Swap FAQs
1. For all swap pairs, how long will the quote be valid?
- XSGDUSDC - 5 mins
- XSGDXUSD - 5 mins
- USDCUSDT - 1 min
- XUSDUSDC - 5 min
- XUSDUSDT - 1 min
2) What is the difference between the Request a swap quote, Get a swap quote and execute a swap quote APIs?
Our Swap API consists of three key endpoints, each serving a distinct purpose in the swap transaction flow:
| API Endpoint | Function | Use Case |
|---|---|---|
| Request a Swap Quote | Generates the current exchange rate for swapping two currencies. | When you want to check the latest rate before executing a swap. |
| Get a Swap Quote | Retrieves a previously generated swap quote using its transaction ID. | When you need to fetch an existing quote for reference or execution. |
| Execute a Swap Quote | Confirms and carries out the swap based on a valid quote. | When you finalize and execute the swap after confirming the rate. |
3. Can I cancel a swap request after initiating it?
No, once a swap is executed, it cannot be reversed as we settle it immediately.
4. What happens if my swap quote expires?
If a swap quote expires, you need to request a new quote before executing the swap. Quotes have a time limit to reflect real-time market rates.
5. For swap API, does it work after bank hours and on weekends?
Yes, the Swap API is always available, regardless of banking hours or day of the week.
6. What are the minimum and maximum amounts supported for the source currency and target currency when placing a hedging order?
Between 10 to 100k. There will be an error message if the range is invalid.
7. Will the swap quotes "freeze" the funds?
No, it will not freeze any funds.
8. What are the statuses for the swap quote execution?
completed, failed, pending
9. What is the difference between totalSourceCurrencyAmount and sourceCurrencyAmount?
totalSourceCurrencyAmount is only relevant if we impose a transaction fee for each swap on top of the in-built spread. Otherwise, totalSourceCurrencyAmount will always be equal to sourceCurrencyAmount. Typically, we don't charge transaction fees for swap.
10. How long does it take for the swap to be completed?
It is near instant. You will get a callback as well.
11. Does swap fees always follow source currency?
Yes, it does.
Updated 2 days ago