The crypto derivatives structure, in full

the derivatives layer

The full structure of the derivatives that move spot: perpetuals and their funding, dated futures, options, and the leverage-and-liquidation machinery that ties them together into the cascade engine of module 1. Taught for comprehension of the market every reader trades - and, for UK retail, taught about a market they cannot be sold into, per the FCA position stated throughout the track. The leverage layer, mapped in full, because understanding spot means understanding what moves it.