When swapping crypto, the rate type determines how much you actually receive. We break down the difference between fixed and floating rates — and when to use each.
Every crypto exchange order comes down to a fundamental choice: lock in your rate now, or take your chances with the market. This decision — fixed vs float — affects how much you receive at the end of your swap, and understanding it can save you from unexpected shortfalls.
What is a floating rate?
A floating rate means the final amount you receive is calculated at the moment your deposit is confirmed on-chain — not when you created the order. The rate fluctuates with the market in real time.
This is the default mode on most exchanges. Because the liquidity provider doesn't need to pre-hedge the trade, floating rates typically offer slightly better rates on average. The trade-off is uncertainty: if the market moves against you between order creation and deposit confirmation, you receive less than estimated.
When floating rates work in your favour
- The market is stable or trending in your direction
- You're exchanging a small amount where slippage impact is minimal
- Speed matters more than exact output precision
- You're comfortable with minor variance (±1–3% in normal conditions)
What is a fixed rate?
A fixed rate locks in the exchange rate at the moment you create the order. No matter what happens to the market while your transaction is confirming, you receive exactly the amount shown — provided your deposit arrives within the time window (usually 10–15 minutes).
Fixed rates cost slightly more. The liquidity provider must hedge the exposure during the confirmation window, and that cost is passed on as a small premium — typically 0.2–0.5% above the floating rate.
Fixed rates are ideal when you're moving a large amount and need certainty. The small premium is cheap insurance against a volatile market.
When fixed rates make sense
- You're exchanging a large sum and need predictable output
- Market volatility is elevated (e.g., post-news, high funding rates)
- You're executing a trade as part of a larger financial plan
- Your deposit will take longer than a few minutes to confirm (e.g., BTC at low fee)
A practical comparison
Say you're swapping 1 BTC to ETH. At order creation, the float rate shows 16.8 ETH. An hour passes while you prepare the BTC transaction. By the time it confirms, BTC has dropped 2% against ETH — you receive 16.46 ETH instead.
With a fixed rate, you would have paid a small premium — say 0.3% — but received exactly 16.8 ETH regardless of the market move. On a trade this size, that's the difference between losing 0.34 ETH to slippage vs paying 0.05 ETH as a hedging fee.
Our recommendation
For small, quick swaps under $500, the floating rate is usually fine — the variance is small and you benefit from marginally better rates. For larger amounts, time-sensitive trades, or any situation where you need to know exactly what you'll receive, fixed rate gives you peace of mind that's worth the small premium.
Cambio offers both modes on every supported pair. You can switch between them in the exchange widget before confirming your order.
