A new industry study suggests that slow swap execution across non-custodial crypto platforms may be eroding traders’ returns.
According to the Speed Benchmarks 2026 report from Swapzone, the median time required to complete a Tether (USDT) to Ethereum (ETH) swap is now about 45 minutes across the sector.
The report analyzed roughly 150,000 non-custodial transactions across eight major swap providers. Researchers found that while users wait for transactions to settle, market prices often shift, meaning the final amount received can differ from the initial quote.
The study introduces the term “Rate Deviation”, describing the gap between the expected value of a swap and the amount actually received once the transaction completes.
Unlike standard platform fees, this discrepancy does not appear in fee schedules. Instead, it shows up only after settlement, when traders compare their quoted rate to the final balance in their wallet.
Because crypto markets are highly volatile, the report argues that longer settlement times increase exposure to price fluctuations—effectively creating an invisible trading cost.
The findings build on a mid-2025 speed study from Swapzone that first highlighted processing delays as an underappreciated risk in non-custodial trading.
That earlier analysis showed major differences between platforms, with the fastest services settling swaps in under two minutes, while slower ones could take up to 17 minutes.
Seven months later, the divide has widened rather than narrowed.
Among the platforms studied, ChangeNOW emerged as the fastest performer. After leading the 2025 rankings with a median execution time of about 1.8 minutes, the platform has now reduced settlement to under 60 seconds on major pairs such as Solana/USDT and ETH/USDT.
The report estimates this represents roughly a 45-fold improvement compared with the current industry median. Across sampled transactions, ChangeNOW recorded Rate Accuracy of 99.97%.
“Speed is a fundamental pillar of user trust,” said Pauline Shangett, Chief Strategy Officer at ChangeNOW. “Our goal is to eliminate latency as a barrier between traders and their funds.”
The core takeaway from the report is that a quoted swap rate only holds value if a platform can execute the trade before the market moves.
With a 45-minute median settlement time, that outcome is far from certain. But at around 60 seconds, the likelihood of major price drift drops significantly, reducing the hidden cost traders may be paying while waiting for swaps to finalize.
