How matching works
A central limit order book collects every resting buy and sell order in one place and matches them by price first, then by time. The best price gets filled first; among equal prices, whoever posted earlier goes first.
That second rule is why speed matters even in markets that resolve months later. Two traders offering the same price are not equal, and the queue position is part of the edge in any strategy that quotes rather than takes.
CLOB versus AMM
The alternative model in crypto is the automated market maker, where a formula holds both sides and the price moves along a curve as people trade against a pool. No counterparty is required, and the price is always available.
A CLOB requires someone on the other side, which is why thin markets show gaps. In exchange it gives an explicit book: you can see the size behind each price instead of inferring it from a curve. Polymarket runs a CLOB with on-chain settlement.
Where 0xinsider uses the order book
Each row in the live feed shows the taker, the wallet that crossed the spread, and its largest counterparty on the resting side. A trade's own page lists every maker it filled against. That is how you tell aggressive buying from passive filling.
