Learn/Markets
Reading the order book
Bids, asks, spread, and why a midpoint is not a fill. A practical guide to the ladder on the event desk.
Aug 31, 2026 · 6 min read
The book is the list of resting orders at the venue. Bids are prices buyers will pay. Asks are prices sellers will take. The best bid is the highest buy. The best ask is the lowest sell. The gap between them is the spread.
The number on a card is usually a midpoint: halfway between best bid and best ask, or the venue’s last reported price if the book is empty. A midpoint is a quote. A fill is what you get when you walk the asks (to buy) or the bids (to sell). Size moves you through levels. Large orders pay more.
What “stale” means
The desk polls the live book. If a poll is old, the age label says so. Do not treat a stale quote as a fillable price. Wait for live, or expect the click-time book to differ from the preview.
Liquidity
Liquidity is how much size sits near the touch. A 70% print on a deep book is a different object from a 70% print on a $200 book. The card’s volume figure is history. The ladder is now. Read both.
Keep reading
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- Yes, No, and outcome tokens
Every Foreseez market is a binary contract. This explains the two tokens, how buying No works, and why both sides can be the trade.