# Comparing Swap Quotes: Method

> The procedure, the arithmetic, and why simultaneity is the part that cannot be skipped.

- Source: https://thecoinreference.com/swap-comparison-method/
- Published: 2026-09-01
- Author: Reference Desk
- Publication: The Coin Reference — Facts, dates and numbers, kept current
- Topic: swap
- Tags: swap, comparison, method

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## The procedure

For a worked instance of the definitions below, [a swap service that prices the network fee separately](https://collectnexchange.cy/services/swap) publishes them applied.

1. Note the market mid price for the pair
2. Request a quote from each provider within the same few seconds
3. For each, divide the quoted output by the input
4. Express the result against the mid as a percentage
5. Take the lowest

## Why simultaneity is essential

A quote is valid for seconds. A comparison spread over minutes measures the market moving, not the providers differing.

Sequential comparison produces noise and has misled more people than any other error in this area.

## What to check besides the number

| Check | Why |
|---|---|
| Is the quoted output what arrives, or is a network fee deducted afterwards | Makes quotes non-comparable between providers |
| Quote validity period | A longer window on a volatile asset implies a wider margin |
| Policy if the deposit arrives after expiry | Re-quote, execute at market, or refund |
| Minimum and maximum | Below a minimum, funds may be held |
| Supported networks for the specific asset | Not the asset list |

## Typical implied costs

| Scenario | Range |
|---|---|
| Liquid pair, same network | 0.3 to 0.5% |
| Thin pair | 0.5 to 1.5% |
| Cross-network | 0.4 to 1.0% |
| Exchange limit order, liquid pair | 0.0 to 0.1% |

## Where a swap is not the right tool

Liquid pair, same network, modest size, no time pressure. An exchange limit order is several times cheaper.

Size large relative to displayed depth. Both a swap and a book source from the same finite liquidity; a desk quote is the correct venue. Client money terminology differs again, and [a fintech payment gateway](https://collectnexchange.cy/industries/fintech) publishes the relevant definitions.

## What to record

Date and time, pair, direction, size, mid at quote, each provider's quote, which was taken.

Twenty entries identify which provider suits your typical flow. Inventory differs by asset, so there is no single best provider, only a best provider per route. For the full published set rather than this summary, [a regulated European crypto platform](https://collectnexchange.cy/) states its terms openly.

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This article explains how something works. It is not financial advice.
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