The best displayed price only describes the quantity available at that level.
Two sides of the book
Bids are standing buy orders and asks are standing sell orders. The spread is the distance between the best of each. Depth is the quantity available across multiple levels.
A tight spread can coexist with a shallow book. If only a small amount sits near the midpoint, a larger trade may consume worse prices further away.
Your order has an average price
When an order matches several levels, its result is an average of those fills weighted by quantity. The entry shown for a resulting position can therefore differ from the quote you saw before confirming.
Book liquidity can change during signing and submission. Displayed orders can be cancelled; their presence is not a promise that they will still be there when your trade arrives.
Display controls do not change liquidity
Grouping price levels makes the book easier to scan. Changing the display precision or visible quantity does not create more liquidity or alter your order’s size.
Use smaller orders, a limit boundary, or staged execution when they fit your intent. Each introduces its own trade-off: tighter prices can reduce the chance of filling, while longer execution leaves more time for the market to move.
An average fill
Buying 2 units at $100 and 3 at $102 produces an average entry of $101.20 before fees. The best ask of $100 was never available for the whole 5-unit order.
Illustrative figures only. Not a price forecast or trade recommendation.Further reading
Protocol details and market rules can change. Check the current specification before trading.
Educational content, not investment advice. Trading perpetuals can result in substantial loss. Market access is subject to eligibility and location. Product disclosures.