Trading Pairs 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 major trading pairs (such as BTC/USDT) and minor trading pairs (such as ETH/BTC). Their operation is based on the matching of buy and sell orders: buyers place orders specifying purchase prices and quantities, while sell orders are 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 risks. In traditional financial markets, trading pairs are also used for pairing trading strategies, arbitraging through price differences of correlated assets. Whether in the cryptocurrency space or traditional markets, the trading pair mechanism relies on supply-demand dynamics and real-time price discovery, and investors need to consider liquidity, costs, and security factors when choosing trading pairs.