Crypto Swap Quotes Can Vary Widely Even With Identical Trade Conditions

Crypto users often compare swap quotes to find the best deal, but a recent study by Monivo found that even when two providers offer identical trading pairs and amounts, their payouts can differ significantly.

The research analyzed live provider quotes for the same trade conditions, including the trading pair, send amount, rate type, and observation moment. This revealed that the difference between the best and worst quotes was not just a matter of fees, but also the actual payout.

The study found that across 17 trading pairs and over 1,000 provider quotes from eight providers, the median spread between the best and worst quotes was 2.55%, with a mean of 2.77%. The widest observed gap during the sample period was 4.90% for the XMR to BTC pair.

The study's findings suggest that users should not rely solely on advertised fees or exchange rates when comparing swap quotes, but rather look at the actual payout from each provider. This is especially important for smaller trades, where even a small difference in payout can add up.