# Overview Pitchcast uses a hybrid Central Limit Order Book (CLOB): off-chain order matching with non-custodial on-chain settlement. Orders are signed locally by the user's wallet and matched by an off-chain operator, but settlement executes on Solana with cryptographic guarantees enforced by the smart contract. The operator routes but cannot steal. Funds never leave user custody until the moment of on-chain settlement. ## Why a CLOB The two main architectures for a prediction market exchange are a CLOB and an AMM (typically using the Logarithmic Market Scoring Rule). Pitchcast uses a CLOB for the following reasons: * **Price efficiency**: real market prices from real buyers and sellers, not an approximation from a liquidity parameter * **Capital efficiency**: liquidity is deployed at specific price points, not spread across all possible prices * **Familiar UX**: the limit and market order model is well understood by traders * **Scalability**: the architecture holds up as volume and the number of concurrent markets grows See [Hybrid CLOB](/trading/hybrid-clob.md) for a full comparison and architectural detail. ## Key concepts * [Hybrid CLOB](/trading/hybrid-clob.md): the architecture and why it was chosen over AMM alternatives * [Order Flow](/trading/order-flow.md): how an order moves from wallet signature to on-chain settlement * [Settlement Paths](/trading/settlement.md): NORMAL, MINT, and MERGE, and when each is used --- # 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://docs.pitchcast.xyz/trading.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.