Fixed vs floating rate crypto swaps

What a floating rate means

A floating (or variable) quote is an estimate based on the market when you request it. The provider executes at the market rate when your deposit is confirmed, so the final amount you receive can be higher or lower than the estimate shown.

Floating quotes are usually the tighter of the two, because the provider is not carrying the risk of the price moving while your deposit confirms.

What a fixed rate means

A fixed quote locks the payout for a specific amount, asset and network for a limited window set by the provider. If your deposit arrives inside that window and matches the quoted amount, the provider pays the locked figure.

Because the provider absorbs the price risk, a fixed quote often pays slightly less than a floating estimate at the same moment. You are paying for certainty.

What can still change on a fixed quote

• The window expires: if the deposit is not detected in time, the provider decides whether to re-quote, refund or process at a new rate.
• The amount differs: sending more or less than quoted can move the order to a new rate or trigger a manual review.
• Network fees: the blockchain fee you pay to send the deposit is separate from the quote.
• Compliance checks: a provider can pause any order, fixed or floating, for a review.

How to choose

• Choose fixed when you need a known payout — paying an invoice, or when the market is moving fast.
• Choose floating when you want the best current estimate and can accept some movement either way.
• On slow-confirming source chains, a fixed window is more likely to be tight; check the countdown before sending.
• Whichever you pick, compare the expected payout across providers, not just the headline rate.