Crypto market microstructure explained: order books, order types, spread and depth, slippage and market impact, maker-taker fees, and funding rates.https://quantcoin.co/https://quantcoin.co/blogs/perpetuals-and-the-funding-rate/https://quantcoin.co/blogs/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.Sun, 26 Jul 2026 00:00:00 GMTderivativesfundingexecutionhttps://quantcoin.co/blogs/maker-taker-and-what-you-actually-pay/https://quantcoin.co/blogs/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.Sat, 25 Jul 2026 00:00:00 GMTfeesexecutionorder-bookhttps://quantcoin.co/blogs/slippage-and-market-impact/https://quantcoin.co/blogs/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.Fri, 24 Jul 2026 00:00:00 GMTslippageexecutionliquidityhttps://quantcoin.co/blogs/order-types-and-what-each-guarantees/https://quantcoin.co/blogs/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.Thu, 23 Jul 2026 00:00:00 GMTorder-typesexecutionhttps://quantcoin.co/blogs/what-an-order-book-is/https://quantcoin.co/blogs/what-an-order-book-is/Two sorted queues of unexecuted intentions, and a matching rule. Almost everything surprising about execution follows from that structure.Wed, 22 Jul 2026 00:00:00 GMTorder-bookliquidity