The #交易对 trading pair is a combination of two assets in the financial market for mutual exchange. Its operation is mainly based on an order matching mechanism, with the specific process as follows:
1. Order Matching: Traders submit buy and sell orders through the exchange, and the order book displays the highest bid price (BID) and the lowest ask price (ASK) in real-time. When the buy price ≥ sell price, the system matches the orders according to the principle of 'price priority, time priority,' forming the actual transaction price. For example, in the BTC/USDT trading pair, if a buyer bids $10,000 per Bitcoin and the seller's lowest price is $9,990, the order will be executed at $9,990.
2. Dynamic Price Formation: The price of the trading pair is influenced by supply and demand, with the order quantities and transaction frequencies of both buyers and sellers jointly determining the real-time price. The greater the market depth (the total amount of unexecuted orders in the order book), the smaller the price fluctuations, and larger transactions are more likely to be executed. For example, exchange A has higher market depth, causing the price to drop by only $2 when selling 100 Bitcoins, while exchange B, due to insufficient depth, causes the price to drop by $100.
3. Liquidity and Types: Trading pairs are divided into cryptocurrency trading pairs (e.g., ETH/BTC) and fiat trading pairs (e.g., BTC/USD). Cryptocurrency trading relies on market liquidity, while fiat trading pairs are driven by fiat exchange demand. Some niche currencies only support trading pairs with mainstream coins (such as BTC, USDT), limiting their trading flexibility.
4. Strategy Impact: Traders adjust their strategies based on the characteristics of the trading pairs. For example, when BTC is rising, using BTC trading pairs to buy altcoins can yield more chips (due to the increase in BTC's value), while when it is falling, they switch to USDT trading pairs to minimize losses.
The efficient operation of trading pairs relies on the matching algorithms of the exchange and the behavior of market participants, with the core goal of providing a transparent and low-friction asset exchange channel.
