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How decentralised swaps and AMMs work
An automated market maker prices swaps from a pool’s state. Learn why your trade changes the price and why a quoted output can move before execution.
Read articleFOLITIC / CRYPTO TRADING GUIDE
Crypto Trading Guide
Learn how crypto markets work, plan spot trades and analyse futures, perpetuals and decentralised markets. Follow eight stages from foundational concepts to advanced research and risk management.
Start with How crypto markets work, then follow the next lesson links. Explore 32 lessons with worked examples, exercises and further reading.
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DeFi and Market Structure · All lessons
DeFi and Market Structure
Explore swaps, liquidity pools, lending and the operational risks of decentralised trading.
Advanced
Liquidity provision and impermanent loss
Providing liquidity changes the mix of assets you hold. Fee income must be compared with the value of simply holding the starting assets.
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Advanced
DeFi lending collateral and liquidation
Borrowing against crypto creates a liability that can grow while collateral falls. Monitor the complete position rather than the advertised borrowing rate.
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Advanced
Bridges MEV and transaction execution risk
A transaction’s route and ordering can change its outcome. Examine bridge assumptions, execution visibility and recovery paths before moving capital.
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