Markets
What on-chain flow data shows and what it doesn’t
On-chain flow data reliably shows that transfers happened, but not who owns an address or why coins moved. What it…
Markets
How crypto markets function mechanically — order books, bid-ask spreads, slippage, market depth, market makers, liquidity, and exchange mechanics. We explain how markets work, never what to do: no signals, entries, targets, or strategy.
Markets
How liquidations cascade
A liquidation cascade is a chain reaction where forced closures push price further, triggering more closures. How the mechanism works…
Markets
What funding rates are and why they exist
Funding rates are recurring payments between traders that keep a perpetual future tethered to spot. What they are, why they…
Markets
How perpetual futures work
Perpetual futures are futures with no expiry, kept near spot by funding payments, valued on a mark price, and backed…
Markets
Spot vs derivatives markets: the structural difference
Spot markets trade the actual asset for delivery; derivatives trade contracts on its price. The structural difference and why it…
Markets
How liquidity fragments across venues
Liquidity fragmentation splits an asset's trading across many venues, so each has only a slice of the depth. Learn how…
Markets
Why thin markets move so violently
Thin markets have little depth near the price, so even ordinary orders move them sharply. Learn the order-book mechanics and…
Markets
Impermanent loss, explained arithmetically
Impermanent loss is the shortfall a liquidity provider takes versus holding when pool prices diverge. See the exact constant-product math…
Markets
How automated market makers work
An automated market maker prices trades with a formula over a pooled reserve instead of an order book. Learn the…
Markets
What market makers do
Market makers continuously quote both a buy and a sell price and earn the spread for providing instant liquidity. Here…