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Spongy (cancellous) bone is lighter and less dense than compact bone. Spongy bone consists of plates (trabeculae) and bars of bone adjacent to small, irregular cavities that contain red bone marrow. The canaliculi connect to the adjacent cavities, instead of a central haversian canal, to receive their blood supply.
Another difference between compact and spongy bone tissues is that while blood surrounds spongy bone tissues, it is marrow that surrounds bone in case of compact bone tissues. It is in the compact bone tissues that bone marrow is found, which is a yellow colored fluid.In brief: large portion of a bone is comprised of this compact bone tissue (nearly 80%). It is also called dense bone because of its low porosity. It is in the interior side of the bone that we find spongy or cancellous tissues. This is almost porous network of structures having shapes of rods and plates.