Fees & rates

Mid-market rate

The mid-market rate is the midpoint between the best bid and best ask on major exchanges — the reference price before any spread or fee.

It is not a rate you can trade at, but it is the yardstick to judge any quote.

On Swap.bz

Pair pages on Swap.bz display an indicative mid alongside the quote.

Spread

The spread is the gap between the market mid-price and the rate you are actually offered; it is where hidden fees live.

Quote

A quote is the receive amount an exchange commits to for a given input at that moment, including its fee and estimated network costs.

← All 62 terms · Last reviewed 2026-09-06