> ## Documentation Index
> Fetch the complete documentation index at: https://docs.bayse.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# Market engines

> AMM and CLOB execution on Bayse

Bayse supports two types of market engines. Each event uses one engine for all of its markets.

## AMM (Automated Market Maker)

* Algorithmic pricing based on supply/demand.
* No order book — instant execution.
* Price adjusts automatically after each trade.
* Liquidity is always available, however depth depends on individual markets.

**Example trade:**

```json theme={null}
{
  "side": "BUY",
  "outcome": "YES",
  "amount": 100,
  "currency": "USD"
}
```

## CLOB (Central Limit Order Book)

* Traditional order book with bids and asks.
* Users place limit orders at specific prices.
* Orders match when prices overlap.
* Liquidity depth is determined by market participants.

**Example trade:**

```json theme={null}
{
  "side": "BUY",
  "outcome": "YES",
  "amount": 100,
  "price": 0.65,
  "currency": "USD"
}
```

The `engine` field on an event tells you which engine it uses. See [Order lifecycle](/concepts/order-lifecycle) for how orders behave differently under each engine.