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A quoted price is not a price you can trade at.

A mid-price is a number nobody trades at, derived from a pool's ratio, and for assets this thinly pooled it is the number that misleads most. Stock Radar quotes instead of reading: two real quotes per equity, through the same router the app would execute with.

The round trip#

Buy $100 of the equity with USDC, then sell back exactly what that bought. What does not come back is the cost of touching it — pool depth, our fee and the provider's, all already inside the figure a buyer is deciding on.

The notional is fixed on purpose. A cost that moves with the size quoted is not comparable across a list, and a larger order moves more price and costs more.

Two numbers, not one#

Cost — the share of the notional a full round trip loses. What the trade costs you.
Spread — how far the two effective prices sit apart, as a share of their midpoint. This is the one that says the pool is thin.

A favourable round trip is reported rather than clamped away: it would mean the two sides of the book disagree in the taker's favour, which is rare, real, and far more interesting shown than hidden.

It works with no wallet connected

Measured rather than assumed: the router prices a route for an address holding nothing and approving nothing, including for equities the price aggregators have never heard of. Somebody deciding whether these are worth trading should not have to connect first. A connected wallet is used in its place when there is one, because a real taker occasionally unlocks a route a stranger cannot see.

An equity with no route stays on the list#

Greyed, with the reason written out. “You cannot trade this right now” is the single most useful thing this page can tell somebody, and dropping the row would say nothing at all.

These tokens track the share; they are not the share. See also Stock strategy for buying several at once, and Night Market for what they do while the US market is shut.