# Decentralized Exchanges ⎊ Area ⎊ Resource 37

---

## 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.


---

## [Private Margin Engines](https://term.greeks.live/term/private-margin-engines/)

## [Inter-Protocol Portfolio Margin](https://term.greeks.live/term/inter-protocol-portfolio-margin/)

## [Financial Risk Analysis in Blockchain Applications and Systems](https://term.greeks.live/term/financial-risk-analysis-in-blockchain-applications-and-systems/)

## [Cost of Carry Calculation](https://term.greeks.live/term/cost-of-carry-calculation/)

## [Data Feed Cost](https://term.greeks.live/term/data-feed-cost/)

## [Delta Hedge Cost Modeling](https://term.greeks.live/term/delta-hedge-cost-modeling/)

## [Gamma-Theta Trade-off](https://term.greeks.live/term/gamma-theta-trade-off/)

## [Margin Model Architecture](https://term.greeks.live/term/margin-model-architecture/)

## [CLOB-AMM Hybrid Model](https://term.greeks.live/term/clob-amm-hybrid-model/)

## [Order Book Security Measures](https://term.greeks.live/term/order-book-security-measures/)

## [Order Book Security Protocols](https://term.greeks.live/term/order-book-security-protocols/)

## [Delta Gamma Vega Proofs](https://term.greeks.live/term/delta-gamma-vega-proofs/)

## [Order Book Architecture Design](https://term.greeks.live/term/order-book-architecture-design/)

## [Proof Verification Model](https://term.greeks.live/term/proof-verification-model/)

## [Liquidation Cost Analysis](https://term.greeks.live/term/liquidation-cost-analysis/)

## [Capital Cost of Manipulation](https://term.greeks.live/term/capital-cost-of-manipulation/)

## [Delta Margin](https://term.greeks.live/term/delta-margin/)

## [Data Feed Cost Optimization](https://term.greeks.live/term/data-feed-cost-optimization/)

## [Margin Calculation Vulnerabilities](https://term.greeks.live/term/margin-calculation-vulnerabilities/)

## [Transaction Cost Arbitrage](https://term.greeks.live/term/transaction-cost-arbitrage/)

## [Off-Chain State Transition Proofs](https://term.greeks.live/term/off-chain-state-transition-proofs/)

## [Cross-Chain Margin Engines](https://term.greeks.live/term/cross-chain-margin-engines/)

## [Order Book Model Implementation](https://term.greeks.live/term/order-book-model-implementation/)

## [Margin-to-Liquidation Ratio](https://term.greeks.live/term/margin-to-liquidation-ratio/)

## [Hybrid Off-Chain Calculation](https://term.greeks.live/term/hybrid-off-chain-calculation/)

## [Cryptocurrency Derivatives](https://term.greeks.live/term/cryptocurrency-derivatives/)

## [Zero Knowledge Range Proof](https://term.greeks.live/term/zero-knowledge-range-proof/)

## [Real-Time Delta Hedging](https://term.greeks.live/term/real-time-delta-hedging/)

## [Behavioral Game Theory Adversarial Environments](https://term.greeks.live/term/behavioral-game-theory-adversarial-environments/)

## [Price Oracle Manipulation Attacks](https://term.greeks.live/term/price-oracle-manipulation-attacks/)

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```


---

**Original URL:** https://term.greeks.live/area/decentralized-exchanges/resource/37/