The terminal now shows the top-of-book bid-ask spread for each whale trade, measured in basis points (bps). Formula: (ask − bid) ÷ midpoint × 10,000. It tells you how liquid a market is — a tight spread (under 25bps) means active price discovery with many competing orders. A wide spread (over 1000bps) means an illiquid orderbook where any sizeable order can shift the market. Five color-coded tiers from ultra-liquid to illiquid help you gauge signal quality at a glance. Lower spread = stronger signal. Works across Polymarket and Kalshi.
NewTerminalWhale Alerts