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Coinbase Derivatives: Predictions is the prediction markets offering of Coinbase Derivatives Exchange (CDE). It lists binary-outcome (Yes/No) contracts on real-world events, matched on a central limit order book and cleared through Coinbase Clearing. Contracts are priced between 0 and 1 and denominated in USDC.
The Sandbox is open for integration. Production and Disaster Recovery details are coming soon. See Connectivity.

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APIs

SBE order entry and UDP multicast market data are not offered. All APIs are available only over TLS.

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Market structure

The catalog has four levels. Every instrument names one series_ticker, one event_ticker, and one group_ticker. Categories: SPORTS, ECONOMICS, POLITICS, CRYPTO, WEATHER. Instrument lifecycle: LISTED → OPEN → CLOSED → DETERMINED → SETTLED, with OPEN → PAUSE → OPEN, LISTED → DELISTED, and SETTLED → AMENDED as additional paths. Settlement outcomes are YES, NO, or SCALAR.

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Trading

  • Sides: BUY, SELL, BUY_NO, SELL_NO. NO-side orders are normalized to the equivalent YES-side order (side) and the submitted side is echoed as original_side. BUY_NO and SELL_NO are REST only; FIX order entry accepts Buy and Sell against the YES contract, so FIX clients convert NO orders themselves (BUY_NO at P is SELL at 1 − P).
  • Time in force: GTC, IOC, FOK. Limit prices are decimal strings in (0, 1); omitting the price places a market order.
  • Order options: post-only (slide or reject), self-match prevention (CANCEL_AGGRESSING, CANCEL_RESTING, CANCEL_BOTH), and a FOK-only maximum execution cost.
  • Tick sizes depend on the instrument’s price_level_structure: LINEAR_CENT (0.01), DECI_CENT (0.001), or TAPERED_DECI_CENT (0.001 below 0.10 and above 0.90, 0.01 between).
  • Participants are Self-Clearing Members and Sponsored Firms that trade through an FCM. API keys are scoped to a Firm or an FCM and carry permissions (TRADE, MARKET_DATA, DROP_COPY, RISK_MANAGEMENT). Firm- and FCM-level keys with RISK_MANAGEMENT can use a kill switch to lock and unlock trading within their scope.

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Authentication

REST and WebSocket requests are signed with an HMAC-SHA256 over timestamp + method + path + body using the API key’s secret, and carry the key, passphrase, signature, and timestamp (CB-ACCESS-KEY, CB-ACCESS-SIGN, CB-ACCESS-PASSPHRASE, CB-ACCESS-TIMESTAMP headers for REST; the same four fields on the first WebSocket command). FIX sessions identify the API key in SenderCompID (49).
This guide is not a full specification of the FIX protocol. Refer to the official FIX specifications at https://www.fixtrading.org for additional details.