This is the capstone. Seven lessons took you from “where does a price even come from?” to reading the market’s deepest machinery like a practitioner — the limit order book and its matching rules, why every asset has two prices and what the spread really pays for, who supplies liquidity and who consumes it, how a big order pays for its own size, how a market maker survives its own inventory, the adverse-selection floor under every spread, and the fragmented, partly-hidden, blisteringly fast landscape where trades actually happen. No formula sheet, no hints, no take-backs: every answer locks the instant you submit, the wrong options are the exact traps that catch real traders, and your score stays hidden until the end.
How this exam works
This is a graded exam. Questions arrive one at a time. Once you submit an answer it is final — there is no going back, no second try, and a wrong answer simply fails that question. Your score stays hidden until the very end, where you need 70% to pass. Read every option before you commit.
In a limit order book, why is there always a gap (the spread) between the best bid and the best ask?
Select an answer to continue.