# Decentralized Exchanges ⎊ Area ⎊ Resource 13

---

## What is the Architecture of Decentralized Exchanges?

Decentralized exchanges (DEXs) operate on a peer-to-peer model, utilizing smart contracts on a blockchain to facilitate trades without a central intermediary. Unlike centralized exchanges, DEXs do not rely on a traditional order book; instead, many employ automated market maker (AMM) protocols. This architecture allows for permissionless access and transparent transaction settlement directly on the ledger.

## What is the Custody of Decentralized Exchanges?

A defining characteristic of decentralized exchanges is their non-custodial nature, where users retain full control over their private keys and assets throughout the trading process. This eliminates the counterparty risk associated with centralized platforms holding user funds. The self-custody model enhances security by removing a single point of failure for asset management.

## What is the Mechanism of Decentralized Exchanges?

Trading on a DEX involves interacting with liquidity pools rather than matching buyers and sellers directly. Liquidity providers supply assets to these pools, earning fees from transactions. The price discovery mechanism on AMM-based DEXs is determined by a mathematical formula that adjusts the asset ratio within the pool based on trade size.


---

## [Margin Call Failure](https://term.greeks.live/term/margin-call-failure/)

## [Time Series Analysis](https://term.greeks.live/term/time-series-analysis/)

## [Predictive Risk Models](https://term.greeks.live/term/predictive-risk-models/)

## [Vega Risk Exposure](https://term.greeks.live/term/vega-risk-exposure/)

## [Collateral Assets](https://term.greeks.live/term/collateral-assets/)

## [DeFi Composability](https://term.greeks.live/term/defi-composability/)

## [Capital Requirements](https://term.greeks.live/term/capital-requirements/)

## [Collateral Haircuts](https://term.greeks.live/term/collateral-haircuts/)

## [Options Greeks Calculation](https://term.greeks.live/term/options-greeks-calculation/)

## [Trust Minimization](https://term.greeks.live/term/trust-minimization/)

## [Automated Options Vaults](https://term.greeks.live/term/automated-options-vaults/)

## [Perpetual Options Funding Rate](https://term.greeks.live/term/perpetual-options-funding-rate/)

## [Positive Feedback Loops](https://term.greeks.live/term/positive-feedback-loops/)

## [Collateral Diversification](https://term.greeks.live/term/collateral-diversification/)

## [Incentive Design](https://term.greeks.live/term/incentive-design/)

## [Oracle Data Feeds](https://term.greeks.live/term/oracle-data-feeds/)

## [Derivatives Market Architecture](https://term.greeks.live/term/derivatives-market-architecture/)

## [Funding Rate Volatility](https://term.greeks.live/term/funding-rate-volatility/)

## [Margin Management](https://term.greeks.live/term/margin-management/)

## [Volatility Feedback Loop](https://term.greeks.live/term/volatility-feedback-loop/)

## [Liquidity Providers](https://term.greeks.live/term/liquidity-providers/)

## [Risk-Free Rate Proxy](https://term.greeks.live/term/risk-free-rate-proxy/)

## [Intent-Based Architecture](https://term.greeks.live/term/intent-based-architecture/)

## [Order Flow Auction](https://term.greeks.live/term/order-flow-auction/)

## [Price Volatility](https://term.greeks.live/term/price-volatility/)

## [Interest Rate Parity](https://term.greeks.live/term/interest-rate-parity/)

## [Gas Price Volatility](https://term.greeks.live/term/gas-price-volatility/)

## [Finality Guarantees](https://term.greeks.live/term/finality-guarantees/)

## [Dynamic Fee Structures](https://term.greeks.live/term/dynamic-fee-structures/)

## [Inventory Risk](https://term.greeks.live/term/inventory-risk/)

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---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/13/