> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cdp.coinbase.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Welcome to Coinbase Derivatives: Predictions

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.

> [!NOTE]
>
> The Sandbox is open for integration. Production and Disaster Recovery details are coming soon. See [Connectivity](/derivatives-predictions/connectivity).

## APIs

| API | Protocol | Use |
| :- | :- | :- |
| REST | HTTPS, JSON | Market catalog (Series, Events, Instruments), order entry and cancellation, account reads (orders, fills, positions, balances), trading kill switch, and order book / trade / ticker snapshots. |
| WebSocket | WSS, JSON | Streaming market data: `ticker` (L1), `orderbook` (L2 snapshot plus deltas), `trade`, and `instrument_lifecycle` / `event_lifecycle` catalog changes. |
| FIX Order Entry | FIX 5.0 SP2 over FIXT 1.1 | New order, cancel, mass cancel, execution reports, settlement reports, and `ExecID`-keyed event replay. |
| FIX Market Data | FIX 5.0 SP2 over FIXT 1.1 | Order book (L1 and L2), trades, open interest and volume, and instrument lifecycle. |
| FIX Drop Copy | FIX 5.0 SP2 over FIXT 1.1 | Read-only execution and settlement reports for a firm or FCM. |

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

## Market structure

The catalog has four levels. Every instrument names one `series_ticker`, one `event_ticker`, and one `group_ticker`.

| Entity | Meaning | Example |
| :- | :- | :- |
| Series | A reusable product definition: the question applied to events. | `NFL-GAMEWINNER` |
| Event | A specific real-world occurrence. | Rams at 49ers on Nov 28, 2026 |
| Group | A Series × Event set whose instruments belong together, optionally mutually exclusive. | `NFL-GAMEWINNER-26NOV28LARSF` |
| Instrument | A single tradable Yes/No contract. | `NFL-GAMEWINNER-26NOV28LARSF-LAR` |

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`.

## 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.

## 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)`.

> [!WARNING]
>
> This guide is not a full specification of the FIX protocol. Refer to the official FIX specifications at [https://www.fixtrading.org](https://www.fixtrading.org/online-specification/) for additional details.