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Trading concept

Order book

The resting limit orders on both sides of a market, by price and time priority.

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Kernwell research

Involving Order book

Market Structure2 min
How market makers provide liquidity
A market maker quotes both sides and takes inventory risk to earn the spread. Adverse selection, hedging and fragmentation explain why liquidity is never a fixed quantity — and what a widening spread is actually saying.
Kernwell Research Desk · 2026-09-17

Order book — research | Kernwell Systems