---
title: "Factors Affecting VWAP in Futures: Spread Cost and Liquidity (Part 2 of 3)"
description: "Factors Affecting VWAP in Futures: Spread Cost and Liquidity (Part 2 of 3)"
---

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# [Factors Affecting VWAP in Futures: Spread Cost and Liquidity (Part 2 of 3)](https://articles.marketsmedia.com/factors-affecting-vwap-futures-spread-cost-liquidity-part-2-3)

 Written by [Terry Flanagan](https://articles.marketsmedia.com/author/terry) | May 2, 2014 3:22:47 PM

Bid-Ask spread is a significant portion of trade cost, especially for aggressive orders (e.g. a large VWAP order which needs to finish within a shorter amount of time) — which tend to cross spread to take liquidity more often than passive orders.

[Continue reading on The Book »](http://www.bloombergtradebook.com/blog/factors-affecting-vwap-in-futures-spread-cost-and-liquidity-part-2-of-3/)

[View full post](https://articles.marketsmedia.com/factors-affecting-vwap-futures-spread-cost-liquidity-part-2-3)

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