#交易对 Trading Pair The trading pair is the core mechanism of the cryptocurrency market, referring to the pairing trading relationship between two assets (such as BTC/USDT), divided into major trading pairs (such as BTC/USDT) and minor trading pairs (such as ETH/BTC). Its operation is based on matching buy and sell orders: the buyer places an order specifying 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 narrow spreads and fast transactions, while low liquidity trading pairs may face slippage risks.

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