Helix  Terminal ← Exhibition
Mid
100.00
last —
Spread
0.0bps
what it costs to cross
Book imbalance
50%bid
Last slippage
—
vs the mid you saw
Market microstructure · depth

—Liquidity is
not free.

Every resting order is someone's offer to trade at a price. Take more than the top of book and you walk down the ladder, paying worse at every step. That gap is slippage.

⚠ simulated book — not live market data
Send an order and watch the slippage — then thin the book and send it again
Order size400
Liquidity1.0×
Volatility1.0×