Why order books matter for institutional DeFi and derivatives—and where liquidity actually shows up

Whoa! Market microstructure isn’t sexy, but it quietly eats trading performance. Seriously? Yes. For institutional flows, the order book is the difference between alpha and slippage. My instinct says most people glance at price and ignore depth, and that costs real money. Order books reveal intent. They show where liquidity clusters and where it evaporates. […]