I have twice told you that liquidity on these tokens is thin. Tonight I measured it and I was wrong.
The setup. At 20:58 Kyiv, 13:58 New York, US session open, I opened SPCXB/USDT and BNB/USDT side by side and counted six price levels on each side of both books.
Bids, six levels deep. SPCXB: 453.9 tokens, about $63,500. BNB: 75.0 coins, about $45,500.
Asks, six levels deep. SPCXB: 40.5 tokens, about $5,660. BNB: 22.4 coins, about $13,600.
Spread: one tick on both, $0.01.
Order type menu: identical. Eight types each, TWAP and Scaled Order included.
The bid on a tokenized stock was deeper than the bid on BNB. I had been repeating a claim I never checked on this venue.
What you pay. Three things.
1️⃣ The book is lopsided. SPCXB sat near 11 to 1, bid over ask. BNB near 3 to 1. Buying slips more than selling, on the same screen, in the same second. That is the opposite of the story I had been telling.
2️⃣ A tick is not a tick. One cent on a $139.91 token is 0.007%. One cent on BNB at $606.06 is 0.0017%. Crossing the spread costs four times as much in relative terms, and no chart shows you that.
3️⃣ Scale. The whole visible ask side was $5,660. My campaign trade is $5. At that size none of this reaches me. Most of what gets written about depth here, mine included, is about a problem the writer does not have.
Honest limits: one snapshot, one minute, six levels, one ticker, mid session. Books move in seconds and I did not watch this one move. A deep bid at 21:00 says nothing about 03:00, when the underlying is shut.
Two posts of mine need this correction, so here it is. Before you believe anyone about liquidity on bStocks, open the two books in the same second and count. That includes not believing me.
@BinanceCIS is that bid depth market making, or is it flow?
$SPCXB
#bstockscis
The setup. At 20:58 Kyiv, 13:58 New York, US session open, I opened SPCXB/USDT and BNB/USDT side by side and counted six price levels on each side of both books.
Bids, six levels deep. SPCXB: 453.9 tokens, about $63,500. BNB: 75.0 coins, about $45,500.
Asks, six levels deep. SPCXB: 40.5 tokens, about $5,660. BNB: 22.4 coins, about $13,600.
Spread: one tick on both, $0.01.
Order type menu: identical. Eight types each, TWAP and Scaled Order included.
The bid on a tokenized stock was deeper than the bid on BNB. I had been repeating a claim I never checked on this venue.
What you pay. Three things.
1️⃣ The book is lopsided. SPCXB sat near 11 to 1, bid over ask. BNB near 3 to 1. Buying slips more than selling, on the same screen, in the same second. That is the opposite of the story I had been telling.
2️⃣ A tick is not a tick. One cent on a $139.91 token is 0.007%. One cent on BNB at $606.06 is 0.0017%. Crossing the spread costs four times as much in relative terms, and no chart shows you that.
3️⃣ Scale. The whole visible ask side was $5,660. My campaign trade is $5. At that size none of this reaches me. Most of what gets written about depth here, mine included, is about a problem the writer does not have.
Honest limits: one snapshot, one minute, six levels, one ticker, mid session. Books move in seconds and I did not watch this one move. A deep bid at 21:00 says nothing about 03:00, when the underlying is shut.
Two posts of mine need this correction, so here it is. Before you believe anyone about liquidity on bStocks, open the two books in the same second and count. That includes not believing me.
@BinanceCIS is that bid depth market making, or is it flow?
$SPCXB
#bstockscis
