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Uniswap: swaps and liquidity positions

Uniswap swaps assets through liquidity pools. A trader receives another token; a liquidity provider creates a pool position and earns trading fees under its terms. Version v4 can attach a separate rules contract, called a hook, to a pool.

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Platform: Asset swaps and liquidity pools; Verified on 15.10.2026
Uniswap v4: Pools with configurable hooks; Verified on 15.10.2026
LP position: Price range and trading fees; Verified on 15.10.2026

Swap tokens, LP positions and UNI

A swap completes a trade; providing liquidity leaves assets available for pool trading.

SWAP

Swap assets

A route converts the input asset into the chosen output. The quote, price impact, fees and minimum received define the trade terms.

Liquidity position

In v3/v4, the provider selects a price range. Swaps change the asset mix; active liquidity earns fees.

UNI

Protocol governance

UNI participates in governance. Swaps use the traded assets, while network gas follows the selected chain’s rules.

Swaps and liquidity

What happens to assets in a pool

Choose an action or an LP state. The range determines whether a v3/v4 position participates in current swaps.

Swap tokens

01Input asset
02Route through liquidity
03Output asset into the wallet

Execution changes the asset in your wallet. A minimum output limits adverse execution; a large price move can cause the transaction to revert.

Mechanism rules ↗

LP: price within the range

01Assets into a selected range
02Swaps use the position
03Trading fees accrue

A v3/v4 position earns its share of active-liquidity fees. Its asset mix changes with price. Available fees are collected separately from reducing liquidity.

Mechanism rules ↗

LP: price outside the range

01Price crosses a boundary
02Position holds one asset
03Trading fee accrual pauses

Accrued fees remain attached to the position. New trading fees resume when price re-enters the range; choosing another range requires changing the allocation. Withdrawal returns the current asset mix.

Mechanism rules ↗

Pool version and additional rules

One token pair can have pools across different versions, fee settings and hooks. In v3/v4, each liquidity provider chooses their position’s range.

Range and fee tier

A pool has a selected fee tier. Each provider chooses a price range and manages their own position.

Pools with or without a hook

A hook is set at pool creation and can run logic before or after swaps and liquidity changes. Examples include dynamic fees and additional execution rules.

STATE

Assets on exit

Closing a position returns its current assets and available fees. Price movement changes the pair’s original proportions.

Products around the protocol

Pools, interfaces, wallets and order fillers serve different purposes. Users choose the interaction that fits their task.

Swap and manage LP positions

Uniswap Web

Uniswap Web supports swaps and position management on the selected network. The quote and wallet confirmation show the transaction terms.

Open ↗ How it works ↗

Hold assets and sign

Uniswap Wallet

Uniswap Wallet controls access to the user’s assets and signs transactions. The network and token determine the balance needed for an action.

Open ↗ How it works ↗

Order execution

UniswapX

In UniswapX, users sign orders and fillers compete to execute them using available liquidity. Operating as a filler is a separate role from supplying a pool.

How it works ↗

Initial liquidity

Liquidity Launchpad

Liquidity Launchpad uses a Continuous Clearing Auction to discover a price. After completion, proceeds seed a v4 pool under the launch rules.

How it works ↗

From network selection to confirmation

Assets must be on the transaction’s selected network. Token spending approval and the trade can require separate confirmations.

Network and token address

Select a network and verify the token address. The same name on another network can refer to a different contract.

Swap terms

Check input, output, minimum received, network costs and fees. Approval grants spending rights to the contract shown in the wallet.

Pool terms

For LP, select the version, pool, range and hook if present. The wallet shows the assets to be supplied.

Trading fees and additional charges

A swap pays for liquidity and applicable pool charges. Network gas pays for transaction execution, while interface rules define its own charges.

Trader

Payment in transaction assets

Swap fees

Active LPs

Share attributable to active liquidity

Protocol

Share on pools with protocol fees enabled

Transaction participant

Specific hook terms

Additional hook rules

Hook fee recipient

Address or mechanism defined by the hook

Manage a position and withdraw assets

Fee collection, liquidity removal and UNI voting are separate actions.

COLLECT

Collect fees

A v3/v4 position owner collects available fees. Collecting fees alone leaves the supplied liquidity in place.

REMOVE

Reduce or close LP

Remove part or all of the available liquidity. The result depends on current price and the selected pool’s hook rules.

UNI

Vote on the protocol

UNI participates in governance. The Uniswap economics profile explains protocol-fee flows and UNI burns.

Rules, tools and communities

Access terms ↗How Uniswap works ↗v4 hook rules ↗Fees and active ranges ↗LP, UniswapX and liquidity launches ↗Dynamic LP fees ↗

2 Discord communities on Uniswap

Checked on 15.10.2026

Uniswap The protocol’s own community for swaps, liquidity and development. Community About the ecosystem Merkl Incentive distribution for Uniswap liquidity providers. Community About the ecosystem

Full list on discordcatalog.com →

1 source about Uniswap

Uniswap creator Hayden Adams on protocol development, hooks and market infrastructure.

Checked on 15.10.2026

Hayden Adams haydenzadams Uniswap creator on protocol development, hooks and market infrastructure. Official Affiliation confirmed

Full list on xfollowlist.com →

Information reviewed: 15 October 2026

Practical questions

1Why has my LP stopped earning fees?

In v3/v4, liquidity within the active range earns trading fees. If price leaves the selected bounds, accrual resumes when it returns or after the allocation is changed.

2What does a Uniswap v4 hook add?

An additional contract runs custom logic around swaps and liquidity changes. It can set dynamic fees and other conditions for that pool.

3Do I need UNI to swap?

A swap needs the input asset and network costs for the selected execution. UNI is used in protocol governance.

4Does closing LP return the original token amounts?

You receive the position’s current asset mix. Pool trades change proportions, and an out-of-range price can leave the position in one token.

Continue in Yieldo

UNI Token data and trading routes. Uniswap economics Protocol fees, UNI and burns. Ethereum Network, gas and application access. Base Assets and applications on Base.