# Slippage ## Definition Slippage refers to the difference between the expected execution price of a market order and the actual price at which the order is filled. In the context of price slippage, it specifically measures the price impact caused by executing a market order that consumes multiple levels of available liquidity from the order book. **Example:**\ If you market buy BTC and your order is filled across multiple limit sell orders ranging from $90,000 to $90,002, the slippage is **$2** — representing the difference between the initial price level and the highest execution price within your order.\ \ These individual slippage values are then combined to provide three key metrics: 1. **Maximum Slippage:** The largest price deviation recorded in a single trade. 2. **Total Slippage:** The sum of all price deviations across trades. 3. **Average Slippage:** The average price deviation per trade. These metrics are broken down into four categories: * **Buy:** Slippage from buy trades. * **Sell:** Slippage from sell trades. * **Total:** Combined slippage from all trades (buy + sell). * **Delta:** The difference between buy and sell slippage (buy - sell). **Key Factors Influencing Slippage:** * **Order Size:** Larger orders are more likely to consume liquidity at multiple price levels. * **Market Liquidity:** Thin order books with low liquidity often result in higher slippage. * **Market Volatility:** Rapid price movements can amplify slippage. Slippage is a critical metric for assessing trade execution quality and understanding the cost associated with market orders, particularly in volatile or low-liquidity environments. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://academy.hyblockcapital.com/indicators/orderflow-and-open-interest/slippage.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.