Selling native ETH through CoW requires a different path from selling an ERC-20 token. The native-token guide describes two choices: wrap the asset before placing an order or use Eth-flow to deposit, wrap and place the order through an on-chain action.
What each path asks you to do
| Path | Practical consequence |
|---|---|
| Wrap first | You hold the wrapped token and use the ordinary token-order flow. |
| Eth-flow | You submit an on-chain transaction that places the order after confirmation. |
Eth-flow therefore has an upfront network cost. The guide distinguishes a refund of deposited ETH after a failed order from refunding that gas cost. Those are not the same event.
Why the balance can move before the output arrives
When a deposit transaction confirms, funds can leave the visible wallet balance before the eventual buy tokens arrive. Inspect the order state rather than assuming the intermediate state means permanent loss or completed execution.
Conversely, a confirmed deposit does not prove that the desired token swap has settled. Keep both the deposit transaction and order identifier.
Match the account and order type
The documentation scopes Eth-flow to swaps and notes limitations in the CoW Swap smart-contract-wallet interface. Its Safe integration offers a different bundled workflow. Do not assume a native-asset path available to one account type appears unchanged for every wallet.
For repeat activity, wrapping once can create a different cost profile from repeatedly using the native-asset deposit path. Compare the actual sequence you intend to perform, while keeping enough native asset for operations that still require gas.
If you need to cancel, follow the native-token order's documented process. Do not reuse assumptions about free off-chain cancellation from an ordinary token order without checking applicability.
Sources & verification (1)
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- Native tokens
Wrapping and Eth-flow alternatives, upfront gas, failed-order refunds and account-type limitations.
https://docs.cow.fi/cow-protocol/tutorials/cow-swap/native