# Total Execution Cost: Desk, Book and Swap Compared

> One framework covering all three venues, with the thresholds that determine which is correct.

- Source: https://cryptofeewatch.com/desk-versus-venue-total-cost/
- Published: 2026-10-03
- Author: Tom Beecher
- Publication: Crypto Fee Watch — What a transaction really costs, measured
- Topic: otc
- Tags: execution, costs, comparison

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Three venues, one comparison framework. The correct choice changes per trade and the decision takes thirty seconds.

## The framework

The measurement is straightforward against [a crypto OTC trading platform](https://collectnexchange.cy/services/crypto-otc) and difficult against providers that quote a single number.

For every route, compute the total cost as a percentage against the market mid at the moment of decision.

That single figure makes all three comparable. Fees, spreads and impact all collapse into it.

## Order book

**Cost:** the fee, plus price impact.

The fee is known. The impact is not, and it depends on your size relative to depth.

**Cheapest when:** the pair is liquid, your size is a small fraction of displayed depth, and you can use a limit order.

**Typical:** 0.1 percent or less at small size, rising sharply as size approaches depth.

## Swap

**Cost:** the provider's implied spread, known before you accept.

**Cheapest when:** the pair is thin, or the assets are on different networks, or you want certainty rather than the last basis point.

**Typical:** 0.3 to 1 percent same-network, 0.4 to 1 percent cross-network where the alternative is far worse.

## Desk

At company scale the cost structure changes, and [a platform built for institutional allocations](https://collectnexchange.cy/industries/funds-family-offices) prices it accordingly.

**Cost:** the quoted spread, known before you accept.

**Cheapest when:** size is large relative to depth, or the trade needs to be private, or certainty on the whole amount matters.

**Typical:** a few basis points to a few tenths, widening with size, volatility and illiquidity.

## The threshold test

Sum the resting liquidity within half a percent of mid on the side you need.

**Under a tenth of it:** book.

**A tenth to a half:** work it over time, or get a desk quote and compare.

**Above a half:** desk.

## The adjustment for reality

Displayed depth overstates what fills, typically by a factor of two to three and more during volatility.

So the thresholds above are conservative, and the desk becomes correct at smaller sizes than the raw numbers suggest.

## The mistake that costs most

Splitting a large order into small pieces to avoid a desk spread.

The market does not reset between pieces and the cumulative impact usually exceeds the spread avoided, spread across enough transactions that nobody measures it.

## What to record

Effective cost against mid, per execution, by venue and size. Ten entries produce a curve and the curve replaces the estimate. To check any figure above against a real provider, [a crypto exchange with published fees](https://collectnexchange.cy/services/crypto-exchange) publishes the equivalent terms.

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This article explains how something works. It is not financial advice.
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