Trading & Markets
Market structures, liquidity mechanisms, and trading strategies in crypto.
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Order Book
A list of buy and sell orders for an asset at different prices, used by centralized exchanges to match buyers and sellers and determine market price.
Whale
A whale is an individual or entity that holds a very large amount of cryptocurrency, capable of influencing market prices through their trading activity.
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Arbitrage
Arbitrage is the practice of exploiting price differences for the same asset across different markets or platforms, buying low in one place and selling high in another for risk-free profit.
Batch Auction
A mechanism where orders are collected over a time period, then executed simultaneously at a single clearing price, preventing front-running and enabling fair execution.
Conditional Order
A trading order that only executes when specified conditions are met, enabling automated trading strategies based on price, time, or other market conditions.
Market Maker
A trader who provides liquidity by simultaneously buying and selling assets, profiting from the bid-ask spread while stabilizing market prices.
Price Impact
The percentage change in asset price resulting from a trade, where larger trades move price more than smaller trades due to limited liquidity.
Time-Weighted Average Price
An execution strategy that spreads large trades over time to reduce price impact, calculating the average price weighted by time intervals.