Impact, slippage and liquidity.
Price impact is the movement caused by your own order. Slippage tolerance is the maximum difference you accept between the quote and the simulated execution. They are related, but they are not the same measurement. A large order in a shallow liquidity pool can have high impact even when the chart has barely moved.
Why size matters
Automated market-maker pools rebalance as tokens are bought and sold. When a buy removes a meaningful share of tokens from the pool, later units cost more than earlier units. Selling works in reverse. This is why splitting a paper order into smaller presets can produce a different net result than one large order.
Market cap does not equal exit liquidity
Market cap is generally token price multiplied by supply. It describes valuation, not the amount of money available for an exit. A coin can display a high market cap while its pool remains shallow. Ghostbag keeps market cap and liquidity separate and reports the impact calculated for each paper fill.
How to read the insight
The execution tape flags materially high impact, rejected slippage and reverted attempts. These messages are derived from the recorded trade; they do not predict where a token will go. Use them to compare sizing and configuration, then inspect the full history in the dashboard.
Read the broader paper-trading workflow or learn how remaining value and PnL are calculated.