According to the utility function and spectrum demand of the cognitive users,a novel mechanism based on Nash bargaining for primary system game was proposed under the wireless environment of Rayleigh fading.On the basis of this mechanism,we proposed a new distributed bargaining algorithm based on Nash product; then the spectrum prices and system utilities were obtained.Theoretical analysis results showed that with a close total utility to the optimal,the Nash bargaining mechanism cannot only improve the fairness between primary systems remarkably,but also reach to the stable equilibrium in finitely repeated games.Finally,simulation results were given to demonstrate the correctness of these conclusions and the efficiency of the algorithm.