In case a direct instrument for a requested asset and quote pair doesn't exist, then the price is calculated combining multiple markets (crosses) with a specific pivoting logic.
The pivoting logic can be simplified as finding the price of both the asset and quote in USD, then dividing the price of the asset in USD by the price of the quote in USD. In this case, USD is used as the main middle asset.
The logic of getting the actual USD price of either asset involves checking if the asset/USD pair and the price is available. If it doesn’t exist we are using a number of different middle assets including: BTC, ETH, USDT or other stablecoin assets.
Let’s use the following example for the LTC/NIO price, where we assume the LTC/NIO pair does not exist:
Since LTC/NIO does not exist, we attempt to use the pairs LTC/USD, and NIO/USD.
However, the NIO/USD doesn’t exist in the list above, so the price will be derived like so: