LEVEL 03 / NEWBEE SCHOOL
EXCHANGES
Understand where people trade, who controls the assets and what execution costs mean.
03CORE TOPICS
HOW TO USE THIS LEVELChoose a topic → open the full lesson → read the visual explanations → check yourself → move to the next idea. You can return here anytime.
Choose your topic
3 learning paths · beginner friendly01
CEX vs DEXCentralized exchanges, decentralized exchanges, custody, swaps, order books and AMMs.
OPEN ↗02Trading BasicsSpot, market and limit orders, futures, leverage, liquidation, slippage and risk.
OPEN ↗03DeFi & LiquidityLiquidity pools, AMMs, LPs, impermanent loss and the mechanics behind swaps.
OPEN ↗NEWBEE METHODDo not memorize everything at once. Understand the idea, connect it to a real example, then learn the safety rule that goes with it.