> ## Documentation Index > Fetch the complete documentation index at: https://docs.routeur.app/llms.txt > Use this file to discover all available pages before exploring further. > ## Agent Instructions > Prices are US dollars per contract that pays $1: 0.46 means 46 cents. Spread is the Yes ask plus the No ask minus $1. Liquidity grades are deep, tradeable and thin; lists hide thin markets unless include_thin=true. Relations are proven from contract terms, never inferred from wording; a lead marked informational is never executable. Every figure carries a graph_run; read /agents/reading-order first, then /concepts/relations and /concepts/liquidity. # Liquidity > How much a market trades, what a round trip costs, and how that grades what the API suggests. A price nobody can trade at is not a price. Every object that names a market carries the money behind it: what traded in the last 24 hours, what is held, what a round trip costs, and a one-word grade. Lists that suggest something to act on leave `thin` markets out unless you ask for them. ## Volume | Field | Meaning | | ------------------- | ---------------------------------------------------------- | | `volume_24h_usd` | Traded in the last 24 hours, in USD. | | `volume_source` | Where that figure comes from: `venue` or `trades`. | | `total_volume_usd` | Traded over the market's life, where the venue reports it. | | `open_interest_usd` | Contracts currently held, at face value. Kalshi only. | | `trades_24h` | Public fills Routeur recorded in the last 24 hours. | `volume_24h_usd` prefers the venue's own 24-hour figure. When a venue publishes none, it falls back to the notional of the fills Routeur recorded, and `volume_source` says which you got: | `volume_source` | Figure | | --------------- | ---------------------------------------------------------------------------------------------------------------------------------------- | | `venue` | The venue's own 24-hour volume. Kalshi counts contracts at their \$1 face value, as its own site does; Polymarket reports USDC notional. | | `trades` | Price × quantity summed over the public fills recorded in the last 24 hours. | Where both venues list one outcome (an event's `twin`), volumes and open interest add up and the spread is the better of the two, because that is the venue the outcome would be traded on. ## Spread Spread is the round trip: what it costs to buy a contract and sell it straight back, in dollars of the \$1 it pays. | Field | Meaning | | ---------------- | ------------------------------------------------------ | | `spread_usd` | Yes ask + No ask − \$1. Absent when a side has no ask. | | `yes_spread_usd` | Yes ask − Yes bid, where the venue publishes a bid. | | `no_spread_usd` | No ask − No bid. | Buying Yes at 55¢ and buying No at 46¢ costs $1.01 for a pair that pays $1, so the round trip is 1¢. The per-side spreads say the same thing from one ladder: on a venue that matches Yes bids against No bids, all three are usually equal. ## Grades `liquidity` is `deep`, `tradeable` or `thin`, from the fields above: | Grade | 24-hour volume **or** open interest | Round trip | | ----------- | ----------------------------------------- | ---------------------------- | | `deep` | at least $25,000 traded, or $250,000 held | 2¢ or less | | `tradeable` | at least $1,000 traded, or $25,000 held | 5¢ or less | | `thin` | anything less | any, or no quoted round trip | Both conditions must hold for a grade: a market that traded \$30,000 with a 4¢ round trip is `tradeable`, not `deep`. Open interest stands in for a market that is held rather than churned: a large book with a quiet day is still somewhere size can be moved. A market with no round trip, because one side has no ask, is `thin` however much it traded, since nothing can be bought and sold back at a price we know. The grade is computed when a response is built, from the latest crawl's asks. On `GET /v1/markets/{venue}/{id}/book` the recorded book's own spread grades the market instead, because it is fresher than the crawl. ## What is filtered by default Lists that suggest something to look at keep only markets that are at least `tradeable`, and rank what is left by the money behind it. The filter is applied inside the query, so a thin market is never read only to be dropped: | Endpoint | What it lists | | ----------------------------------------- | ---------------------------------------------- | | `GET /v1/opportunities` | Leads | | `GET /v1/insights` | The overview: gaps, movers, flows and the rest | | `GET /v1/insights/moves` | What is moving | | `GET /v1/insights/tape` | Large fills | | `GET /v1/insights/flows` | One-sided money | | `GET /v1/insights/closing` | Closing soon | | `GET /v1/insights/strategies` and `/{id}` | Strategy matches | Search and event listings do not filter: they show thin markets, ranked below the ones that can be traded. Three parameters change the floor wherever it applies: | Parameter | Default | Effect | | ---------------- | ------- | ------------------------------------------------------------------------------------------------------------------------------------------ | | `min_volume_usd` | `1000` | Only markets that traded at least this much in the last 24 hours (or, where the venue's figure is missing, whose recorded fills total it). | | `max_spread_usd` | `0.05` | Only markets whose round trip costs at most this. Requires both asks to be quoted. | | `include_thin` | `false` | `true` drops both floors and shows every market. | `include_thin=true` resets both floors to zero; either bound can then be set again explicitly, so `include_thin=true&max_spread_usd=0.10` shows everything with a round trip of 10¢ or less, whatever it traded. ```bash theme={null} # Movers with real size only: $25,000 traded and a 2¢ round trip curl "https://api.routeur.app/v1/insights/moves?min_volume_usd=25000&max_spread_usd=0.02" \ -H "X-API-Key: $ROUTEUR_API_KEY" ``` Passing `min_volume_usd=0` alone keeps the 5¢ spread floor; passing `include_thin=true` is what removes both. ## Book depth fields Where a market's order book is recorded (see [Order books](/concepts/order-books)), five more fields come from the book itself, not the crawl: | Field | Meaning | | ----------------------- | --------------------------------------------------------------------------------------------------------------------------- | | `book_spread_usd` | Best Yes ask − best Yes bid. | | `book_yes_depth_5c_usd` | USD resting to buy Yes within 5¢ of the best Yes bid. | | `book_no_depth_5c_usd` | USD resting to buy No within 5¢ of the best No bid, which is money waiting to sell Yes. | | `book_imbalance` | (Yes depth − No depth) / (Yes depth + No depth) over those 5¢ windows, from −1 (all the money is on No) to +1 (all on Yes). | | `book_at` | When the recorded book last changed. | They are omitted for markets with no recorded book, and can be older than the crawl's asks for markets in the polled tier. Compare `book_at` with `quote.observed_at` when it matters. ## Example An MLB total on Kalshi, read from `GET /v1/markets/kalshi/KXMLBTOTAL-26SEP171235MILPIT-9/book` (liquidity fields only): ```json theme={null} { "volume_24h_usd": "16742.70", "volume_source": "venue", "total_volume_usd": "16966.44", "open_interest_usd": "15593.36", "spread_usd": "0.01", "yes_spread_usd": "0.01", "no_spread_usd": "0.01", "trades_24h": 94, "liquidity": "tradeable", "book_spread_usd": "0.01", "book_yes_depth_5c_usd": "56704.17", "book_no_depth_5c_usd": "72750.02", "book_imbalance": "-0.124", "book_at": "2026-09-17T12:42:01.052454Z" } ``` $16,743 traded and a 1¢ round trip: tradeable, not deep, because it is short of the $25,000 the top grade needs. $57,000 rests within 5¢ on the Yes side and $73,000 on the No side, so the book leans slightly toward sellers of Yes. ## Related * [Order books](/concepts/order-books): where the `book_*` fields come from. * [Leads](/concepts/leads): why only tradeable markets become opportunities, and how `depth` sizes them. * [Quotes and trades](/concepts/history): the asks and fills the figures are read from. * [Data freshness](/freshness): how old each figure can be.