Why your $10 million crypto portfolio might only be worth $3 million when you actually try to sell it.

We break down the real costs of liquidity that most investors ignore until it's too late—slippage, impermanent loss, order book depth, and the hidden mechanics of DeFi that turn paper profits into actual losses.

From FTX's collapse to Three Arrows Capital's implosion, understanding liquidity costs separates survivors from casualties. No theory, no hype—just the math that matters when you need to exit a position.