Glossary
This section provides definitions and explanations of fundamental terms used in the Upbit Developer Center.
Exchange Service
Trading Pairs
A trading pair supported on Upbit. This is the unit for operating the order book. It consists of an asset being bought or sold (Base Asset) and the asset used for payment (Quote Asset). The code is displayed in the format {Quote Asset}-{Base Asset}.
Example: SGD-BTC (Buying Bitcoin with SGD, or selling Bitcoin for SGD)
Example: BTC-ETH (Buying Ethereum with Bitcoin, or selling Ethereum for Bitcoin)
Market
A collection of trading pairs that use the same Quote Asset.
Currency
A term used to indicate a single asset’s currency. This can refer to fiat currencies such as SGD, as well as digital assets like Bitcoin and Ethereum. When used as a currency code, it is represented as a string value like SGD, BTC, or ETH.
Quotation
Candle (OHLCV)
Statistical data calculated for a trading pair over a specific period, including Opening Price, Highest Price, Lowest Price, Closing Price, and Volume. This data is mainly used for chart visualization. Depending on the size and unit of the aggregation interval, candles can be classified as tick/second, minute, daily, weekly, monthly, or yearly candles.
Order
Order and Trade
An Order is a request submitted by a user to buy or sell a digital asset on the exchange, including the trading pair, price, quantity, and order type (limit, market, etc.).
A Trade refers to the execution of an order when it matches with an opposing order from another user. When a buy order and a sell order meet the price and quantity conditions, a trade occurs, and the actual transfer of assets happens.
Orders can be partially filled depending on the availability of matching orders. Unfilled portions of an order are referred to as the remaining quantity.
Limit Order, Market Order, Best Bid/Ask Limit Order
Types of orders that can be selected when placing an order. Please refer Create Order API reference for details.
- Limit Order: An order where both price and quantity are specified.
- Market Order: An order that buys or sells the specified amount at the most favorable price currently available in the order book.
- Best Order: An order that buys or sells at the best current bid or ask price in the order book.
Spread
The price difference between the highest bid price (best bid) and the lowest ask price (best ask).
Maker and Taker
A Maker is an order that adds liquidity to the order book by creating new bids or asks (e.g., placing a limit order at a price different from the current best price). A Taker is an order that immediately matches with an existing order in the order book, such as a market order.
Post Only
An order option that ensures the order is only created as a maker order. If the order would immediately execute as a taker, it is automatically canceled.
Self-Match Prevention (SMP)
An option to prevent orders from the same user (account) from being matched with each other. Please refer Self-Match Prevention page for more details.
Updated about 1 month ago