diff --git a/src/lib/components/Swap/Output.tsx b/src/lib/components/Swap/Output.tsx
index 13e9166bf2..a74e33cf2f 100644
--- a/src/lib/components/Swap/Output.tsx
+++ b/src/lib/components/Swap/Output.tsx
@@ -5,13 +5,12 @@ import { useAtomValue } from 'jotai/utils'
 import BrandedFooter from 'lib/components/BrandedFooter'
 import { useIsSwapFieldIndependent, useSwapAmount, useSwapCurrency, useSwapInfo } from 'lib/hooks/swap'
 import useCurrencyColor from 'lib/hooks/useCurrencyColor'
-import useUSDCPriceImpact, { toHumanReadablePriceImpact } from 'lib/hooks/useUSDCPriceImpact'
+import useUSDCPriceImpact from 'lib/hooks/useUSDCPriceImpact'
 import { Field } from 'lib/state/swap'
 import styled, { DynamicThemeProvider, ThemedText } from 'lib/theme'
-import { PropsWithChildren, useMemo } from 'react'
+import { PropsWithChildren } from 'react'
 import { TradeState } from 'state/routing/types'
 import { formatCurrencyAmount } from 'utils/formatCurrencyAmount'
-import { getPriceImpactWarning } from 'utils/prices'
 
 import Column from '../Column'
 import Row from '../Row'
@@ -59,8 +58,11 @@ export default function Output({ disabled, focused, children }: PropsWithChildre
   // different state true/null/false allow smoother color transition
   const hasColor = swapOutputCurrency ? Boolean(color) || null : false
 
-  const { outputUSDC, priceImpact } = useUSDCPriceImpact(inputCurrencyAmount, outputCurrencyAmount)
-  const priceImpactWarning = useMemo(() => getPriceImpactWarning(priceImpact), [priceImpact])
+  const {
+    outputUSDC,
+    priceImpact,
+    warning: priceImpactWarning,
+  } = useUSDCPriceImpact(inputCurrencyAmount, outputCurrencyAmount)
 
   const amount = useFormattedFieldAmount({
     disabled,
@@ -88,11 +90,7 @@ export default function Output({ disabled, focused, children }: PropsWithChildre
             <Row>
               <USDC gap={0.5} isLoading={isRouteLoading}>
                 {outputUSDC ? `$${formatCurrencyAmount(outputUSDC, 6, 'en', 2)}` : '-'}{' '}
-                {priceImpact && (
-                  <ThemedText.Body2 color={priceImpactWarning}>
-                    ({toHumanReadablePriceImpact(priceImpact)})
-                  </ThemedText.Body2>
-                )}
+                {priceImpact && <ThemedText.Body2 color={priceImpactWarning}>({priceImpact})</ThemedText.Body2>}
               </USDC>
               {balance && (
                 <Balance focused={focused}>
diff --git a/src/lib/components/Swap/Settings/MaxSlippageSelect.tsx b/src/lib/components/Swap/Settings/MaxSlippageSelect.tsx
index c0cd40a809..de78aa6fcc 100644
--- a/src/lib/components/Swap/Settings/MaxSlippageSelect.tsx
+++ b/src/lib/components/Swap/Settings/MaxSlippageSelect.tsx
@@ -2,7 +2,7 @@ import { Trans } from '@lingui/macro'
 import { useAtom } from 'jotai'
 import Popover from 'lib/components/Popover'
 import { useTooltip } from 'lib/components/Tooltip'
-import { getSlippageWarning, toPercent } from 'lib/hooks/useAllowedSlippage'
+import { getSlippageWarning, toPercent } from 'lib/hooks/useSlippage'
 import { AlertTriangle, Check, Icon, LargeIcon, XOctagon } from 'lib/icons'
 import { autoSlippageAtom, maxSlippageAtom } from 'lib/state/settings'
 import styled, { ThemedText } from 'lib/theme'
diff --git a/src/lib/components/Swap/Summary.fixture.tsx b/src/lib/components/Swap/Summary.fixture.tsx
index 08eabb0879..eac24a7905 100644
--- a/src/lib/components/Swap/Summary.fixture.tsx
+++ b/src/lib/components/Swap/Summary.fixture.tsx
@@ -22,7 +22,7 @@ const UNI = (function () {
 function Fixture() {
   const setState = useUpdateAtom(swapAtom)
   const {
-    allowedSlippage,
+    slippage,
     trade: { trade },
   } = useSwapInfo()
 
@@ -37,7 +37,7 @@ function Fixture() {
 
   return trade ? (
     <Modal color="dialog">
-      <SummaryDialog onConfirm={() => void 0} trade={trade} allowedSlippage={allowedSlippage} />
+      <SummaryDialog onConfirm={() => void 0} trade={trade} slippage={slippage} />
     </Modal>
   ) : null
 }
diff --git a/src/lib/components/Swap/Summary/Details.tsx b/src/lib/components/Swap/Summary/Details.tsx
index 1d131ebb77..183a8bfd04 100644
--- a/src/lib/components/Swap/Summary/Details.tsx
+++ b/src/lib/components/Swap/Summary/Details.tsx
@@ -3,13 +3,12 @@ import { useLingui } from '@lingui/react'
 import { Trade } from '@uniswap/router-sdk'
 import { Currency, Percent, TradeType } from '@uniswap/sdk-core'
 import { useAtomValue } from 'jotai/utils'
-import { getSlippageWarning } from 'lib/hooks/useAllowedSlippage'
 import { feeOptionsAtom } from 'lib/state/swap'
 import styled, { Color, ThemedText } from 'lib/theme'
 import { useMemo } from 'react'
 import { currencyId } from 'utils/currencyId'
 import { formatCurrencyAmount } from 'utils/formatCurrencyAmount'
-import { computeRealizedLPFeeAmount, computeRealizedPriceImpact, getPriceImpactWarning } from 'utils/prices'
+import { computeRealizedLPFeeAmount } from 'utils/prices'
 
 import Row from '../../Row'
 
@@ -37,16 +36,16 @@ function Detail({ label, value, color }: DetailProps) {
 
 interface DetailsProps {
   trade: Trade<Currency, Currency, TradeType>
-  allowedSlippage: Percent
+  slippage: { auto: boolean; allowed: Percent; warning?: Color }
+  usdcPriceImpact: { priceImpact?: string; warning?: Color }
 }
 
-export default function Details({ trade, allowedSlippage }: DetailsProps) {
+export default function Details({ trade, slippage, usdcPriceImpact }: DetailsProps) {
   const { inputAmount, outputAmount } = trade
   const inputCurrency = inputAmount.currency
   const outputCurrency = outputAmount.currency
   const integrator = window.location.hostname
   const feeOptions = useAtomValue(feeOptionsAtom)
-  const priceImpact = useMemo(() => computeRealizedPriceImpact(trade), [trade])
   const lpFeeAmount = useMemo(() => computeRealizedLPFeeAmount(trade), [trade])
   const { i18n } = useLingui()
 
@@ -62,7 +61,9 @@ export default function Details({ trade, allowedSlippage }: DetailsProps) {
       }
     }
 
-    rows.push([t`Price impact`, `${priceImpact.toFixed(2)}%`, getPriceImpactWarning(priceImpact)])
+    if (usdcPriceImpact.priceImpact) {
+      rows.push([t`Price impact`, usdcPriceImpact.priceImpact, usdcPriceImpact.warning])
+    }
 
     if (lpFeeAmount) {
       const parsedLpFee = formatCurrencyAmount(lpFeeAmount, 6, i18n.locale)
@@ -70,24 +71,24 @@ export default function Details({ trade, allowedSlippage }: DetailsProps) {
     }
 
     if (trade.tradeType === TradeType.EXACT_OUTPUT) {
-      const localizedMaxSent = formatCurrencyAmount(trade.maximumAmountIn(allowedSlippage), 6, i18n.locale)
+      const localizedMaxSent = formatCurrencyAmount(trade.maximumAmountIn(slippage.allowed), 6, i18n.locale)
       rows.push([t`Maximum sent`, `${localizedMaxSent} ${inputCurrency.symbol}`])
     }
 
     if (trade.tradeType === TradeType.EXACT_INPUT) {
-      const localizedMaxSent = formatCurrencyAmount(trade.minimumAmountOut(allowedSlippage), 6, i18n.locale)
+      const localizedMaxSent = formatCurrencyAmount(trade.minimumAmountOut(slippage.allowed), 6, i18n.locale)
       rows.push([t`Minimum received`, `${localizedMaxSent} ${outputCurrency.symbol}`])
     }
 
-    rows.push([t`Slippage tolerance`, `${allowedSlippage.toFixed(2)}%`, getSlippageWarning(allowedSlippage)])
+    rows.push([t`Slippage tolerance`, `${slippage.allowed.toFixed(2)}%`, slippage.warning])
 
     return rows
   }, [
     feeOptions,
-    priceImpact,
+    usdcPriceImpact,
     lpFeeAmount,
     trade,
-    allowedSlippage,
+    slippage,
     outputAmount,
     i18n.locale,
     integrator,
diff --git a/src/lib/components/Swap/Summary/Summary.tsx b/src/lib/components/Swap/Summary/Summary.tsx
index 57ff640e6f..876f9f01b9 100644
--- a/src/lib/components/Swap/Summary/Summary.tsx
+++ b/src/lib/components/Swap/Summary/Summary.tsx
@@ -1,11 +1,10 @@
 import { useLingui } from '@lingui/react'
-import { Currency, CurrencyAmount, Percent, Token } from '@uniswap/sdk-core'
-import useUSDCPriceImpact, { toHumanReadablePriceImpact } from 'lib/hooks/useUSDCPriceImpact'
+import { Currency, CurrencyAmount, Token } from '@uniswap/sdk-core'
+import useUSDCPriceImpact from 'lib/hooks/useUSDCPriceImpact'
 import { ArrowRight } from 'lib/icons'
 import { ThemedText } from 'lib/theme'
-import { useMemo } from 'react'
+import { PropsWithChildren } from 'react'
 import { formatCurrencyAmount } from 'utils/formatCurrencyAmount'
-import { getPriceImpactWarning } from 'utils/prices'
 
 import Column from '../../Column'
 import Row from '../../Row'
@@ -14,12 +13,10 @@ import TokenImg from '../../TokenImg'
 interface TokenValueProps {
   input: CurrencyAmount<Currency>
   usdc?: CurrencyAmount<Token>
-  priceImpact?: Percent
 }
 
-function TokenValue({ input, usdc, priceImpact }: TokenValueProps) {
+function TokenValue({ input, usdc, children }: PropsWithChildren<TokenValueProps>) {
   const { i18n } = useLingui()
-  const priceImpactWarning = useMemo(() => getPriceImpactWarning(priceImpact), [priceImpact])
   return (
     <Column justify="flex-start">
       <Row gap={0.375} justify="flex-start">
@@ -29,16 +26,12 @@ function TokenValue({ input, usdc, priceImpact }: TokenValueProps) {
         </ThemedText.Body2>
       </Row>
       {usdc && (
-        <ThemedText.Caption color="secondary" userSelect>
-          <Row justify="flex-start" gap={0.25}>
+        <Row justify="flex-start">
+          <ThemedText.Caption color="secondary" userSelect>
             ${formatCurrencyAmount(usdc, 6, 'en', 2)}
-            {priceImpact && (
-              <ThemedText.Caption color={priceImpactWarning}>
-                ({toHumanReadablePriceImpact(priceImpact)})
-              </ThemedText.Caption>
-            )}
-          </Row>
-        </ThemedText.Caption>
+            {children}
+          </ThemedText.Caption>
+        </Row>
       )}
     </Column>
   )
@@ -47,17 +40,19 @@ function TokenValue({ input, usdc, priceImpact }: TokenValueProps) {
 interface SummaryProps {
   input: CurrencyAmount<Currency>
   output: CurrencyAmount<Currency>
-  showUSDC?: true
+  usdcPriceImpact?: ReturnType<typeof useUSDCPriceImpact>
 }
 
-export default function Summary({ input, output, showUSDC }: SummaryProps) {
-  const { inputUSDC, outputUSDC, priceImpact } = useUSDCPriceImpact(input, output)
+export default function Summary({ input, output, usdcPriceImpact }: SummaryProps) {
+  const { inputUSDC, outputUSDC, priceImpact, warning: priceImpactWarning } = usdcPriceImpact || {}
 
   return (
-    <Row gap={showUSDC ? 1 : 0.25}>
-      <TokenValue input={input} usdc={showUSDC && inputUSDC} />
+    <Row gap={usdcPriceImpact ? 1 : 0.25}>
+      <TokenValue input={input} usdc={inputUSDC} />
       <ArrowRight />
-      <TokenValue input={output} usdc={showUSDC && outputUSDC} priceImpact={priceImpact} />
+      <TokenValue input={output} usdc={outputUSDC}>
+        {priceImpact && <ThemedText.Caption color={priceImpactWarning}>({priceImpact})</ThemedText.Caption>}
+      </TokenValue>
     </Row>
   )
 }
diff --git a/src/lib/components/Swap/Summary/index.tsx b/src/lib/components/Swap/Summary/index.tsx
index 1d8ffc8f3b..4047fbf566 100644
--- a/src/lib/components/Swap/Summary/index.tsx
+++ b/src/lib/components/Swap/Summary/index.tsx
@@ -1,17 +1,17 @@
 import { Trans } from '@lingui/macro'
 import { useLingui } from '@lingui/react'
 import { Trade } from '@uniswap/router-sdk'
-import { Currency, Percent, TradeType } from '@uniswap/sdk-core'
+import { Currency, TradeType } from '@uniswap/sdk-core'
 import { IconButton } from 'lib/components/Button'
 import { useSwapTradeType } from 'lib/hooks/swap'
-import { getSlippageWarning } from 'lib/hooks/useAllowedSlippage'
 import useScrollbar from 'lib/hooks/useScrollbar'
+import { Slippage } from 'lib/hooks/useSlippage'
+import useUSDCPriceImpact from 'lib/hooks/useUSDCPriceImpact'
 import { AlertTriangle, BarChart, Expando, Info } from 'lib/icons'
-import styled, { ThemedText } from 'lib/theme'
+import styled, { Color, ThemedText } from 'lib/theme'
 import formatLocaleNumber from 'lib/utils/formatLocaleNumber'
 import { useMemo, useState } from 'react'
 import { formatCurrencyAmount, formatPrice } from 'utils/formatCurrencyAmount'
-import { computeRealizedPriceImpact, getPriceImpactWarning } from 'utils/prices'
 import { tradeMeaningfullyDiffers } from 'utils/tradeMeaningFullyDiffer'
 
 import ActionButton, { Action } from '../../ActionButton'
@@ -77,17 +77,38 @@ const Body = styled(Column)<{ open: boolean }>`
   }
 `
 
+function Subhead({ priceImpact, slippage }: { priceImpact: { warning?: Color }; slippage: { warning?: Color } }) {
+  return (
+    <Row gap={0.5}>
+      {priceImpact.warning || slippage.warning ? (
+        <AlertTriangle color={priceImpact.warning || slippage.warning} />
+      ) : (
+        <Info color="secondary" />
+      )}
+      <ThemedText.Subhead2 color={priceImpact.warning || slippage.warning || 'secondary'}>
+        {priceImpact.warning ? (
+          <Trans>High price impact</Trans>
+        ) : slippage.warning ? (
+          <Trans>High slippage</Trans>
+        ) : (
+          <Trans>Swap details</Trans>
+        )}
+      </ThemedText.Subhead2>
+    </Row>
+  )
+}
+
 interface SummaryDialogProps {
   trade: Trade<Currency, Currency, TradeType>
-  allowedSlippage: Percent
+  slippage: Slippage
   onConfirm: () => void
 }
 
-export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDialogProps) {
+export function SummaryDialog({ trade, slippage, onConfirm }: SummaryDialogProps) {
   const { inputAmount, outputAmount, executionPrice } = trade
   const inputCurrency = inputAmount.currency
   const outputCurrency = outputAmount.currency
-  const priceImpact = useMemo(() => computeRealizedPriceImpact(trade), [trade])
+  const usdcPriceImpact = useUSDCPriceImpact(inputAmount, outputAmount)
   const tradeType = useSwapTradeType()
   const { i18n } = useLingui()
 
@@ -95,10 +116,6 @@ export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDial
   const [details, setDetails] = useState<HTMLDivElement | null>(null)
   const scrollbar = useScrollbar(details)
 
-  const warning = useMemo(() => {
-    return getPriceImpactWarning(priceImpact) || getSlippageWarning(allowedSlippage)
-  }, [allowedSlippage, priceImpact])
-
   const [ackPriceImpact, setAckPriceImpact] = useState(false)
 
   const [confirmedTrade, setConfirmedTrade] = useState(trade)
@@ -115,7 +132,7 @@ export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDial
         onClick: () => setConfirmedTrade(trade),
         children: <Trans>Accept</Trans>,
       }
-    } else if (getPriceImpactWarning(priceImpact) === 'error' && !ackPriceImpact) {
+    } else if (usdcPriceImpact.warning === 'error' && !ackPriceImpact) {
       return {
         message: <Trans>High price impact</Trans>,
         onClick: () => setAckPriceImpact(true),
@@ -123,7 +140,7 @@ export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDial
       }
     }
     return
-  }, [ackPriceImpact, doesTradeDiffer, priceImpact, trade])
+  }, [ackPriceImpact, doesTradeDiffer, trade, usdcPriceImpact.warning])
 
   if (!(inputAmount && outputAmount && inputCurrency && outputCurrency)) {
     return null
@@ -134,7 +151,7 @@ export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDial
       <Header title={<Trans>Swap summary</Trans>} ruled />
       <Body flex align="stretch" gap={0.75} padded open={open}>
         <SummaryColumn gap={0.75} flex justify="center">
-          <Summary input={inputAmount} output={outputAmount} showUSDC />
+          <Summary input={inputAmount} output={outputAmount} usdcPriceImpact={usdcPriceImpact} />
           <Row>
             <ThemedText.Caption userSelect>
               {formatLocaleNumber({ number: 1, sigFigs: 1, locale: i18n.locale })} {inputCurrency.symbol} ={' '}
@@ -144,19 +161,14 @@ export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDial
         </SummaryColumn>
         <Rule />
         <Row>
-          <Row gap={0.5}>
-            {warning ? <AlertTriangle color={warning} /> : <Info color="secondary" />}
-            <ThemedText.Subhead2 color="secondary">
-              <Trans>Swap details</Trans>
-            </ThemedText.Subhead2>
-          </Row>
+          <Subhead priceImpact={usdcPriceImpact} slippage={slippage} />
           <IconButton color="secondary" onClick={() => setOpen(!open)} icon={Expando} iconProps={{ open }} />
         </Row>
         <ExpandoColumn flex align="stretch">
           <Rule />
           <DetailsColumn>
             <Column gap={0.5} ref={setDetails} css={scrollbar}>
-              <Details trade={trade} allowedSlippage={allowedSlippage} />
+              <Details trade={trade} slippage={slippage} usdcPriceImpact={usdcPriceImpact} />
             </Column>
           </DetailsColumn>
           <Estimate color="secondary">
@@ -164,13 +176,13 @@ export function SummaryDialog({ trade, allowedSlippage, onConfirm }: SummaryDial
             {tradeType === TradeType.EXACT_INPUT && (
               <Trans>
                 You will receive at least{' '}
-                {formatCurrencyAmount(trade.minimumAmountOut(allowedSlippage), 6, i18n.locale)} {outputCurrency.symbol}{' '}
+                {formatCurrencyAmount(trade.minimumAmountOut(slippage.allowed), 6, i18n.locale)} {outputCurrency.symbol}{' '}
                 or the transaction will revert.
               </Trans>
             )}
             {tradeType === TradeType.EXACT_OUTPUT && (
               <Trans>
-                You will send at most {formatCurrencyAmount(trade.maximumAmountIn(allowedSlippage), 6, i18n.locale)}{' '}
+                You will send at most {formatCurrencyAmount(trade.maximumAmountIn(slippage.allowed), 6, i18n.locale)}{' '}
                 {inputCurrency.symbol} or the transaction will revert.
               </Trans>
             )}
diff --git a/src/lib/components/Swap/SwapButton.tsx b/src/lib/components/Swap/SwapButton.tsx
index 6146f84932..f03bdddf74 100644
--- a/src/lib/components/Swap/SwapButton.tsx
+++ b/src/lib/components/Swap/SwapButton.tsx
@@ -41,7 +41,7 @@ export default function SwapButton({ disabled }: SwapButtonProps) {
   const { tokenColorExtraction } = useTheme()
 
   const {
-    allowedSlippage,
+    slippage,
     currencies: { [Field.INPUT]: inputCurrency },
     currencyBalances: { [Field.INPUT]: inputCurrencyBalance },
     feeOptions,
@@ -64,13 +64,13 @@ export default function SwapButton({ disabled }: SwapButtonProps) {
   // TODO(zzmp): Return an optimized trade directly from useSwapInfo.
   const optimizedTrade =
     // Use trade.trade if there is no swap optimized trade. This occurs if approvals are still pending.
-    useSwapApprovalOptimizedTrade(trade.trade, allowedSlippage, useIsPendingApproval) || trade.trade
+    useSwapApprovalOptimizedTrade(trade.trade, slippage.allowed, useIsPendingApproval) || trade.trade
 
   const approvalCurrencyAmount = useSwapCurrencyAmount(Field.INPUT)
 
   const { approvalState, signatureData, handleApproveOrPermit } = useApproveOrPermit(
     optimizedTrade,
-    allowedSlippage,
+    slippage.allowed,
     useIsPendingApproval,
     approvalCurrencyAmount
   )
@@ -151,7 +151,7 @@ export default function SwapButton({ disabled }: SwapButtonProps) {
   // the callback to execute the swap
   const { callback: swapCallback } = useSwapCallback({
     trade: optimizedTrade,
-    allowedSlippage,
+    allowedSlippage: slippage.allowed,
     recipientAddressOrName: account ?? null,
     signatureData,
     deadline,
@@ -229,7 +229,7 @@ export default function SwapButton({ disabled }: SwapButtonProps) {
       </ActionButton>
       {activeTrade && (
         <Dialog color="dialog" onClose={handleDialogClose}>
-          <SummaryDialog trade={activeTrade} allowedSlippage={allowedSlippage} onConfirm={onConfirm} />
+          <SummaryDialog trade={activeTrade} slippage={slippage} onConfirm={onConfirm} />
         </Dialog>
       )}
     </>
diff --git a/src/lib/components/Swap/Toolbar/Caption.tsx b/src/lib/components/Swap/Toolbar/Caption.tsx
index 8a4b238a7e..1aa7f9cda6 100644
--- a/src/lib/components/Swap/Toolbar/Caption.tsx
+++ b/src/lib/components/Swap/Toolbar/Caption.tsx
@@ -5,13 +5,12 @@ import Rule from 'lib/components/Rule'
 import Tooltip from 'lib/components/Tooltip'
 import { loadingCss } from 'lib/css/loading'
 import { WrapType } from 'lib/hooks/swap/useWrapCallback'
-import useUSDCPriceImpact, { toHumanReadablePriceImpact } from 'lib/hooks/useUSDCPriceImpact'
+import useUSDCPriceImpact from 'lib/hooks/useUSDCPriceImpact'
 import { AlertTriangle, Icon, Info, InlineSpinner } from 'lib/icons'
 import styled, { ThemedText } from 'lib/theme'
 import { ReactNode, useCallback, useMemo, useState } from 'react'
 import { InterfaceTrade } from 'state/routing/types'
 import { formatCurrencyAmount } from 'utils/formatCurrencyAmount'
-import { getPriceImpactWarning } from 'utils/prices'
 
 import { TextButton } from '../../Button'
 import Row from '../../Row'
@@ -83,8 +82,7 @@ export function WrapCurrency({ loading, wrapType }: { loading: boolean; wrapType
 export function Trade({ trade }: { trade: InterfaceTrade<Currency, Currency, TradeType> }) {
   const [flip, setFlip] = useState(true)
   const { inputAmount: input, outputAmount: output, executionPrice } = trade
-  const { inputUSDC, outputUSDC, priceImpact } = useUSDCPriceImpact(input, output)
-  const isPriceImpactHigh = priceImpact && getPriceImpactWarning(priceImpact)
+  const { inputUSDC, outputUSDC, priceImpact, warning: priceImpactWarning } = useUSDCPriceImpact(input, output)
 
   const ratio = useMemo(() => {
     const [a, b] = flip ? [output, input] : [input, output]
@@ -111,13 +109,12 @@ export function Trade({ trade }: { trade: InterfaceTrade<Currency, Currency, Tra
 
   return (
     <>
-      <Tooltip placement="bottom" icon={isPriceImpactHigh ? AlertTriangle : Info}>
+      <Tooltip placement="bottom" icon={priceImpactWarning ? AlertTriangle : Info}>
         <Column gap={0.75}>
-          {isPriceImpactHigh && (
+          {priceImpactWarning && (
             <>
               <ThemedText.Caption>
-                The output amount is estimated at {toHumanReadablePriceImpact(priceImpact)} less than the input amount
-                due to high price impact
+                The output amount is estimated at {priceImpact} less than the input amount due to high price impact
               </ThemedText.Caption>
               <Rule />
             </>
diff --git a/src/lib/hooks/swap/useSwapInfo.tsx b/src/lib/hooks/swap/useSwapInfo.tsx
index 289101daf7..10f95c571f 100644
--- a/src/lib/hooks/swap/useSwapInfo.tsx
+++ b/src/lib/hooks/swap/useSwapInfo.tsx
@@ -11,7 +11,7 @@ import { InterfaceTrade, TradeState } from 'state/routing/types'
 
 import { isAddress } from '../../../utils'
 import useActiveWeb3React from '../useActiveWeb3React'
-import useAllowedSlippage from '../useAllowedSlippage'
+import useSlippage, { Slippage } from '../useSlippage'
 import { useBestTrade } from './useBestTrade'
 
 interface SwapInfo {
@@ -22,7 +22,7 @@ interface SwapInfo {
     trade?: InterfaceTrade<Currency, Currency, TradeType>
     state: TradeState
   }
-  allowedSlippage: Percent
+  slippage: Slippage
   feeOptions: FeeOptions | undefined
 }
 
@@ -89,7 +89,7 @@ function useComputeSwapInfo(): SwapInfo {
     [trade.trade?.inputAmount, trade.trade?.outputAmount]
   )
 
-  const allowedSlippage = useAllowedSlippage(trade.trade)
+  const slippage = useSlippage(trade.trade)
 
   const inputError = useMemo(() => {
     let inputError: ReactNode | undefined
@@ -116,14 +116,14 @@ function useComputeSwapInfo(): SwapInfo {
     }
 
     // compare input balance to max input based on version
-    const [balanceIn, amountIn] = [currencyBalances[Field.INPUT], trade.trade?.maximumAmountIn(allowedSlippage)]
+    const [balanceIn, amountIn] = [currencyBalances[Field.INPUT], trade.trade?.maximumAmountIn(slippage.allowed)]
 
     if (balanceIn && amountIn && balanceIn.lessThan(amountIn)) {
       inputError = <Trans>Insufficient {amountIn.currency.symbol} balance</Trans>
     }
 
     return inputError
-  }, [account, allowedSlippage, currencies, currencyBalances, parsedAmount, to, trade.trade])
+  }, [account, slippage.allowed, currencies, currencyBalances, parsedAmount, to, trade.trade])
 
   return useMemo(
     () => ({
@@ -132,10 +132,10 @@ function useComputeSwapInfo(): SwapInfo {
       inputError,
       trade,
       tradeCurrencyAmounts,
-      allowedSlippage,
+      slippage,
       feeOptions,
     }),
-    [currencies, currencyBalances, inputError, trade, tradeCurrencyAmounts, allowedSlippage, feeOptions]
+    [currencies, currencyBalances, inputError, trade, tradeCurrencyAmounts, slippage, feeOptions]
   )
 }
 
@@ -144,7 +144,7 @@ const swapInfoAtom = atom<SwapInfo>({
   currencyBalances: {},
   trade: { state: TradeState.INVALID },
   tradeCurrencyAmounts: {},
-  allowedSlippage: new Percent(0),
+  slippage: { auto: true, allowed: new Percent(0) },
   feeOptions: undefined,
 })
 
diff --git a/src/lib/hooks/useAllowedSlippage.ts b/src/lib/hooks/useSlippage.ts
similarity index 57%
rename from src/lib/hooks/useAllowedSlippage.ts
rename to src/lib/hooks/useSlippage.ts
index d088472a8c..9caba1914c 100644
--- a/src/lib/hooks/useAllowedSlippage.ts
+++ b/src/lib/hooks/useSlippage.ts
@@ -11,12 +11,24 @@ export function toPercent(maxSlippage: number | undefined): Percent | undefined
   return new Percent(numerator, 10_000)
 }
 
-/** Returns the user-inputted max slippage. */
-export default function useAllowedSlippage(trade: InterfaceTrade<Currency, Currency, TradeType> | undefined): Percent {
-  const autoSlippage = useAutoSlippageTolerance(trade)
+export interface Slippage {
+  auto: boolean
+  allowed: Percent
+  warning?: 'warning' | 'error'
+}
+
+/** Returns the allowed slippage, and whether it is auto-slippage. */
+export default function useSlippage(trade: InterfaceTrade<Currency, Currency, TradeType> | undefined): Slippage {
+  const shouldUseAutoSlippage = useAtomValue(autoSlippageAtom)
+  const autoSlippage = useAutoSlippageTolerance(shouldUseAutoSlippage ? trade : undefined)
   const maxSlippageValue = useAtomValue(maxSlippageAtom)
   const maxSlippage = useMemo(() => toPercent(maxSlippageValue), [maxSlippageValue])
-  return useAtomValue(autoSlippageAtom) ? autoSlippage : maxSlippage ?? autoSlippage
+  return useMemo(() => {
+    const auto = shouldUseAutoSlippage || !maxSlippage
+    const allowed = shouldUseAutoSlippage ? autoSlippage : maxSlippage ?? autoSlippage
+    const warning = auto ? undefined : getSlippageWarning(allowed)
+    return { auto, allowed, warning }
+  }, [autoSlippage, maxSlippage, shouldUseAutoSlippage])
 }
 
 export const MAX_VALID_SLIPPAGE = new Percent(1, 2)
diff --git a/src/lib/hooks/useUSDCPriceImpact.ts b/src/lib/hooks/useUSDCPriceImpact.ts
index eb6b491987..4b135ca978 100644
--- a/src/lib/hooks/useUSDCPriceImpact.ts
+++ b/src/lib/hooks/useUSDCPriceImpact.ts
@@ -2,24 +2,36 @@ import { Currency, CurrencyAmount, Percent, Token } from '@uniswap/sdk-core'
 import { useUSDCValue } from 'hooks/useUSDCPrice'
 import { useMemo } from 'react'
 import { computeFiatValuePriceImpact } from 'utils/computeFiatValuePriceImpact'
+import { getPriceImpactWarning } from 'utils/prices'
 
+/**
+ * Computes input/output USDC equivalents and the price impact.
+ * Returns the price impact as a human readable string.
+ */
 export default function useUSDCPriceImpact(
   inputAmount: CurrencyAmount<Currency> | undefined,
   outputAmount: CurrencyAmount<Currency> | undefined
 ): {
   inputUSDC?: CurrencyAmount<Token>
   outputUSDC?: CurrencyAmount<Token>
-  priceImpact?: Percent
+  priceImpact?: string
+  warning?: 'warning' | 'error'
 } {
   const inputUSDC = useUSDCValue(inputAmount) ?? undefined
   const outputUSDC = useUSDCValue(outputAmount) ?? undefined
   return useMemo(() => {
     const priceImpact = computeFiatValuePriceImpact(inputUSDC, outputUSDC)
-    return { inputUSDC, outputUSDC, priceImpact }
+    const warning = getPriceImpactWarning(priceImpact)
+    return {
+      inputUSDC,
+      outputUSDC,
+      priceImpact: priceImpact && toHumanReadablePriceImpact(priceImpact),
+      warning,
+    }
   }, [inputUSDC, outputUSDC])
 }
 
-export function toHumanReadablePriceImpact(priceImpact: Percent): string {
+function toHumanReadablePriceImpact(priceImpact: Percent): string {
   const sign = priceImpact.lessThan(0) ? '+' : ''
   const number = parseFloat(priceImpact.multiply(-1)?.toSignificant(3))
   return `${sign}${number}%`