Bitcoin

BTC → Runes & Runes → BTC swaps are coming soon, powered by our onchain orderbook.

During Beta you’ll be able to swap BTC for any Rune. Runes → BTC swaps will roll out gradually over the next weeks, expanding based on bid liquidity as we gear up for full launch.

Details👇

Swap is a turbo-charged UX layer sitting on top of our onchain orderbook. It taps into liquidity from listed lots (asks) and limit buys (bids).

Translation: You’re swapping smarter, not harder.

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Before you swap BTC ➡️ Runes…

1) Set your Swap Price Tolerance. This is the highest price % off the floor you’re willing to purchase as a part of your Swap order.

2) Indicate if you want to use Full Mempool Protection 🛡️ when available

3) Indicate if you want to only use Full Mempool Protection 🛡️ (recommended for peace of mind).

Enter your swap amount and we handle the rest, searching for available liquidity and filling a cart to match your request.

Keep in mind: Requested ≠ Quoted.

We’ll do our best to get as close as possible, but available lots set the rules.

If you have trouble getting a quote or your swap isn’t filling, try:

- Increasing your Price Tolerance.
- Adjusting your Mempool Protection settings.
- Upping your BTC amount to access more listings.

And remember:

- Runes are sold in onchain lots.
- Magic Eden uses an onchain orderbook model, not an AMM.
- Price Tolerance is not the same as slippage.

Here’s what your swap quote will show you:

- Average Price: The average price of Runes in your order.
- Avg vs. Lowest Ask: How your average Rune price compares to the floor price.
- Price Range: The max percentage above floor in your order.
- Highest/Lowest Price: The highest and lowest Rune lot prices in your order.

When selling Runes → BTC we utilize liquidity from our Limit Orders (Bids).

Your experience is fully (fun)gible — you can sell as many Runes as you want, and our algorithm autofills into the top bids.

Some notes for Rune → BTC swaps:

1) Selling Runes → BTC utilizes the same Price Tolerance settings as BTC → Runes.

2) An onchain Runestone limitation means you can only sell into 8 bids at a time.

If you’re having trouble getting a quote, it’s likely because:

1) Your Price Tolerance is too tight. Loosen it to sell further from the floor.

2) You’ve hit the max number of orders. Try swapping a few times in smaller batches.

3) There’s no more bid liquidity. Consider listing lots for sale instead.

Note that Rune → BTC quotes include similar metrics as BTC → Rune swaps, keeping it straightforward and consistent for our users.

Ready to Rune? Beta is almost here. Let’s make some swappin’ ~ magic ~