Crypto Trading
How crypto markets differ structurally, what custody risk actually means, and where spot and derivatives diverge.
Part of the course
Crypto Trading
What makes crypto markets structurally different from traditional ones — continuous trading, custody risk, fragmented liquidity — and what that changes about how you approach them.
How Crypto Markets Differ
Crypto trades continuously, across many venues with separate order books, with retail-accessible leverage far above traditional norms. Those three structural facts change the practical experience more than any chart pattern does.
8 min read
Custody and Exchange Risk
Assets on an exchange are a claim on that exchange, not assets you hold. Understanding what that means operationally — before you need to — is the difference between an inconvenience and a total loss.
8 min read
Spot vs Derivatives in Crypto
Spot means you own the asset. A derivative means you hold a contract whose value tracks the asset — with margin, liquidation and funding attached. They are different instruments with different failure modes.
8 min read
Stablecoins and Settlement Risk
A stablecoin is a claim on something or someone, engineered to trade near a reference price. Stability is the design goal and the marketing word — not a property of the token — and the peg is the part that breaks first when the mechanism is tested.
8 min read
On-Chain versus Exchange Trading
On a centralised exchange your order meets a matching engine and settles as a ledger entry. On-chain, your order is a transaction that settles on a network when a block includes it. The costs, the timing and the failure modes all differ.
9 min read
Crypto Volatility and Round-the-Clock Markets
A market with no close removes the boundaries that traditional risk management quietly relies on. Gaps still happen, thin hours still cost more, and the position you cannot watch is the one your sizing has to survive.
9 min read