About 14.1 USDT—the value of the order at the best bid in this BAT spot-market snapshot. The interpretation that “a narrow spread means large orders are easy to sell” overlooks the buy volume at this price level.
At 11:09 a.m. Beijing time on October 10, I found that Binance’s BATUSDT spot pair was up 31.4% over 24 hours. The best bid was 0.1345 USDT and the best ask was 0.1346 USDT, a spread of about 0.1%. The calculations below are based on this archived snapshot. I can’t go back and verify the order book at the time, and quotes and orders may have changed since then.
However, the displayed order size at the best bid was only 105 BAT, worth about 14.1 USDT. This is the buy volume at that price level, not the entire bid side of the book.
Assuming no new buy orders come in, any amount exceeding this level would need to match with lower bids to continue trading; if the bids are exhausted, the remainder may not be filled. Closely spaced quotes do not guarantee that an entire order will execute at the best price.
I couldn’t retrieve the deeper levels, so I can’t determine whether the order book as a whole was thin or calculate the slippage for a large order. This snapshot shows that a narrow spread and very little buy volume at the best level can coexist.
$BAT #Market Watch
At 11:09 a.m. Beijing time on October 10, I found that Binance’s BATUSDT spot pair was up 31.4% over 24 hours. The best bid was 0.1345 USDT and the best ask was 0.1346 USDT, a spread of about 0.1%. The calculations below are based on this archived snapshot. I can’t go back and verify the order book at the time, and quotes and orders may have changed since then.
However, the displayed order size at the best bid was only 105 BAT, worth about 14.1 USDT. This is the buy volume at that price level, not the entire bid side of the book.
Assuming no new buy orders come in, any amount exceeding this level would need to match with lower bids to continue trading; if the bids are exhausted, the remainder may not be filled. Closely spaced quotes do not guarantee that an entire order will execute at the best price.
I couldn’t retrieve the deeper levels, so I can’t determine whether the order book as a whole was thin or calculate the slippage for a large order. This snapshot shows that a narrow spread and very little buy volume at the best level can coexist.
$BAT #Market Watch