Individual skill
market-microstructure-traditional
Traditional market microstructure concepts applied to crypto — order book dynamics, market making theory, price formation models, execution quality measurement, and CEX vs DEX structural differences
skills/market-microstructure-traditional/SKILL.md
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SKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesSKILL.mdcore · 11,618 bytesreferences/cex_vs_dex.mddoc · 7,835 bytesreferences/execution_quality.mddoc · 7,836 bytesreferences/price_formation.mddoc · 6,614 bytesscripts/market_maker_sim.pyruns · 18,638 bytesscripts/spread_analysis.pyruns · 16,906 bytes
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# Market Microstructure (Traditional)
Market microstructure studies how orders become trades and how trades become
prices. Understanding these mechanics is essential for execution optimization,
market making, and detecting informed flow. This skill covers limit order book
(LOB) theory as applied to crypto markets on centralized exchanges, and compares
LOB mechanics to the AMM-based structure of DEXes.
## Core Concepts
| Concept | What It Tells You |
|---|---|
| **Bid-ask spread** | Cost of immediacy — how much you pay to trade now vs later |
| **Price impact** | How your order moves the market price |