Network fees cover the costs of committing transactions on the blockchain.
These are only applied to small trades, where the network fee is more than 10% the trading fee. Otherwise, the network fee is subsidized in full by Switcheo and is not charged to the user.
Network fees vary depending on the blockchain the trade is executed on.
Typically - 170,000 to 870,000 GAS x (ETH Gas Price)
e.g. if the Gas Price is 40 gwei, then the typical maximum fee would be (870,000 * 0.000000040) ETH = 0.0087 ETH.
The maximum (network + trading) fee is capped at 10% of the traded amount.
Switcheo sources the liquidity for it's order books from various sources and the network fees vary by source.
The GAS charges for each source are:
- Switcheo Orderbook ( 80,000 + 90,000 GAS per fill)
- Uniswap Liquidity Pools ( 350,000 GAS per Fill)
- Kyber Liquidity Pools ( 700,000 GAS per fill)
The GAS charge is calculated based on the number and type of Maker orders filled by the Taker order.
A simple example:
Your Taker order matches 3 x Switcheo Maker orders ( assume GAS=40 gwei)
Total GAS = (80,000 + 3 * 90,000)
= 350,000 GAS
Total Fee (ETH) = 350,000 * 0.000000040
= 0.014 ETH
A more complex example:
If your Taker order is filled by 2 Switcheo, 1 Kyber and 1 Uniswap Makers, then the total estimated fee (assuming GAS=40 gwei) would be :
Total GAS = (80,000 + 2*90,000) + 350,000 + 700,000
= 1,310,000 GAS
Total Fee (ETH) = 1,310,000 * 0.000000040
= 0.0524 ETH
The Taker Network fee is deducted from the trading amount based on the current market conversion price, unless "use ETH as fees" switch is ON when placing the order, in which case the fee is paid in ETH providing enough ETH is available in your Contract Balance.
The exchange uses the Fast Gas Price from ethgasstation.info in the above calculations.
97,000 GAS x ETH Gas Price
i.e. if the Gas Price is 10 gwei, then the withdrawal fee would be
(97,000 * 0.000000010) ETH = 0.00097 ETH.
This fee charged is deducted from the asset being withdrawal based on the current market conversion price.
0.001 GAS to 0.002 GAS
The maximum (network + trading) fee is capped at 0.5% of the filled amount.
Crosschain (Atomic Swaps)
The network fee for Ethereum-Neo Atomic Swaps is (150,000 GAS x ETH Gas Price) + 0.001 NEO. The maximum (trading + network) fee is capped at 10% of the traded amount.
The network fee for Ethereum-EOS Atomic Swaps is (150,000 GAS x ETH Gas Price). The maximum (trading + network) fee is capped at 10% of the traded amount.
The network fee for EOS-Neo Atomic Swaps is 0.001 NEO. The maximum (trading + network) fee is capped at 10% of the traded amount.
Maker: If you place an order that gets added into the order book and is waiting to be matched, you are the maker.
Taker: If you place an order that gets matched against an order already in the order book, you are the taker. Since taker’s request will be matched against a maker's current request, the trade will get executed immediately.
Find out more about Makers and Takers here.
Find out more about Ethereum's Gas Price here.