Research

Two crypto exchanges report similar daily trading volumes. Both offer Bitcoin perpetual futures, competitive trading fees, and substantial market activity. Yet a trader attempting to execute the same order may experience significantly different results. On one exchange, the order fills near the quoted market price. On the other, the order consumes several levels of the … Read more

Crypto exchanges are competing for more than trading volume; they’re competing for the traders, liquidity, and capital that make their derivatives markets attractive in the first place. For perpetual futures traders, the choice of exchange can affect almost every part of a trade—from execution prices and funding costs to margin efficiency and liquidation risk. That … Read more