A trading pair is two tokens that can be swapped against each other in a pool, for example a new token against a chain's main asset. Each pool has its own price, volume and liquidity, so one token can have several pairs with different numbers.
Start with the pair itself
- Base and quote: the base token is the one being priced, the quote is what it is priced in.
- Chain and exchange: the same name can exist on many chains. Confirm the chain and the contract address, not only the ticker.
- Pair age: how long the pool has existed.
The core numbers
- Price and change over several windows (5 minutes, 1 hour, 6 hours, 24 hours).
- Liquidity: how much value is in the pool.
- Volume: how much traded in each window.
- Transactions: the count of buys and sells. A heavy imbalance can show one-sided pressure.
- Market cap and FDV, with the caveats in the market cap article.
Putting them together
No single number tells the story. Strong volume with thin liquidity is fragile. A big 24 hour gain on a pool that is hours old may be one early buyer. A balanced mix of buys and sells with steady liquidity is more reassuring than a spike.