Advanced module
Matching engines, microstructure, arbitrage, macro and the API — the exchange from the inside.
10 lessons· ~67 min totalStart the module
1Inside the matching engineHow a central limit order book turns thousands of competing orders into one fair, deterministic sequence of trades.7 min2Market microstructure: ticks, queues and priorityWhy two traders running the same strategy get different fills — ticks, queue position, and adverse selection explained.7 min3Market makers and the business of spreadsThe dealer’s side of every trade: inventory risk, toxic flow, and why spreads widen exactly when you want to trade.7 min4Arbitrage: the force that keeps prices honestWhy the same asset costs the same everywhere, who enforces it, and a worked triangular FX example with real numbers.7 min5On-chain analysis for cryptoWhat public blockchains genuinely reveal about flows and holders — and the clustering caveats that wreck naive readings.6 min6Macro: rates, the dollar and inflation — one engine, four marketsHow rate expectations ripple through stocks, FX, gold and crypto — one mechanism, four very different expressions.7 min7Trading scheduled events: CPI, decisions and earningsWhat order books actually do around scheduled releases — and why the first move so often goes the wrong way.6 min8From clicks to code: trading the APIREST, websockets, idempotency and rate limits — the unglamorous engineering that keeps automated trading from costing you.6 min9Backtesting without fooling yourselfLookahead, survivorship, overfitting and fee reality — why most published backtests are fiction, and how not to write your own.7 min10Building a systematic strategyFrom hypothesis to rules to retirement: the full lifecycle of a strategy, including the part where it stops working.7 min