#交易流动性 #TradersLeague #TradersLeagueS02 Liquidity refers to the ability of the market to execute transactions quickly without significantly impacting prices. It directly affects the speed of order execution and the quality of price execution. High liquidity markets (such as BTC/USDT) typically have small bid-ask spreads and deep order books, ensuring that large orders can be executed close to the expected price; whereas low liquidity markets (such as niche altcoins) are prone to significant slippage, causing the actual execution price to deviate from expectations. Before building a position, I assess liquidity through three dimensions: 1) Observing the thickness of the buy and sell sides of the order book; 2) Checking if the 24-hour trading volume is stable; 3) Testing the immediate execution of small market orders. To reduce slippage, my common strategies include: splitting large orders into limit orders to be executed in batches, avoiding trading low liquidity assets around major news events, using TWAP (Time Weighted Average Price) algorithms for order placement, and prioritizing liquidity aggregators (such as Binance/Bitget liquidity pools). For example, when trading a low-volume DeFi token, by splitting a 5000USDT buy order into 10 limit orders within 1 hour, the final average cost was optimized by 2.3% compared to placing a direct market order.