Blog
DEX mechanics for traders
Explainers on self-custody trading, AMM and perpetual DEX mechanics, on-chain liquidity, and market microstructure — written for traders who understand order books and traditional futures but are new to on-chain markets.
2026-05-25
Funding Rates, Rollover Fees, and the Implicit Carry of Traditional Futures
Hyperliquid, Ostium, and CME futures all solve the same problem — compensating holders for the cost of carry. Where that cost lives, how it's calculated, and whether settlement is ever forced determines most of what's different about trading on each venue.
Read →2026-05-22
Crossed Markets in AMM Pools: Arbitrage, Atomic Execution, and MEV
When the best bid on one AMM pool exceeds the best ask on another after fees, the market is crossed. Here's what causes it, how to read it, and why atomic execution changes the risk profile versus a traditional two-legged arb.
Read →2026-05-19
CME Micro ETH vs. ETH Perpetuals: Fees, Margin, and Hidden Costs
A side-by-side comparison of a 1 ETH position on CME Micro Ether futures versus a Hyperliquid ETH perpetual — round-trip fees, margin requirements, carry costs, and the structural differences that matter for an active trader.
Read →2026-05-19
LP Tokens for Market Makers: Translating the Strategy You Already Know
If you make markets in futures or equities, you already understand Uniswap LP — the mechanics just have different names. Here's the full translation, including why impermanent loss is adverse selection.
Read →2026-05-18
Why AMM Pool Prices Diverge — and How Fast They Resolve
In traditional markets, price differences across venues close in milliseconds. In Uniswap, they can persist for minutes. Understanding why tells you something about where real flow is happening.
Read →2026-05-18
Reading Liquidity Depth in Uniswap
The tick depth histogram is Uniswap's equivalent of order book depth — but it works differently. Here's how to translate it into terms a trader already understands.
Read →2026-05-18
The Uniswap Order Book That Isn't
AMM pools look like a depth of market, but the mechanics are fundamentally different. Here's how to read one if you're coming from a traditional trading background.
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