1inch exchange fees
1inch has integrated with 5 different networks, each of which have their own native token.
Binance Smart Chain (BSC): BNB
Optimistic Ethereum: ETH (optimistic version)
Arbitrum: ETH (Arbitrum version)
***To ensure a successful swap, it is recommended to have a minimum of:
- 0.04 ETH
- 0.03 BNB
- 0.02 MATIC
- .01 ETH (optimistic)
- 0.01 ETH (Arbitrum)
in the wallet to cover gas costs. If you don’t have enough, check out this guide on topping up your balance.
Why can’t I pay for gas with the tokens I’m swapping?
On the above blockchains, all transactions require a transaction fee, which is typically referred to as “gas”. These operations carry significant costs (of both electricity, equipment, or capital) for the miners/stakers, who rely upon the gas fees to continue validating blocks. Since the miners/stakers are providing this service at a cost, they require payment in the native currency of the network that they are putting time, energy, and capital into supporting.
The size of this gas fee is proportional to the amount of computation required to execute an operation (not the amount of tokens swapped). The more complex the operation is, the more gas it requires to execute. Therefore, it is impossible to calculate the exact amount of gas needed before the transaction has been executed. Thankfully, 1inch provides an “Estimated Fee” to help you have an idea of how much gas you will need to pay for.
As the Ethereum network and its market value grows in size, so do the gas fees required for transactions. At times, Ethereum fees can very high and significantly impact the profitability of trades/swaps. These high Ethereum gas costs have led to the evolution of newer, cheaper blockchains, such as Binance Smart Chain (BSC) and Polygon.
***You can view current Ethereum gas prices here.
*** Need some gas for your transaction? Check out these instructions on how to top up your balance.
Why don’t I have to pay gas fees (and wait for confirmations) when trading on a centralized exchange, like Binance, Coinbase, or FTX?
Centralized exchanges use “off-chain” order books to facilitate trades, and therefore do not have to rely upon miners of a blockchain to validate transactions. It is essentially an “IOU” system where the user gives the exchange full custody of their funds. Instead of paying a gas fee to trade, the user instead pays a trading fee, which goes to the exchange’s wallet as profit. Unfortunately the user then also has to pay a “Withdrawal fee” for moving any funds on the centralized exchange into their own possession.