> For the complete documentation index, see [llms.txt](https://listed-exchange.gitbook.io/listed/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://listed-exchange.gitbook.io/listed/reference/faq.md).

# FAQ

### Does LISTED hold my funds?

No. There is no deposit and no LISTED wallet. Every action is a transaction your wallet signs, settling directly between you and the venue. See [Security & custody](/listed/how-it-works/security.md).

### What does it cost to swap?

Instant swaps on the web app are **free** on most venues — LISTED takes 0 bps, except Rialto-routed swaps which carry a 5 bps fee. You pay network gas and the venue's own spread, which is already reflected in the quoted output. Full breakdown in [Fees](/listed/how-it-works/fees.md).

### Why does the route panel sometimes put a lower number on top?

Because it ranks by **output after gas**, not raw quote. A venue can quote more and still leave you with less once its transaction fee is counted. See [Routing](/listed/how-it-works/how-routing-works.md).

### Can I force a specific venue?

Yes — tap any row in the route panel to route through that venue instead of the auto-selected best. On the API, pass `preferEngine`.

### My swap says "Refresh and swap" or the price changed. Why?

Your quote went stale (they're good for \~20 seconds) or the pool moved materially between the displayed quote and the build. LISTED re-prices and shows you the new number rather than submitting a stale transaction.

### What's the difference between the on-chain price and the "market" price on a stock?

For a tokenized stock with an on-chain pool, the headline is the live pool price and the second line is the listing-exchange (Nasdaq/NYSE) reference — the gap is the on-chain premium or discount. For a stock with no pool (Rialto-backed), the headline *is* the reference price and the swap routes through Rialto's inventory. See [Tokenized stocks](/listed/products/tokenized-stocks.md).

### Does LISTED issue the tokenized stocks?

No. They're issued by third parties on Robinhood Chain. LISTED only provides trading. Redemption, dividends, and how closely a token tracks the underlying are the issuer's terms.

### Are perps live?

No — `/perps` is a coming-soon page. There is no perps integration today.

### Which wallets work?

Any WalletConnect-compatible wallet — LISTED uses Reown AppKit. See [Connecting your wallet](/listed/getting-started/connecting-your-wallet.md).

### How do I build on LISTED?

Apply at [listed.exchange/partners](https://listed.exchange/partners). Approved partners get a dedicated API key for the routing endpoints. See [Developers](/listed/developers/developers.md).

### I lost my API key.

It can't be recovered — LISTED stores only a hash. Contact LISTED to have a replacement issued; the old key is revoked in the process.

### Is any of this financial advice?

No. Nothing in the app or these docs is a recommendation to buy, sell, or hold anything. Tokenized equities and every other feature are tools, not advice.