ParaSwap does not take custody of your coins: they remain in your wallet until a signed transaction executes. During execution, smart contracts may briefly receive and forward the tokens, but that is on-chain transit, not an account held by the company.
When “non-custodial” and “the router holds it” are both claimed
The disagreement is about which moment people call “holding.” One side says the service is non-custodial because it never controls your wallet or stores your balance. The other points out that a router, DEX pool, bridge, or settlement contract can receive tokens during execution. Both statements can be true.
The checkable distinction is control and duration. Before the transaction settles, the company has no deposited balance to return and cannot move funds from your wallet without the permission you granted on-chain. A smart contract can still become a temporary token holder inside the transaction. If that transaction reverts, the blockchain rolls the transfers back.
If you are swapping today, each gate must pass before the next
Use this order, and do not sign the next action until the current one is visible and confirmed.
- Connect the correct wallet and network. Check that the wallet contains the source token and enough of the network’s native coin for gas. Delta-style orders may abstract gas, but ordinary market swaps do not.
- Choose the source and destination tokens. Confirm the contract addresses, not just the ticker symbols. Imported custom tokens can be fake or malicious.
- Review the quote. Check the route, minimum received, price impact, slippage limit, network, and deadline. A quoted rate is not a guaranteed payout until the transaction is mined.
- Unlock the source token if required. An ERC-20 approval gives the named router permission to spend an allowance; it does not transfer ownership. A permit signature can avoid a separate gas-paying approval transaction when the token supports it.
- Submit the swap or sign the order. For a market swap, inspect the wallet transaction’s recipient, token amount, minimum output, and fee before confirming. For an intent-based order, sign only the displayed typed order and then track whether it is pending, executing, executed, or expired.
- Wait for settlement. Do not submit a duplicate trade while the first one is pending. Check the transaction hash or order status before trying again.
While the swap is in flight, the holder changes only at settlement
This is the custody trail for a standard same-chain swap, with the intent-based variation included where it matters.
| Stage | Who holds or controls the asset |
|---|---|
| Quote | Your wallet still holds the source token. The interface is reading balances and liquidity data. |
| Approval or permit | Your wallet still owns the token. The router or Delta contract has permission to spend only the approved amount. |
| Pending market transaction | Your wallet still holds the token until the transaction is included in a block. |
| On-chain execution | The router, DEX pools, market makers, or other route contracts may receive and forward tokens momentarily. This is contract-level transit. |
| Pending Delta order | Your wallet still holds the source token while agents compete and before settlement pulls it under the signed permission. |
| Completed trade | The destination wallet or named receiving address holds the output. In a cross-chain trade, a bridge or settlement provider may temporarily lock value before paying the destination chain. |
To check the supported network, token and current contract before signing, use the protocol’s official surface: https://paraswap.dev/. Then verify the actual transaction in the wallet and chain explorer; those are the final sources of truth.
When the output arrives, ownership ends in the receiving address
A normal swap sends the destination tokens to your wallet unless you deliberately specify another receiver. The service cannot refund a wrong address, bad custom token, failed transaction, gas charge, slippage loss, or bridge failure. The accurate verdict is therefore simple: it is non-custodial at the company level, but the contracts and liquidity providers used during execution still introduce smart-contract, approval, market, and bridge risk.