Prop Fill Reviews: Bid, Ask and Last Trade Are Different Benchmarks
Bid, ask and last trade can be different at the same instant. Choose the relevant benchmark definition before calculating execution differences. A later fill should retain its own price and quantity instead of being replaced with a convenient market field.
Explore this site’s existing research resource
Save the full benchmark observation
Record symbol, side, time, price field and quantity scope. A best quote describes a particular displayed side and level; a last-trade price describes a previous matched event. Neither record by itself guarantees what your order would receive.
In a Singapore diary, retain the original instant beside the UTC+8 display. Observations with different times should not be labelled simultaneous merely because their timestamps were rounded to the same minute. Precision and clock meaning remain part of the evidence.
Work a fictional buy-side comparison
Suppose a supplied snapshot shows bid 99.90, ask 100.10 and last trade 100.30. Midpoint is 100.00. A later fictional buy fill at 100.15 is 0.05 above the supplied ask benchmark and 0.15 above midpoint, with the observation gap still retained.
For 50 filled units, those differences scale to 2.5 and 7.5 quote units respectively. They are two benchmark comparisons, not two separate fees. No exit is supplied, so neither value establishes a completed trade profit. Actual costs remain additional ledger inputs.
| Field | Price | Interpretation |
|---|---|---|
| Bid / ask | 99.90 /100.10 | Supplied two-sided snapshot |
| Midpoint / last | 100.00 /100.30 | Different benchmark fields |
| Later buy fill | 100.15 | Separate execution observation |
| 50-unit differences | 2.5 above ask;7.5 above midpoint | Benchmarks, not two fees |
Keep account valuation and benchmarks separate
This site’s earlier price-field resource remains the companion. An evaluation can use its own defined account valuation; a benchmark quote is not a substitute. Review HashHedge’s current product and account conditions before interpreting the actual account state.
The optional sponsored link offers current programme information. No live quote, fill quality or latency advantage is asserted. The worked comparison sends no order and makes its chosen benchmarks visible before any conclusion is drawn.
Sources and rule dates
- HashHedge: challenge types
Checked 2026-10-23. Selected published description only. Worked numbers and event records are fictional; no actual provider account, search result, live price, eligibility or payment is established. - HashHedge: daily loss calculation
Checked 2026-10-23. Selected published description only. Worked numbers and event records are fictional; no actual provider account, search result, live price, eligibility or payment is established. - HashHedge: terms and conditions
Checked 2026-10-23. Selected published description only. Worked numbers and event records are fictional; no actual provider account, search result, live price, eligibility or payment is established.