#订单类型解析 **The Core Role of Trading Liquidity**

Liquidity is the lifeline of financial markets, referring to the ability to quickly convert assets into cash without significantly affecting their price. High liquidity markets (such as mainstream cryptocurrencies or blue-chip stocks) have small bid-ask spreads and fast transaction speeds, making them suitable for high-frequency trading; low liquidity markets (such as niche tokens) may face risks of slippage and delayed transactions.

Liquidity directly affects trading costs and strategies:

1. **Cost Control**: Trading costs are lower in high liquidity markets, such as the slippage of the ETH/USDT trading pair on Binance being much lower than that of niche DEXs.

2. **Price Discovery**: When liquidity is sufficient, prices are closer to their true value, reducing the possibility of manipulation.

3. **Market Stability**: Platforms with high liquidity (such as Uniswap or leading CEXs) are better able to withstand extreme market shocks.

Whether it's large institutional trades or small retail operations, liquidity is a core indicator when choosing a trading platform.