CoW Swap

CoW Swap lets a wallet holder specify the tokens and amounts they want to exchange, then uses CoW Protocol's batch auctions to find a settlement route. Compatible buying and selling interests can be matched directly, with other liquidity used when needed. Supported wallet options include MetaMask, Rabby, WalletConnect and Safe accounts.

After connecting a wallet, select the selling and receiving tokens. A token may first need approval for the vault relayer to spend it; the interface's default approval is unlimited, so inspect that permission in the wallet. Some tokens support a gasless approval signature, but that option does not apply to smart contract wallets. Review the quote and slippage setting, then confirm the swap and sign the order. Signed order parameters cannot be edited. Open the address at the top right to inspect activity or cancel a pending order. Cancellation can lose a race against settlement, including when using the free off-chain cancellation option.

Selling native ETH needs special handling. One option is to choose ETH as the selling token and WETH as the receiving token: the button becomes Wrap. Wrapping is a blockchain transaction with a network charge. You can then use WETH for later swaps. Alternatively, selecting ETH and a different receiving token uses Eth-flow to wrap and place the order in one transaction. That route pays an upfront network charge which is not refunded if the order fails, and it is unavailable for smart contract wallets.

CoW Protocol's fee schedule includes a 0.02% volume fee for standard pairs, with 0.003% for specified correlated asset pairs. It also takes a share of eligible price improvement: market orders pay 50% of improvement over the initial quote, capped at 0.98% of trade volume. Limit orders use a different surplus calculation. Costs are reflected in the exchanged amounts, and an integrating partner may add its own fee. Gasless order signing therefore does not mean the exchange itself is free. Token prices can fall after settlement, and wallet approvals also expose funds to the contracts you authorise.