Swap
Swap caliber tokens directly on a DEX — the fastest way in and out.
If you want to buy or sell caliber tokens quickly — without waiting on a daily mint batch or a buyback partner — swap on a DEX. Swaps settle in one transaction at the current pool price.
Swapping is the primary path for entering and exiting positions. Mint and Exit exist as backstops for when the DEX can't give you a fair fill.
How to Swap
Coming soon. The primary venue will be Pharaoh Exchange on Avalanche. Pool addresses and step-by-step instructions will be published here once liquidity is live.
When to Use Mint or Exit Instead
The DEX is the right venue when liquidity is deep enough to fill your trade at a reasonable price. Two cases where it isn't:
- Shallow pool — a large order can move the price significantly. If your slippage on a swap would exceed Exit's ~5% spread, use Exit instead.
- Off-price pool — if no one has arbitraged the DEX recently, the pool may quote a worse rate than the live oracle. In that case, Mint at the oracle price is the better entry.
| Scenario | Best path |
|---|---|
| Small to medium trade, healthy pool | Swap |
| Want a guaranteed oracle-price entry (large position) | Mint |
| Want USDC, swap price is worse than ~95% of oracle | Exit |
| Want physical ammo | Redeem |
Why Mint and Exit Exist
The protocol provides backstops at the oracle price so users aren't at the mercy of pool depth or arbitrage timing. As long as the oracle is fresh, you can always price a position against real-world ammo prices — not against whatever the pool happens to quote that minute.