Trading Mechanics & Order Flow

How an order actually fills — across CEX order books, AMM swaps, and RFQ desks. Slippage, MEV exposure, and execution venue choice.

4 lessons · 2 hr 30 min · advanced

1. 1Order Books, Market Makers, and LiquidityHow centralized exchange order matching works, what market makers actually do, and why some pairs have thin books that punish careless orders.30 min
2. 2AMM Swaps: Slippage, Price Impact, and RoutingHow automated market makers like Uniswap V4 and Curve actually price trades, what slippage tolerance really means, and why aggregators usually beat single-venue swaps.35 min
3. 3RFQ & Intent-Based TradingHow CowSwap, UniswapX, and 1inch Fusion replace direct AMM swaps with off-chain quote auctions where solvers compete to fill your order — often at better-than-mid prices.30 min
4. 4Execution Venues & When To Use WhichA decision framework for CEX vs DEX vs RFQ — with worked examples for a $10K trade, a $1M trade, and an exotic-token trade.30 min

Educational only — not financial advice.