---
title: Market Effects of Order Flow in Crypto
url: https://www.ml-quant.com/papers/ssrn/4961610/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4961610
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4961610
featured: 2025-12-01
citations: unknown
topic: Crypto & DeFi
---


# Market Effects of Order Flow in Crypto

Analysis indicates that payment for order flow in crypto markets increases trading costs and reduces volumes, especially for assets beyond Bitcoin and Ethereum, after new tokens are introduced.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4961610
- Identifier: SSRN 4961610
- Released: 2024-10-28
- First featured: Quant Letter No. 121 (2025-12-01): https://www.ml-quant.com/issues/2025-12-01/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Crypto & DeFi

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