Curriculum/order-book
Order Book
market microstructure·L0 · atom·stub
Replacesthe belief that 'price' is a single number.
The order book is a priority queue per side, sorted by price-then-time. Every visible quote is a passive order waiting to be matched; every aggressive order eats the queue until its size is filled. Mid-price, micro-price, and effective spread are derived statistics — the book itself is the L0 atom of microstructure.
Prerequisites
Bridges
- queue-positionshared mechanismQueue position is the order's rank within its price level. A new order joins the back; a fill consumes from the front. The same FIFO discipline that governs the order book governs every priority queue in concurrent systems — see Stage 1's mutex wait queue.
- price-time-prioritymodel to implementationPrice-time priority is the matching rule on every major equities venue. The same rule appears (with variations: pro-rata, size priority) in futures and FX. Knowing one venue's rule is most of knowing them all.
This concept is a node in the curriculum DAG. The full lab — page blocks, done state, references — has not been authored yet. The relations above describe where it sits in the graph.
Author at: content/concepts/order-book/card.ts