Bid-Ask Spreads and Visible Depth

Why the touch price is not always your fill price at size.

4 Lessons8m total

The bid is the best price buyers offer; the ask is the best price sellers offer. The spread compensates liquidity providers for inventory risk.

Course Overview

Why the touch price is not always your fill price at size.

✓Core concepts explained with market context

✓Practical examples tied to real instruments

✓Risk-aware framing — educational only

✓Next-step links across the VegaDeck curriculum

The bid is the best price buyers offer; the ask is the best price sellers offer. The spread compensates liquidity providers for inventory risk.

Displayed depth can hide reserve size or move before your order arrives. In FX, top-of-book during overlaps differs from Asia lunch lulls.

Measure execution quality with implementation shortfall, not only spread at click time.

Educational only · not investment advice · Risk disclosures

3 Lessons · 24m

1Bid-Ask Spreads and Visible DepthWhy the touch price is not always your fill price at size.8mContinue Learning

2Order Types: Market, Limit, IOC, FOKLiquidity taking vs making in plain language.8m▢

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Educational only · not investment advice · Risk disclosures

Bid-Ask Spreads and Visible Depth — VegaDeck