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
- 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
- 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
- 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
- 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.