diff --git a/freqtrade/plugins/pairlist/CrossMarketPairList.py b/freqtrade/plugins/pairlist/CrossMarketPairList.py
index 340ce4757..f7853940f 100644
--- a/freqtrade/plugins/pairlist/CrossMarketPairList.py
+++ b/freqtrade/plugins/pairlist/CrossMarketPairList.py
@@ -14,15 +14,15 @@ logger = logging.getLogger(__name__)
 
 
 class CrossMarketPairList(IPairList):
+    is_pairlist_generator = True
     supports_backtesting = SupportsBacktesting.BIASED
 
     def __init__(self, *args, **kwargs) -> None:
         super().__init__(*args, **kwargs)
 
         self._mode: str = self._pairlistconfig.get("mode", "whitelist")
-        self._trading_mode: str = self._config["trading_mode"]
         self._stake_currency: str = self._config["stake_currency"]
-        self._target_mode = "futures" if self._trading_mode == "spot" else "spot"
+        self._target_mode = "spot" if self._config["trading_mode"] == "futures" else "futures"
         self._refresh_period = self._pairlistconfig.get("refresh_period", 1800)
         self._pair_cache: FtTTLCache = FtTTLCache(maxsize=1, ttl=self._refresh_period)
 
@@ -115,6 +115,9 @@ class CrossMarketPairList(IPairList):
         for pair in pairlist:
             base = self._exchange.get_pair_base_currency(pair)
             if not base:
+                self.log_once(
+                    f"Unable to get base currency for pair {pair}, skipping it.", logger.warning
+                )
                 filtered_pairlist.remove(pair)
                 continue
             found_in_bases = base in bases
diff --git a/tests/plugins/test_pairlist.py b/tests/plugins/test_pairlist.py
index 60598ee24..9e244d734 100644
--- a/tests/plugins/test_pairlist.py
+++ b/tests/plugins/test_pairlist.py
@@ -2685,6 +2685,102 @@ def test_CrossMarketPairlist_filter(
     assert pm.whitelist == result
 
 
+def test_CrossMarketPairlist_gen_pairlist_uses_cache(mocker, default_conf_usdt, markets):
+    default_conf_usdt["trading_mode"] = "spot"
+    default_conf_usdt["pairlists"] = [{"method": "CrossMarketPairList", "mode": "whitelist"}]
+
+    mocker.patch.multiple(
+        EXMS,
+        markets=PropertyMock(return_value=markets),
+        exchange_has=MagicMock(return_value=True),
+    )
+
+    exchange = get_patched_exchange(mocker, default_conf_usdt)
+    pm = PairListManager(exchange, default_conf_usdt)
+    pl = pm._pairlist_handlers[0]
+
+    pl._pair_cache["pairlist"] = ["ETH/USDT", "ADA/USDT"]
+    pl._exchange.get_markets = MagicMock(
+        side_effect=AssertionError("get_markets should not be called")
+    )
+
+    result = pl.gen_pairlist({})
+
+    assert result == ["ETH/USDT", "ADA/USDT"]
+    # Make sure the returned list is a copy, not the cached one
+    assert result is not pl._pair_cache["pairlist"]
+    result.append("BTC/USDT")
+    # Make sure the cache is not modified
+    assert pl._pair_cache["pairlist"] == ["ETH/USDT", "ADA/USDT"]
+
+
+def test_CrossMarketPairList_breaks_prefix_loop_on_match(mocker, default_conf_usdt, markets):
+    default_conf_usdt["trading_mode"] = "spot"
+    default_conf_usdt["pairlists"] = [{"method": "CrossMarketPairList", "mode": "whitelist"}]
+
+    mocker.patch.multiple(
+        EXMS,
+        markets=PropertyMock(return_value=markets),
+        exchange_has=MagicMock(return_value=True),
+    )
+
+    exchange = get_patched_exchange(mocker, default_conf_usdt)
+    pm = PairListManager(exchange, default_conf_usdt)
+    pl = pm._pairlist_handlers[0]
+
+    # Force base lookup path
+    mocker.patch.object(pl, "get_base_list", return_value=["1000PEPE"])
+    mocker.patch.object(pl._exchange, "get_pair_base_currency", return_value="PEPE")
+
+    class PrefixesWithGuard:
+        def __iter__(self):
+            yield "1000"  # first prefix => match via "1000PEPE"
+            raise AssertionError("Prefix loop did not break after match")
+
+    mocker.patch(
+        "freqtrade.plugins.pairlist.CrossMarketPairList.PairPrefixes",
+        new=PrefixesWithGuard(),
+    )
+
+    result = pl.filter_pairlist(["PEPE/USDT"], {})
+    assert result == ["PEPE/USDT"]
+
+
+def test_CrossMarketPairList_breaks_prefix_loop_on_delayed_match(
+    mocker, default_conf_usdt, markets
+):
+    default_conf_usdt["trading_mode"] = "spot"
+    default_conf_usdt["pairlists"] = [{"method": "CrossMarketPairList", "mode": "whitelist"}]
+
+    mocker.patch.multiple(
+        EXMS,
+        markets=PropertyMock(return_value=markets),
+        exchange_has=MagicMock(return_value=True),
+    )
+
+    exchange = get_patched_exchange(mocker, default_conf_usdt)
+    pm = PairListManager(exchange, default_conf_usdt)
+    pl = pm._pairlist_handlers[0]
+
+    # Force second matching path: base startswith prefix and removeprefix() matches bases.
+    mocker.patch.object(pl, "get_base_list", return_value=["PEPE"])
+    mocker.patch.object(pl._exchange, "get_pair_base_currency", return_value="1000PEPE")
+
+    class PrefixesWithGuard:
+        def __iter__(self):
+            yield "X"  # no match, loop should continue
+            yield "1000"  # second path should match via removeprefix -> PEPE and break
+            raise AssertionError("Prefix loop did not break after delayed match")
+
+    mocker.patch(
+        "freqtrade.plugins.pairlist.CrossMarketPairList.PairPrefixes",
+        new=PrefixesWithGuard(),
+    )
+
+    result = pl.filter_pairlist(["1000PEPE/USDT"], {})
+    assert result == ["1000PEPE/USDT"]
+
+
 @pytest.mark.parametrize(
     "pairlists,expected_error,expected_warning",
     [