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Understanding the order book and spread

SPACEDEX·2026-06-21

The order book lists the buy orders (bids) and sell orders (asks) for a market. The gap between the highest bid and lowest ask is the spread.

  • Deeper liquidity usually means a tighter spread and less slippage.
  • A market order crosses the spread and fills against the opposite side of the book.
  • In fast markets the price can move between the time you place and fill an order.
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