Bid Ask places liquidity at the outer edges of your selected price range, in a V-shape pattern. Bins near the current price get less capital; bins at the extreme ends get more.
From the live in-app description: "Bid Ask is an inverse Curve distribution, typically deployed single sided for a DCA in or out strategy. It can be used to capture volatility especially when prices vastly move out of the typical range."
When to use Bid Ask
Single-sided DCA in — you want to gradually accumulate one of the pair tokens. Deposit only the "sell" token; as price moves into your range, your token is exchanged for the other side at progressively better prices.
Single-sided DCA out — the inverse. You want to gradually exit a position. Deposit only the "sell" token; as price moves out of range, you systematically convert.
Capture volatility — you expect price to move significantly out of its typical band and want to be deployed at the edges to catch those moves.
Trade-offs
Single-sided friendly. Unlike Spot and Curve, Bid Ask is most powerful when deposited single-sided. It's the natural choice for "I want to buy X over time as it dips" or "I want to sell Y over time as it rises."
Captures price excursions. When price punches to the edge of your range, edge bins activate and earn fees from that trade flow. Curve and Spot leave those edges thin.
Underperforms in quiet markets. If price stays near the center of your range, the edge-heavy distribution sits inactive. Curve would earn more in that environment.
Bid Ask is the most opinionated of the three strategy shapes — it's a deliberate DCA tool, not a passive yield play. If you're new to concentrated liquidity, start with Spot or Curve before deploying Bid Ask.
See also: Spot Strategy · Curve Strategy · How to Open a Position (HODLMM)