> For the complete documentation index, see [llms.txt](https://support.exinswap.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.exinswap.com/zh/trading.md).

# 交易

## 流动性

流动性即交易对池子里面两种币的数量 X 和 Y，引擎通过一个函数 X x Y = K 来维持一条可进行交易的曲线，在不考虑兑换手续费的情况下，兑换币不会改变 K 值，X 变多，那么 Y 就会变少。兑换产生的手续费和更多的流动性注入都会使 K 变大，注入流动性必须同时注入两种币。

池子第一次注入流动性的时候，可以自定义注入比例，也就是定价，并且引擎会扣掉 0.00000001 的流动性永久留在池子里面，保证池子不会被提取枯竭，价格被重置；后续注入的流动性必须按照池子当时的比例，比例偏差超出 1% 的会被引擎撤回退款。

提供流动性的收益来源主要是兑换手续费，兑换产生的手续费是留在池子里面的，源源不断的交易会使池子的流动性深度不断增长。

## 兑换价格

兑换价格完全由池子深度和下单的数量决定。

随着交易的进行，交易对的价格是同步变化的。这里会有一个问题是，当引擎处理到你的订单的时候，可能价格已经不是下单的时候那个价格了，偏差较大的话，就会以一个与预期很不符的价格成交。为了避免这种情况，ExinSwap 具有交易滑点判断的机制，而且支持自定义配置。下单的时候，会同时提交一个最小买入量，如果买到的币不到这个数量，则取消订单并退款。

## 无常损失

无常损失（Impermanent loss），又称作非永久性损失、暂时性损失。

用户向平台提供流动性，存在亏损风险，被称为无常损失。由于自动化做市商 （AMM） 的设计机制，可能会导致在外部价格变化时，如果没有套利者的介入，AMM 平台不会自动变动价格。而这时候，外部套利者会借助于平台跟外部交易所之间的价差从中获得利润。而与此同时，为平台提供流动性的用户，却遭受了损失。

一旦出现了这种情形，用户就没有动力去参与，因为原本他们希望获得收益才参与其中，却因为价差而亏损。这样一来，他们原来可以通过中心化交易所获得更大的利润，却因为在自动化做市商平台提供流动性而亏了钱。

## 自动退币

当您为资金池注入流动性时，如果错误的只存入了一种币，ExinSwap 将会取消订单，并且在「**5 分钟**」后给您退币。退回的币种自动存入您的 Mixin 钱包。

此外，当您为资金池注入流动性，同时注入了两种币种，也有可能根据比例退回多余的币种。

## LP Token

LP Token 主要是指提供流动性做市商的凭证，是 DEX 去中心化交易系统给做市商发的做市 Token，也可以理解为某个代币的股权份额。

以 USDT-XIN 交易对为例，其对应的 LP Token 叫做「USDT-XIN」，全称叫做「USDT(Ether)-XIN(Ether) LP Token」，在 Mixin Network 的 Asset ID 为 **e2e4e54a-92f4-3677-ba57-f2555d7cb019**，您可以在 [Mixin 浏览器](https://mixin.one/snapshots/e2e4e54a-92f4-3677-ba57-f2555d7cb019) 查看 LP Token 的交易记录。

## LP Token 列表

| Symbol        | Mixin Snapshots                                                    |
| ------------- | ------------------------------------------------------------------ |
| USDT-XIN      | <https://mixin.one/snapshots/e2e4e54a-92f4-3677-ba57-f2555d7cb019> |
| WGT-XIN       | <https://mixin.one/snapshots/aabef1ca-9be4-379d-99f2-f4819618f91d> |
| USDT-WGT      | <https://mixin.one/snapshots/7b55bf4e-3f37-3cfa-bca5-3d30d72ab820> |
| USDT-EOS      | <https://mixin.one/snapshots/41924e79-7e48-3851-9c79-0872fb26a159> |
| EOS-BTC       | <https://mixin.one/snapshots/25f7e774-0a2b-3834-9cd7-a46515cb66f9> |
| USDT-BTC      | <https://mixin.one/snapshots/f40f957b-c691-3809-9966-2629a56787be> |
| ETH-USDT      | <https://mixin.one/snapshots/71c398f1-6ec3-3d64-ba55-109cca0882b0> |
| BTC-XIN       | <https://mixin.one/snapshots/b55d67e3-58ba-3fb4-b942-714bc615f942> |
| ETH-XIN       | <https://mixin.one/snapshots/05b25986-f336-38c6-be70-11e48c1752f1> |
| EOS-XIN       | <https://mixin.one/snapshots/1aa8d937-5981-3fe5-98a4-40cd54143e30> |
| USDT-BOX      | <https://mixin.one/snapshots/d1729fae-f687-3e6f-87fc-f8bde9680b36> |
| ETH-BTC       | <https://mixin.one/snapshots/474eed00-0478-3c11-ab0f-41141f293301> |
| pUSD-USDT     | <https://mixin.one/snapshots/1fb10228-3bec-32c4-a030-ec82c3e32f28> |
| pUSD-BTC      | <https://mixin.one/snapshots/c2c3e725-433b-34c6-930b-70a6de8e841d> |
| pUSD-XIN      | <https://mixin.one/snapshots/6f560a76-db1f-305d-9bcf-b3ddeec83323> |
| pUSD-MOB      | <https://mixin.one/snapshots/e526c8d7-f9dd-3996-8ce8-92303d8a59b5> |
| pUSD-ETH      | <https://mixin.one/snapshots/b24aaa7b-d5a3-34da-b622-85c672e9581e> |
| pUSD-EOS      | <https://mixin.one/snapshots/e5b755c2-d0d3-3796-bc7f-e083a6956b82> |
| pUSD-BOX      | <https://mixin.one/snapshots/a76f92d0-7eeb-3233-99bb-00baefb31f35> |
| XIN-MOB       | <https://mixin.one/snapshots/ab723c58-79bf-35c2-8ac7-f79c5a778e7f> |
| ETH-EOS       | <https://mixin.one/snapshots/2ffb8081-52bc-3d4f-8a94-44e777c3d6e5> |
| BTC-MOB       | <https://mixin.one/snapshots/567bc8c5-29c6-36cd-900a-046b3236e283> |
| BTC-BOX       | <https://mixin.one/snapshots/d1ba6d97-964c-3d99-85ee-d85e363f7f9e> |
| DOT-XIN       | <https://mixin.one/snapshots/5a1c84d7-db79-3b06-bafb-598a07e1c0b1> |
| DOT-BTC       | <https://mixin.one/snapshots/84b8951d-a38f-3e6c-b92b-89659af3cd34> |
| pUSD-DOT      | <https://mixin.one/snapshots/f2b36161-4273-37be-8e4a-b73e43ea2383> |
| pUSD-UNI      | <https://mixin.one/snapshots/85fb5745-22f8-3b6b-9ee8-179acb7a5b1e> |
| UNI-BTC       | <https://mixin.one/snapshots/806932cc-c3a8-33c5-bfe0-17e608d4e1a0> |
| UNI-XIN       | <https://mixin.one/snapshots/3cffc512-bc3a-3687-8368-bfca69876f81> |
| ONE-XIN       | <https://mixin.one/snapshots/a8908a41-dea7-3356-871f-2e4fb3d487b3> |
| ONE-BTC       | <https://mixin.one/snapshots/ff9235ca-6a38-3c2f-9a04-f55457cd6f3f> |
| ONE-pUSD      | <https://mixin.one/snapshots/79010775-1333-33f0-89a5-c376140f6211> |
| PRS-XIN       | <https://mixin.one/snapshots/8b5c387c-37cc-3c85-966a-15a574f0d668> |
| PRS-BTC       | <https://mixin.one/snapshots/0c477d1f-4e63-369b-8d9b-9333abac480e> |
| pUSD-PRS      | <https://mixin.one/snapshots/036ccca9-7d6a-3220-a7a3-b8440c425732> |
| pUSD-VCASH    | <https://mixin.one/snapshots/51769d00-fd56-3a93-a4bb-d3f69e4d78e5> |
| VCASH-BTC     | <https://mixin.one/snapshots/71442da9-0af3-394b-8721-ac6c4a86c882> |
| VCASH-XIN     | <https://mixin.one/snapshots/6d4ec425-2e72-34be-848a-d2061467bd9c> |
| pUSD-DOGE     | <https://mixin.one/snapshots/223b94ef-fd9f-355e-82c2-3065abc4bcea> |
| DOGE-BTC      | <https://mixin.one/snapshots/1923c2bf-5187-3fba-a700-3d4347c4c4ba> |
| DOGE-XIN      | <https://mixin.one/snapshots/e917fa6b-67df-391f-8579-ca5b57b19c48> |
| GRIN-pUSD     | <https://mixin.one/snapshots/483b073d-f5c2-38fb-b592-2bd58f531c18> |
| GRIN-BTC      | <https://mixin.one/snapshots/bf68ffbf-8db9-3cd1-8d3c-449b78da135d> |
| GRIN-XIN      | <https://mixin.one/snapshots/eaeda206-7774-3d92-a880-cefe655e2065> |
| USDT-USDT     | <https://mixin.one/snapshots/0e3f6682-1fcd-383c-98ca-18ce564d25aa> |
| USDT-USDT     | <https://mixin.one/snapshots/847acd9c-f373-39b6-9f9e-ac2b421cecaa> |
| PRS-BOX       | <https://mixin.one/snapshots/ab2926f6-db93-3fe5-a96d-47b3ce30fe35> |
| CANDYBOX-pUSD | <https://mixin.one/snapshots/3ccb52b8-8f86-3fc5-a46f-88d501682de6> |
| CANDYBOX-XIN  | <https://mixin.one/snapshots/aef43bc0-4185-3316-836f-5604d8e021ab> |
| CANDYBOX-BTC  | <https://mixin.one/snapshots/60ce16a8-8a75-30eb-98c2-c5f8f8111815> |
| FIL-pUSD      | <https://mixin.one/snapshots/2300d0d5-a194-3379-81de-5804c58cb1b8> |
| FIL-XIN       | <https://mixin.one/snapshots/ce3f9d06-a16f-3006-8fa1-55c73da8ddfb> |
| FIL-BTC       | <https://mixin.one/snapshots/064c506d-b4ae-3571-a117-22e94d1ea2e8> |
| BNB-pUSD      | <https://mixin.one/snapshots/7365053f-1250-3198-ba54-46e8f31bf1dd> |
| BNB-XIN       | <https://mixin.one/snapshots/6c23aea7-df88-3ac8-98a4-11447aa1cca5> |
| BNB-BTC       | <https://mixin.one/snapshots/50f7dcfc-d148-318c-8482-84d27c46b253> |
| XRP-pUSD      | <https://mixin.one/snapshots/ef6185ec-da16-39ae-b57c-07388219c6c4> |
| XRP-XIN       | <https://mixin.one/snapshots/15bac9ce-635c-3cac-9dc1-52d140a7b843> |
| XRP-BTC       | <https://mixin.one/snapshots/4443999d-e287-3fee-897d-380e06da8649> |
| pUSD-LTC      | <https://mixin.one/snapshots/df627b61-8295-3566-997b-223f88c9fa45> |
| LTC-XIN       | <https://mixin.one/snapshots/6f12a7c8-e0f3-38b8-963c-2c52eb69d472> |
| LTC-BTC       | <https://mixin.one/snapshots/94c27403-243e-3d4d-a98a-703c9760a5eb> |
| pUSD-LINK     | <https://mixin.one/snapshots/3321b862-e94d-3878-aa92-19a9b9ee13f4> |
| XIN-LINK      | <https://mixin.one/snapshots/a016beb0-063c-34b9-adaf-7e37c05e2585> |
| BTC-LINK      | <https://mixin.one/snapshots/99755937-77dd-3981-8f07-d7103c9e85ad> |
| pUSD-ZEN      | <https://mixin.one/snapshots/16e2bd80-1066-340e-a267-60444051b12c> |
| ZEN-XIN       | <https://mixin.one/snapshots/c5e9cde6-c67d-3563-a2cd-9bd2b974dcf4> |
| ZEN-BTC       | <https://mixin.one/snapshots/6879913c-ac46-3a49-8ad5-ed93a4429c67> |
| pUSD-BCH      | <https://mixin.one/snapshots/4fc197d7-92df-39e9-a6dd-2550c61cce57> |
| XIN-BCH       | <https://mixin.one/snapshots/aa83a4f8-f274-3a22-8c73-1cd8894f61d8> |
| BTC-BCH       | <https://mixin.one/snapshots/57e3f801-3c9c-351c-858f-039693495b41> |
| TRX-pUSD      | <https://mixin.one/snapshots/a6bebe2a-068d-33f0-a305-3ad0c600ba74> |
| TRX-XIN       | <https://mixin.one/snapshots/adf44840-924d-3fd7-846b-c4e8cd05bc9a> |
| TRX-BTC       | <https://mixin.one/snapshots/5d680c1b-6163-3d06-a969-e0225cd659c7> |
| pUSD-BTT      | <https://mixin.one/snapshots/2c1fe286-63c9-3468-b795-8e38dfa70dbd> |
| BTT-XIN       | <https://mixin.one/snapshots/7c962663-fdfe-38e7-9538-b89bbf67dc3a> |
| BTT-BTC       | <https://mixin.one/snapshots/9444bc53-5c72-385d-b598-2f66efbbaeef> |
| pUSD-XLM      | <https://mixin.one/snapshots/1cbaaaae-e9b8-3c83-9c5a-02afbca05654> |
| XLM-XIN       | <https://mixin.one/snapshots/151afc99-3423-37d2-af94-d117a01b3388> |
| XLM-BTC       | <https://mixin.one/snapshots/fa2fd3eb-4659-3158-9762-9fa319221c13> |
| pUSD-USDC     | <https://mixin.one/snapshots/81e49970-81c6-3e77-8b38-5619e71013d5> |
| WBTC-BTC      | <https://mixin.one/snapshots/5687ab8d-de4c-3694-9560-6a28e482582b> |
| pUSD-SOL      | <https://mixin.one/snapshots/0ba8e2f5-4b0d-31dd-9840-647cc0c4b125> |
| SOL-XIN       | <https://mixin.one/snapshots/0c264592-a77d-3335-bc23-743aad587a48> |
| SOL-BTC       | <https://mixin.one/snapshots/16493ea6-7ce3-3ac8-9028-0adce2ddccb7> |
| pUSD-SHIB     | <https://mixin.one/snapshots/240f0190-5ba4-31fe-80ee-a9be54b9ac90> |
| XIN-SHIB      | <https://mixin.one/snapshots/24cc1e18-6521-3321-b0a0-a5f965f38a3a> |
| BTC-SHIB      | <https://mixin.one/snapshots/c01cd57f-add2-3fa9-ba76-6ca8cc5b9234> |
| DOGE-SHIB     | <https://mixin.one/snapshots/c92c5315-5e96-34aa-9a77-f0f0a59ed336> |
| ETH-SOL       | <https://mixin.one/snapshots/7a7d71d3-0c3c-3d41-a9a0-a89e0b9d5e06> |
| pUSD-RUM      | <https://mixin.one/snapshots/6f8eaff9-4ebf-32a8-8e22-68058f0ae916> |
| RUM-XIN       | <https://mixin.one/snapshots/07ba3b28-2ee8-3b2d-b013-79b9084d5531> |
| RUM-BTC       | <https://mixin.one/snapshots/28218722-4fb4-344a-9fdb-0bcc72179658> |

## 收益发放

收到的手续费直接放到池子，LP Token 代表了池子里的权益。简单点说你的 LP Token 权益增加，值更多币了，多出来的就是赚到的手续费。

## Route

Route 功能，简单理解就是以最优路径进行任意币种的兑换，即使在存入流动性时，并没有这个交易对。

比如目前 ExinSwap 还没有 WGT-EOS 交易对，但是您也可以将 WGT 兑换为 EOS。交易执行会自动寻找最佳路径，比如目前将 WGT 兑换为 EOS 的兑换路径为：WGT—>USDT，USDT—>EOS，也就是使用了 USDT 作为中转。将 A 币种兑换为 B 种，实际兑换路径可能比这复杂。