In cryptocurrency exchanges, a 'trading pair' is the core vehicle of trading activities, and understanding its connotation and operational mechanism is crucial for effective market participation. Simply put, a trading pair indicates the rules for **buying and selling one asset (quote currency) with another asset (base currency)**.

**Core Structure: `Quote Currency / Base Currency`**

* **Base Currency:** The asset you **own** and want to exchange.

* **Quote Currency:** The asset you **want to obtain**.

* **Price:** Indicates how many units of **quote currency** need to be paid to obtain **1 unit of base currency**.

* **Example:** `BTC/USDT` indicates the market for buying BTC with USDT or exchanging BTC for USDT. The price shows as 1 BTC = X USDT. If you want to buy BTC, you pay with USDT; if you want to sell BTC, you receive USDT.