What is an order book?
The live list of buy and sell orders that sets the price.
Beginner 3 min readUpdated 5/27/2026
Risk warning. Crypto is volatile and trading involves risk, including the loss of your capital. Past performance does not guarantee future results. This content is educational and is not financial advice.
An order book is the live list of all open buy orders ("bids") and sell orders ("asks") for a trading pair.
- Bids (buyers) sit below the current price; asks (sellers) sit above.
- The gap between the highest bid and lowest ask is the spread.
- A trade happens when a buy and sell order match.
A deep order book (lots of orders) usually means good liquidity and smaller price jumps.