> ## Documentation Index
> Fetch the complete documentation index at: https://docs.validationcloud.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Trades

When an offer is fully or partially fulfilled, a trade happens. Trades can also be caused by successful path payments, because path payments involve fulfilling offers.

A trade occurs between two parties—`base` and `counter`. Which is which is either arbitrary or determined by the calling query.

Learn more about [trades](https://developers.stellar.org/docs/learn/glossary#decentralized-exchange).


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