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Level 4
· ◆◆◆ · ~12 min
Price–Time Priority & Queue Position
Price–Time Priority & Queue Position
"When the tick stops you improving the price, the only thing left to compete on is time — and that turns the book into a queue worth money."
price–time priorityqueue position and queue valuethe tick as a binding constraintpro-rata matchingadverse selection protection from the queue
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.