> For the complete documentation index, see [llms.txt](https://docs.turbine.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.turbine.exchange/core-concepts.md).

# Core Concepts

## Slow Trading

*Good prices come to those who wait.*

Fast markets are good for click-and-buy UX and price discovery, and are friendlier to market makers. But they are also centralizing, pay more for the same depth, and have larger spreads.

Slow trading protects you and Turbine LPs from snipers. This lowers spread and slippage, and makes batching possible, which increases peer-to-peer trades. Both peer-to-peer trades and tighter LP spreads lower your cost.

*Read more about how the* [*Turbine Speedbump*](/features/the-speedbump.md) *works, and about the myth of fast trading.*

## Batching Market

*No spread is the best spread.*

Settling directly with another trader is best: you don't pay for third-party middlemen liquidity (LP, market maker). But to find matches, you need to [trade slow](/features/the-speedbump.md) and settle in [batches](/features/batching-solver.md).

## Trustless Orderbook

*Trust introduces risk, centralization, and incentives for collusion.*

Turbine is a trustless market from day 0: runs in a Trusted Execution Environment, hosting a private orderbook that no one can inspect.

{% hint style="info" %}
Verify Turbine's Deployment: [Trusted Execution Environment](/resources/security/trusted-execution-environment.md#verify-turbine).
{% endhint %}

## Oracle Guided Market

*If snipers are slowed down, markets can have an opinion on price.*

Slow trading opens a new paradigm: an informed market. Turbine reads prices from fast markets with its [Market Price Oracle](/features/market-price-oracle.md) and moves LP and order limit prices to the current market price before settlement.

This makes long-running orders possible, which match peer-to-peer and can't be sniped. Long-running orders save cost, improve LP revenue, and lower trader spread.

## Spread Orders

*A trade is good if the spread is low.*

To many traders, what matters is not how fast a trade executes or how close to a limit price, but whether it has a good markout. Outside of insider trading, expected markout equals spread versus market price at time of settlement. A good trade is a trade with low spread versus market.

In Turbine, every order is a [spread order](/features/market-tracking-order.md#how-a-spread-order-works); it accepts settlement at a target spread or better, and never goes stale. The order tracks the market and waits patiently for liquidity at the spread it wants. You name how long you're willing to wait, and Turbine works the spread down for you over that time. The more patient you are, the lower the expected spread you pay.

## Dynamic LP

*Slow markets protect LPs from LVR.*

Turbine pools are custom Uniswap v4 hooks that offer a price at constant spread above the current market price. Turbine reads the price after traders commit to their trade to protect LPs from arbitrageurs (and thereby LVR).


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