# HyFi

- [Intro](https://docs.hyfi.markets/introduction.md): HyFi is a hybrid exchange, a mix of a CEX and a DEX, that allows MMs to efficiently combine their liquidity, get unique flow, and avoid toxic flow. Users get the best liquidity and prices for trades at time of execution without having to first deposit somewhere.
- [The propAMM Thesis](https://docs.hyfi.markets/why-hyfi.md): The case for a shared propAMM platform on EVM chains.
- [How It Works](https://docs.hyfi.markets/how-it-works.md): Architecture and trade flow
- [Pricing Economics](https://docs.hyfi.markets/pricing-economics.md)
- [Method](https://docs.hyfi.markets/analysis.md): Empirical benchmarks of HyFi pricing against passive V3 and V4 pools.
- [ETH-USDC on Base](https://docs.hyfi.markets/analysis/eth-usdc-base.md): HyFi vs Uniswap V3/V4 ETH-USDC pools on Base — best-bid/ask win rates.
- [cbBTC-USDC on Base](https://docs.hyfi.markets/analysis/cb-btc-usdc-on-base.md): HyFi vs Uniswap V3/V4 cbBTC-USDC pools on Base — best-bid/ask win rates.