# Overview XYM is a decentralized exchange protocol on BSC, featuring **spot**, **perpetuals**, and an integrated **money market** within a single vertically integrated application. It operates with a hybrid unified central limit order book (CLOB) and integrated automated market maker (AMM). The liquidity is enhanced as positions from pairwise LP markets populate the order book, minimizing gas fees and Miner Extractable Value. XYM ensures non-custodial control, allowing users to maintain control over their assets on-chain. It boasts low-latency trading and efficient liquidity utilization across various DeFi assets due to its hybrid order book-AMM design and off-chain sequencer architecture. The integrated on-chain AMM is controlled at the smart contract level, while the off-chain sequencer operates as an efficient off-chain node with execution speeds between 10-30 milliseconds, comparable to centralized exchanges (CEXs). The AMM liquidity, combined with liquidity from automated traders via the sequencer, contributes to a unified source of liquidity. XYM facilitates high-frequency trading (HFT) and automated trading through its API and SDK, optimizing gas efficiency and interoperability across EVM-compatible chains by excluding low-value, extraneous transactions. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://xyw.gitbook.io/xym/getting-started/overview.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.