> For the complete documentation index, see [llms.txt](https://docs.pay.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pay.io/assets/swapping-assets.md).

# Swapping Assets

The **Swap** feature lets you convert one cryptocurrency or stablecoin into another directly from your **Hot Wallet** — without withdrawing funds to an external exchange. Use it to rebalance your operational liquidity when player withdrawal demand does not match the currencies you hold (for example, your balance is concentrated in USDC whilst players are withdrawing USDT), or to convert volatile assets into stablecoins.

#### Why Use It?

* **Stay on the platform** so there isn't a need for withdrawing to an external exchange, trading, and transferring back. One action, inside the Merchant Console.
* **Fewer fees, less waiting** as you can avoid the multiple network fees and round-trip delays of moving funds between platforms.
* **Full transparency** as the exchange rate, network fee, and platform fee are all displayed before you confirm.
* **Rate certainty when you need it** as you can choose between a floating rate for the best market price, or lock in a fixed rate for a guaranteed output amount.

#### Who Can Swap?

Swap actions are governed by your team's roles and permissions:

| Action                      | Administrator | Manager | Viewer |
| --------------------------- | ------------- | ------- | ------ |
| Initiate a swap             | ✔             | ✔       | —      |
| View swap history           | ✔             | ✔       | ✔      |
| Export swaps in CSV reports | ✔             | ✔       | ✔      |

See [Team Management (Roles and Permissions)](/account-settings/team-management-roles-and-permissions.md) for the full matrix.

#### Accessing the Swap Widget

From the left-hand navigation, go to **Assets → Hot Wallet** and click the **Swap** button, alongside the existing **Deposit** and **Transfer to Treasury Wallet** actions.

{% hint style="info" %}
**Swap button greyed out?** \
\
Swaps require at least one valid currency pair — a currency you hold a balance in, plus a different currency configured in your dashboard. 

If you only have one currency configured, add more to your dashboard to enable swapping. See Asset Management (Add, Edit, Disable).
{% endhint %}

#### Available Currency Pairs

The swap widget is context-aware and only shows you pairs you can actually use:

* **You Send** — lists only the currencies you currently hold a balance in within your Hot Wallet.
* **You Get** — lists the currencies configured in your dashboard, excluding the currency you selected to send. You can search by coin name, ticker, or network.

Each pair has a **minimum and maximum swap amount**. If your entered amount falls outside these limits, the widget displays the boundary value so you can adjust.

#### Floating Rate vs Fixed Rate

<table><thead><tr><th width="171.2569580078125">Rate Type</th><th>How It Works</th><th>Best For</th></tr></thead><tbody><tr><td><strong>Floating rate</strong></td><td>You receive the best market rate at the moment of execution. The final output amount may vary slightly from the estimate.</td><td>Most swaps, especially stablecoin-to-stablecoin rebalancing.</td></tr><tr><td><strong>Fixed rate</strong></td><td>The output amount is locked and guaranteed, regardless of price movement during execution. A countdown shows how long the quote remains valid.</td><td>Larger swaps of volatile assets, where rate certainty matters.</td></tr></tbody></table>

{% hint style="info" %}
If a fixed rate is not available for your selected pair, the option is shown in a disabled state — you can still proceed with a floating rate swap.
{% endhint %}

#### Fees

Before you confirm a swap, the widget displays:

* **Network fee** as the on-chain cost of the swap, shown in crypto.
* **Platform fee** as Pay.io's processing fee, shown in crypto. Pay.io covers the on-chain gas for dispatching your funds; this is included in the platform fee.

The USD equivalent is displayed for the send and receive amounts. Fees are always expressed in crypto.

#### Executing a Swap

{% stepper %}
{% step %}
**Open the Swap Widget**

From **Assets → Hot Wallet**, click **Swap**.
{% endstep %}

{% step %}
**Select the Currency to Send**

Under **You Send**, choose the asset you want to convert. Only currencies with an available Hot Wallet balance are listed. Your available balance is displayed above the amount field.
{% endstep %}

{% step %}
**Select the Currency to Receive**

Under **You Get**, choose the asset you want to receive. Use the arrows between the two fields to reverse the direction of the pair at any time.
{% endstep %}

{% step %}
**Enter the Amount**

Enter the amount to swap in the **You Send** field. The **You Get** field is calculated automatically and cannot be edited directly. Once both currencies and an amount are set, the widget displays the estimated output, exchange rate, network fee, and platform fee.

{% hint style="warning" %}
Stay within the pair's minimum and maximum swap limits — the widget will flag amounts outside the allowed range.
{% endhint %}
{% endstep %}

{% step %}
**Choose Your Rate Type**

Toggle between **Floating rate** and **Fixed rate**. For fixed rate, note the countdown — the quote must be confirmed before it expires.
{% endstep %}

{% step %}
**Review and Confirm**

Check the full summary — pair, amounts, rate, and fees — then click **Swap**.

{% hint style="warning" %}
**Swaps are irreversible.**&#x20;

Once confirmed, the conversion cannot be cancelled or undone. Make sure your remaining Hot Wallet float can still cover ongoing player withdrawals — see [Float Set Up and Maintenance](/assets/float-set-up-and-maintenance.md).
{% endhint %}
{% endstep %}

{% step %}
**Monitor the Status**

The swap progresses through the following stages: **Getting Confirmations → Exchanging → Sending → Completed**.

You can safely close the processing screen at any time — the swap continues in the background and remains accessible in Merchant Transactions.
{% endstep %}
{% endstepper %}

Once the swap completes, the output currency is deposited back into your Hot Wallet and you will receive a notification.

#### Swap Statuses

<table><thead><tr><th width="210.106689453125">Status</th><th>Meaning</th></tr></thead><tbody><tr><td><strong>Getting Confirmations</strong></td><td>Your funds have been dispatched and are awaiting network confirmations.</td></tr><tr><td><strong>Exchanging</strong></td><td>The conversion is in progress.</td></tr><tr><td><strong>Sending</strong></td><td>The output currency is on its way back to your Hot Wallet.</td></tr><tr><td><strong>Completed</strong></td><td>The swap has settled and your Hot Wallet balance is updated. No further action required.</td></tr><tr><td><strong>Failed</strong></td><td>The swap did not complete. Open the details panel in Merchant Transactions to see the reason.</td></tr><tr><td><strong>On Hold</strong></td><td>The swap is paused pending an additional compliance check by the exchange partner. This is rare — contact your account manager or support if a swap remains on hold.</td></tr><tr><td><strong>Refunded</strong></td><td>The swap could not be completed and the original funds have been returned to your Hot Wallet.</td></tr></tbody></table>

#### Tracking Swaps in Your Transaction History

Every swap is recorded in Merchant Transactions with the type **Swap Deposit** and **Swap Payout**. The transaction details include the swap pair, input and output amounts, the exchange rate at execution, fees, and both transaction hashes (outbound and inbound). Swaps are filterable by type, date, and status, and are included in CSV exports.

#### Things to Bear in Mind

* **Swaps are irreversible** once confirmed. Review the summary carefully before clicking Swap.
* **Check your float first.** Swapping a large portion of an asset may leave insufficient liquidity for player withdrawals in that currency.
* **Fixed-rate quotes expire.** If the countdown runs out before you confirm, request a fresh quote.
* **Limits vary per pair.** Minimum and maximum swap amounts depend on the currency pair and are shown in the widget.
* **Viewers cannot swap.** They can view and export swap history only.

***

#### What's Next?

* [Merchant Transactions](/transaction-management/merchant-transactions.md) to review, filter, and export your full swap history.
* [Float Set Up and Maintenance](/assets/float-set-up-and-maintenance.md) to make sure your Hot Wallet stays sufficiently funded after rebalancing.
* [Managing Notifications](/account-settings/managing-notifications.md) to enable alerts for completed and failed swaps.
* [Team Management (Roles and Permissions)](/account-settings/team-management-roles-and-permissions.md) to control who on your team can initiate swaps.


---

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