Research
Notizen aus dem Maschinenraum
Was wir beim Anbinden und Vermessen von Handelsplätzen lernen, schriftlich festgehalten, damit das nächste Team es nicht noch einmal herausfinden muss. Keine Kursprognosen, keine Signale.
Where the matching engines live, and why most of crypto now sits in Tokyo
A trading server's most important setting is its location. Venues do not advertise where their matching engines run, but enough is public to draw the map. As of autumn 2026 it has one centre of gravity.
Order controls across seven venues: time in force, reduce-only, self-trade prevention and the dead man's switch
Beyond price and size, an order carries a handful of controls that decide what happens when things go wrong. Which ones exist on which venue decides how much of your safety has to live in your own code.
Maker-only orders: what "post-only" means on each venue and why a quoting engine cannot live without it
A limit order that would cross the book gets filled as a taker, pays the taker fee, and is not the trade you wanted. Post-only flags exist to prevent exactly that. They are spelled differently on every exchange and behave differently in the corners.