Fixed vs floating exchange rates, explained

A fixed rate locks the amount you receive for 30 minutes from order creation, provided you send the exact amount within that window. A floating rate settles at the market rate when the swap executes. Both carry the same 0.48% fee inside the quote; fixed buys certainty, floating follows the market.

What is the difference between a fixed and a floating rate?

When you create a swap you choose how the price is set. A fixed rate is locked at the moment you create the order. A floating rate is set later, at the moment the swap actually executes. Both quotes already include the flat 0.48% fee, so there is nothing to add at the end.

How does a fixed rate work?

A fixed rate holds your quoted amount for 30 minutes. If your exact deposit is sent inside that window, you receive the amount shown on your order, however the market moves in between. The price you see is the price you get. Not every service publishes its lock time: StealthEX's terms and FAQ, read on 26 September 2026, give none. Our StealthEX alternative page compares the two; Ghostex is not affiliated with StealthEX.

The trade-off is the clock and the amount. The lock applies to the specific deposit you agreed to send. If the deposit is late, or larger or smaller than quoted, the locked rate can no longer apply to it. The order then runs at the market rate at execution time, or is refunded automatically, as shown on your order page. That is why it helps to send exactly the quoted amount.

How does a floating rate work?

A floating rate is not locked. The estimate is marked with an approximate sign because the final figure is set when Executor runs your swap, using the market rate at that moment. It can end a little higher or a little lower than the estimate.

Floating rates suit people who are comfortable following the market, and they remove the timing pressure of a lock. If the market moves in your favour between deposit and execution, a floating order can pay out more than the original estimate. If it moves against you, it pays out less.

Which one should you pick?

• Choose fixed when you want a known outcome, are sending a precise amount, and can send the deposit within the 30-minute window.
• Choose floating when you would rather track the live market and don't need a fixed payout figure.

There is no wrong answer. A fixed rate trades a small amount of upside for certainty. A floating rate trades certainty for a live price. Neither changes the flat fee, and neither requires an account; here is how swapping without an account works. Elsewhere a fixed rate can cost more: FixedFloat's FAQ lists 1% for fixed and 0.5% for float (checked 26 September 2026); on Ghostex both are 0.48%. Ghostex is not affiliated with FixedFloat; our FixedFloat alternative page compares the two services in more detail.

What does the 30-minute window look like in practice?

Say you create a fixed-rate ETH to BTC order for 1.0000 ETH at 12:00. The rate is locked until 12:30. The 0.48% fee on 1.0000 ETH is 0.0048 ETH, already inside the BTC amount quoted.

• Exact amount sent at 12:25. You receive the locked BTC amount, even if the market moves while the 12 Ethereum confirmations come in.
• Exact amount sent at 12:35. The window has closed, so the lock no longer applies: the deposit is executed at the market rate at execution, or refunded automatically.
• 0.9000 ETH sent at 12:25. It is on time but not the quoted amount, so the lock cannot apply to it either: market rate at execution, or an automatic refund. The order page shows which.
• Nothing sent. After 12:30 the order expires and nothing is charged; create a new one for a fresh quote.

Choose a floating rate on the same swap and the estimate would carry an approximate sign. The amount you receive would then track the market at the moment Executor runs it. On a calm day the two are close. In a volatile hour they can differ noticeably, which is exactly why the choice exists.

The window itself differs between services, so check the clock before you send. ChangeNOW's terms (s.2.3, checked 26 September 2026) ask for a fixed-rate deposit within 4 minutes of creating the exchange. That works from a wallet that is already open and funded, less so for a withdrawal from an exchange account. Our ChangeNOW alternative page compares the two; Ghostex is not affiliated with ChangeNOW.

What sets the rate?

Oracle, the pricing agent, aggregates market data across venues and quotes your rate. Router then finds the best execution path for the pair. Prices shown on the supported assets page are indicative; your real rate is set when you create the order. Both quote types already reflect the network fee for sending your payout, which Ghostex covers. You can follow one order through each agent in what happens during a crypto swap.

Does a slow network break a fixed rate?

Most of a swap is the blockchain confirming your deposit. A fixed rate applies when the exact amount is sent within the 30-minute window; a slow network after that only delays the payout. Typical end-to-end time is 5 to 30 minutes, depending on the network.

Ghostex waits for 2 Bitcoin confirmations, about 20 minutes at a 10-minute average block interval, and 12 Ethereum confirmations, about 2.4 minutes at 12 seconds per slot. Why a Bitcoin deposit sometimes takes well over 20 minutes is covered in how long Bitcoin confirmations take. If you are new to how those network costs and confirmation times work, see network fees on a crypto swap.

To compare the two on a real quote, open an ETH to BTC swap or swap Bitcoin to Ethereum and switch between fixed and floating on the form. The fixed quote shows the locked amount, the floating one an estimate marked ≈. The FAQ lists the limits, about $10 to $10,000,000 per swap.