Definition
AMMs (Uniswap, GMX, Curve) provide instant quotes from pools. They are simpler than order books but suffer slippage on size. Most modern perp DEXs (Hyperliquid, dYdX, Vertex) use order books instead for efficiency.
AMM (a.k.a. Automated Market Maker)
Mechanism that prices trades against a liquidity pool rather than an order book.
Frequently asked questions
What is AMM?
AMMs (Uniswap, GMX, Curve) provide instant quotes from pools. They are simpler than order books but suffer slippage on size. Most modern perp DEXs (Hyperliquid, dYdX, Vertex) use order books instead for efficiency.