Steam’s order book: understanding market depth
Below the price chart on any item's page there are two columns with numbers. Most beginners scroll through them, but in vain: the chart shows the past, and the order book shows what is happening in the market right now.
What do the columns of orders and lots show, what is spread and depth, and how to use the order book to understand the real price of an item in ten seconds.
The two sides of the order book
On the left are buy orders: how many people and at what price are ready to buy the item right now. At the top, the highest price is how much you can sell for instantly.
On the right are sellers' lots: how many items are offered and at what price. The lowest one on top is how much you can buy instantly.
Anything between these two numbers is no man's land. Not a single transaction is taking place there now.
Understanding the spread
The spread is the gap between the best bid and the cheapest lot. It is calculated as a percentage of the lot price.
Example. The best bid is 800 ₽, the cheapest lot is 1,000 ₽. Spread - 20%. This means that if you buy at 1,000 and decide to sell urgently, you will receive 800, losing a fifth. And this is even before the Steam commission, which will take its 13%.
On liquid items the spread is narrow - a few percent. A wide spread is a direct signal that the item is selling poorly, and any urgent sale will be at a deep discount.
- A spread wider than 10% is for the patient, not for turnover.
- The Steam commission is added to the spread and does not replace it.
- On cheap items, the percentage spread always looks worse due to the minimum commission.
Depth: quantity at each price
The quantity is indicated next to each price. This is the depth of the market, and it answers the question “what will happen if I want to sell not one item, but twenty.”
If the best bid has one item, and the next price is 15% lower - fifty, then it will not be possible to sell the pack at the top price. You will consume the highest bids and get a noticeably worse average price.
For volume traders, depth is more important than price itself. To buy one skin for yourself, you can only look at the top lines.
A quick assessment
I opened the page and looked at three things. Spread: narrow or wide. The depth of buy orders: are there any buyers at all or are there just a couple of them? Volume on the chart: are trades happening regularly?
A tight spread plus a lot of orders plus regular selling is a healthy thing to work with. With a wide spread, an empty buyer's side and rare trades, it's an item for collection, not for trading, no matter how beautiful it may be.
Frequently asked questions
Where can I find the Steam order book?
On the Marketplace item page, under the price chart. Two columns: purchase orders on the left, sellers' lots on the right.
What is a spread?
The difference between how much an item can be sold for right now and how much it can be bought for right now.
What spread is considered typical?
On liquid items - a few percent. Above 10% means that a quick sale will be expensive.
Why does the quantity at each price matter?
It shows how many items can be sold at the current price. When a pack is sold, the price goes down as buy orders are exhausted.
Does the order book replace the price chart?
No, they complement each other. The chart shows the history of transactions, order book - the state of the market right now.
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