Monivo Crypto Swap Rate Index
How far apart are providers on the same swap? The Rate Index measures the spread between the best and worst executable quote returned for the identical pair, amount and rate type at the same moment, using quotes served through Monivo's comparison engine.
Provider quotes recorded
Pairs with the widest quote spread
Median spread between the best and worst provider quote in a single comparable set, by pair.
| Pair | Comparable sets | Median spread | Widest observed |
|---|---|---|---|
| SOL → BTC | 1 | 14.92% | 14.92% |
| SOL → XMR | 5 | 7.27% | 33.29% |
| XMR → BTC | 17 | 4.34% | 6.15% |
| USDT → XMR | 11 | 2.76% | 5.87% |
| XMR → USDC | 12 | 2.73% | 3.16% |
| BTC → USDT | 12 | 2.28% | 2.47% |
| USDC → XMR | 13 | 2.25% | 2.80% |
| XMR → USDT | 12 | 2.23% | 3.72% |
| ETH → USDT | 12 | 2.20% | 2.30% |
| BTC → XMR | 24 | 1.99% | 10.88% |
| BTC → ETH | 16 | 1.92% | 2.12% |
| ETH → BTC | 13 | 1.73% | 8.93% |
How often each provider offered the top quote
Counted only across quote sets where that provider actually answered alongside at least one other.
Not published for this window: the providers observed were not quoted across a comparable number of sets, so a ranking would reflect sampling rather than pricing.
Methodology
What is recorded
One observation is one provider's fillable answer — a positive receive amount — for one pair, one send amount and one rate type. Providers that were still working, errored, or could not route the trade are not recorded at all, so an unavailable provider never counts as an expensive one.
Sampling
Two sources, both live. A scheduled panel quotes a fixed basket of pairs at fixed send amounts every ten minutes, so coverage is designed rather than traffic-shaped; alongside it, real visitor comparisons are captured once every provider that can route the pair has answered. Each pair/amount/rate-type target is stored at most once per ten minutes, so neither a busy page nor a refreshing visitor can weight the sample.
The comparison window
All quotes in one set are requested at the same instant for the same pair, amount and rate type, and are stored together. Spread is only ever computed inside such a set — never between quotes captured at different times.
How amounts are treated
Each quote is normalised to receive-per-unit-sent before comparison, and the spread is (best − worst) ÷ worst, in basis points. Because providers price their margin into the payout rather than charging separately, this figure already includes provider spread and any network cost the provider deducts.
Malformed quotes
A quote whose payout is more than more than three times away from the rest of its own set is a malformed answer, not a competitive one — a wrong unit or a decimal slip upstream. Those are excluded, so the published spread is always one a visitor could actually have acted on. A genuinely poor but plausible quote is kept.
Provider inclusion
Only providers connected to Monivo's live comparison are represented, and only on pairs they support. A set needs at least two answering providers to contribute a spread. The 'top quote' table is published only when every listed provider answered in a comparable share of sets.
Limitations
This is a sample of quotes actually returned to Monivo — the scheduled panel plus visitor requests — not a census of the market. It covers the pairs in the panel and the pairs visitors ask about, it excludes venues Monivo is not connected to, and quoted amounts are not executed amounts: a quote can still expire or be re-priced at order creation.
Reproducibility
Every figure on this page is a direct function of the stored observations for the selected window. No value is smoothed, projected or carried over from a previous window.
Monivo does not add a separate fee to the provider quote. Monivo may earn a commission from the liquidity provider when a swap is completed. Network costs and provider spreads are reflected in the quote where applicable.
Monivo does not require a Monivo account to compare or start a standard crypto-to-crypto swap. Individual liquidity providers may still apply AML, sanctions, fraud-prevention or identity checks in certain circumstances, depending on the provider, the transaction and your jurisdiction.
The sampling panel
Every ten minutes, each of these pairs is quoted at three fixed send amounts and every connected provider that can route it is asked for a real, fillable answer. The Monero legs are included because payouts diverge most where there is no unified order book; the major pairs are the control group.
- USDT → XMR
- XMR → USDT
- USDC → XMR
- XMR → USDC
- BTC → XMR
- XMR → BTC
- BTC → USDT
- USDT → BTC
- ETH → USDT
- USDT → ETH
- BTC → ETH
- ETH → BTC
Panel sweeps and visitor comparisons are stored identically and are not distinguished in the statistics above — both are real provider answers captured at a single instant.
Using this data
Journalists and researchers are welcome to cite the index. Please state the observation window and the date you retrieved the figures, since the sample changes as new observations arrive.
Related pages
- Compare crypto swap ratesRun the same comparison the index is built from, on your own pair.
- Monero exchange hubXMR routes, where the spread tends to be widest.
- Account-free exchangesHow wallet-to-wallet venues differ on access and compliance.
- Supported assetsEvery asset and network available to the providers we quote.
About the Rate Index
What does the Rate Index actually measure?
It measures the spread between the best and the worst executable quote returned for the same pair, the same send amount and the same rate type at the same moment. Only fillable answers with a positive receive amount are counted.
Where does the data come from?
From live provider quotes: a scheduled panel that asks every connected provider for a real quote on a fixed basket of pairs and send amounts, plus real comparison requests made by visitors. Nothing is modelled, estimated or back-filled, and no figure is published for a window that has no comparable quote sets.
How often is the index updated?
Continuously. The scheduled panel runs every ten minutes, visitor comparisons are stored as they happen, and the page recomputes the 7, 30 and 90 day windows from the stored observations on every visit.
Why is a provider ranking sometimes missing?
If the observed providers were not quoted across a comparable number of sets, a ranking would reflect sampling rather than pricing, so it is withheld for that window.
Can I cite the Rate Index?
Yes. Journalists and researchers are welcome to cite it; please state the observation window and the date you retrieved the figures, because the sample grows as new observations arrive.
Does a wide spread mean a provider is overcharging?
Not necessarily. Spreads widen with network fees, liquidity depth and asset volatility, which is why privacy assets such as XMR usually show a wider range than large-cap pairs.
Quotes are requested live from each connected provider when you enter an amount. Figures move with the market and expire — the amount you finally receive is the one confirmed by the provider you choose.