Term
Fixed vs floating rate
A fixed-rate crypto swap locks the exchange rate at quote time; a floating-rate swap uses the market rate at execution time — the trade-off is certainty (fixed) vs. usually-better economics (floating).
Every swap aggregator lets you pick between fixed and floating rate quotes. The difference is when the price is finalized.
A fixed-rate quote locks the rate at the moment of the quote. The executing provider commits to give you that exact rate at execution, as long as you deposit within a set window (usually 5-30 minutes). To take on that market-risk, the provider typically charges a small premium — the fixed rate is slightly worse than the market rate at quote time.
A floating-rate quote is indicative. The rate you get is whatever the market rate is at the moment the swap actually executes, which might be better or worse than the initial quote. There is no premium: you pay the market rate, plus the provider's standard spread.
Floating is the right default for most retail swaps: the median outcome is very close to the initial quote, and you avoid paying the fixed-rate premium. Fixed is the right pick when you need exact-cost certainty (invoicing, budgeting, treasury operations) or when you know your deposit will take a while to arrive and prices could move meaningfully in that time.
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