Order Book
Ayrıca şöyle bilinir: Limit Order Book, LOB
A real-time list of buy and sell orders for a trading pair, organized by price level, showing market depth and supply/demand dynamics.
An order book is a ledger of all outstanding buy (bid) and sell (ask) orders for a particular trading pair, arranged by price. It is the traditional mechanism used by stock exchanges and centralized crypto exchanges to match buyers with sellers.
Order Book Structure:
| Bids (Buy Orders) | Price | Asks (Sell Orders) |
|---|---|---|
| $61,500 | 2.5 BTC | |
| $61,400 | 5.0 BTC | |
| 3.0 BTC | $61,300 | |
| 8.0 BTC | $61,200 |
- Bid Side: Buy orders, sorted highest to lowest
- Ask Side: Sell orders, sorted lowest to highest
- Spread: Difference between the highest bid and lowest ask
- Depth: Total volume of orders at each price level
Order Types: - Market Order: Executes immediately at the best available price - Limit Order: Executes only at a specified price or better - Stop Order: Triggers a market order when price reaches a threshold - Stop-Limit: Triggers a limit order at a specified stop price
Reading the Order Book: - Thick bid walls suggest strong buying support at that price - Thick ask walls indicate selling resistance - A tight spread indicates high liquidity - A wide spread suggests low liquidity or volatile conditions
On-Chain Order Books: Some decentralized exchanges (dYdX, Serum) use on-chain or hybrid order books instead of AMMs. These offer more familiar trading experiences but require higher throughput blockchains to handle the volume of order placements and cancellations.
Spoofing Warning: Large orders sometimes appear and disappear quickly. This practice, called spoofing, is used to manipulate market perception and is illegal in regulated markets.
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