Why is the USD spread of the order book on GDAX kept very low most of the time?
Why is the USD spread of the order book on GDAX kept very low most of the time? I noticed that there is a difference in the appearance of the order books among different exchanges. On GDAX, the USD spread is kept very low most of the time ($0.01). At these times, the buy and sell orders closest to the mid market price amount to a higher BTC value than what is actually traded. This inherently leads to a trade history that is much more stable on a short time scale, which makes me think that it has something to with "manipulation" of the current BTC price, for example by use of bots. Other exchanges usually have a much higher USD spread (in the order of dollars), and thus a trade history which is less stable over short periods of time. What is the reason for this discrepancy? What is the gain of forcing a more stable short-term BTC price? http://ift.tt/2m1Zztg