Half-Spread in Basis Points

The midpoint is $76$.

The half-spread is half of the full spread $2$.

1. 1. Half-spread

   The full spread is $2$, so the half-spread is $1$.

2. 2. Basis points

   Divide by the midpoint.

   $$\frac{1}{76}\times 10,000\approx 131.58\text{ bp}$$

3. 3. Key idea

   The half-spread is the edge per fill relative to mid; the full spread is the edge per round trip.

Answer: 1, about 131.58 bp