O que e o Livro de Ordens?

O que e o Livro de Ordens?

An livro de ordens is a em tempo real list of all pending compra e venda orders for a particular asset on an exchange. It is the engine that drives price discovery and trade execution. Every exchange, se centralized or decentralized, uses some form of livro de ordens to match buyers with sellers.

The Structure of an Order Book

An livro de ordens has two sides:

Bids (Buy Orders)

The bid side shows all pending ordem 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 e the best price currently available for someone looking to sell.

Asks (Sell Orders)

The ask side shows all pending ordem de vendas. 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 e the best price currently available for someone looking to buy.

The Gap Between Them

A diferenca entre o 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 livro de ordens for ETH:

Asks (Sell Orders)

Bids (Buy Orders)

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

What is Market Depth?

Market depth se refere a the volume of orders at each nivel de preco. A “deep” livro de ordens has large amounts of orders stacked at many nivel de precos, which means large trades can be executed sem significantly moving o preco. A “thin” livro de ordens 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 ordem de vendas can be absorbed sem dramatic price changes.
• Thin markets are more volatile. A single large order can push o preco up or down significantly, que e called “slippage.”

How Orders Get Matched

When a new order arrives at o exchange, the matching engine checks if it can be filled against existing orders:

1. A market ordem de compra is matched against the lowest available ask prices, starting from the best ask and moving up until a ordem is fully filled.
2. A limit ordem 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 ordem de compra’s price is at or above the best ask, e immediately matched like a ordem de mercado.

The same logic applies in reverse for ordem de vendas.

Order Books and Grid Bots

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

Resumo

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

Proximo Passo

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