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Why exchange quotes differ

The same trade, at the same moment, can pay out different amounts depending on the provider. Here is where the difference comes from, with real numbers from WalletExchange.

By Hamish Webb · Last reviewed 30 September 2026

What we saw

On 29 September 2026 at 23:11 UTC, we asked ChangeNOW, SimpleSwap, StealthEX and SideShift for live quotes through WalletExchange, all within the same few seconds.

  • 1 ETH → XMR Best: 4.8464 XMR (ChangeNOW). Lowest: 4.8170 XMR (SimpleSwap). A 0.61% gap. SideShift didn’t quote, because it doesn’t list native XMR.
  • 0.05 BTC → ETH Best: 1.5440 ETH (SimpleSwap and StealthEX, tied). Lowest: 1.5301 ETH (SideShift, fixed rate). A 0.90% gap.
  • 0.02 ETH → BTC vs. 2 ETH → BTC ChangeNOW paid the most on the small trade, SimpleSwap on the large one. The gap between best and lowest was 1.06% on the small trade and 0.86% on the large one.

No single provider won every trade. That is normal, and it is why the only reliable answer comes from comparing at the moment you exchange.

See current comparisons for ETH to XMR, BTC to ETH and other popular pairs.

What goes into a quote

  • Where the liquidity comes from Providers fill trades from their own inventory, market makers or on-chain pools. SideShift, for example, uses its own inventory plus automatic external trading. Different sources mean different prices.
  • The provider’s fee, built into the rate SimpleSwap describes an “all-in-one” rate with fees from 0.2% that vary by pair. SideShift says any fees are already included in the rate, and ChangeNOW and StealthEX include fees in their estimates.
  • Partner commissions Comparison sites and wallets can earn a commission, which may be priced into the rate. SideShift’s default partner commission is 0.5%. WalletExchange may earn commission too, and it never affects our ranking: see our affiliate disclosure.
  • The payout network fee The cost of sending you the coins you’re buying is usually deducted from the amount you receive. More on this in Understanding network fees.

Fixed vs. floating rates

A floating rate is an estimate: the final amount is set when your deposit is processed, so it can move either way. A fixed rate is locked for a short window, 15 minutes at SideShift and 20 at SimpleSwap, as long as you send exactly the quoted amount in time.

That certainty usually costs something. In our BTC → ETH sample, the only fixed-rate quote was 0.90% below the best floating one. If the market moves sharply while a floating exchange is in progress, providers have their own rules: StealthEX, for example, stops a swap when the rate moves more than 5% and offers a new rate or a refund.

Why “low fee” headlines mislead

A percentage fee tells you one part of the cost. The spread, the payout network fee, the rate type and any commission all come out of the same number: how much arrives in your wallet. That net amount is the only figure you can compare fairly across providers, so it is the only thing WalletExchange ranks by. How we rank quotes explains the method.

Trade size changes the answer

Some costs are roughly fixed per trade, so they weigh more on small amounts. In our sample, 0.02 ETH got 0.45% less BTC per ETH than 2 ETH did in the same minute, and the best provider changed. Providers also set minimum amounts, partly to cover network fees.

Getting the best result

  • Compare right before you send Quotes move with the market. One from ten minutes ago is history.
  • Check the rate type Every quote on WalletExchange is labelled fixed or floating.
  • Compare the same size you’ll actually trade A quote for a different amount can rank providers differently.

Sources

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