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.