Concepts
Instant and fixing lanes
Which lane a transfer takes, and what each one fixes.
Which lane a transfer takes
The lane depends on the transfer's value in dollars at the current Pyth price. Up to $10,000, it takes the instant lane. Above it, it takes the fixing lane. The app shows the lane before you ask for a quote, and the quote confirms it.
The instant lane
- The quote fixes the exact amount the recipient receives.
- The payment settles in the same transaction as the swap.
- The spread starts at 8 bps.
The fixing lane
- Your input moves into escrow and the order joins the next fixing. Fixings run every 5 minutes, on the clock.
- At the fixing, opposite orders cross at one Pyth price. The matched part pays no spread; the rest pays the fixing spread, from 4 bps.
- You can set the minimum the recipient must receive. If the fixing would pay less, the order is refunded in full.
Side by side
| Instant lane | Fixing lane | |
|---|---|---|
| Transfer value | Up to $10,000 | Above $10,000 |
| Rate | Pyth at your quote | Pyth at the fixing |
| Recipient receives | The quoted amount, exactly | At least your minimum |
| Spread | From 8 bps | None on matched flow; from 4 bps on the rest |
| Settles | In the transaction you sign | At the next fixing |