取引所ソフトウェア Centralized exchanges are the backbone of the cryptocurrency industry. While decentralized exchanges generate attention in developer communities, centralized platforms handle the overwhelming majority of trading volume, fiat transactions, and institutional activity. If you are building an exchange business, understanding CEX architecture, advantages, and operational requirements is essential.
Why Centralized Exchanges Dominate
The numbers are unambiguous. Centralized exchanges process approximately 95% of all cryptocurrency trading volume globally. Despite years of DEX development, this ratio has remained remarkably stable. The reasons are structural, not temporary.
Execution speed. A CEX matching engine processes orders in microseconds using in-memory order books. DEX transactions require blockchain confirmation, introducing seconds to minutes of latency depending on the network. For active traders executing dozens of orders per day, this speed difference is decisive.
Order type support. CEX platforms support limit orders, market orders, stop-loss, stop-limit, trailing stops, and conditional order types. Most DEXs are limited to basic swap functionality. Professional traders require advanced order types for risk management and strategy execution.
Fiat currency support. Centralized exchanges can integrate bank transfers, credit card payments, and local payment methods because the operator handles KYC verification and maintains banking relationships. DEXs cannot offer fiat rails because they lack the compliance infrastructure that banks require.
User experience. A well-built CEX provides a unified experience: account creation, KYC verification, deposit, trading, portfolio tracking, and withdrawal, all through a single interface with customer support. The DEX experience requires wallet setup, token approvals, gas management, and bridge operations that most users find challenging.
Institutional requirements. Institutional investors and funds require regulatory compliance, auditable custody, sub-account management, API trading, and dedicated support. Only centralized exchanges can provide these services. As institutional adoption grows, CEX advantages compound.
Core CEX Architecture
A production centralized exchange consists of seven integrated systems. Each system must be reliable independently and work seamlessly with the others.
Order Matching Engine
The matching engine is the heart of the exchange. Codono’s engine uses in-memory order book management with strict price-time priority. When a new order arrives, it is immediately compared against existing orders at the same or better price. Matching happens in memory for speed, with results persisted to the database and broadcast via WebSocket in real time.
The spot trading engine supports limit orders (execute at a specific price or better), market orders (execute immediately at the best available price), stop-loss orders (trigger a market order when price reaches a threshold), and stop-limit orders (trigger a limit order at a specific price point). Each order type serves a different trading strategy, and professional traders expect all of them.
Wallet and Custody Infrastructure
CEX operators hold user funds in custody. This is both the advantage (enabling instant internal transfers and fast execution) and the responsibility (securing assets against theft and loss).
Codono’s wallet system implements a hot and cold architecture. Hot wallets hold 5-10% of total assets for immediate withdrawal processing. Cold wallets store 90-95% offline with multi-signature authorization. The system monitors hot wallet balances and alerts operators when replenishment is needed.
Supporting 50+ blockchains natively, the wallet system handles deposit detection, confirmation counting, withdrawal processing, and fee management across Bitcoin, Ethereum, BNB Chain, Solana, Tron, Polygon, Avalanche, Arbitrum, and all EVM-compatible networks.
User Authentication and Security
The security architecture implements multiple layers of protection. TOTP-based two-factor authentication protects user accounts. Anti-phishing codes help users verify legitimate communications. Device fingerprinting detects logins from new devices. Session management enforces timeouts and concurrent session limits.
Withdrawal protection includes address whitelisting with 24-hour activation delays, daily withdrawal limits by KYC tier, and anomaly detection that flags unusual patterns for manual review.
Infrastructure protection covers DDoS mitigation, Web Application Firewall rules, rate limiting on all API endpoints, and real-time monitoring with alerting.
KYC and Compliance Layer
Regulatory compliance separates professional exchanges from grey-market platforms. The KYC/AML system integrates with identity verification providers like SumSub for automated document verification, facial recognition, and liveness detection.
Tiered verification levels allow graduated access. Unverified users might access limited features, while fully verified users get full trading and withdrawal access. Each tier has configurable document requirements and withdrawal limits. The compliance module supports frameworks including MiCA, FinCEN MSB, VARA, MAS, and FCA requirements.
Trading Interface
The frontend trading interface integrates TradingView charting with 100+ technical indicators, drawing tools, and multiple timeframes. The order entry panel supports all order types with real-time balance updates. The order book displays live bid and ask depth. Trade history shows recent executions.
The interface is responsive across desktop and tablet browsers. For mobile users, dedicated iOS and Android applications provide the full trading experience with push notifications and biometric authentication.
Admin Operations Dashboard
The admin dashboard gives operators control over every aspect of the exchange. User management, KYC review queues, trading pair configuration, fee schedule management, wallet monitoring, and financial reporting are all accessible through a web-based interface.
Role-based access control lets operators assign specific permissions to support agents, compliance officers, and technical administrators. Audit logs track every administrative action for regulatory compliance.
API and WebSocket Layer
The API infrastructure provides REST endpoints for account management, order placement, and historical data queries. WebSocket connections stream real-time order book updates, trade executions, and ticker data. Rate limiting, API key management, and IP whitelisting protect the API from abuse while supporting legitimate algorithmic trading.
CEX vs DEX: Honest Comparison
Both exchange models have legitimate use cases. Here is an objective comparison:
| Factor | CEX (Centralized) | DEX (Decentralized) |
|---|---|---|
| Trading Speed | Sub-second execution | 2-30 seconds (blockchain dependent) |
| Order Types | Limit, market, stop, conditional | Mostly swap only |
| Fiat Support | Bank transfer, card, local methods | None (crypto only) |
| KYC Required | Yes (regulatory compliance) | No (permissionless) |
| User Experience | Full platform with support | Wallet-native, self-service |
| Custody | Exchange holds funds | User self-custody |
| Institutional Ready | Yes | Limited |
| Regulatory Compliance | Built-in | Not applicable |
| Customer Support | Help desk, live chat | Community forums only |
| Daily Volume Share | ~95% of global crypto volume | ~5% of global crypto volume |
The choice depends on your business model. If you are building a licensed exchange business that serves retail and institutional clients, accepts fiat currency, and operates within a regulatory framework, CEX is the correct architecture. If you are building a permissionless protocol for DeFi-native users, DEX architecture serves that use case.
Revenue Generation
A CEX generates revenue from multiple streams, all configurable through the admin dashboard:
Trading Fees
The primary revenue source. Maker/taker fee models charge 0.1% to 0.3% per trade. At $2M daily volume with a 0.2% average fee, trading fees generate $4,000 per day. Volume grows as you add users and trading pairs. VIP tier discounts based on 30-day volume incentivize high-frequency traders to stay on your platform.
Withdrawal Fees
Flat fees per blockchain withdrawal cover network costs and generate margin. Bitcoin withdrawals might carry a $2 fee, Ethereum $1, and Tron $0.50. With 500 daily withdrawals averaging $1.50 each, withdrawal fees add $750 per day.
Token Listing Fees
New token projects pay $5,000 to $50,000 for exchange listings. Each listing brings the token’s community to your platform. A growing exchange listing 2-3 tokens per month generates significant listing revenue plus new user acquisition from each project’s community.
Leveraged Trading Revenue
Margin trading and futures generate substantially higher fee revenue per dollar of exposure. A $10,000 position at 20x leverage generates fees on $200,000 notional value. Perpetual contract funding rates generate continuous 8-hourly revenue. For exchanges that implement derivatives, this often becomes the largest revenue stream.
Staking and Earn
Staking products and earn modules let users deposit assets for yield. The operator keeps a spread between what the protocol earns and what users receive. With $5M in staking deposits at a 2% annual operator spread, this generates $100,000 per year in passive revenue while increasing deposit stickiness.
Fiat On-Ramp Margin
Card purchases and instant buy features carry a 1-3% markup over spot price. High-conversion exchanges processing $200K daily in fiat deposits at 1.5% markup generate $3,000 per day from on-ramp margin alone.
Institutional Features
Institutional clients represent the highest-value segment for a CEX. They trade larger volumes, maintain larger deposits, and require longer-term relationships. Read the detailed guide on institutional exchange requirements.
Sub-account management allows institutional clients to segregate trading strategies, funds, and reporting across multiple sub-accounts under a single master account.
API trading with comprehensive REST and WebSocket endpoints supports algorithmic strategies, automated market making, and portfolio rebalancing. Rate limits for institutional API keys can be elevated above retail defaults.
OTC desk capability provides direct dealer-to-client trading for large block orders that would impact the order book if executed on the open market.
Compliance and reporting generates trade confirmations, portfolio statements, and transaction histories in formats that institutional compliance teams require.
Expanding Your CEX
The modular architecture means you launch with spot trading and add capabilities as your market demands:
Margin Trading: Cross and isolated margin with configurable leverage. Automated liquidation engine and margin call alerts. Typically added once spot volume is stable.
Futures and Perpetuals: The highest revenue-per-user product. Perpetual contracts with funding rates, insurance fund, and position management. Requires more sophisticated risk management.
P2P Trading: Peer-to-peer marketplace with escrow for markets where direct fiat integration is challenging. 300+ payment methods supported.
Forex Trading: Add 50+ currency pairs and precious metals with leverage up to 1:500. Transform your crypto exchange into a multi-asset platform serving forex traders alongside crypto traders.
Staking Platform: Flexible and locked staking products. Passive revenue generation that increases user retention and total deposits.
Earn Module: Yield products beyond staking including savings, dual investment, and structured products.
Each module integrates with the same user accounts, wallet system, and admin panel. Users do not need separate accounts or deposits for different products.
Technology Stack Deep Dive
Understanding the technology stack helps operators make informed decisions about hosting, scaling, and customization.
Backend: PHP with ThinkPHP framework. Handles business logic, API endpoints, admin panel, and database operations. The choice of PHP provides access to a large developer pool for customizations.
Frontend: Vue.js single-page application. Real-time WebSocket data feeds update the trading interface without page reloads. Component-based architecture makes UI customization straightforward.
Database: MySQL for relational data with Redis for caching, session management, and real-time data. The database schema supports horizontal read scaling through replication.
Matching Engine: In-memory order book with event-driven settlement. Separated from the web application for independent scaling and fault isolation.
Mobile: Native iOS and Android applications sharing API infrastructure with the web platform.
Deployment and Launch
CEX deployment with Codono follows a structured timeline:
Week 1: Server provisioning, source code deployment, domain configuration, and SSL setup. Branding customization including logo, colors, and email templates.
Week 2: Trading pair configuration, fee schedule setup, KYC provider integration, wallet configuration for target blockchains, and liquidity source connections.
Week 3 (if needed): Security hardening, load testing, comprehensive QA, and soft launch with a controlled user group. Monitor system behavior under real trading conditions.
Launch day: Production DNS cutover, monitoring activation, and public registration opening. Marketing campaign execution.
Post-launch support includes software updates, security patches, and technical assistance from the Codono team.
Next Steps
To evaluate Codono’s CEX software, start with the live demo where you can explore the trading interface, place test orders, and navigate the admin dashboard. Review pricing plans for licensing options. For specific questions about your exchange project, contact the team directly.
The Codono Team has deployed centralized exchange infrastructure for operators across 50+ countries. The architecture and operational guidance in this article reflects real production experience.