Blog
-
Perpetuals and the funding rate
A futures contract with no expiry needs something to keep it near spot. Funding is that mechanism: a payment between traders, not to the venue.
-
Maker, taker, and what you actually pay
The headline fee is one of at least four costs in a round trip. The others are the spread, market impact, and the difference between the two fee rates.
-
Slippage and market impact
One is the gap between the price you expected and the price you got. The other is the part of that gap your own order caused. They are not the same.
-
Order types and what each guarantees
You can guarantee your price or guarantee your execution, never both. Every order type is a different position on that single trade-off.
-
What an order book is
Two sorted queues of unexecuted intentions, and a matching rule. Almost everything surprising about execution follows from that structure.