# Price Quotes

For spot trading, the price of each Virtual Asset is solely determined by users on the orderbook (i.e., the price other users are willing to buy or sell).

Such market price may be influenced by a number of factors, such as liquidity of the token and market volatility.

For the convert feature, Backpack Exchange operates a request-for-quote system whereby (1) a user will submit a request to purchase or sell a given number of Virtual Assets, (2) Backpack Exchange will request quotes from liquidity providers to fulfill the users' request, and (3) provide the user with the best quote with a small additional spread charged by Backpack Exchange.


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