#交易对 Trading Pair: Core Concept Analysis

• Definition: The exchange rate between two assets in an exchange, such as "BTC/USDT" which indicates the exchange of Bitcoin for Tether, where the former (BTC) is the base currency and the latter (USDT) is the quote currency.

• Types:

◦ Mainstream Trading Pairs: Such as BTC/USDT, ETH/USDT, which have high liquidity and low slippage, suitable for large transactions.

◦ Stablecoin Trading Pairs: Using stablecoins like USDT, USDC as the quote currency, with small price fluctuations, making it easier to anchor value (e.g., SOL/USDT).

◦ Similar Coin Trading Pairs: Such as BTC/ETH, directly exchanging one cryptocurrency for another without needing to go through a stablecoin.

◦ Fiat Trading Pairs: Supported by a few compliant exchanges (e.g., BTC/USD), allowing direct buying and selling of cryptocurrencies with fiat currency.

• Function: Determines the direction of asset exchange in a trade; choosing trading pairs with high liquidity can reduce slippage. For example, when buying ETH, selecting ETH/USDT is more cost-effective than ETH/small stablecoin.