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AirSwap is based on the Swap protocol, a peer-to-peer protocol for trading Ethereum tokens. Many existing exchange designs suffer front-running and race conditions. AirSwap was built with fairness in mind and sidesteps these issues. Swap is a protocol to facilitate a true peer-to-peer ecosystem for trading tokens on the Ethereum blockchain. The following is an extensible specification that supports efficient counterparty discovery and negotiations. These protocols are intended to become a foundation for the asset trading ecosystem and to accelerate Ethereum ecosystem growth. By publishing this paper and opening for discussion, we seek comments from ecosystem stakeholders with the aim to produce high-quality protocols to enable a wide variety of real-world applications.