market-microstructurelisted

# Market Microstructure — DEX Orderflow Analysis ## Overview Market microstructure on Solana DEXes differs fundamentally from traditional finance. There are no orderbooks on AMMs — every trade is a swap against a liquidity pool. Yet trade flow analysis remains powerful: the sequence, size, and direction of swaps reveal accumulation, distribution, whale activity, and wash trading patterns. This skill covers: - **Trade classification** — identifying buys vs sells from swap direction - **Volume profiles** — time-based and size-based breakdowns - **Buyer/seller pressure** — ratio metrics, net flow, trade count asymmetry - **Trade size distribution** — whale detection, retail vs institutional flow - **Flow momentum signals** — acceleration, volume spikes, composite scores - **Token velocity** — turnover rate as a sentiment proxy - **Wash trading detection** — spotting fake volume and bot patterns ## Why Microstructure Matters on DEXes On CEXes, microstructure means orderbook depth, bid-ask spread, and queue position. On AMMs, liquidity sits in pool curves — there is no spread or queue. But the **trade tape** (the chronological list of swaps) contains rich signal: 1. **Who is trading?** — Whale wallets vs retail, smart money vs bots 2. **How are they trading?** — Large single swaps vs DCA-style splits 3. **When are they trading?** — Volume clustering around events or time zones 4. **What direction?** — Net buy vs sell pressure over sliding windows These signals feed into ent