Price impact refers to the change in a token’s price due to the size of a trade within a liquidity pool. It’s an immediate effect caused by the actions of a trader buying or selling a significant amount of tokens. Price slippage, on the other hand, occurs when the final price of a trade is different from the quoted price due to market movements during the transaction process. While price impact is a direct result of a trade’s size relative to the pool’s liquidity, slippage is influenced by broader market conditions and the time it takes for a transaction to be confirmed on the blockchain.