A hybrid exchange is a trading platform that combines parts of centralised and decentralised exchanges. It typically matches orders off chain for speed while settling trades or holding funds on chain.
A decentralized exchange (DEX) is a trading venue built from smart contracts, where users swap tokens directly from their own wallets. No company takes custody of funds, and trades settle on chain.
An order book is the live list of buy and sell orders for an asset, organised by price. A matching engine pairs compatible orders to produce trades.
A centralized exchange (CEX) is a crypto trading platform run by a single company that holds customer funds and matches buy and sell orders on its own servers. It works much like a traditional brokerage.
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