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Bid-ask spread
The bid-ask spread is the gap between the highest price a buyer is offering (the bid) and the lowest price a seller is asking (the ask). A trade that happens immediately usually buys at the ask or sells at the bid.
What it means for you. Buying and then selling straight away loses the spread, even if the price has not moved. The quoted price is often the midpoint, so a wide spread means you sell for less than the number shown. FINRA notes a narrow spread can signal good liquidity but is not the whole picture: order size and depth also count.
Sources: FINRA: Understanding Market Liquidity and Your Investments, CFTC: Glossary · checked 4 October 2026
Slippage
Slippage is the difference between the price you were quoted for a trade and the price you actually get, caused by the market moving while your transaction waits to be confirmed. On a DEX you set a slippage tolerance: the most you will accept.
What it means for you. If the price moves past your tolerance, the swap fails, and on many chains you still pay the network fee. A high tolerance lets the swap go through at a much worse price, and bots can exploit a loose setting. Check the minimum amount you will receive before you confirm.
Source: Uniswap docs: Swaps · checked 4 October 2026