What is a spread?
In trading the bid-offer spread, or often just spread, is the difference between the highest bid (buy) price and lowest offer (sell) price quoted on a market.
For example, if the highest bid price is 4,975 USDC and the lowest offer price is 5,025 USDC the spread would be the difference of 50 USDC. Spread can also be measured as a percent, usually versus the midpoint. So in our example the 50 USDC spread centered around the price 5,000 USDC would be a 1% spread.
Zero and negative spreads
Bullish’s unique AMM-based liquidity means that sometimes there can be a zero or negative spread. This can be a great opportunity for traders. Learn more in our article about Crossed Order Books.
Viewing a market’s spread
The spread of any given market is shown in the center of the Bullish Order Book on the Trade screen, next to the currency market’s Mid Price.
To view the spread of other markets, select a new currency market from the Market Selector in the top header on the Trade screen.