Markets
What is a flash loan?
A flash loan is an uncollateralised loan borrowed and repaid in one transaction. Learn how atomicity makes it possible and…
Marcus Reed
Marcus Reed explains how crypto markets function mechanically — order books, liquidity, spreads and exchange mechanics. He describes how markets work, never what to trade.
Markets
What is MEV (maximal extractable value)?
MEV, maximal extractable value, is profit from controlling transaction ordering in a block. Learn where it comes from, its main…
Markets
What is open interest?
Open interest is the total number of derivative contracts currently open. Learn how it rises and falls and how it…
Markets
What is a candlestick chart?
A candlestick chart shows the open, high, low and close for each period. Learn how to read a candle's body,…
Markets
What is fully diluted valuation (FDV)?
Fully diluted valuation (FDV) is price times maximum supply. Learn how FDV is calculated, how it differs from market cap,…
Markets
What is circulating supply?
Circulating supply is the number of crypto tokens freely available to trade today. Learn how it differs from total and…
Markets
What is market cap in crypto?
Market cap in crypto is price times circulating supply. Learn how market capitalisation is calculated, how aggregators estimate it, and…
Markets
Why prices differ between exchanges
A coin often shows different prices on different exchanges. Here is why prices differ between exchanges, and why arbitrage narrows…
Markets
How order matching engines work
A matching engine pairs buy and sell orders into trades. Here is how order matching engines work, and why price-time…
Markets
What market depth means and how to read it
Market depth shows how much can trade before the price moves. Here is what market depth means and how to…