> ## Documentation Index
> Fetch the complete documentation index at: https://docs.fx.meme/llms.txt
> Use this file to discover all available pages before exploring further.

# Read an execution quote

> Worked examples for route comparisons, minimum received, maximum spent, and fees.

A quote answers a specific question: how much of one asset can this route exchange for another at the quoted state?

The figures below are illustrative. They explain how to read a quote; they are not live market prices or suggested trading settings.

## Compare routes on equal terms

For a purchase spending 100 USDC, imagine these net outputs:

| Route               | Input    | Quoted output after route deductions |
| ------------------- | -------- | ------------------------------------ |
| USDC → TOKEN        | 100 USDC | 9,850 TOKEN                          |
| USDC → EURC → TOKEN | 100 USDC | 9,920 TOKEN                          |

The indirect route returns 70 more tokens for the same input. That comparison already includes its pool execution and route deductions. Do not subtract the same fees a second time.

Network gas is additional. The implemented route comparison selects the highest output for an exact-input order, or the lowest input for an exact-output order. That amount comparison is not a guarantee of the lowest total cost after gas.

## Understand your amount mode

<Tabs>
  <Tab title="Exact input">
    You fix how much to spend and protect the minimum received.

    If 100 USDC quotes 9,920 tokens, a hypothetical 1% tolerance gives:

    ```text theme={null}
    minimum received = 9,920 × (1 − 0.01)
                     = 9,820.8 TOKEN
    ```

    The transaction must receive at least that amount. Receiving more remains possible. Exact token units determine the final rounded limit.
  </Tab>

  <Tab title="Exact output">
    You fix how much to receive and protect the maximum spent.

    If receiving 10,000 tokens quotes 101 USDC, a hypothetical 1% tolerance gives:

    ```text theme={null}
    maximum spent = 101 × (1 + 0.01)
                  = 102.01 USDC
    ```

    The transaction cannot spend more than that limit for the requested output. The maximum is a bound, not an additional fee.
  </Tab>
</Tabs>

## Fees, price impact, and tolerance

These are separate parts of the review:

| Item               | What it describes                                               |
| ------------------ | --------------------------------------------------------------- |
| Hook fees          | Protocol and any applicable creator or holder deductions        |
| Native pool fees   | The costs charged by each pool on the route                     |
| Opening surcharge  | A temporary buy deduction for a newly activated launch          |
| Price impact       | How the quoted trade changes pool prices                        |
| Slippage tolerance | The permitted change from the quoted result to settlement       |
| Network gas        | The cost of the onchain transaction, separate from route output |

Price impact is already reflected in a simulated execution quote. Raising tolerance does not improve that quote. It permits a wider execution bound. See [Uniswap's swap concepts](https://developers.uniswap.org/docs/get-started/concepts/traders/swaps).

Fee displays can use different units and bases. A percentage shown beside a leg does not imply that every deduction applies to the original wallet input. The [fee reference](/economics/fees) explains FX's accounting.

## Time matters

A quote is tied to the state used to calculate it. Other trades, liquidity changes, and the opening surcharge can change the result before settlement.

The deadline limits how late the order can execute. It does not reserve the quoted price. After an expired review or an account or network change, obtain a fresh quote.

## Review before signing

<Steps>
  <Step title="Check identity">Confirm the network, input asset, output asset, and recipient. Symbols alone do not identify token contracts.</Step>
  <Step title="Check the complete route">Read every currency and pool hop, then compare the final output or required input.</Step>
  <Step title="Check the bound">Review minimum received or maximum spent, the deadline, and gas separately.</Step>
  <Step title="Follow the transaction">An allowance approval can precede the swap. Track the trade receipt before interpreting a delayed balance update.</Step>
</Steps>

If the quote cannot fill completely or settlement violates its bounds, FX's router rejects the route. See [troubleshooting](/guides/troubleshooting) for the next step.