#交易对 trading pairs are the core mechanism of the cryptocurrency market, referring to the pairing trading relationship between two assets (such as BTC/USDT), 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: the buyer's order specifies the purchase price and quantity, while the seller's order is the opposite, and the exchange matches both parties to complete the transaction. Liquidity is a key indicator; high liquidity trading pairs (such as mainstream currencies) have small spreads and quick transactions, while low liquidity trading pairs may face slippage risk.

In traditional financial markets, trading pairs are also used for paired trading strategies, arbitraging the 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 need to consider liquidity, fees, and security factors when selecting trading pairs.