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Markets

Trading, exchanges, derivatives, and market mechanics. Everything you need to navigate crypto markets.

What is RFQ (Request for Quote)?RFQ, or Request for Quote, exists for a simple reason: sometimes the best way to trade is not to expose your full order to the whole market

What is RFQ (Request for Quote)?RFQ, or Request for Quote, exists for a simple reason: sometimes the best way to trade is not to expose your full order to the whole market. Instead, a buyer or seller asks selected liquidity providers for executable prices, compares the responses, and chooses whether to trade.Mar 21, 202626 min read

What Is a Take-Profit Order?A take-profit order sounds simple: close the trade when price reaches your target

What Is a Take-Profit Order?A take-profit order sounds simple: close the trade when price reaches your target. The important part is what happens next, because on some venues the trigger sends a market order, while on others it places a limit order — and that difference determines whether you get certainty of exit, certainty of price, or neither.Mar 21, 202625 min read

What is a Trailing Stop Order?A trailing stop order tries to solve a simple problem: how do you protect a gain without choosing, in advance, the exact price where the trend must end? It moves the stop with favorable price movement, but that convenience comes with mechanical tradeoffs around triggers, gaps, and execution

What is a Trailing Stop Order?A trailing stop order tries to solve a simple problem: how do you protect a gain without choosing, in advance, the exact price where the trend must end? It moves the stop with favorable price movement, but that convenience comes with mechanical tradeoffs around triggers, gaps, and execution.Mar 21, 202623 min read

What is a TWAP Order?A TWAP order solves a simple but costly problem: how to trade a large position without revealing all of it at once to the market

What is a TWAP Order?A TWAP order solves a simple but costly problem: how to trade a large position without revealing all of it at once to the market. Instead of sending one big order, it breaks the trade into smaller pieces and releases them over a fixed time window, trading predictability for a different set of execution risks.Mar 21, 202623 min read

What is a Stop-Limit Order?A stop-limit order exists to solve a real trading problem: how do you react to a price move without giving up all control over execution price? It does that by turning a dormant stop into a live limit order only after a trigger is hit — which is useful, but also why it can fail to execute when markets move fast

What is a Stop-Limit Order?A stop-limit order exists to solve a real trading problem: how do you react to a price move without giving up all control over execution price? It does that by turning a dormant stop into a live limit order only after a trigger is hit — which is useful, but also why it can fail to execute when markets move fast.Mar 21, 202622 min read

What is a Post-Only Order?A post-only order sounds simple: post my order to the book, but do not let it trade immediately

What is a Post-Only Order?A post-only order sounds simple: post my order to the book, but do not let it trade immediately. The interesting part is why markets need that promise at all — and why different venues enforce it by canceling, repricing, or, in some cases, overriding it when the economics change.Mar 21, 202624 min read

What is a Market Order?A market order sounds simple: buy or sell now at the market price

What is a Market Order?A market order sounds simple: buy or sell now at the market price. The catch is that “the market price” is not a single number waiting for you — it is whatever liquidity is actually available when your order arrives, which is why market orders offer speed and execution certainty but not price certainty.Mar 21, 202623 min read

What is an OCO Order?An OCO order solves a simple but important trading problem: you want more than one plan, but only one outcome

What is an OCO Order?An OCO order solves a simple but important trading problem: you want more than one plan, but only one outcome. It links orders so that when one executes, the others are canceled or adjusted, turning a fragile manual workflow into a single conditional instruction.Mar 21, 202623 min read

What is a Limit Order?A limit order looks simple: you name your price and wait

What is a Limit Order?A limit order looks simple: you name your price and wait. But that simple instruction sits at the center of modern market structure, because it decides whether you prioritize price control or execution certainty — and that tradeoff shapes everything from partial fills to maker-taker economics.Mar 21, 202624 min read

What Is Open Interest?Open interest looks simple: just count open derivatives contracts

What Is Open Interest?Open interest looks simple: just count open derivatives contracts. But that count carries a deeper signal about participation, leverage, and whether a price move is being powered by fresh positions or just churn between existing traders.Mar 21, 202622 min read

What Are IOC and FOK Orders?IOC and FOK orders solve a very specific problem: sometimes a trader cares less about waiting for a fill than about avoiding leftover exposure

What Are IOC and FOK Orders?IOC and FOK orders solve a very specific problem: sometimes a trader cares less about waiting for a fill than about avoiding leftover exposure. Both order instructions demand immediate action, but they differ on one crucial point — whether a partial fill is acceptable.Mar 21, 202623 min read

What Is a Risk Engine in Derivatives Trading?A derivatives market is only as stable as the system deciding who can trade, how much collateral they need, and when losses must be stopped

What Is a Risk Engine in Derivatives Trading?A derivatives market is only as stable as the system deciding who can trade, how much collateral they need, and when losses must be stopped. That system is the risk engine: the machinery that turns prices, positions, and model assumptions into margin calls, liquidations, and, in extreme cases, auto-deleveraging or default management.Mar 21, 202625 min read