Decentralized Exchanges (DEXs): A Quick but Advanced Guide for Institutional Traders Understanding decentralized exchanges (DEXs) is crucial for institutional traders interested in accessing emerging digital asset alpha generation opportunities. By understanding how DEXs operate, traders can identify nascent markets — which often hit DEXs before centralized exchanges, and capitalize on them early. If they know how to leverage DEX data, like liquidity pool ratios, they are also better prepared to assess and manage risks associated with cryptocurrencies.
The Rhythm of Liquidity: Temporal Patterns in Market Depth Researcher's Note: This analysis examines 50,526 minutes of orderbook data from Binance's BTC/FDUSD market between July 1 and August 12, 2025, with Bitcoin trading between $105,394 and $123,386. The dataset captures temporal patterns across 24-hour cycles and weekly rhythms, revealing when liquidity concentrates and disperses. This research identifies predictable time-based patterns that enable traders to optimize execution timing and reduce market impact.
The Architecture of Market Depth: How Liquidity Really Works in Crypto Markets Researcher's Note: This analysis examines 50,526 minutes of orderbook data from Binance's BTC/FDUSD market between July 1 and August 12, 2025, captured via Amberdata's institutional metrics. The dataset tracks market depth at 5, 10, 25, 50, and 100 basis points from mid-price, revealing how liquidity accumulates non-linearly and how bid-ask imbalances distribute across price levels. This research quantifies the structural patterns of electronic market depth to inform institutional execution strategies.