The spread is the immediate cost of trading. Buy at the ask and sell at the bid and you are down by the spread before the price has moved at all, which is why it matters far more to active traders than headline exchange fees do. It is usually quoted in percentage terms so assets of different prices can be compared.
Spreads widen when market makers pull back — during volatility, thin overnight hours, or on venues with little activity in that pair. The same asset can carry a spread of a few basis points on a major exchange and a full percent on a small one, which is the gap that cross-exchange comparison exists to show.
What is a normal spread for a major cryptocurrency?
On a deep venue, a few basis points — a hundredth of a percent or two. Anything approaching a full percent on a large-cap asset points to a thin venue or a stressed market.
Last updated October 17, 2026