◇ GLOSSARY
CLOB
Central limit order book — bids and asks stacked by price, matched price-time priority. Most CEX perps and several perp DEXs use a CLOB; depth and spread at the touch define your slippage on entry and exit.
A CLOB shows you exactly where size rests. You can join the bid, lift the offer, or leave a limit and wait. Perp liquidations and aggressive stops are taker flow — they walk the book and move last, which can move mark on index-based venues.
CLOB perp DEXs try to replicate CEX feel with on-chain settlement. You get transparency and self-custody; you may pay gas and face thinner off-hours books.
When comparing venues, CLOB vs vAMM is a execution question. CLOB rewards patient limits; vAMM always quotes but may widen implied spread through the curve formula.