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Level 7 · ◆◆◆ · ~12 min

The Market Maker's P&L

The Market Maker's P&L

"Follow the money through a market maker's book and the spread stops being a fee and starts being a wage for two specific risks."

the round-trip spread capturegross vs net market-making revenuethe three components of the spreadorder processing costswhy a zero-spread market cannot exist
🚀 You're jumping ahead. This builds on The Book Open — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

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.