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    Coinbase Markets Trading Rules

    Coinbase Markets is Coinbase's set of limit order books that are accessed by clients through the Coinbase Pro and Coinbase Exchange trading platforms. The following set of Trading Rules governs orders placed via these trading platforms.

    Trading on Coinbase Pro and Coinbase Exchange

     

    1. Coinbase operates a central limit order book trading platform, and settles trades in a number of Digital Asset and Fiat Currency Trading Pairs. Each Trader’s Account will list which Order Books are available to the Trader.

     

    Orders

    • To place an Order on an Order Book, a Trader must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
    • When a Trader places an Order, that quantity of the relevant Asset becomes subject to a Hold.
    • A Trader can place an Order as either a Limit Order, a Market Order, or a Stop Order.
    • A Trader may cancel an open Maker Order or Stop Order at any time before it is Filled. No fees are charged for canceled Orders.

    Limit Orders

    • A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price.
    • A Limit Order will only ever Fill at the specified price or a better price.
    • A Limit Order with ‘post-only’ selected will only be posted to the Order Book if it would not be posted at the same price as an existing Order on the Order Book. A Limit Order with ‘post-only’ selected will always be a Maker Order. ‘Post only’ orders cannot be placed during an Auction.
    • A Limit Order without ‘post-only’ selected will be immediately posted to the Order Book (subject to any Time in Force Instructions) and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.
    • Limit Orders may be placed with one of the following Time in Force Instructions.
    • Good til canceled: if posted, the Order will remain on the Order Book until canceled by the Trader. This is the default Time in Force Instruction.

    • Immediate or Cancel: the Order will only be posted to the Order Book to the extent that it would be immediately Filled; any remaining quantity is canceled. This results in a Taker Order.

    • Fill or Kill: the Order will only be posted to the Order Book if it would be immediately and completely Filled. This results in a Taker Order.

    Market Orders

     

    • A Market Order is an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
    • There is no guarantee that a Market Order will Fill at the price specified. A Market Order may Fill at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time.
    • Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favorable than the most recent trade price, in some cases significantly so. This is commonly referred to as ‘slippage’.
    • A valid Market Order will be immediately posted to the Order Book. A Market Order is always a Taker Order.

    Stop Orders

     

    • A Stop Order is an instruction to post an Order to buy or sell a specified quantity of an Asset but only if and when the last trade price on the Order Book equals or surpasses the Stop Price.
    • Once a Stop Order has been placed, it is considered ‘active’ until it executes by posting the relevant Order when the Stop Price is triggered.
    • A Stop Order is not posted to the Order Book and is not visible to other Traders, but any resulting Order is posted and visible. All Stop Orders are placed without 'post-only' enabled.
    • A Stop Order must be placed as a Stop Limit Order which posts a Limit Order when the Stop Price is triggered.
    • A Stop Limit Order is not guaranteed to Fill. The Web Interface will display a warning each time a Trader attempts to place a Stop Order.
    • Stop Orders may be placed with one of the following Time in Force Instructions.

    Good til canceled: if posted, the Order will remain on the Order Book until canceled by the Trader. This is the default Time in Force Instruction.

     

    Good til time: if posted, the Order will remain on the order book until a certain time is reached or the Order is canceled by the trader.

    Warnings

     

    The Web Interface will display a warning to Traders who attempt to place an Order which would completely or partially fill at a price which is more than 2% away from the last trade price (slippage warning).