Category

Market Plumbing

These words describe how buyers and sellers discover prices and how trades can fill at a different level than expected.

How to recognize this theme

Terms you see when orders meet in a market.

In a daily board, this category groups terms by their shared role. Look for four cards that describe the same mechanism, risk area, or workflow rather than four words that merely sound similar.

Educational context

These entries are vocabulary notes for learning. They are not project endorsements, token recommendations, exchange rankings, or trading signals.

Order Book

An order book records bids and asks for an asset at different price levels.

Spread

The spread is the difference between the best buy and sell prices.

Slippage

Slippage is the difference between an expected trade price and the price a trade actually gets.

Arbitrage

Arbitrage is trading price differences across venues or instruments to capture a spread.