> For the complete documentation index, see [llms.txt](https://square1-hello.gitbook.io/square-1/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://square1-hello.gitbook.io/square-1/decentralized-finance/defi-products/exchanges.md).

# Exchanges

## Decentralized Exchanges (DEXs)

Decentralized exchanges are crypto-native marketplaces that algorithmically determine the price between two or more assets. These exchanges use an automated market maker to instantly fill orders using a price defined by an algorithm.

### Examples

{% embed url="<https://uniswap.org/>" %}

{% embed url="<https://balancer.finance/>" %}

{% embed url="<https://app.bancor.network/eth/data>" %}

{% embed url="<https://blog.kyber.network/>" %}

{% embed url="<https://docs.gnosis.io/protocol/>" %}

## Aggregators

Aggregators query all decentralized exchanges to find the best opportunity to trade assets.

{% embed url="<https://1inch.exchange/#/>" %}

{% embed url="<https://matcha.xyz/>" %}

## Centralized Exchanges (CEXs)

Centralized exchanges define places tokens are traded and managed by a central order book, similar to traditional financial systems.

### Examples

{% embed url="<https://www.coinbase.com/>" %}

{% embed url="<https://www.binance.com/en>" %}

##