> ## Documentation Index
> Fetch the complete documentation index at: https://docs.getpanther.app/llms.txt
> Use this file to discover all available pages before exploring further.
# Reading a market
> Spread, volume, open interest, resolution rules — what all the numbers mean and why they matter.
Open any market in Panther and you'll see a handful of numbers beyond the price. Here's what each one means and how to use it.
## The key numbers
| Number | What it is | Why it matters |
| ---------------------- | ------------------------------------------ | -------------------------------------------------------------------------------------------------------- |
| **Yes / No price** | The cost of one contract, in cents | The market's live probability estimate |
| **Spread** | Gap between the best bid and best ask | Tighter = cheaper to get in and out. A 1¢ spread is excellent; a wide spread means you pay more to trade |
| **24h / total volume** | How much has traded | High volume = active, trustworthy pricing |
| **Open interest** | Contracts currently held by traders | A big open interest means real money is committed |
| **Expires / Ends** | When the market stops trading and resolves | Your money is committed until you sell or it resolves |
## The order book
The order book shows every open buy and sell order, arranged by price:
* **Asks** (top, red) — prices sellers are asking. The lowest ask is what you'll pay to buy right now.
* **Bids** (bottom, green) — prices buyers are offering. The highest bid is what you'll get to sell right now.
* **The spread row** sits between them, showing the gap.
* Each row shows the **quantity** available and its **dollar total** — so you can see exactly how much you could buy at each price before moving the market.
Before placing a large order, glance at the book. If there's only $500 available at the best price and you're buying $2,000, the rest of your order fills at worse prices. Panther's slippage controls protect you — see [Placing an order](/trading/placing-orders).
## Resolution rules — always read them
Every market has precise **resolution rules** describing exactly how it settles. In the Event Viewer, the **Info** tab spells them out (for example: *“If France wins the 2026 Men's World Cup, then the market resolves to Yes”*).
Rules matter more than titles. Two markets that look identical can resolve differently — “by the July meeting” vs. “at the July meeting” can be the difference between winning and losing. Always check the Info tab before trading, especially for arbitrage.
## Liquidity in practice
A quick checklist before you trade a market:
1. **Spread 1–2¢?** You can trade in and out cheaply.
2. **Steady volume?** The price reflects real, current opinion.
3. **Depth near the top of the book?** Your order won't move the market.
4. **Read the resolution rules.** No surprises at settlement.
Thin markets (wide spread, little volume) can still be worth trading — big edges hide there — but use **limit orders** so you set your price instead of taking whatever's available.
## What's next
Where all of this lives for a single market.
Every term in one place.