~/markets/exchanges $ cat dex-protiv-cex-gde-torgovat.md
DEX versus CEX: an honest table of which trade wins where
The ideological DEX vs CEX argument is useless: each infrastructure has its zone of superiority. The type of trade decides.
Where the CEX wins
- Large trades in majors: top exchanges' book depth is beyond competition - slippage on six-figure orders is smaller.
- Derivatives: perps, options, cross-margin - on-chain analogs are growing (Hyperliquid proved viability), but on instrumentation the CEX is ahead.
- Fiat ramps: getting in and out of bank money is the centralized venues' monopoly.
Where the DEX wins
- Fresh tokens: everything lives on-chain weeks and months before listings; the CEX simply is not there.
- Self-custody: a trade without depositing with a counterparty - after FTX that is not ideology but risk management.
- Permissionless access: no KYC queues, no geo-blocks, no "coin unavailable in your region".
- Execution transparency: every trade is verifiable on-chain; with a CEX you trust the matching engine's honesty.
Practice
A grown-up setup uses both layers: the CEX as a fiat gateway and the venue for large/leveraged trades, the DEX for early plays and for everything you would rather not trust to a counterparty. The one key rule: working capital lives on the exchange, not savings.