The trading pair #交易对 is the core mechanism of the cryptocurrency market, referring to the pairing trading relationship between two assets (such as BTC/USDT), which can be divided into main trading pairs (such as BTC/USDT) and secondary trading pairs (such as ETH/BTC). Its operation is based on the matching of buy and sell orders: buyers place orders specifying the purchase price and quantity, while sellers place orders in the opposite manner, and the exchange facilitates the transaction between both parties. Liquidity is a key indicator; high liquidity trading pairs (such as mainstream coins) have smaller spreads and faster transactions, while low liquidity trading pairs may face slippage risks.

In traditional financial markets, trading pairs are also used for arbitrage trading strategies through price differences of correlated assets. Whether in the cryptocurrency space or traditional markets, the trading pair mechanism relies on supply and demand dynamics and real-time price discovery, and investors must consider liquidity, fees, and security factors when selecting trading pairs.