Best times for cheap Ethereum transaction gas fees
With network activity rising and ETH’s price above $4K, there are very few days where transaction fees are less than $30. With fees on the rise you may be wondering when’s the best time to complete your Ethereum transaction
Examining the data on Ethereum’s chain block-by-block basis suggests there conducting transactions early on weekend days in the U.S., or pre-scheduling transactions.
Post EIP-1559, Ethereum’s fee algorithms includes a fixed-per-block network fee called a base fee which fluctuates with demand for block space, moving up or down by a maximum 12.5% block-to-block based on the capacity of the previous block. During times of higher network traffic, demand for block space more often outstrips supply, leading to higher base fees.
Despite Ethereum being a 24/7, 365 network that is accessible globally, base fees have tended to be higher during US business hours.
Popular apps like. Gas Fees app also help users monitor popular crypto transaction fees in real-time so you can find the best time to confirm your transaction.
Breaking it down
The chart below shows the average base fee (measured in GWEI) by minute and day of week, in New York/Eastern Time. Brighter yellows represent higher typical base fees while darker blues represent lower average base fees
As you can see, the morning period between midnight and 8am EST tends to have cheaper base fees vs. business hours (9am-5pm). Additionally, weekends have been associated with lower fees, with the beginning of Sunday morning being especially low with the base fee less than 50% vs. the average during noon EST on a Wednesday.
By looking at the median, rather than the mean fee, we can see this pattern play out as well showing mid-day during the week is typically the most expensive time for an ETH transaction.
Where’s all this activity coming from?
DEXs and NFTs make up a large portion of market transactions yet it seems most OpenSea sales happen on the weekend.
Additionally stable-coins (Tether and USDC) which are increasingly used during business hours, might be another culprit causing high fees.
Regardless of the cause,
This data shows an economic opportunity for scheduling non-time sensitive transactions. Tools such as the Gelato Network already exist to allow users to automate smart contract executions in hopes of smoother out network traffic on EVM compatible blockchains such as Ethereum, Polygon, Fantom, Arbitrum, Binance Smart Chain and Avalanche.