If the fee’s to convert ETH to USDT in my Coinbase Wallet do fluctuate during the day/night. When is the best and least expensive time to do this? I made a relatively small deposit of 300.00 but the fee to exchange it is nearly 50.00 when it estimates the cost. That’s almost 17% and rather expensive for a small amount.
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You could check the gas price during the week here etherchain.org/tools/gasnow. On that page they show the approximate prices for swap operations around 20-30 at uniswap, 1inch, sushiswap.– Ismael ♦Commented Apr 4, 2022 at 3:17
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2 Answers
With proof of stake, there are nodes working to validate transactions. When there is high demand for these validators the gas price is higher. Keep your eye on current gas prices to find an acceptable time to request the transaction.
The fees are related to the gas price, and yes they do fluctuate through the day and the week.
You can use websites that monitor gas prices to get a broad idea of the current range of gas prices in which transactions are going through.
If you are not in a hurry and the transaction is not urgent, you can manually lower the maxBaseFee you are willing to pay for that transaction, within your wallet. Transactions are picked up by miners in order of profitability (for them), so by setting a lower fee you are essentially saying they can pick it up whenever the network is idle and there is less competition from other transactions. I have done transactions for cheap this way, some taking even two or three days to execute.
Until a transaction executes you cannot do other transactions from that account. So later if you feel it's been too long, you can increase the maxBaseFee (by a minimum of 10% each attempt) to try and speed it up.
Something to note, transactions like conversion where you are shown or promised a certain rate tend to be time-bound, and if the transaction takes too much time it will fail and you will have spent your gas as well. A DEX swap usually falls into this category.
