Read the buy side and sell side separately
Bids are buy orders and asks are sell orders. The best bid is the highest displayed buying price; the best ask is the lowest displayed selling price. The bid–ask spread is their price difference.
Keep the venue, pair and quote currency with the numbers. A price in USD is not directly comparable with a price in another quote asset without another conversion assumption. Kraken’s glossary supplies terminology here; the book below is invented and not a Kraken snapshot.
Evidence: Kraken trading glossary
Read price and quantity together
Imagine a continuous fictional SYN/USD book with a best bid of $99.90 and best ask of $100.10. At the best ask, one unit is displayed; at $100.20, two more units are displayed.
The spread is $0.20 and the midpoint is $100.00. These teaching values do not describe an actual asset, fee schedule or executable quote. The table deliberately shows just a few levels, so it should not be called a complete market.
| Side | Price (USD) | Displayed units |
|---|---|---|
| Bid | $99.90 | 4 |
| Bid | $99.80 | 3 |
| Ask | $100.10 | 1 |
| Ask | $100.20 | 2 |
A larger hypothetical fill can use several levels
If a two-unit buy consumed the displayed first unit at $100.10 and a second unit at $100.20, its cost before fees would be $200.30. The quantity-weighted average would be $100.15 per unit.
That average differs from the initial best ask. This frozen-book exercise assumes the displayed liquidity remains available, with no intervening orders or cancellations. It does not simulate a live order, queue priority, venue protections or partial-fill behavior.
Displayed interest can change before an order arrives
A static picture does not establish that a level will remain in the book. Other activity can consume or replace it. A visible size is not proof of the number of people behind the orders or their future intentions.
Depth and recent trading volume answer different questions: one concerns displayed standing interest, while the other concerns past executed activity. Neither alone certifies that a particular amount can be traded at an acceptable total cost.
Evidence: Kraken trading glossary
Connect the picture to the order instruction
A market order seeks execution against available liquidity; a limit order constrains price but may not fill. A limit order that matches immediately can take liquidity. The order instruction and actual execution determine more than the interface label.
The fee comparator estimates a percentage charge, not a book walk or executable spread. Keep its output separate from any assumed price impact. Adding a fee line does not turn this frozen toy book into an all-in trading forecast.
Evidence: CryptoTrades market and limit order guide · CryptoTrades exchange fee comparator
Know what the current market table does not show
CryptoTrades currently displays a sourced market snapshot, not a venue-specific order book. A market-cap row or latest price cannot be used to reconstruct these levels, quantities or spreads.
For a future measured study, preserve the exact pair, market mode, source, quote time and retrieval time. State how missing or crossed observations are handled. Reading the current table alongside this guide should clarify its limits rather than imply a hidden depth feed.
Evidence: CryptoTrades data methodology
Sources & method
- Kraken trading glossary
Definitions only. All book levels and fill arithmetic in this guide are original invented examples. Checked 2026-10-29.
- CryptoTrades market and limit order guide
Order behavior and maker/taker distinctions; not a venue execution test. Checked 2026-10-29.
- CryptoTrades exchange fee comparator
Editable percentage trading-charge model, not a gas estimator or execution quote. Checked 2026-10-29.
- CryptoTrades data methodology
Market snapshot coverage and timing labels; no order-book depth or spread series is exposed. Checked 2026-10-29.
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