Noobish question on bitfinex, when you perform a swap is the transaction performed automatically or does a btc swap give you coins to trade on the market?
When an order placed 'at margin' is executed, swaps are obtained from the available ones (if you don't reserve them first).


LOL, sorry probably my fault. Think of the swaps as an additional market, with its own book. When you receive a 'swap', you are effectively borrowing USD or BTC from somebody else, and using them immediately (to buy BTC in case of USD swaps, to sell BTC in case of BTC swaps).