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Market Pair

Two books that share an asset, read as one implied rate: mirrored depth, the cross tape, and the basis between what each book says the pair is worth.

Book A
BTC-USD @ coinbase
Book B
ETH-USD @ coinbase
Shared
USD
Cross
—
Quoted in
ETH per BTC
Tape
0
live cross-rate patch
cross — quoted ETH per BTC mid A — mid B — basis bps —

Implied Cross — ETH per BTC

Cross — ETH per BTC --
10--

Basis (bps)

Basis — needs two books on the same pair (bps) --
10--

Order Book Depth — BTC-USD

BTC-USD depth
86483.71

Mid — BTC-USD

Mid — BTC-USD --
10--

Order Book Depth — ETH-USD

ETH-USD depth
2749.71

Mid — ETH-USD

Mid — ETH-USD --
10--

Basis Strip

Leg A — USD per BTC—
Leg B — ETH per USD—
Implied — ETH per BTC—
Direct— no direct market on this page
Spread — BTC-USD—
Spread — ETH-USD—
Cost of crossing both books (bps)—

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