According to @binance, crypto exchanges use a matching engine that pairs buy and sell orders in milliseconds, which directly influences execution speed, slippage, and fill quality for traders, source: Binance Twitter https://twitter.com/binance/status/1988034042558595349; source: Binance Academy https://www.binance.com/en/academy/articles/understanding-matching-engines-in-trading. Binance Academy explains that orders rest in a central limit order book and are matched using price-time priority, so placing a competitive limit order earlier at the best bid or ask improves queue position and fill probability, source: Binance Academy https://www.binance.com/en/academy/articles/understanding-matching-engines-in-trading. The engine can generate partial fills when available size is smaller than the order quantity and continues matching the remainder as liquidity appears, which is critical for scalping and arbitrage during fast markets, source: Binance Academy https://www.binance.com/en/academy/articles/understanding-matching-engines-in-trading. Market orders cross the spread for immediate execution while limit orders wait until price conditions are met, affecting realized spread and potential slippage in volatile conditions, source: Binance Academy https://www.binance.com/en/academy/articles/understanding-matching-engines-in-trading.

According to @KookCapitalLLC, Monad is positioning itself as a fast crypto trading venue by focusing on central limit order books (CLOB) and perpetuals (perps), especially following GTE's significant funding round led by Paradigm and other investors. Despite Monad's claims of being the 'fastest trading venue,' @KookCapitalLLC questions its appeal compared to Hyperliquid, highlighting ongoing competition among advanced trading platforms and possible user skepticism regarding new entrants. This competitive dynamic may influence trader migration and liquidity distribution in the crypto derivatives market, especially for ETH-related products (source: @KookCapitalLLC).