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Kendy | 2 days ago (raw) | root | parent | reply | flag 
 I’m confused by your application of the word spread. Typically that term is used for the bid ask delta. ETHBTC being 0.03275btc today is more commonly a ratio or exchange rate.

I also don’t find value talking about when all ETHBTC market pairs shut down and do zero volume. Again that likely won’t happen in the next 20 yrs.
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bitbybit | 2 days ago (raw) | root | parent | reply | flag +2 
 Sorry I can see how you find that confusing.  Market makers "spread" their trading.  If you buy bitcoin a market maker sells it to you,  that market maker is now short bitcoin.  To offset his position he goes and buys ETH (or other shitcoin).  That makes him -1BTC +1ETH.  To close out that position that market maker goes and sells the ETH-BTC spread.  Selling that spread (-1ETH +1BTC) offsets the original -1BTC +1ETH spread.  This makes him flat and he nets his dollars profit
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Kendy | 2 days ago (raw) | root | parent | reply | flag 
 This helps, thanks
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bitbybit | 2 days ago (raw) | root | parent | reply | flag 
 Like the ETH-BTC spread is an actual tradable product on most exchanges.  You can buy or sell it, it's a synthetic market.  Maybe not retail but if you watch it on coinbase you will see the market makers doing their thing arbitraging.