https://111qqz.com/en/tags/execution/Recent content in Execution on 111qqz's blogHugo -- gohugo.ioenhust.111qqz@gmail.com (111qqz)hust.111qqz@gmail.com (111qqz)© 2011-2026 111qqzSun, 25 Oct 2026 14:20:00 +0800https://111qqz.com/en/post/%E9%87%91%E8%9E%8D/2026-10-25-bid-ask-spread-adverse-selection/Sun, 25 Oct 2026 14:20:00 +0800hust.111qqz@gmail.com (111qqz)https://111qqz.com/en/post/%E9%87%91%E8%9E%8D/2026-10-25-bid-ask-spread-adverse-selection/<p>之前写 <a href="https://111qqz.com/en/post/%E9%87%91%E8%9E%8D/2026-10-12-volume-orderbook-market-microstructure/" >order book 和价格形成</a>那篇时，花了不少篇幅搞清楚 bid/ask、maker/taker、以及成交量和价格之间的关系。写完之后我觉得这些概念已经理顺了，但最近在看加密货币量化执行的材料时，碰到了一个更尖锐的问题：</p>