The hottest Exchanges Substack posts right now

And their main takeaways
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Top Crypto Topics

Aerodrome - Uniswap Killer?

DeFi Education • 379 implied HN points • 22 Sep 24
🔮 Crypto Exchanges
  1. Aerodrome Finance is a fast-growing decentralized exchange, mainly on Coinbase's Layer 2 called 'Base'.
  2. In just over a year, Aerodrome has attracted over 10,000 daily users and handles about $9 billion in trading each month.
  3. The platform is generating significant earnings, with annual trading fees exceeding $100 million.

Why Bitcoin Is Crashing

Common Sense with Bari Weiss • 255 implied HN points • 12 Feb 26
🔮 Crypto Exchanges
  1. Borrowed money is the main cause of Bitcoin crashes. Heavy debt creates cascades of losses that amplify price drops.
  2. The crashes repeat and resemble traditional market meltdowns, not just a simple battle between believers and skeptics.
  3. Bitcoin fell sharply from its 2025 highs — over $120,000 and roughly $2 trillion in value — to about half that, including a one-week drop of about 25%.

What's Kalshi's revenue?

Technically • 31 implied HN points • 12 Mar 26
💰 Finance Exchanges
  1. Kalshi handled about 203 million trades and roughly $41.7 billion in volume, generating about $545.6 million in trading fee revenue from those trades.
  2. Over 82% of the activity is sports (including parlays), so the platform functions a lot like a sportsbook even though users trade peer-to-peer and Kalshi also acts as a market participant and liquidity provider.
  3. Fees follow a formula tied to P*(1-P) (taker fee ≈ round up(0.07·C·P·(1-P)), maker fee ≈ 0.0175·C·P·(1-P)), which makes fees highest near 50% probability and lower at extreme odds, and resolution practices and regulatory treatment remain somewhat manual and unsettled.

Tokenized Trading Finally Comes

Points And Figures • 426 implied HN points • 19 Jan 26
💰 Finance Exchanges
  1. Tokenized stocks are becoming real and come in three forms — native, wrapped, and synthetic — which can enable 24/7 trading and programmable features that may not exactly match traditional shareholder rights.
  2. Tokenization reduces friction and costs by speeding settlement, enabling easy fractional ownership, simpler lending/shorting, and broader global access, which should make markets more liquid and capital more efficient.
  3. Tokenization will shift market structure and risks: it can change who has the trading edge, create arbitrage between token and regular markets, embed AML/KYC and other rules into tokens, and introduce legal and governance uncertainties.

Pushing The Envelope In Crypto

Points And Figures • 239 implied HN points • 12 Dec 25
🔮 Crypto Exchanges
  1. Bitnomial launched a regulated crypto-margined exchange that lets traders use crypto as margin and settle trades in crypto. That enables deliverable perpetual futures instead of cash-settled contracts.
  2. They built a vertically integrated exchange and clearinghouse from scratch and are fully regulated by the CFTC, so positions are cleared and collateral is segregated like traditional futures. The team running it are industry veterans, not fly-by-night operators.
  3. New CFTC and OCC guidance allows independent and bank-affiliated brokerages to support crypto margin deposits and settlement, which could unlock capital efficiencies and wider access for US traders. This makes leveraged spot, perpetuals, and options with crypto-native margin more accessible without going offshore.
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The Day Crypto Died: Anton Wahlman

QTR’s Fringe Finance • 25 implied HN points • 05 Feb 26
🔮 Crypto Exchanges
  1. People are coming home to see big losses in their brokerage accounts after a crypto crash and are suddenly asking what crypto even is.
  2. A lot of investors bought crypto because they were told it was the future and would only go up, not because they understood it.
  3. This collapse shouldn’t be surprising — the market was built on hype and unrealistic expectations, which made it fragile.

dYdX v4

DeFi Education • 419 implied HN points • 25 Nov 23
🔮 Crypto Exchanges
  1. The founders of major crypto exchanges like Binance and FTX are now convicted felons, highlighting the risks in the industry. It's important to be cautious when engaging with crypto platforms.
  2. Putting your crypto in third-party custody can be dangerous. It defeats the purpose of holding your assets securely on your own.
  3. DeFi education is crucial to understand the evolving landscape of cryptocurrency and to navigate it safely. Staying informed helps protect your investments.

Coinbase Q2 2023 Earnings

DeFi Education • 599 implied HN points • 04 Aug 23
🔮 Crypto Exchanges
  1. Coinbase cut its costs significantly, laying off 30% of its staff, and is focusing on expanding beyond just trading. They want to include features like payments and messaging in their app.
  2. A big challenge for Coinbase is the current regulatory environment in the U.S. The company is actively fighting these regulations to promote the growth of the crypto market.
  3. While Coinbase's trading revenue has dropped, they are making more money from interest on USDC. They have a lot of cash in hand, which helps them stay financially healthy even during tough times.

Binance Targets Kids As Young As Six For Crypto Accounts

Fintech Business Weekly • 44 implied HN points • 07 Dec 25
🔮 Crypto Exchanges
  1. Binance launched a parent-controlled "Binance Junior" app and a kids' crypto book that let children as young as six hold and receive crypto, sparking worries about safety, fraud, and money‑laundering risks when minors get access to digital assets.
  2. Pipe removed CEO Luke Voiles after massive layoffs and signs of financial stress, the CFO also departed, and a product executive is now serving as acting CEO.
  3. Seven state attorneys general are investigating major BNPL firms over underwriting, disputes, and consumer protections, while Klarna rolled out costly subscription tiers with cashback and premium perks that could raise affordability and consumer‑risk concerns.

What To Do When Banks Stop Fiat Withdrawals

DeFi Education • 1039 implied HN points • 23 Jan 23
🔮 Crypto Exchanges
  1. Banks are becoming stricter about crypto transactions, making it hard for users to withdraw USD or deposit new money to buy crypto.
  2. It's smart to use a separate bank account for crypto-related transactions to avoid issues with your main bank account.
  3. Using a decentralized exchange (DEX) like Bisq can help you trade crypto and fiat more safely and securely, even during limited banking access.

Regulatory Update: Recent Developments Impacting DeFi

DeFi Education • 779 implied HN points • 19 Apr 23
🔮 Crypto Exchanges
  1. Recent SEC actions indicate a tough regulation for crypto exchanges in the US. Companies like Coinbase and Bittrex are facing serious legal challenges for not complying with registration rules.
  2. John Reed Stark, a former SEC official, predicts that many crypto exchanges may need to shut down or change how they operate in the US.
  3. Regulations are becoming a big deal in the crypto industry, and companies will have to work hard to comply with new rules to stay in business.

Unlawful Solicitation

DeFi Education • 619 implied HN points • 06 Jun 23
🔮 Crypto Exchanges
  1. The SEC has accused Binance of running a deceptive operation that included misleading American customers while secretly welcoming them. They likened this to a classic street scam called three-card monte.
  2. Binance and its founder are facing serious allegations, including operating without proper licenses and manipulating customer assets. The SEC is seeking actions like asset freezes and accounting verification.
  3. Binance has stated they plan to fight the SEC's allegations, claiming they have always aimed to follow the law and innovate within the regulatory framework.

FTX is Coming for Customer Assets

DeFi Education • 399 implied HN points • 13 Sep 23
🔮 Crypto Exchanges
  1. FTX filed for bankruptcy in November 2022, which affected many customers. It was a significant moment for the cryptocurrency world.
  2. A lot of money has been spent on legal fees since then, which reduces what could be given back to customers. This makes the situation worse for those who lost money.
  3. FTX recently released a lengthy presentation about their progress since filing for bankruptcy, likely to keep customers informed.

Base!

DeFi Education • 439 implied HN points • 23 Aug 23
🔮 Crypto Exchanges
  1. Coinbase has a large user base with over 100 million registered users, making it a key player in the crypto market in the U.S.
  2. Although many of the registered users may not use the platform actively each month, the sheer number still highlights CoinBase's reach.
  3. When launching a new product, having good distribution is crucial, and Coinbase sets a strong example of this in the crypto space.

The Next Big Airdrop and What the FOMC Means for Crypto

DeFi Education • 739 implied HN points • 24 Mar 23
🔮 Crypto Exchanges
  1. Recent bank collapses have shaken the financial system, making people more aware of crypto's role. This seems to be causing more interest in cryptocurrencies.
  2. Big events like the ARB airdrop and the arrest of the Luna founder highlight that there are constant changes and opportunities in the crypto market.
  3. The FOMC meetings can affect crypto prices, so it's important for investors to stay informed about these economic updates.

Where to trade and invest after FTX's collapse

DeFi Education • 659 implied HN points • 14 Dec 22
🔮 Crypto Exchanges
  1. Decentralized derivatives exchanges (DDEX) let you trade without giving up control of your funds or sharing personal info. This can reduce risks and improve privacy for traders.
  2. DDEX platforms may become more popular as people seek safer options after issues with centralized exchanges (CEX) like FTX. More users on DDEXs could drive trading volumes and increase the value of their tokens.
  3. Choosing a good DDEX involves looking at the safety of funds, fees, and user experience. It’s important to understand how the exchange operates to avoid issues during trading.

Deep Dive: dYdX

DeFi Education • 619 implied HN points • 29 Dec 22
🔮 Crypto Exchanges
  1. dYdX is a decentralized exchange that provides users with a way to trade cryptocurrencies safely. It's designed to be secure and reliable for trading.
  2. Investors are encouraged to assess the exchange's protocol design and tokenomics before investing or trading. Doing thorough research helps to make informed decisions.
  3. The insights provided aim to guide users in exploring alternative exchanges following events like the FTX collapse, ensuring they can find trustworthy platforms.

Exchange Risk: Coinbase

DeFi Education • 859 implied HN points • 19 May 22
🔮 Crypto Exchanges
  1. Coinbase is the largest cryptocurrency exchange in the U.S. and was the first to go public here. This means it's a big player in the crypto market.
  2. It was founded in 2012 by Brian Armstrong and Fred Ehrsam, who is still involved with the company as a board member.
  3. Exchange risk is something to think about with Coinbase, especially as new information comes out that could impact its operations. Staying informed is key.

Regulatory update: self-custody

DeFi Education • 819 implied HN points • 01 Apr 22
🔮 Crypto Exchanges
  1. It's important to keep your own cryptocurrency keys because if you don't have them, you don't really own the coins.
  2. Both centralized exchanges and self-custody have their own risks, so it's good to know the difference and make informed choices.
  3. Upcoming regulations might change how you should manage your digital assets, so it's wise to prepare before those rules take effect.

Uniswap - Getting Rid of CEX

DeFi Education • 1238 implied HN points • 23 Jul 21
🔮 Crypto Exchanges
  1. Uniswap is a decentralized exchange that allows trading without a middleman. This means users can trade ERC-20 tokens directly on the Ethereum network.
  2. Uniswap uses a governance token called UNI, which gives users a say in how the platform operates. This helps build a community around the exchange.
  3. The goal of Uniswap is to offer more freedom and privacy in trading, moving away from centralized exchanges (CEX) that can be restrictive. It aims to give users control over their assets.

Time to Eat Some Sushi - Part (1 of 2)

DeFi Education • 1139 implied HN points • 14 Aug 21
🔮 Crypto Exchanges
  1. Decentralized finance is changing how we think about money and trading. It's becoming a more accessible way for people to make financial transactions.
  2. Sushi Swap started out as a controversial project but has grown into a thriving platform. It shows how innovation can arise from challenges in the market.
  3. Understanding these new platforms is important for anyone interested in finance. They represent a shift toward a more user-driven approach.

The Structure of Competition between Cryptocurrency Exchanges

Not Investing Advice • 137 implied HN points • 07 Jun 23
🔮 Crypto Exchanges
  1. Crypto exchange ecosystem is competitive with over 100 active exchanges in the US trading similar assets.
  2. Binance and Coinbase listing new tokens increases trade volume on other exchanges, making them complements not substitutes.
  3. Small exchanges rely on market maker arbitrage with Binance/Coinbase for liquidity, showcasing the 'leader' role of large exchanges in crypto markets.

Decentralized Exchange Comparison

DeFi Education • 999 implied HN points • 26 Aug 21
🔮 Crypto Exchanges
  1. Decentralized exchanges, or DEXs, are becoming more popular compared to centralized ones like Coinbase or Kraken. They allow users to trade crypto without needing a middleman.
  2. DEXs offer more control over your assets since you’re not relying on a centralized platform. This means you have the power to manage your own funds directly.
  3. This comparison is a helpful resource for understanding the different DEX options available. Keeping this information handy can make trading easier.

Prediction Markets Grow Up

Net Interest • 12 implied HN points • 05 Dec 25
💰 Finance Exchanges
  1. Prediction markets have rapidly scaled up: millions of users, weekly volumes in the billions, and top traders winning large sums.
  2. Regulation has softened, with legal wins and exchange approvals letting platforms offer political and derivatives-style contracts and join mainstream financial debates.
  3. The main fight now is for liquidity and market design — firms are raising huge capital and competing to attract traders so these markets can run as smoothly and widely as stock exchanges.