Here, we compare centralized, decentralized, and hybrid crypto exchanges in multiple aspects.

⇨ Control
◦ Centralized exchange, deals with control under a centralized body to control the platform.
◦ No other intermediate or central authority didn't take responsibility for managing or owning the platform.
◦ Mixed with centralized and decentralized aspects of controlling this platform in a hybrid crypto exchange.

⇨ Security
◦ The entire crypto exchange security is responsible for the concerned exchange. The platform allows hot and cold wallets for their users.
◦ DEX platform security completely relies on smart contracts and blockchain technology.
◦ It's a combination of centralized security measures and blockchain security.

⇨ Transparency
◦ In CEX, order book and transaction details might not be visible to the public.
◦ DEX provides completely transparent transactions made on a blockchain network
◦ HEX aims for transparency through order book visibility and blockchain verification

⇨ Liquidity
◦ CEX offers higher liquidity for larger user-based businesses, although they offer order book management for their users.
◦ In parallel, DEX offers lower liquidity due to reliance on user-created markets
◦ Hybrid exchanges may at times offer improved liquidity while comparing DEX and incorporating features of CEX.

⇨ Transaction Speed
◦ Centralized exchange speed depends upon the platform infrastructure.
◦ DeFi exchanges perform a little bit lower transaction speeds compared to others because of blockchain processing power.
◦ Hybrid exchanges can offer potentially faster speeds using optimized matching engines.

⇨ Usability
◦ Almost all of CEX's featured usability options for their users for buying and selling cryptos
◦ It has a complex interface and needs some technical knowledge to know about the platform and deal with the transactions.
◦ Hybrid exchanges aim to incorporate both platform-advanced features and user-friendly experience.

⇨ Fees
◦ The CEX platform may charge a lot of fees, such as trading fees, withdrawal fees, and deposit fees.
◦ Comparatively, other exchanges typically lower transaction fees and lack intermediaries.
◦ It may be that both platform combination fees are potentially lower than CEX fees but higher than DEX fees.

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