Start here · Essential guide
How Crypto Exchanges Set Prices
Exchanges do not decide a coin's price; trades between buyers and sellers do. Learn why the same coin shows slightly different prices on different venues.
Market Structure
Exchanges and Order Books
How trades are matched and how prices are quoted.
Automated Market Makers and Pool Pricing
See how constant product pools price tokens without an order book, using a simple x times y equals k rule, a worked example, and the trade-offs involved.
Bid-Ask Spread and Why It Widens
The bid-ask spread is the gap between the best buy and sell prices. Learn how it is measured, why it acts as a cost, and what makes it widen in crypto markets.
Centralized vs Decentralized Exchanges
Compare centralized and decentralized crypto exchanges: who holds your coins, how trades are matched, what fees apply, and which risks each design carries.
Liquidity and Market Depth in Crypto
Learn what liquidity and market depth mean in crypto, how to judge them, and why thin markets can move sharply on relatively small orders.
Market Orders vs Limit Orders
Compare market and limit orders in crypto: how each executes, what trade-offs in price and certainty they involve, and when stop orders and fees come into play.
Order Books Explained: Bids, Asks and Depth
An order book lists the buy and sell orders waiting at each price. Learn how to read bids, asks and depth, and what a book can and cannot tell you.
Slippage in Crypto Trades
Slippage is the gap between the price you expect and the price you get. Learn how order size moves the price, how slippage is measured, and how to limit it.
The Price Index: How Aggregators Calculate a Single Price
Data sites show one price for a coin even though it trades on many venues. See how price aggregation works, from weighted averages to outlier filters.
Trading Volume: What It Measures and How It Is Inflated
Trading volume counts how much of a coin changed hands. Learn how it is defined, how wash trading and reporting differences distort it, and how to read it carefully.
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