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Right now, the spread is .5/32, which is $15.63. You'll pay this to buy or sell at market. That is as tight as the spread can ever get. So, that is what I mean by "tight."
190 contracts are at the bid price, and 240 are at the offer price. That means you could buy a whole bunch (100?, 150?, 200?) without moving the market. That is what I mean by "deep."
Compare that to say Gold right now. The spread is .2 (usually it is .1), and there are only 2 or 3 contracts bid/offered at that price. So, if you came in with a 5 contract order, you'd move the market to get all your order filled. That market right now is neither tight nor deep.
I think Notes is a FIFO market (not all markets are, Eurodollars for example is an exception), but if you place a limit order to buy at the bid, the 190 bids in front of you will either have to be filled or cancelled before you get your fill. Maybe it will happen, maybe not.
