Compare the amount you expect to receive, not the headline rate. A useful comparison includes network costs, swap fees, and the chance that the price changes before execution.
- Start With the Amount You Expect to ReceiveUse the same starting amount and the same destination asset for every quote. Check that each estimate says how much should arrive, rather than showing only an exchange rate.For example, a quote of 0.5 ETH per $1,000 of BTC looks clear, but it may not include every cost. When comparing native-asset swaps, swap Bitcoin with Chainflip is one option to consider. Chainflip moves assets between chains without requiring a wrapped version, which is a token designed to represent an asset on another network.
- Separate Swap Costs From Network CostsA quote can include costs from the swap itself and costs from sending transactions on the two blockchains. The BTC transfer you send has a Bitcoin network fee; delivering ETH also requires a destination-chain transaction.Bitcoin fees depend on transaction size and demand for block space, as the Bitcoin Developer Guide explains. Ethereum fees pay for the computation a transaction uses; ethereum.org explains how gas units and the fee per unit set that cost.Some protocols also charge a liquidity fee for using a trading pool. Chainflip’s protocol documentation lists pool fees of 0.10%–0.15% and a 0.10% network fee for swaps, with network transfer costs varying by chain. These are separate from the fee your wallet may charge to send the deposit.
- Compare Two Routes On The Same BasisFor a BTC-to-ETH swap, note the BTC leaving your wallet, the estimated ETH arriving, and whether the estimate accounts for the Bitcoin deposit fee and Ethereum delivery cost. A low pool fee may not compensate for a costly transfer on either network.For an ETH-to-BTC swap, check the same items in reverse: the ETH deposit cost, the estimated BTC output, and the cost of sending BTC to your address. Bitcoin output can look lower after fees even when the swap rate is competitive.These are different cases, so don’t compare their raw BTC and ETH amounts. Compare each route with another quote for that same direction, then account for how much value you give up in total.
- Allow For Price Movement Before You SendThe displayed estimate may change before the swap executes. Price impact is the way a trade moves the pool’s price; slippage is the difference between the expected and actual execution price.For an illustrative calculation, suppose $1,000 would buy 0.5 ETH at the reference price. A 0.15% pool fee would leave about 0.49925 ETH before other charges. This example is not a live quote, and market movement or network costs can reduce the final amount further.Check what happens if the available execution price falls below your minimum acceptable amount. Chainflip supports minimum-price protection, which can trigger a refund if the swap does not meet the set price within its retry period. A refund can still involve network costs.
- Choose The Quote That Fits Your PriorityWrite down the estimated arrival amount, included fees, any excluded network costs, and the price protection for each route. If one estimate leaves fees unclear, treat its arrival amount as less certain.For a small transfer, fixed network costs may matter more than a small difference in pool fees. For a larger transfer, price impact and protection against a worse execution may matter more. Choose based on the amount you expect to keep and the trade-off you accept.
A fair comparison uses the same assets, direction, and starting amount, then accounts for costs and price movement. The best quote is the one whose likely arrival amount and protections suit your needs.