Determining the Value of Trading Pairs in USD Using the Binance API

When building a bot using the Binance API, it is essential to understand how to retrieve the value of each trading pair in USD. The Binance API provides a robust set of endpoints and parameters for retrieving market data, including currency exchange rates.

In this article, we will explore two methods for achieving this: using the “fetchMarketData” endpoint and using a pre-built library to calculate the rates.

Method 1: Using the “fetchMarketData” endpoint

The “fetchMarketData” endpoint allows you to retrieve market data for a given symbol pair. To get the value of the trading pairs in USD, you need to specify the base currency (USD) and the symbol(s) of interest.

Here is an example code snippet in Python using the Binance API client library (“binance-api-client”):

import binance_api_client









Set your Binance API credentials
api_key = 'YOUR_API_KEY'
api_secret = 'YOUR_API_SECRET'

Create a Binance API client instance
client = binance_api_client.BinanceAPIClient(api_key, api_secret)

Specify the base currency and symbol(s) of interest
base_currency = 'USD'
symbols = ['BTC/USDT', "ETH/USDT"]

Fetch market data for each pair
results = []
for symbols in symbols:
result = client.fetch_market_data(symbol=symbol)
results.append(result)

Extract the current price values ​​from from response
prices = [result['price'] in results]
print (prices)

Method 2: Using a pre-built library

A popular alternative to manually fetching market data is to use a pre-built library such as “binance-api-python”. This library provides an easy-to-use API client that can be integrated into your bot.

Here is an example code snippet in Python using the “binance-api-python” library:

import binance_api

Set your Binance API credentials
api_key = 'YOUR_API_KEY'
api_secret = 'YOUR_API_SECRET'

Create a Binance API client instance
client = binance_api.BinanceAPIClient(api_key, api_secret)

Specify the base currency and symbol(s) of interest
base_currency = 'USD'
symbols = ['BTC/USDT', "ETH/USDT"]

Get market data for each pair
results = []
for symbols in symbols:
result = client.get_exchange_data(symbol=symbol)
prices = [result['price']]
results.append(prices)
print (prices)

Both methods require you to provide the value of the trading pairs in USD. However, keep in mind that using a pre-built library is less scalable and requires more setup time.

Tips and Variations

• To view real-time exchange rates, use the “fetchRealtimeMarketData” endpoint instead of “fetchMarketData”.

• You can also retrieve currency exchange rates by specifying the “pair” parameter in the “get_exchange_data” method.

• If you need to retrieve multiple trading pairs or symbols at once, consider using a loop or list parser.

By following these steps and examples, you can successfully retrieve the value of trading pairs in USD using the Binance API.