4 min readSpot
Crypto exchange fees: how they change the cheapest exchange
The lowest price isn't always the cheapest trade once each exchange's fee is counted. How taker fees change the ranking, and how to rank after fees.
Blog
Prices, spreads and order book depth: how spot markets work, and how to compare them across exchanges.
4 min readSpot
Crypto exchange premiums: which exchanges run dearer
Some exchanges price coins a little above the rest, day after day. How to measure one exchange's premium over another across every coin both list.
3 min readSpot
How to compare two crypto exchanges, market by market
Rather than one coin, set two exchanges side by side on every market they share: how often each has the better price, and by how much.
3 min readPerpetualsSpot
Perp basis explained: perpetual price vs spot, and funding
The basis is how far a perpetual trades above or below the same coin's spot price. Why it moves with funding, and how to read it exchange by exchange.
5 min readSpot
DEX vs CEX: which gives you the better price?
On-chain exchanges now run order books like centralized ones. How to compare DEX and CEX prices, depth and quotes like for like, and what else to weigh.
4 min readSpot
Trading tokenized stocks on weekends and after hours
The stock market closes at night and at weekends; tokenized stocks don't have to. Who pauses them, who keeps trading, and what the price does in between.
6 min readSpot
Which crypto exchange is cheapest? It depends on the coin
No exchange has the lowest price on every coin. How to find the cheapest crypto exchange for the coin you're trading, and why the answer keeps changing.
2 min readSpot
What order book depth means for a big order
An exchange's best price is only the first level of its book. A big order goes deeper, and the exchange with the lowest price isn't always the cheapest place to fill it.
5 min readSpot
Why one coin's price differs across exchanges, and when the gap is real
Every exchange is a market of its own, so a coin's price is never quite the same on two of them. Where the gap comes from, and when it's worth acting on.
3 min readSpot
Why we compare prices at the middle of the order book
The last trade is what someone paid a moment ago. The middle of the order book is where the market is now, so it's the price each coin's page compares.