DEX & Trading
CLOB (Central Limit Order Book)
An exchange model where bids and asks are matched in a price-time priority order book, like a traditional exchange.
By Protocol Signal Research · Research Desk
Central Limit Order Book DEXs (Hyperliquid, dYdX v4, Drift) mirror CEX matching: makers post limit orders, takers match against them in price-time priority. CLOB venues typically deliver tighter spreads and more market depth than AMM-based perps, but require either off-chain matching, a dedicated app-chain, or low-latency L2 infrastructure.