diff --git a/components/swap/MaxSwapAmount.tsx b/components/swap/MaxSwapAmount.tsx
index 484a4505..28d2a765 100644
--- a/components/swap/MaxSwapAmount.tsx
+++ b/components/swap/MaxSwapAmount.tsx
@@ -16,7 +16,11 @@ const MaxSwapAmount = ({
 }) => {
   const { t } = useTranslation('common')
   const mangoAccountLoading = mangoStore((s) => s.mangoAccount.initialLoad)
-  const { amount: tokenMax, amountWithBorrow, decimals } = maxAmount(useMargin)
+  const {
+    amount: spotMax,
+    amountWithBorrow: leverageMax,
+    decimals,
+  } = maxAmount(useMargin)
 
   if (mangoAccountLoading) return null
 
@@ -26,14 +30,13 @@ const MaxSwapAmount = ({
 
   return (
     <div className="flex flex-wrap justify-end pl-6 text-xs">
-      {tokenMax.lt(amountWithBorrow) ||
-      (tokenMax.eq(amountWithBorrow) && !useMargin) ? (
+      {spotMax.lt(leverageMax) || (spotMax.eq(leverageMax) && !useMargin) ? (
         <MaxAmountButton
           className="mb-0.5"
           decimals={decimals}
           label={useMargin ? t('bal') : t('max')}
-          onClick={() => setMax(tokenMax)}
-          value={tokenMax}
+          onClick={() => setMax(spotMax)}
+          value={spotMax}
         />
       ) : null}
       {useMargin ? (
@@ -41,8 +44,8 @@ const MaxSwapAmount = ({
           className="mb-0.5 ml-2"
           decimals={decimals}
           label={t('max')}
-          onClick={() => setMax(amountWithBorrow)}
-          value={amountWithBorrow}
+          onClick={() => setMax(leverageMax)}
+          value={leverageMax}
         />
       ) : null}
     </div>
diff --git a/components/swap/SwapForm.tsx b/components/swap/SwapForm.tsx
index c11c2f68..5e1dc0c5 100644
--- a/components/swap/SwapForm.tsx
+++ b/components/swap/SwapForm.tsx
@@ -201,7 +201,7 @@ const SwapForm = () => {
             {inputBank &&
             !walletSwap &&
             inputBank.areBorrowsReduceOnly() &&
-            inputBank.areDepositsReduceOnly() ? (
+            useMargin ? (
               <div className="pb-4">
                 <InlineNotification
                   type="warning"
@@ -211,10 +211,7 @@ const SwapForm = () => {
                 />
               </div>
             ) : null}
-            {outputBank &&
-            !walletSwap &&
-            outputBank.areBorrowsReduceOnly() &&
-            outputBank.areDepositsReduceOnly() ? (
+            {outputBank && !walletSwap && outputBank.areDepositsReduceOnly() ? (
               <div className="pb-4">
                 <InlineNotification
                   type="warning"
diff --git a/components/swap/SwapFormTokenList.tsx b/components/swap/SwapFormTokenList.tsx
index 2d02084d..f6a7aca2 100644
--- a/components/swap/SwapFormTokenList.tsx
+++ b/components/swap/SwapFormTokenList.tsx
@@ -199,13 +199,7 @@ const SwapFormTokenList = ({
           const tokenPk = new PublicKey(token.address)
           const tokenBank = group.getFirstBankByMint(tokenPk)
           const max = mangoAccount
-            ? getTokenInMax(
-                mangoAccount,
-                tokenPk,
-                outputBank.mint,
-                group,
-                useMargin,
-              )
+            ? getTokenInMax(mangoAccount, tokenPk, outputBank.mint, group)
             : {
                 amount: new Decimal(0),
                 amountWithBorrow: new Decimal(0),
diff --git a/components/swap/useTokenMax.tsx b/components/swap/useTokenMax.tsx
index bd064eaa..c6a80a37 100644
--- a/components/swap/useTokenMax.tsx
+++ b/components/swap/useTokenMax.tsx
@@ -64,7 +64,6 @@ export const getTokenInMax = (
   inputMint: PublicKey,
   outputMint: PublicKey,
   group: Group,
-  useMargin: boolean,
 ) => {
   const inputBank = group.getFirstBankByMint(inputMint)
   const outputBank = group.getFirstBankByMint(outputMint)
@@ -87,13 +86,6 @@ export const getTokenInMax = (
   const outputTokenBalance = new Decimal(
     mangoAccount.getTokenBalanceUi(outputBank),
   )
-
-  const maxAmountWithoutMargin =
-    (inputTokenBalance.gt(0) && !outputReduceOnly) ||
-    (outputReduceOnly && outputTokenBalance.lt(0))
-      ? inputTokenBalance
-      : new Decimal(0)
-
   const rawMaxUiAmountWithBorrow = getMaxSourceForSwap(
     group,
     mangoAccount,
@@ -101,12 +93,16 @@ export const getTokenInMax = (
     outputBank.mint,
   )
 
-  const maxUiAmountWithBorrow =
-    outputReduceOnly && (outputTokenBalance.gt(0) || outputTokenBalance.eq(0))
-      ? new Decimal(0)
-      : rawMaxUiAmountWithBorrow > 0
-      ? floorToDecimal(rawMaxUiAmountWithBorrow, inputBank.mintDecimals)
-      : new Decimal(0)
+  let spotMax = new Decimal(0)
+  let leverageMax = new Decimal(0)
+
+  if (!outputReduceOnly || (outputReduceOnly && outputTokenBalance.lt(0))) {
+    spotMax = inputTokenBalance
+    leverageMax = floorToDecimal(
+      rawMaxUiAmountWithBorrow,
+      inputBank.mintDecimals,
+    )
+  }
 
   const inputBankVaultBalance = floorToDecimal(
     group
@@ -115,21 +111,11 @@ export const getTokenInMax = (
     inputBank.mintDecimals,
   )
 
-  const maxAmount = useMargin
-    ? Decimal.min(
-        maxAmountWithoutMargin,
-        inputBankVaultBalance,
-        maxUiAmountWithBorrow,
-      )
-    : Decimal.min(
-        maxAmountWithoutMargin,
-        inputBankVaultBalance,
-        maxUiAmountWithBorrow,
-      )
+  const maxAmount = Decimal.min(spotMax, leverageMax, inputBankVaultBalance)
 
   const maxAmountWithBorrow = inputReduceOnly
-    ? Decimal.min(maxAmountWithoutMargin, inputBankVaultBalance)
-    : Decimal.min(maxUiAmountWithBorrow, inputBankVaultBalance)
+    ? Decimal.min(spotMax, leverageMax, inputBankVaultBalance)
+    : Decimal.min(leverageMax, inputBankVaultBalance)
 
   return {
     amount: maxAmount,
@@ -158,7 +144,6 @@ export const useTokenMax = (useMargin = true): TokenMaxResults => {
           inputBank.mint,
           outputBank.mint,
           group,
-          useMargin,
         )
       }
     } catch (e) {
diff --git a/components/trade/SpotSlider.tsx b/components/trade/SpotSlider.tsx
index 477a0b7b..e51c867c 100644
--- a/components/trade/SpotSlider.tsx
+++ b/components/trade/SpotSlider.tsx
@@ -30,32 +30,53 @@ export const useSpotMarketMax = (
         selectedMarket.serumMarketExternal,
       )
       if (side === 'buy') {
-        leverageMax = mangoAccount.getMaxQuoteForSerum3BidUi(
-          group,
-          selectedMarket.serumMarketExternal,
-        )
-        const bank = group.getFirstBankByTokenIndex(
+        const quoteBank = group.getFirstBankByTokenIndex(
           selectedMarket.quoteTokenIndex,
         )
-        const balance = mangoAccount.getTokenBalanceUi(bank)
-        const unsettled = spotBalances[bank.mint.toString()]?.unsettled || 0
-        const tickDecimals = getDecimalCount(market.tickSize)
-        spotMax = floorToDecimal(balance + unsettled, tickDecimals).toNumber()
-      } else {
-        leverageMax = mangoAccount.getMaxBaseForSerum3AskUi(
+        const balance = mangoAccount.getTokenBalanceUi(quoteBank)
+        const quoteLeverageMax = mangoAccount.getMaxQuoteForSerum3BidUi(
           group,
           selectedMarket.serumMarketExternal,
         )
-        const bank = group.getFirstBankByTokenIndex(
+        const unsettled =
+          spotBalances[quoteBank?.mint.toString()]?.unsettled || 0
+        const tickDecimals = getDecimalCount(market.tickSize)
+        const roundedBalanceMax = floorToDecimal(
+          balance + unsettled,
+          tickDecimals,
+        ).toNumber()
+        spotMax = roundedBalanceMax
+
+        const isReduceOnly = quoteBank?.areBorrowsReduceOnly()
+        if (isReduceOnly) {
+          leverageMax = roundedBalanceMax
+        } else {
+          leverageMax = quoteLeverageMax
+        }
+      } else {
+        const baseBank = group.getFirstBankByTokenIndex(
           selectedMarket.baseTokenIndex,
         )
-        const balance = mangoAccount.getTokenBalanceUi(bank)
-        const unsettled = spotBalances[bank.mint.toString()]?.unsettled || 0
+        const baseLeverageMax = mangoAccount.getMaxBaseForSerum3AskUi(
+          group,
+          selectedMarket.serumMarketExternal,
+        )
+        const balance = mangoAccount.getTokenBalanceUi(baseBank)
+        const unsettled =
+          spotBalances[baseBank?.mint.toString()]?.unsettled || 0
         const minOrderDecimals = getDecimalCount(market.minOrderSize)
-        spotMax = floorToDecimal(
+        const roundedBalanceMax = floorToDecimal(
           balance + unsettled,
           minOrderDecimals,
         ).toNumber()
+        spotMax = roundedBalanceMax
+
+        const isReduceOnly = baseBank?.areBorrowsReduceOnly()
+        if (isReduceOnly) {
+          leverageMax = roundedBalanceMax
+        } else {
+          leverageMax = baseLeverageMax
+        }
       }
       return useMargin ? leverageMax : Math.max(spotMax, 0)
     } catch (e) {
diff --git a/public/locales/en/swap.json b/public/locales/en/swap.json
index 7da7f28c..c61a1f1a 100644
--- a/public/locales/en/swap.json
+++ b/public/locales/en/swap.json
@@ -13,7 +13,7 @@
     "hide-fees": "Hide Fees",
     "hide-swap-history": "Hide Swap History",
     "important-info": "Important Info",
-    "input-reduce-only-warning": "{{symbol}} is in reduce only mode. You can swap your balance to another token",
+    "input-reduce-only-warning": "{{symbol}} borrows are disabled",
     "insufficient-balance": "Insufficient {{symbol}} Balance",
     "insufficient-collateral": "Insufficient Collateral",
     "margin": "Margin",
diff --git a/public/locales/es/swap.json b/public/locales/es/swap.json
index 7da7f28c..c61a1f1a 100644
--- a/public/locales/es/swap.json
+++ b/public/locales/es/swap.json
@@ -13,7 +13,7 @@
     "hide-fees": "Hide Fees",
     "hide-swap-history": "Hide Swap History",
     "important-info": "Important Info",
-    "input-reduce-only-warning": "{{symbol}} is in reduce only mode. You can swap your balance to another token",
+    "input-reduce-only-warning": "{{symbol}} borrows are disabled",
     "insufficient-balance": "Insufficient {{symbol}} Balance",
     "insufficient-collateral": "Insufficient Collateral",
     "margin": "Margin",
diff --git a/public/locales/ru/swap.json b/public/locales/ru/swap.json
index 7da7f28c..c61a1f1a 100644
--- a/public/locales/ru/swap.json
+++ b/public/locales/ru/swap.json
@@ -13,7 +13,7 @@
     "hide-fees": "Hide Fees",
     "hide-swap-history": "Hide Swap History",
     "important-info": "Important Info",
-    "input-reduce-only-warning": "{{symbol}} is in reduce only mode. You can swap your balance to another token",
+    "input-reduce-only-warning": "{{symbol}} borrows are disabled",
     "insufficient-balance": "Insufficient {{symbol}} Balance",
     "insufficient-collateral": "Insufficient Collateral",
     "margin": "Margin",
diff --git a/public/locales/zh/swap.json b/public/locales/zh/swap.json
index 1371920f..2ee03131 100644
--- a/public/locales/zh/swap.json
+++ b/public/locales/zh/swap.json
@@ -13,7 +13,7 @@
     "hide-fees": "隐藏费用",
     "hide-swap-history": "隐藏换币纪录",
     "important-info": "重要资料",
-    "input-reduce-only-warning": "{{symbol}}处于仅减少模式。您可以将余额换成另一个币种",
+    "input-reduce-only-warning": "{{symbol}} borrows are disabled",
     "insufficient-balance": "{{symbol}}余额不够",
     "insufficient-collateral": "质押品不够",
     "margin": "保证金",
diff --git a/public/locales/zh_tw/swap.json b/public/locales/zh_tw/swap.json
index 9a7d5509..02bfe845 100644
--- a/public/locales/zh_tw/swap.json
+++ b/public/locales/zh_tw/swap.json
@@ -13,7 +13,7 @@
     "hide-fees": "隱藏費用",
     "hide-swap-history": "隱藏換幣紀錄",
     "important-info": "重要資料",
-    "input-reduce-only-warning": "{{symbol}}處於僅減少模式。您可以將餘額換成另一個幣種",
+    "input-reduce-only-warning": "{{symbol}} borrows are disabled",
     "insufficient-balance": "{{symbol}}餘額不夠",
     "insufficient-collateral": "質押品不夠",
     "margin": "保證金",