What Is Slippage Tolerance?
When you place a market order, the price you see isn't always the price you get — the market can move between the moment you submit and when your order fills. Slippage tolerance sets the maximum price movement you're willing to accept.
Under the hood, your market order is sent as a limit order with IOC (Immediate or Cancel) time-in-force. This means:
Any portion of your order that can fill within your slippage tolerance will fill immediately
Any remaining quantity that cannot fill within your tolerance is automatically cancelled — it will never execute at a worse price
So if you buy 1,000 COPPER and only 600 can fill within your 3% tolerance, you get 600 filled and 400 cancelled — rather than the full 1,000 filling at a price you didn't agree to.
Where to Find It
The slippage setting appears in the order panel at the bottom right of the trading interface, labeled Slippage:
Est: — the estimated slippage for your current order size, calculated from live orderbook depth (buy side/sell side)
Max: — your configured tolerance cap
Click the pencil icon to open the adjustment dialog
How to Adjust Slippage Tolerance
Step 1. Click the pencil icon next to Slippage in the order panel. The Adjust slippage tolerance dialog opens.
Step 2. Enter your desired maximum slippage in the input field. The default unit is % (percentage of the reference price). You can switch to a fixed quote currency amount (e.g. USDT) using the dropdown on the right.
Step 3. Review the Estimated price band shown below the input field. This shows the worst price your order will accept:
For a Buy order: reference price × (1 + your slippage %)
For a Sell order: reference price × (1 − your slippage %)
Any fills that would require a price outside this band are cancelled immediately.
Reference price used:
Perpetuals (USDT perps): mark price
Spot and USDC stable-funded perps (SFP): index price
Step 4. Click Confirm to save, or Reset to revert to the default.
Understanding the Estimated Slippage (Est: X%)
The "Est:" figure is calculated in real time by walking the live orderbook for your order size:
Starting from the best ask (for buys) or best bid (for sells), the system accumulates fill quantities level by level until your full order size is covered.
It computes the volume-weighted average price (VWAP) across those levels.
Estimated slippage % = |VWAP − reference price| / reference price × 100
A high estimated slippage means the current orderbook doesn't have enough liquidity near the top of book for your order size — a portion of your order may be cancelled if your tolerance is set too tight.
The Maximum Slippage You Can Set
Each instrument has a Price Protection band that acts as the absolute ceiling for slippage tolerance. You cannot set a tolerance wider than this band.
Where to find the Price Protection band for any instrument:
Click the Info tab at the top of the chart area
Under Contract Trading Rules, look for the Price Protection row
For example, COPPERUSDT shows Price Protection: ±3%, meaning the maximum slippage tolerance you can set for COPPER is 3%.
Why does this limit exist? The exchange's matching engine already enforces this band on every order. Setting a tolerance wider than it offers no additional flexibility — your fills are still capped at the band. In that case, Grvt treats your order as a pure market order with no price limit applied.
Frequently Asked Questions
Will my full order always fill?
Not necessarily. Your order fills as much as it can within your tolerance, then cancels the rest. If you need guaranteed full execution, consider placing a limit order or widening your slippage tolerance closer to the instrument's Price Protection limit.
Can I set slippage in a fixed dollar amount instead of %?
Yes — use the dropdown in the dialog to switch from % to the quote currency (e.g. USDT). The system converts this to an equivalent percentage using the current reference price.
What if I set slippage equal to or beyond the Price Protection band?
Grvt treats the order as a pure market order — no slippage limit price is attached. Your order will fill at whatever price the matching engine allows up to the exchange's own price protection limit.