SushiSwap v3

SushiSwap v3 is a non-custodial automated market maker: pools of two tokens are priced by a curve inside smart contracts, with no order book and no intermediary holding your funds. It follows the concentrated-liquidity architecture popularized by Uniswap v3 but runs on Sushi's own deployments, interface and routing. Instead of spreading capital across every price from zero to infinity as in SushiSwap v2, a liquidity provider picks a specific price range and a fee tier; the position earns pool fees only while trades execute inside that range. That makes capital work harder per dollar deposited, but positions go inactive when price leaves the range and need active management. Each position is represented by an ERC-721-compatible NFT carrying the pool, range, liquidity and fee-accounting state. The core logic lives in the open-source v3-core contracts, with routing and position management in the periphery layer.

A swap is one atomic on-chain transaction: you pick a network, input token, output token, amount and slippage tolerance; the router quotes a path through one or more pools; your wallet signs; the pool contracts compute output from available liquidity, deduct the pool fee, enforce your minimum received, and settle everything in a single transaction or revert it entirely. Price impact is the execution-price loss caused by trade size relative to liquidity along the route, so the interface's impact figure is more useful than the spot price for judging the quote. Your slippage setting converts to a minimum-received floor that the contract enforces, so a move beyond it reverts the swap rather than filling you badly. Spending an ERC-20 for the first time requires a separate approval transaction granting the router permission to move that token; the ERC-20 allowance functions show why that standing permission is distinct from the swap and costs its own gas.

Ethereum mainnet is chain ID 1, and its verified SushiSwap v3 factory is 0xbACEB8eC6b9355Dfc0269C18bac9d6E2Bdc29C4F, which you can inspect as the verified factory contract. Sushi also publishes deployments across numerous other EVM networks, and each chain has its own pools, its own liquidity depth and its own factory — a pair that trades well on one network may be thin or absent on another. Pools are identified by chain, token pair and fee tier, so the same two tokens can exist as several distinct pools. Pool assets use the ERC-20 interface; native coins like ETH are handled through their wrapped versions inside the contracts. Before assuming a route exists, check the live app on the specific network you intend to use and cross-check aggregate activity on an independent tracker. You do not need the SUSHI token to swap or to open a position.

A swap's cost has three parts: the pool fee, network gas and price impact. Each pool belongs to a fee tier; the fee is deducted from the swap output by the contract itself and goes to the liquidity providers active in the traded range. Multiple tiers can exist for the same pair, so the route chosen affects what you pay. Network gas is paid to the chain's validators in the native token, varies with congestion and with how many pools the route touches, and applies to approvals, swaps and position management alike; Ethereum's gas documentation explains the computation charge behind a transaction. Price impact is not a fee but a real cost: it is the difference between the quoted spot price and your execution price caused by your own size against available liquidity. On the LP side, positions earn a pro-rata share of pool fees only while in range, and impermanent loss research describes the associated LP risk. No SUSHI is required for ordinary use.

SushiSwap v3 is non-custodial, but non-custody does not remove smart-contract, token, interface, approval, price-movement or bridge risk. You keep your keys and sign everything yourself; the contracts are open-source, which lets anyone inspect them, yet open-source code can still contain bugs. The residual risks are smart-contract exploits in pool or routing contracts, malicious or worthless tokens that mimic legitimate tickers, phishing sites and fake interfaces that harvest signatures, adverse price movement and impermanent loss for LPs, standing token approvals that outlive the swap you made them for, and added bridge risk from cross-chain activity. An approval grants a spender an allowance over your token, so verify the spender address and amount and consider revoking stale allowances; the FTC's phishing guidance explains why a familiar-looking wallet message can still be fraudulent. Verify the interface, token contracts and every signature before you sign.

To swap, connect your wallet to the Sushi app and confirm you are on the network where your tokens actually sit. Select the input token and output token — paste the token's contract address rather than trusting a ticker search if the asset is obscure — and enter the amount. Read the quoted route, including the pools it touches, the fee tier, the price impact and the minimum received at your slippage setting. If this is the first time spending that token, sign the approval transaction first and check the spender and allowance amount in your wallet prompt. Then sign the swap itself and wait for the network's confirmation; settlement follows that chain's block inclusion and finality rules, so timing varies by network.

A missing route usually means the wallet is on the wrong network, the transaction lacks native gas, an approval is pending, or the pair is too thin for the quote. If the app shows no balance or no route, check which chain your wallet is connected to. Every action, including approvals and failed transactions, needs the network's native token. An approval covers one token for one spender; a new token or a revoked allowance requires signing it again, and a pending approval can block the swap behind it. A high price impact warning means your size is large relative to liquidity on the route; split the trade or try a different fee-tier pool. A reverted transaction usually means slippage was exceeded between quote and execution or the price moved; re-quote against the current price and review the minimum received. If tokens do not show after the swap, add the token's contract address to your wallet manually; the balance may be present while the asset is simply unlisted in the wallet UI.