What is Spread?
The gap between the highest bid and the lowest ask. A direct cost of trading.
Tight spreads indicate a liquid market. On major venues Bitcoin's spread is very small; on illiquid venues or in stress it widens sharply.
The spread is a cost paid on entry and exit, and it compounds with frequency. It is one of the quiet reasons active trading underperforms.
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This definition is part of the Bitcoin Logical glossary. For the fuller explanation, start with Learn, or see the live numbers on The Bitcoin Signal.