Why is Swap rate on pDEX 3.0 so much worse?

Comparing the pDEX to other exchanges, the swap rates on the new platform are significantly worse than they were before the update.

Previously they were within 0.5%-1.5% of the general spot market of major exchanges. Now it’s more like 3.5%-4%.

Obviously the “solution” would be to use the new order book buy/sell functionality, but there doesn’t seem to be any liquidity. And I’m not even seeing BTC as an option.

  1. What determines the forced Swap rate?

  2. What is the story with order book liquidity? How is it imagined that that functionality will become actually usable?

  3. Why are there only a few coins available in the buy/sell, and BTC isn’t one of them?


Definitely, you should read this first: Introducing the new pDEX (pDEX v3)

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Thank you, but I have been following that thread. All the talk has really refered to the order book, not the Swap function.

And I’m not seeing a real answer to any of the three questions I posed, but maybe I missed it.

Can you please link the relevant section of that thread that answers my questions?

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I think this example answers 1 & 2 well if you feel lost in the formulas:

For 3, since not so many people put the limit orders yet, you see a few coins. This is not related to the team.

Thank you again, but I’m not sure this really addresses the heart of my question regarding swap rates.

Ultimately, that thread implies that the hybrid AMM/order-book should lead to a more efficient exchange and a better overall experience for the user. I’m trying to determine how/why, if that is true, the swap rate is so much worse than it was before.

Can you explain this, or highlight the portion that does?

I’m not sure you understand my question. It sounds like you’re saying BTC isn’t available to buy or sell because no one has put in limit orders for it. What I’m saying is that I’m only seeing a handful of cryptocurrencies available as options to place a limit order for, and BTC isn’t one of them.

Perhaps you can tell me how to place a limit order involving BTC.

  1. Make sure you are on the current version of the app --v5.0.4 on iOS – which it seems like you are.
  2. From the home screen, tap the Privacy Markets icon in the lower left corner of your screen.
  3. Ensure you have selected the ALL view in the upper left corner of the screen (the text of the button should be highlighted blue)
  4. Tap BTC.
  5. Set your PRV and BTC rates to place a buy order. These are limit orders.


  1. Tap the Sell button at the top left of the screen.
  2. Set your PRV and BTC rates to place a sell order. These are limit orders.


  1. Tap the Swap button at the top left of the screen.
  2. Set your PRV or BTC amount to start a swap. These are not limit orders.
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Thank you. Can you tell me why BTC is not listed in the available cryptocurrencies when you select “Trade” at the bottom of the app and tap the base currency to select what you want to trade to or from?

All I see is PRV, ETH, XMR, LTC, ZEC, and DASH.

Seems like a bug. @support There appears to be a display bug on the Trade screen. BTC is not listed as base pair for trading.

@drusin I do see that if you tap BTC in the Privacy Markets tab, choose another tab (say Wallet), then tap Trade, BTC will be shown as the base quote. You could use this as a partial workaround until what appears to be a display bug is sorted.

I suppose USDT should be listed there as well? That is also missing.

Do you have any insight into why the swap rates are so much worse than before the update? And is there anywhere I can at least see the liquidity pools or any of the inputs that are determining the rates?

  1. Tap the Wallet icon at the bottom of the screen.
  2. Tap Join a Pool
  3. Tap PRV/BTC (for example)
  4. After pulling data from the blockchain, the pool size will be shown at the bottom of the screen. In this case the PRV/BTC pool is 241,815.21 PRV + 5.149 BTC.

This would also be why you can’t select BTC as a base. If you go back a screen to the list of pools, you will see there is no pool with BTC as a base. The only pool with BTC has BTC as the quote.

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I also can’t trade DAI, USDC, BNB, USDP, XYO, OXT, REN, BAT, BUSD, KNC, HEX, DCN, KEY, LINK, MATIC, HOT (all of which all worked before).

No pools for those coins yet.

I don’t think liquidity for some pools has been transferred over yet. I just saw an additional 500k in liquidity come through on the explorer just now.

You mean you saw the total liquidity display increase on https://explorer.incognito.org?

I’m not sure I understand this. In the Join a Pool section you mentioned, the only coins in all the pool pairs are the 8 coins listed in the Privacy Markets section of the app.

But there are many other tokens seemingly available for swap.

How does that work?

Yes that’s what I’m referring to. Immediately prior to the update there was circa 4.8m in liquidity so I don’t think all of it has been transferred over yet.

The swap list is not filtered to coins with available pools. Select a coin not in the Market list, enter any amount and you’ll see a “no trade route found” error message.

What happened to those pools? Are you saying there aren’t pools for those coins yet because the liquidity simply hasn’t been moved over to be available to the new dex yet?

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I believe so, but that’s a question better answered directly by the core team.

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That matches my understanding too. The team said that th official launch of pdex 3 would be Jan 2022 but would release pdex functionality prior to year end. Please refer to the post from @alias in the below thread.


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