Liquidity depth
What it costs to move $1,000,000
The price impact of a $1M USDC to USDT swap on each chain, from live DEX-aggregator routing. The network fee is noise at this size; the real cost is slippage, and it varies a lot by chain.
As of September 12, 2026 · Source: Live DEX-aggregator routing (KyberSwap), $1M vs. $10k swap · Methodology
| Chain | Price impact | Cost on $1M | Depth |
|---|---|---|---|
| Ethereum | 0.2 bps | $16 | Deep liquidity, negligible cost at size |
| BNB Chain | 0.2 bps | $17 | Deep liquidity, negligible cost at size |
| Arbitrum | 0.8 bps | $77 | Deep liquidity, negligible cost at size |
| Polygon | 2.5 bps | $245 | Adequate depth for a $1M swap |
| Base | 41.8 bps | $4,176 | Thin for size, expect real slippage |
| Avalanche | 144.0 bps | $14,396 | Thin for size, expect real slippage |
How to read this. Price impact is measured by comparing the rate on a $1M USDC-to-USDT swap against a $10k reference trade on the same chain, using live KyberSwap routing. That isolates the cost of size (how much the rate degrades when you trade large) from the small price gap between the two coins. Lower is deeper. Cost on $1M applies that impact to a one-million-dollar swap. Solana and more chains are being added. Not investment advice.