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Centralized exchanges (CEX), like Binance, are online trading platforms that match buyers and sellers via an orderbook. They function essentially the same way as online brokerage accounts, which is why they are so popular among investors.
Decentralized exchanges (DEX), like Serum or Slope DEX, are autonomous financial protocols powered by smart contracts that enable crypto traders to convert one digital asset for another with all transactions viewable on the blockchain.
The main difference between centralized and decentralized exchanges is that the former has control over your funds while you are interacting on the trading venue while, with the latter, users retain control over the funds while trading.
Slope DEX is decentralized exchange platform built on the Solana blockchain which leverages the order book of the Serum DEX to enable lightning-fast trades.