Two ways to trade on-chain — and why pros keep moving to order books.
An AMM prices trades against a pool — simple, always-on, but with slippage and no real limit orders. A CLOB matches actual orders — tighter spreads, limit/stop orders, pro tooling — but needs active market makers. On-chain order books now rival CEX performance, which is why perps and serious trading favor them.
Use a CLOB for perps, limit orders and tight spreads; an AMM still wins for long-tail spot and passive LPing.