Go deeper
Deeper topics once the basics hold: individual assets like Ethereum and Solana, ETF mechanics, and tax questions.

Explore this stage
Follow the existing reading order for a clear route through this stage.
- Leveraged ETF Perps: Three Kinds of Leverage in One PositionSOXL, TQQQ, SOXS and TZA trade as perpetual futures on crypto venues. Work through the daily-reset arithmetic that makes a flat index cost money in both directions, what the perp wrapper adds on top, and why shorting both sides is a path bet rather than a free harvest.
- Zcash vs Monero: Optional Privacy, Mandatory Privacy, and What Each One CostsZEC and XMR disagree about who has to be private. Compare shielding models, ring signatures against zero-knowledge proofs, the 2026 Orchard bug and Ironwood upgrade, Monero's pending FCMP++, exchange access, and the EU rule that lands in July 2027.
- Advanced DeFi Yield and Hedging Strategies for Active TradersHow on-chain markets price fixed against floating yield, how delta-neutral basis trades work, and why leverage loops multiply risk faster than income.
- DEX Perps: GMX GM Pools, Virtual AMMs, and Counterparty RiskHow perpetual DEXs source liquidity: GM pools and GLV vaults, virtual AMMs, the delta exposure LPs actually take, and Synthetix v3 credit delegation.
- Ethena and USDe: Deconstructing the Delta-Neutral Synthetic DollarHow USDe's delta-neutral structure works, where the yield comes from, what negative funding does to it, and how off-exchange custody works.
- Trading Funding Rates on Margin: The Boros Protocol and Rate HedgingHow Boros makes perpetual funding rates tradable: Yield Units, fixed vs floating sides, hedging funding cost, and why margin scales with time to maturity.
- Leveraged Yield and Credit Accounts: Gearbox vs Morpho BlueHow Gearbox credit accounts, Morpho Blue isolated markets, and Aave shared pools structure DeFi leverage, and where liquidation risk and bad debt land.
- How Pendle Yield Trading Works: PT, YT, and Point FarmingHow Pendle splits yield into PT and YT, why the YT break-even is the implied rate rather than zero, and what a points position really costs.
- EigenLayer, Karak, and LRTs: The Restaking Risk LoopWhat restaking sells, how EigenLayer bounds slashing, what a liquid restaking token adds and removes, and why the leverage loop is a sold option.
- Soft Liquidations: How Curve LLAMMA and crvUSD Replace the Liquidation CliffHow Curve's LLAMMA converts collateral gradually across price bands, why a round trip still costs you, and why the position is short volatility.
- How AMMs Work: Uniswap, Curve, and the Math UnderneathUnderstand Automated Market Makers: the constant product formula (x × y = k), price impact, Curve Stableswap invariants, and Uniswap v3 concentrated liquidity.
- DeFi Lending Explained: How On-Chain Borrowing and Liquidation WorkUnderstand DeFi lending protocols: over-collateralization, utilization-based borrow rates, Loan-to-Value (LTV), health factors, and keeper bot liquidations.
- Impermanent Loss Explained: The Hidden Cost of Providing LiquidityUnderstand impermanent loss in plain English: worked numerical examples, divergence loss vs holding, fee offset math, and stablecoin pool risk reduction.
- MEV Explained: Front-Running, Sandwich Attacks, and How to DefendUnderstand Maximal Extractable Value (MEV): front-running, sandwich attacks, backrunning, Flashbots Protect private mempools, and slippage defense.













