Que es el Libro de Ordenes?

Que es el Libro de Ordenes?

An libro de ordenes is a en tiempo real list of all pending compra y venta orders for a particular asset on an exchange. It is the engine that drives price discovery and trade execution. Every exchange, si centralized or decentralized, uses some form of libro de ordenes to match buyers with sellers.

The Structure of an Order Book

An libro de ordenes has two sides:

Bids (Buy Orders)

The bid side shows all pending orden de compras. These are traders willing to buy the asset at a specific price. Bids are arranged from highest to lowest price. The highest bid is called the “best bid” because es the best price currently available for someone looking to sell.

Asks (Sell Orders)

The ask side shows all pending orden de ventas. These are traders willing to sell the asset at a specific price. Asks are arranged from lowest to highest price. The lowest ask is called the “best ask” because es the best price currently available for someone looking to buy.

The Gap Between Them

La diferencia entre el best bid and the best ask is called the “spread.” When a buyer is willing to pay the ask price (or a seller is willing to accept the bid price), a trade is executed.

Reading an Order Book

Here is a simplified example of an libro de ordenes for ETH:

Asks (Sell Orders)

Bids (Buy Orders)

In this example, the best bid is $2,000, the best ask is $2,001, and el spread is $1.

What is Market Depth?

Market depth se refiere a el volumen of orders at each nivel de precio. A “deep” libro de ordenes has large amounts of orders stacked at many nivel de precios, which means large trades can be executed sin significantly moving el precio. A “thin” libro de ordenes has fewer orders, meaning even modest trades can cause notable price swings.

Why depth matters:

• Deep markets are more stable and harder to manipulate. Large buy or orden de ventas can be absorbed sin dramatic price changes.
• Thin markets are more volatile. A single large order can push el precio up or down significantly, que es called “slippage.”

How Orders Get Matched

When a new order arrives at el exchange, the matching engine checks if puede be filled against existing orders:

1. A market orden de compra is matched contra el lowest available ask prices, starting from the best ask and moving up until la orden is fully filled.
2. A limit orden de compra is placed on the bid side if the specified price is below the current best ask. It waits there until a seller is willing to match it.
3. If a limit orden de compra’s price is at or above the best ask, es immediately matched like a orden de mercado.

The same logic applies in reverse for orden de ventas.

Order Books and Grid Bots

Grid bots interact with the libro de ordenes constantly. They place limit orden de compras on the bid side at various nivel de grids and limit orden de ventas (take-profit) on the ask side. Because grid bots use orden limites, they add liquidity to the libro de ordenes rather than removing it. Esto hace them “market makers” and typically qualifies them for lower trading fees.

Resumen

• An libro de ordenes is a en tiempo real list of all pending buy (bid) and sell (ask) orders, with el spread being the gap entre el best bid and best ask.
• Market depth indicates how much volume exists at each nivel de precio, with deeper books providing more stability and less slippage.
• Grid bots add liquidity to the libro de ordenes by placing orden limites on ambos sides, acting as market makers.

Siguiente Paso

The gap between bids and asks has important implications for your trades: Bid, Ask, and Spread