<b>MOVING: the hidden margin stack between you and the exchange</b>

<b>MOVING: the hidden margin stack between you and the exchange</b>

A network insider laid out why the same crypto offer pays differently depending on where you take it: between you and the exchange there can be a network, a smartlink aggregator, and a sub-network — each skimming margin, each adding a postback hop where attribution can break.

The so-what:
— The longer the chain, the lower your effective rate and the more places your conversion can get lost or shaved.
— Going <code>direct</code> to the exchange's own program usually pays more and breaks less — the tradeoff is you handle compliance and slower onboarding yourself.
— When a network quotes you a 'great' rate, ask how many hops sit above them. Every hop is a margin cut and a failure point.

If you're big enough to go direct, the middle of the stack is just tax. Watch this.