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Cross rates

Every asset in the grid priced in every other. Where the venue runs a book on the pair, the cell is that book. Where it does not, the cell is two prices divided — and it does not pretend otherwise.

In the grid
Pinned first
Show
Reading
Connecting— Opening the live price stream

Where the number comes from

A cross rate is the price of one asset in another. The venue quotes almost everything in USDT and only some pairs in each other, so every cell below took one of two routes: a market of its own, or a division of two USDT prices. The grid marks which, because they are not the same claim.

Nothing on the venue quotes SOL in XRP. The figure below is real arithmetic on real prints, and no order book anywhere is showing it — which is exactly why cells like it are not links.

SOLUSDT
104.5900USDT
XRPUSDT
1.3863USDT
1 SOL buys
75.45XRP

Both inputs are quantised — the venue only quotes on its own tick — and a quotient carries both. That is why the figure above is printed to 4 significant digits and no further: past them the numbers are two roundings, not a price. Its finest honest step right now is 1.7 bps.

Swipe horizontally to compare the matrix.

Cross rates between USD, USDT, BTC, ETH, SOL, XRP, BNB, EUR. Each cell is how many of the column asset one unit of the row asset buys.
Row asset, priced in the column assetUSDUSDTBTCETHSOLXRPBNBEUR
USDUSD against itself1.00010.000012806290.000407660.0095750.72140.00144510.8638
USDT0.99993USDT against itself0.000012816850.000407560.0095610.72130.00144580.8638
BTC78,086.6478,022.28BTC against itself31.79745.556,240112.867,395.43
ETH2,453.02,453.60.03146ETH against itself23.451,7703.5472,119.8
SOL104.4104.60.0013410.04264SOL against itself75.450.151290.39
XRP1.3861.3860.000017780.00056490.01325XRP against itself0.0020041.198
BNB692.01691.660.0088660.28196.614498.9BNB against itself597.72
EUR1.1581.1580.000014837800.000471750.011060.83490.0016730EUR against itself

Reading the grid

48 of 56 crosses are a real market. The other 8 exist only as arithmetic.

Arrow — a market
The venue runs a book on this pair. The cell prints that book’s last trade and links to it.
No arrow — arithmetic
No such pair trades. The figure is two USDT prices divided, so it is not a quote and there is nowhere to take it.

What each row is worth, and who says so

Every cell in the grid is a division of two of these values, or a market that made the division unnecessary.

The source, market leg and precision behind each member of the grid
MemberPriced fromLegFinest step
USDLive marketUSDTUSDinverted0.1 bps
USDTThe pivotnone — it is the pivotexact by definition
BTCLive marketBTCUSDTunder 0.1 bps
ETHLive marketETHUSDTunder 0.1 bps
SOLLive marketSOLUSDT1.0 bps
XRPLive marketXRPUSDT0.7 bps
BNBLive marketBNBUSDT0.1 bps
EURLive marketEURUSDT0.9 bps

Three clocks, one screen

A grid this dense hides how differently its inputs arrive. Crypto legs stream from the venue and repaint as they print. If the price cache is unreachable the same route degrades to re-reading the venue every four seconds — slower, never frozen, and nothing on screen marks the swap because the numbers stay true either way. The badge above the grid reports the other break: whether the stream reaching this browser is still connected. Currencies the venue does not list come from a reference rate that moves once per working day.

Nothing on screen distinguishes a number that is one second old from one that is twenty hours old. That is why the table under the grid names the source of every member rather than putting it in a footnote.

  • Venue streamRepaints as the market prints
  • Cache unreachableThe same route, re-read every 4 seconds
  • ECB referenceOne publication per working day

Ranked, not to scale — no one span of time fits a print a second and a fixing a day.

What a cross rate is not

Every figure in the grid is arithmetic on real prints. None of it is a quote, and the difference costs money to ignore.

  1. It is a last trade, not a price you can get

    Every leg here is the last print on its book — the price someone else already paid. The next order pays the spread, and on a thin pair the spread is where the interesting part of the number lives.

  2. Two legs mean two spreads and two fees

    A cross with no market of its own can only be executed as two orders. You cross the spread twice, pay the taker fee twice, and take slippage on both books. A derived cell shows none of that, because it is a quotient and a quotient has no depth.

  3. The basis is not an edge

    Where a pair trades directly and both of its assets also trade against the pivot, the grid can put the two answers side by side. They rarely agree exactly. That gap is two prints from two books at two different instants, and it closes faster than an order reaches either one.

  4. Precision is inherited, not chosen

    The venue quotes each market on its own tick. Divide two of them and the result can be no finer than both together, so each figure is printed to the significant digits its inputs support and no further. The table under the grid gives the step behind every member.

Take a number somewhere

A cell with an arrow opens the pair it came from. For everything else the grid is a reading instrument, and these are the surfaces that act on what it tells you. Orders fill against the live book; the balances they move are paper, on a real double-entry ledger. How this works draws the line in full.

Open the terminalWhat a fill costs