Market Microstructure
How crypto markets actually work: order books, makers vs takers, spreads, and price discovery across venues.
7 chapters · 47 min total
- 01
How a Crypto Order Book Actually Works
An order book is the live record of every buyer and seller waiting to trade. Reading one well is the foundation of execution skill.
8 min read
- 02
The Bid-Ask Spread: What It Is, What It Costs You, and Why It Widens
The spread is the cheapest, most overlooked tax in trading, and the first signal that liquidity is changing. Here's how to read it.
7 min read
- 03
Makers vs Takers: How Exchange Fees Quietly Shape Your Strategy
Every order you place is either adding liquidity or removing it, and exchanges charge you very differently for each. The fee structure is part of the trade.
7 min read
- 04
Slippage in Crypto Trading: What Causes It and How to Control It
Slippage is the difference between the price you expected and the price you got. Understanding why it happens, and how big it really is, protects your edge.
7 min read
- 05
Market Depth and Liquidity: How Much You Can Trade Without Moving the Price
Liquidity isn't a single number, it's how much you can trade at what price. Reading depth tells you whether the market can absorb your trade or whether your trade will move the market.
6 min read
- 06
Price Discovery Across Venues: Why the 'Same' Price Differs Across Exchanges
Crypto's fragmented exchange landscape means the 'price' of an asset isn't one number, it's many slightly-different numbers. Reading the differences tells you where the real price lives.
6 min read
- 07
Market Hours and 24/7 Trading: Why Crypto Never Sleeps (And What That Means)
Crypto markets run 24/7/365. The continuous nature creates specific dynamics, session rhythms, weekend behavior, sleep-time risk, that traditional traders don't face.
6 min read