In this paper, a buffer-less shared-per-wavelength optical switch is equipped with multi-fiber interfaces and operated in asynchronous context. An analytical model to evaluate loss performance is proposed using an approximate Markov-chain based approach and the model is validated by simulations. The model is demonstrated to be quite accurate in spite of the difficulty in capturing correlation effects especially for small switch sizes. The model is also applied to calculate the number of optical components needed to design the optical switch according to packet loss requirements. The impact of the adoption of multiple fiber interfaces is outlined in terms of the remarkable saving in the number of wavelength converters employed, while increasing at the same time the number of optical gates needed by the space switching subsystem. The numerical results produced are a valuable basis to optimize overall switch cost. © 2011 IEEE.