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

# Exchange Rates

> How rate preview and reserved quotes relate to order creation.

Rates are sourced from available liquidity for each corridor. The quote engine selects a provider and returns an effective rate as `pricing.exchange_rate` (a number).

## Preview vs reserved quote

| Endpoint                | Auth                        | Behavior                                          |
| ----------------------- | --------------------------- | ------------------------------------------------- |
| `GET /v1/exchange-rate` | `pk_*`, or `sk_*` with HMAC | Lightweight preview; does not reserve             |
| `POST /v1/orders/quote` | `sk_*` + HMAC               | Reserved quote with `quote_id` for order creation |

## Amounts

Exactly one of `from.amount` or `to.amount` is required. The other side is calculated, including fees.

Pass optional `partner_fee` on quote or order requests to add your markup.

Reserved quotes expire after `ttl_in_seconds`. Re-quote if the user waits.

You can also fetch an aggregated pair rate with `GET /v1/market-rates/{pair}` (for example `NGN_USDT`).

## Related

* [Quotes](/concepts/quotes)
* [Orders](/concepts/orders)
* [Supported currencies](/resources/supported-currencies)