diff --git a/freqtrade/plugins/pairlist/CrossMarketPairList.py b/freqtrade/plugins/pairlist/CrossMarketPairList.py
index 2b235b15b..768b179cc 100644
--- a/freqtrade/plugins/pairlist/CrossMarketPairList.py
+++ b/freqtrade/plugins/pairlist/CrossMarketPairList.py
@@ -20,7 +20,7 @@ class CrossMarketPairList(IPairList):
     def __init__(self, *args, **kwargs) -> None:
         super().__init__(*args, **kwargs)
 
-        self._mode: str = self._pairlistconfig.get("mode", "whitelist")
+        self._pairs_exist_on: str = self._pairlistconfig.get("pairs_exist_on", "both_markets")
         self._stake_currency: str = self._config["stake_currency"]
         self._target_mode = "spot" if self._config["trading_mode"] == "futures" else "futures"
         self._refresh_period = self._pairlistconfig.get("refresh_period", 1800)
@@ -39,24 +39,23 @@ class CrossMarketPairList(IPairList):
         """
         Short whitelist method description - used for startup-messages
         """
-        mode = self._mode
-        target_mode = self._target_mode
-        msg = f"{self.name} - {mode.capitalize()} pairs that exists on {target_mode} market."
+        pairs_exist_on = self._pairs_exist_on
+        msg = f"{self.name} - Pairs that exists on {pairs_exist_on.capitalize()}."
         return msg
 
     @staticmethod
     def description() -> str:
-        return "Filter pairs if they exist on another market."
+        return "Filter pairs if they exist or not on another market."
 
     @staticmethod
     def available_parameters() -> dict[str, PairlistParameter]:
         return {
-            "mode": {
+            "pairs_exist_on": {
                 "type": "option",
-                "default": "whitelist",
-                "options": ["whitelist", "blacklist"],
+                "default": "both_markets",
+                "options": ["current_market_only", "both_markets"],
                 "description": "Mode of operation",
-                "help": "Mode of operation (whitelist/blacklist)",
+                "help": "Mode of operation (current_market_only/both_markets)",
             },
             **IPairList.refresh_period_parameter(),
         }
@@ -67,7 +66,7 @@ class CrossMarketPairList(IPairList):
         futures_only = True if target_mode == "futures" else False
         bases = [
             v.get("base", "")
-            for k, v in self._exchange.get_markets(
+            for _, v in self._exchange.get_markets(
                 quote_currencies=[self._stake_currency],
                 tradable_only=False,
                 active_only=True,
@@ -108,7 +107,8 @@ class CrossMarketPairList(IPairList):
 
     def filter_pairlist(self, pairlist: list[str], tickers: Tickers) -> list[str]:
         bases = self.get_base_list()
-        is_whitelist_mode = self._mode == "whitelist"
+        pairs_exist_on = self._pairs_exist_on
+        is_whitelist_mode = pairs_exist_on == "both_markets"
         whitelisted_pairlist: list[str] = []
         filtered_pairlist = pairlist.copy()
 
diff --git a/tests/plugins/test_pairlist.py b/tests/plugins/test_pairlist.py
index 9e244d734..c36a0435a 100644
--- a/tests/plugins/test_pairlist.py
+++ b/tests/plugins/test_pairlist.py
@@ -2589,68 +2589,68 @@ def test_MarketCapPairList_exceptions(mocker, default_conf_usdt, caplog):
     [
         (
             [
-                # Whitelist mode on spot
+                # Spot pairs that exist on both markets
                 {"method": "StaticPairList", "allow_inactive": True},
-                {"method": "CrossMarketPairList", "mode": "whitelist"},
+                {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"},
             ],
             "spot",
             ["ETH/USDT"],
         ),
         (
             [
-                # Blacklist mode on spot
+                # Spot pairs that exist only on spot market
                 {"method": "StaticPairList", "allow_inactive": True},
-                {"method": "CrossMarketPairList", "mode": "blacklist"},
+                {"method": "CrossMarketPairList", "pairs_exist_on": "current_market_only"},
             ],
             "spot",
             ["LTC/USDT", "XRP/USDT", "NEO/USDT", "TKN/USDT", "BTC/USDT"],
         ),
         (
             [
-                # Whitelist mode on futures
+                # Futures pairs that exist on both markets
                 {"method": "StaticPairList", "allow_inactive": True},
-                {"method": "CrossMarketPairList", "mode": "whitelist"},
+                {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"},
             ],
             "futures",
             ["ETH/USDT:USDT"],
         ),
         (
             [
-                # Blacklist mode on futures
+                # Futures pairs that exist only on futures market
                 {"method": "StaticPairList", "allow_inactive": True},
-                {"method": "CrossMarketPairList", "mode": "blacklist"},
+                {"method": "CrossMarketPairList", "pairs_exist_on": "current_market_only"},
             ],
             "futures",
             ["ADA/USDT:USDT"],
         ),
         (
             [
-                # CrossMarketPairList as generator, whitelist mode, spot market
-                {"method": "CrossMarketPairList", "mode": "whitelist"},
+                # CrossMarketPairList as generator, spot market, pairs that exist on both markets
+                {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"},
             ],
             "spot",
             ["ETH/USDT"],
         ),
         (
             [
-                # CrossMarketPairList as generator, blacklist mode, spot market
-                {"method": "CrossMarketPairList", "mode": "blacklist"},
+                # CrossMarketPairList as generator, spot pairs that exist only on spot market
+                {"method": "CrossMarketPairList", "pairs_exist_on": "current_market_only"},
             ],
             "spot",
             ["BTC/USDT", "XRP/USDT", "NEO/USDT", "TKN/USDT"],
         ),
         (
             [
-                # CrossMarketPairList as generator, whitelist mode, futures market
-                {"method": "CrossMarketPairList", "mode": "whitelist"},
+                # CrossMarketPairList as generator, futures pairs that exist on both markets
+                {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"},
             ],
             "futures",
             ["ETH/USDT:USDT"],
         ),
         (
             [
-                # CrossMarketPairList as generator, blacklist mode, futures market
-                {"method": "CrossMarketPairList", "mode": "blacklist"},
+                # CrossMarketPairList as generator, futures pairs that exist only on futures market
+                {"method": "CrossMarketPairList", "pairs_exist_on": "current_market_only"},
             ],
             "futures",
             ["ADA/USDT:USDT"],
@@ -2687,7 +2687,9 @@ def test_CrossMarketPairlist_filter(
 
 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"}]
+    default_conf_usdt["pairlists"] = [
+        {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"}
+    ]
 
     mocker.patch.multiple(
         EXMS,
@@ -2716,7 +2718,9 @@ def test_CrossMarketPairlist_gen_pairlist_uses_cache(mocker, default_conf_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"}]
+    default_conf_usdt["pairlists"] = [
+        {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"}
+    ]
 
     mocker.patch.multiple(
         EXMS,
@@ -2750,7 +2754,9 @@ 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"}]
+    default_conf_usdt["pairlists"] = [
+        {"method": "CrossMarketPairList", "pairs_exist_on": "both_markets"}
+    ]
 
     mocker.patch.multiple(
         EXMS,