Slippage on fragmented, uneven books

Every track prices slippage. Crypto's inherits the scheduled-thinness discipline and adds the fragmentation and the cascade - two amplifiers the other markets lacked.

Where crypto slippage lives

• The tides: module 2's weekend and off-hours thinning - a market order at 3am Sunday crosses a fraction of the weekday book, and pays for it; the scheduled thinness, per the platform's standing lesson.
• The venue and pair: thin venues and exotic pairs have shallow books where even modest size walks the price - the fragmentation tax, on execution; deep venues and deep pairs are where large orders find depth.
• The cascade: the crypto amplifier - a liquidation-driven move empties the book as it runs, so a market order caught in one pays slippage stacked on a violent move; the leverage layer of module 1 turning execution hostile in seconds.

The stop's special hazard here

A stop becomes a market order, and in crypto that order can land in a cascade: the very move that triggers the stop is often a liquidation cascade emptying the book, so the stop fills far beyond its level - the gap lesson of five tracks, at crypto's velocity and thinness. Weekend and off-hours stops compound it, resting through the sparsest books of the week. The platform's stop-and-gap discipline applies at maximum: a stop bounds the intention, and in a cascade the book decides the fill, brutally.

The budget

Slippage estimated at the venue, pair and hour actually traded, doubled around the volatility the tides and the cascades produce - the platform's standing rule, with crypto's amplifiers built in. And the controllable half repeats module 3's theme: deep venue, deep pair, liquid hour, and patient execution where the rule allows all shrink slippage toward its floor; the thin venue in the weekend cascade is where it is unbounded. Most of crypto's execution cost, slippage included, is a decision - and the cascade is the part that is not, which is why module 4 sizes for it rather than budgeting it away.