In a worked stock-token example, a trader buying 10 units at available offers would pay $1,030; selling at listed bids would return $970, leaving a $60 gap before fees.
The ask side has two five-token levels, priced at $102 and $104, while bids for the same quantities stand at $98 and $96. Using both levels on each side brings the purchase to $1,030 and the resale to $970.
The illustration treats one token as equal to one share-equivalent, values its stablecoin at $1 and holds all quotes constant. It excludes transaction and network charges. The $100 last-trade price records an earlier deal; a new order meets the offers or bids then available, and larger orders may reach further price levels.
The Financial Industry Regulatory Authority (FINRA) says in its Model Extended Hours Trading Risk Disclosure Statement that trading beyond regular market hours may have lower liquidity than regular-session trading.
