diff --git a/frontend/e2e/exchange.spec.ts b/frontend/e2e/exchange.spec.ts
index 4efc648..e9ef278 100644
--- a/frontend/e2e/exchange.spec.ts
+++ b/frontend/e2e/exchange.spec.ts
@@ -250,8 +250,8 @@ test.describe("Trades Page", () => {
   test("trades page shows Start trading link when empty", async ({ page }) => {
     await page.goto("/trades");
 
-    // Wait for content to load
-    await page.waitForTimeout(1000);
+    // Wait for loading to finish - either "Loading trades..." disappears or we see content
+    await expect(page.getByText("Loading trades...")).not.toBeVisible({ timeout: 5000 });
 
     // Check if it shows empty state with link, or trades exist
     const startTradingLink = page.getByRole("link", { name: "Start trading" });