·3 min read
BTC to USDT Swap Fees Compared
Nick Campion
Head of Marketing
This is a comprehensive analysis of BTC to USDT swap fees for BOB Gateway, THORChain and Near Intents.
Three non-custodial protocols dominate the native BTC-to-stablecoin swap market in 2026: BOB Gateway, THORChain (currently paused the trading) and NEAR Intents. All three let you convert Bitcoin to USDT without a centralized exchange, without wrapping and without identity verification. But their fee structures are completely different - and for large trades, the difference compounds into hundreds of dollars.
Key Takeaways
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BOB Gateway charges zero protocol fees; total fees run approximately 0.025% for BTC↔USDT swaps between 0.05 and 2 BTC - the lowest of any non-custodial protocol.
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THORChain's slip-based fee scales with trade size, so larger swaps cost proportionally more: a ~2 BTC swap can incur ~0.3–0.4% in slip — roughly 12x BOB Gateway's fee.
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Near Intents' market maker model is competitive at standard sizes but keeps fees low through solver competition rather than pool depth.
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BOB Gateway's RFQ model is uniquely suited to large trades: no structural slippage increase as size grows.
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Settlement time matters as a cost factor: Longer settlement allows for more market volatility. BOB Gateway settles in ~10 minutes [limited by Bitcoin's confirmation time] vs 15–40 minutes on THORChain.
How Each Protocol's Fee Model Works
BOB Gateway
BOB Gateway uses a Bitcoin intents-based request-for-quote (RFQ) model. Solvers fill each swap with the tightest available rate. The protocol charges zero platform fees. The only costs are:
- Solver fee - kept competitive through BOB's solver network and real-time LP bidding.
- Network fees - covering any routing fees and destination chain gas fees.
There is no slip fee, and no protocol fee on top. The rate shown is the best market rates, with fees averaging at about 0.025% for swaps above 0.05BTC.
THORChain
THORChain is a decentralized liquidity protocol that routes cross-chain swaps through RUNE as the intermediate asset. Fees include:
- Slip-based fee - scales with trade size relative to pool depth. Total fees between 0.3–0.4% based on BOB's own quote analysis across trade sizes of 0.05 to 2 BTC.
- Two-pool routing — because every swap goes asset → RUNE → asset, it incurs slippage on both legs and depends on RUNE pool depth, a cost single-hop intents-based protocols avoid.
Near Intents
Near Intents routes BTC-to-USDT swaps through an intents-based model where market makers compete to fill each swap. Fees include:
- Solver spread - the market maker's margin, competitive and driven by solver competition; embeds destination-chain gas.
- Protocol fee - 1 pip per transaction
Total average fees - 0.05-0.09% for swaps above 0.05 BTC.
Side-by-Side Fee Breakdown
| Fee type | BOB Gateway | THORChain | Near Intents |
|---|---|---|---|
| Effective fee on $10K swap | ~$2.50 | ~$41 | ~ $5 |
| Effective fee on $50K swap | ~$11 | ~$161 | ~ $29 |
| Effective fee on $100K swap | ~$22 | ~$319 | ~$83 |
BOB Gateway is lowest at every size.
How Fees Scale With Trade Size
- Under $5,000: All three protocols are competitive. BOB Gateway has the edge.
- $5,000–$50,000: BOB Gateway maintains stable LP margins. THORChain's fee begins to increase meaningfully - a $20K swap may incur 0.3-0.4% in slip.
- Above $50,000: BOB Gateway's RFQ model offers a 0.022% fee for $100k trades, significantly undercutting THORChain (0.3%) and Near intents (0.075%).
Which Protocol Is Cheapest for Your Trade Size?
| Trade size | Recommended | Reason |
|---|---|---|
| Under $1,000 | Any of the three | Network fees dominate; but BOB better by a slight margin |
| $1,000–$10,000 | BOB Gateway or Near Intents | Intents-based quoting; no slip fee risk |
| $10,000–$100,000 | BOB Gateway | Produces tightest quotes consistently |
| Above $100,000 | BOB Gateway | Only protocol with no structural fee increase at scale |
Compare live BTC-to-USDT rates and swap at the lowest fees at app.gobob.xyz
Frequently asked questions
Nick Campion
Head of Marketing
20+ years building global brands across Web2 and Web3. Prev. Head of Marketing at Flare Network; Director of Brand & Communications at F45 Training; Wieden+Kennedy.