Macro & Ecosystem

CEX and DEX exchanges explained

Centralized vs Decentralized Exchange

Quick definition: A CEX is a centralized exchange run by a company (Binance, OKX, Bybit). A DEX is a decentralized exchange that runs on a blockchain (Uniswap, Hyperliquid).

On a CEX, the exchange holds your funds and offers customer support and easy fiat deposits and withdrawals, but you have to trust the exchange.

On a DEX, you hold your own assets in your own wallet and trades are transparent on the blockchain, but you are responsible for your wallet's security and smart contract risk.

Data on DEXs is public, which makes it possible to track whale positions, as on Hyperliquid.

💡 Example

You deposit USDT to Binance to trade (CEX), or connect a MetaMask wallet to Hyperliquid to open positions without creating an exchange account (DEX).

📊 View whale wallets on Hyperliquid →

Related terms

HyperliquidHyperliquid is one of the largest decentralized perpetual futures exchanges. It runs on its own blockchain, an…StablecoinA stablecoin is a coin pegged to a stable asset, most commonly pegged 1:1 to the US dollar (USDT, USDC).…WhaleWhales are individuals or institutions holding very large amounts of money, enough to move the price when they…Spot tradingSpot means buying and selling actual coins at the current price: you pay and receive the coins in your wallet …

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Educational content for reference only, not financial advice. Leveraged trading carries the risk of losing your entire capital.