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What Is the Primary Source of Revenue for a CEX Market Maker versus an AMM LP?

The primary source of revenue for a CEX market maker is the bid-ask spread ▴ the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept. For an AMM liquidity provider, the primary source of revenue is the transaction fees collected from every trade that utilizes the liquidity pool.

How Is ‘Bid-Ask Spread’ Related to Market Depth and Liquidity?
How Is the Bid-Ask Spread the Implicit Cost of a Trade for the Market Maker?
How Do Transaction Fees Relate to the Concept of Bid-Ask Spread in Trading?
How Does Front-Running Risk Affect the Bid-Ask Spread for Crypto Derivatives?