network fees.
• Provider or protocol fees.
• Cross-chain execution costs.
• Price impact from your trade size.

Review Gem Wallet Swap Fees and What is Price Impact? for those distinctions.

Why Did Minimum Received Change?

The value is recalculated from the current quoted output and slippage. It can change when:

• Gem Wallet refreshes the live quote.
• The market price or liquidity changes.
• A different provider or route is selected.
• You change the pay amount or asset pair.
• Automatic slippage returns a different setting for the route.
• You select a valid custom slippage value.

See Why Does My Swap Quote Change? for details about quote refreshes and provider changes.

What Should I Review Before Swapping?

• Confirm the pay and receive assets and their networks.
• Compare the estimated output with Minimum Received.
• Check the rate, price impact, provider, slippage, and fees.
• Reconsider a swap with unexpectedly high price impact or slippage.
• Make sure the destination asset is supported by your wallet.
• Review the newest quote immediately before confirmation.

caution

Do not raise slippage simply to force an unfamiliar or illiquid token swap through. Verify the token and route first, because a high tolerance can expose the swap to a much worse execution price.