Finicade
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Level 12 · 👑 WORLD OPEN · ◆◆◆◆ · ~12 min

The Spread Open

The Spread Open

"Eight questions on where the spread comes from — the two risks it pays for, the model that prices one of them, and the arithmetic that separates them."

the three spread componentsadverse selection and the winner's curseGlosten–Milgrominventory risk and the reservation priceeffective, realised and Roll's spread
🚀 You're jumping ahead. This builds on Decomposing the Spread — 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.