TF2 trading research · Beginner friendly
TF2 keys and refined: which price should you use?
A key has two useful prices: what a buyer will give you for it, and what a seller wants from you. Mixing those up can make a trade look profitable before you have bought anything.
By TF2TradeUps.com · Content updated · Price examples are illustrative, not current offers.
Jump to the worked examples and calculator ↓
Selling a key? Read the buy order. Buying one? Read the sell listing.
A buy order is someone offering to buy your key. A sell listing is someone offering a key to you. To estimate how much metal you could receive now, use the highest eligible buy order. To estimate the metal needed to acquire a key, use the lowest eligible sell listing.
For example, a 63 ref buy order and a 64 ref sell listing have a 1 ref spread. Buying at 64 and immediately selling at 63 loses 1 ref, or 1.56% of the purchase cost. The difference is not a guaranteed profit available to you: earning it would require finding someone willing to trade at your own price, with waiting and availability risk.
What does 2.22 keys mean in keys and metal?
Keep the two whole keys, then multiply the remaining 0.22 by the agreed refined-per-key rate. At an illustrative rate of 63 ref per key, the remainder is 13.86 ref mathematically. The result is two keys plus about 13.86 ref—not two keys plus 0.22 ref.
Metal is made of discrete items, so the mathematical remainder may not be payable exactly. Agree on the actual metal and any rounding before accepting an offer. The example tool shows both the arithmetic remainder and the nearest whole-scrap equivalent. It does not claim its example rate is a current marketplace quote.
Try the spread and fractional-key example
These are editable teaching values, not live quotes. Open saved key buy/sell quotes and timestamps, then enter rates you have checked.
2 whole keys + 13.86 ref arithmetic remainder at 63.00 ref per key.
Nearest whole-scrap remainder: 13.88 ref (125 scrap). Agree on rounding with the other trader.
All-metal arithmetic equivalent: 139.86 ref.
One-key spread: 1.00 ref. Buy-then-sell loss: 1.56% of the purchase cost, assuming both entered quotes are available.
Metal notation quick reference
| Notation | Metal to include | Scrap total |
|---|---|---|
| 0.11 ref | 1 scrap | 1 |
| 0.33 ref | 1 reclaimed | 3 |
| 0.66 ref | 2 reclaimed | 6 |
| 1.00 ref | 1 refined | 9 |
| 5.33 ref | 5 refined + 1 reclaimed | 48 |
Why TF2 prices use .11, .33 and .66
Three scrap combine into one reclaimed, and three reclaimed combine into one refined. One refined therefore contains nine scrap. In common trading notation, .11 means one scrap, .22 two scrap, .33 one reclaimed, and .66 two reclaimed. These familiar endings approximate ninths rather than exact decimal hundredths.
For example, 5.33 ref means five refined plus one reclaimed; 5.66 means five refined plus two reclaimed. Do not repeatedly add rounded .11 decimals as if nine scrap were only .99 of a refined. Count scrap as integers, then convert to the display notation. Fractional-key notation and metal notation are different conventions.
Use the same pricing basis throughout a trade-up
Price inputs using the sell listings you would actually buy. Value outputs using buy orders that accept the exact ordinary or Strange items you could receive. Convert everything with a clearly stated rate; do not switch rates midway just because one produces a nicer ROI.
The main trade-up calculator documents its conversion basis in Methodology & data notes. The currency calculator separately shows saved key-market observations and their timestamps. A fixed conversion basis is not proof that a bot will exchange a key at that rate. Recheck the final items and metal in Steam before accepting anything.
What if the price is missing, old or on cooldown?
No eligible buy order means the saved data does not currently establish that exit price. It does not mean your key or cosmetic is worthless. A missing sell listing likewise does not establish the price at which you can buy. Do not fill either gap with the opposite side of the market.
A marketplace cooldown pauses some new quote checks after rate limiting. An old timestamp must remain old until a successful observation replaces it. Use the currency page to inspect available saved quotes; if it cannot provide a usable rate, enter a rate you have personally verified and treat the result as an estimate. Steam Wallet value, marketplace cash value and TF2 metal are not interchangeable balances.
Sources and calculation notes
Metal denominations follow the crafting ratios in the reference below. Rates are editable examples; use the currency calculator for available saved market observations.