In the crypto space, there is no unified 'joint matching trading system', like the central counterparties (CCP) or central exchanges that concentrate all trades in traditional securities markets. The matching mechanisms for cryptocurrency trading are typically divided into the following categories:



1. Centralized exchanges (CEXs) match independently and do not share


For example, Binance, OKX, Coinbase, etc., each have their own independent matching engines and order books, and matching only occurs internally on that platform. In other words, if you place an order on OKX, Binance users will not see your order.


Characteristics:



  • High-speed matching, concentrated liquidity


  • No order sharing, no joint matching


  • Prices vary slightly across platforms (can be used for cross-exchange arbitrage)



2. Decentralized exchanges (DEXs) based on on-chain automated market making (AMM)


AMM mechanisms, like those used by Uniswap, SushiSwap, PancakeSwap, do not rely on traditional matching but automatically quote and execute trades through constant functions (like x*y=k).


Characteristics:



  • No matching engine; on-chain matching is performed by smart contracts


  • Can be seen as a **'unified matching'**, but limited to a single chain liquidity pool


  • Different DEXs do not share liquidity (unless through aggregators)



3. Cross-platform liquidity aggregators (some are similar to 'unified matching')


For example, 1inch, Matcha, Paraswap, etc., these are DeFi aggregators that pull liquidity sources from multiple DEXs to achieve optimal matching paths.


Characteristics:



  • Aggregate liquidity from multiple DEXs


  • Not true unified matching, but user experience is similar


  • Matching logic occurs on the client side or intermediate layer, not handled uniformly on-chain



4. Cross-chain matching / relay protocol attempts to unify matching (not yet widely implemented)


Some projects attempt to create cross-chain matching or cross-exchange matching systems, such as:



  • Polkadot + parachain DEX (such as HydraDX)


  • Cosmos + IBC + Osmosis


  • Thorchain (facilitates matching of native assets like BTC/ETH)


However, these are still in development and have not formed a 'unified matching layer' in the crypto space.



Summary:


Currently, there is no unified matching trading system in the crypto space, but rather a multi-centered + aggregated matching ecosystem:



  • CEXs match independently


  • DEXs have on-chain automatic matching, but it's decentralized


  • Aggregators only simulate a unified matching experience


  • True cross-chain matching is still being explored



Do you want to design or study a cross-exchange matching model? Or do you wish to use price differences between exchanges for arbitrage?