Assets, venues, pairs, price discovery, and why liquidity matters.
By the end, you should be able to
- Distinguish an asset, venue, and trading pair.
- Explain why last price is not available liquidity.
- Recognize why venues can show different conditions.
One asset, three venues
Illustrative quotes can differ because each venue has different orders and liquidity.
Asset, venue, and pair
A cryptoasset is the thing being traded. A venue is where orders or swaps meet. A pair identifies the asset and what it is priced against, such as BTC/USDT. Name all three before comparing prices.
How price is discovered
A displayed price is a recent trade or aggregate quote. Each venue has its own participants and liquidity, so a larger order may execute across several prices.
The useful first question
Ask whether a move is broad and liquid or concentrated in one venue or thin pool. Compare volume, spread, depth, and market size before treating a headline move as meaningful.
What this does not tell you
- A last price does not show the price available for your order size.
- A single venue does not represent the entire market.
- Displayed liquidity can change before an order executes.
Compare one asset across views
Use Kryptonomy to separate the observed move from the market conditions around it.
- Choose an asset in Token Summary.
- Record its price, 24-hour volume, and market cap.
- Open Bid / Ask Analysis and note whether supported exchanges agree.
Check your understanding
1. Why can exchanges show different prices?
2. What does a trading pair identify?
3. What should accompany a price move?