Derivatives Changelog - Coinbase Developer Documentation

These release notes list changes to all Coinbase Derivatives Exchange products.

2026-Oct-21

UDP Market Data: Corrected documented field offsets and added missing fields on incremental instrument definition messages. Documentation-only fix — the wire format and published SBE schema are unchanged, and decoders generated from the schema were already correct:
- FundingRate (43): fields start at offset 32, immediately after the instrument header, not 40. Corrected offsets are FundingRate 32, FuturesMarkPrice 40, SpotMarkPrice 48, FairValue 56, FinalFundingRateTimestamp 64, CorrelationId 72, Flags 80. See Incrementals.
- OutrightInstrumentDefinition (10): added the missing LogicalExpiry (offset 176, 8 bytes) row; FundingIntervalMinutes is at 184 and FairValueLimit at 188 (previously documented as 176 and 180). See Incrementals.
- SpreadInstrumentDefinition (11): added the missing LogicalExpiry (offset 177, 8 bytes) row. See Incrementals.
- OptionInstrumentDefinition (12): added the missing OptionExpiryType (offset 168, 1 byte) and LogicalExpiry (offset 169, 8 bytes) rows. See Incrementals.

2026-Oct-02

UDP Market Data: Documented existing null-sentinel behavior on several snapshot and incremental fields that were previously undocumented as optional. No wire format change — producers already send these null values under the described conditions:
- EndOfSnapshot: LastTradeQty (null until the first trade for the instrument) and BestBidImpliedQty/BestAskImpliedQty/NextBidImpliedQty/NextAskImpliedQty (each null when there is no implied order on that side at that level). See Snapshots.
- StartOfOutrightInstrumentSnapshot: FundingIntervalMinutes/FairValueLimit (null for non-perpetual instrument types). See Snapshots.
- EndOfSnapshot, OutrightInstrumentDefinition, SpreadInstrumentDefinition, TradingStatusUpdate: LimitDownPrice/LimitUpPrice (null when no reference price has been established for the instrument). See Incrementals.
- OptionInstrumentDefinition, StartOfOptionInstrumentSnapshot: LargeTick/LargeTickThreshold (null when the product has no large tick configured). See Incrementals.
- OptionInstrumentDefinition: PriorSettlementPrice (null when no prior settlement price exists, matching the Outright and Spread definitions).
- FundingRate: FundingRate/FuturesMarkPrice/SpotMarkPrice/FairValue (null until the first funding calculation for the instrument). See Incrementals.
UDP Market Data: Fixed EndOfSnapshot.LastTradeTime to report the last trade’s transact time; it previously echoed the last trade price. LastTradePrice/LastTradeQty were unaffected. The incremental Trade message’s TransactTime was always correct.

2026-Aug-28

FIX Market Data: Added TradingSessionID (336) to SecurityDefinition (35=d) and SecurityList (35=y). The field is the trading-hours profile of each listed instrument (STANDARD_23X5, EQUITY_PERP_24X5, 24X7_WITH_WEEKLY_MAINT, TRUE_24X7). Additive; no existing FIX Market Data fields are modified or removed. SBE, UDP, REST /rest/instruments, FIX Order Entry, and Drop Copy are unchanged. See Security Definitions and TradingSessionID (336). Market Notice 26-32.

2026-Jul-17

SBE Order Entry: Rolling gateway deploys are now seamless. During a planned deploy, SBE Order Entry sessions remain connected and resting orders are preserved with their original priority (cancel-on-disconnect is not triggered). See Rolling Deploys.

2026-Jun-26

FIX Market Data: Added block trade market data (see Block Trades):
- Added SubscriptionRequestType (263) value 3 (UPDATES_ON_BLOCKS) to subscribe to block trade events and block trade session volume via MarketDataIncrementalRefresh (35=X)
- Added TrdType (828) to trade entries: 0 (Regular Trade) and 1 (Block Trade)
- Added MDEntryType (269) value u (Trading Session Block Trade Volume)
FIX Drop Copy: Block trade execution reports are now disseminated to the firm’s subscribed Drop Copy sessions, reported as Trade (150=F), Trade Correction (150=G), and Trade Cancel (150=H). See Block Trades.

2026-May-14

FIX Drop Copy: Added support for execId based replay:
- EventResendRequest (35=F3): Client request to resend order events in a specified range.
- EventResendComplete (35=F4): System response to successful F3 request.
- EventResendReject (35=F5): System response to unsuccessful F3 request.

2026-Apr-24

Public REST API: Added TAS block trade documentation updates:
- POST /rest/block-trade/new now documents TAS booking with tas_sub_type=TAS and tick_differential
- GET /rest/block-trade and POST /rest/block-trade now document TAS response fields is_tas_order, tick_differential, and effective_price

2026-Apr-27

Added TAS (Trade at Settlement) fields to Block Trade responses in the Public REST API:
- is_tas_order - Boolean indicating whether the block trade is a TAS order
- tick_differential - The price differential in ticks for TAS orders
- price_differential - The price differential as a decimal value for TAS orders
- effective_price - The effective price of the block trade

2026-Mar-9

UDP Market Data and SBE Order Entry: Marked HaltReason/haltReason as optional across instrument snapshot and status messages. The field is absent (null value = 255) when no halt reason applies.
SBE Order Entry: Added new InstrumentStatus enum value TRADING_PAUSE (7) to distinguish a trading pause from a full trading halt (TRADING_HALT = 4)

2026-Mar-6

Added HaltReason field across Market Data and Order Entry APIs:
- FIX Security Definitions:
  - Added HaltReason (327) to SecurityDefinition (35=d) and SecurityList (35=y)
- UDP Market Data:
  - Added HaltReason to TradingStatusUpdate, StartOfOutrightInstrumentSnapshot, StartOfSpreadInstrumentSnapshot, and StartOfOptionInstrumentSnapshot
- SBE Order Entry:
  - Added haltReason to InstrumentInfo

2026-Feb-20

Added block trade endpoints to the Public REST API:
- Block Trades
  - GET /rest/block-trade - Get all block trades where user owns the reporting firm/entity
  - POST /rest/block-trade - Get filtered block trades matching specified filter criteria
  - POST /rest/block-trade/new - Book a new block trade between two parties
- Block Trade Booking
  - GET /rest/block-trade/booking/bookable-accounts - Get block trade accounts the user can book trades for
  - GET /rest/block-trade/booking/bookable-entities - Get block trade entities the user can book trades for
  - GET /rest/block-trade/booking/bookable-traders - Get block traders the user can book trades for
- Block Trade Accounts
  - GET /rest/block-trade-accounts - Get all block trade accounts
  - GET /rest/block-trade-accounts/{uuid} - Get a specific block trade account
- Block Trade Account Permissions
  - GET /rest/block-trade-account-permissions - Get all block trade account permissions
  - GET /rest/block-trade-account-permissions/{uuid} - Get a specific block trade account permission
- Block Trade Entities
  - GET /rest/block-trade-entities - Get all block trade entities
  - GET /rest/block-trade-entities/{uuid} - Get a specific block trade entity
- Block Trade Position Limits
  - GET /rest/block-trade-position-limits - Get all block trade position limits
  - GET /rest/block-trade-position-limits/{uuid} - Get a specific block trade position limit
- Block Traders
  - GET /rest/block-traders - Get all block traders
  - GET /rest/block-traders/{uuid} - Get a specific block trader

2026-Feb-03

Removed deprecated v1 positions endpoints from the Public REST API:
- GET /rest/positions - Use GET /rest/v2/positions instead
- GET /rest/positions/{firm_uuid} - Use GET /rest/v2/positions/{firm_uuid} instead

2026-Jan-26

Added instrument related endpoints to the Public REST API with optional filtering:
- Get Instrument Details
  - POST /rest/instruments - Get all instruments and their details
  - This endpoint accepts an optional request body for filtering, can be omitted to get all instruments

2025-Dec-05

Added v2 endpoints to the Public REST API with enhanced position tracking and limit management:
- Positions V2
  - GET /rest/v2/positions - Get all firm positions with daily and real position tracking
  - GET /rest/v2/positions/{firm_uuid} - Get firm position for a specific firm
  - Added support for separate long/short initial margins
  - Added daily and real positions
  - Added product-level position tracking with product_positions map
- Firm Position Limits V2
  - GET /rest/v2/firm-position-limits - List all position limits with daily and real limits
  - GET /rest/v2/firm-position-limits/{firm_uuid} - Get firm position limits for a specific firm
  - POST /rest/v2/firm-position-limits/{firm_uuid} - Update firm position limits
  - Added separate long_daily_limit, short_daily_limit, long_real_limit, and short_real_limit fields
- Firm Product Limits V2
  - GET /rest/v2/firm-product-limit/{firm_uuid} - Get firm product limits with enhanced limit details
  - POST /rest/v2/firm-product-limit - Set firm product limit
  - POST /rest/v2/firm-product-limit/batch - Batch set firm product limits for multiple products
  - POST /rest/v2/firm-product-limit/remove - Remove firm product limit
  - POST /rest/v2/firm-product-limit/batch-remove - Batch remove firm product limits for multiple products
  - Added trading24x7_disabled flag and daily/real position limits per product
- Firm Product Group Limits V2
  - GET /rest/v2/firm-product-group-limit/{firm_uuid} - Get firm product group limits with product limit details
  - POST /rest/v2/firm-product-group-limit - Create zero firm product group limit
  - POST /rest/v2/firm-product-group-limit/remove - Remove firm product group limit

2025-NOV-17

(To Ship on Dec 5) Adds explicit firm/ITM override support so FIX order entry can target alternative ITM.
- FIX Order Entry
  - Added the override Parties block for override firm and ITM
- FIX Drop Copy
  - Expanded the Parties group to include the CLIENT_ID party, shows the ITM used (default or override).

2025-AUG-01

Added Public REST API docs, and updated connectivity information, REST API.

2025-JUL-01

Added support for US Perp Style Futures (PSF) Market Data APIs:
- FIX Market Data:
  - Added conditional MD Refresh tags: MDEntryDate (272) and MDEntryTime (273) for Funding Time messages
  - Added new MDEntryType (269) enum values: t (Funding Time), k (Final Mark Price), f (Final Funding Rate), m (Mark Price), p (Predicted Funding Rate), s (Spot Mark Price), v (Fair Value)
- FIX Security Definitions:
  - Added conditional tags: FundingRateApplicable (9001), FundingInterval (9002), and FairValueLimit (9003)
- UDP Market Data:
  - Added new FundingRate (43) message
  - Added fundingIntervalMinutes and fairValueLimit fields to OutrightInstrumentDefinition and StartOfOutrightInstrumentSnapshot
  - Added fundingRateApplicable flag to InstrumentDefinitionFlags
  - Added seven new fields to EndOfSnapshot: FinalFundingRate, FinalFuturesMarkPrice, FinalFundingRateTimestamp, FuturesMarkPrice, PredictedFundingRate, SpotMarkPrice, and FairValue
- All changes apply only to PSF products - non-PSF futures products are not impacted

2025-JUN-06

Added support for replacing OCO orders to FIX 4.4, Order Cancel/Replace Request (35=G).
Updated cde-fix44-xml-dictionaries-latest.zip for download.

2025-APR-04

Effective Friday, April 04, 2025, and going forward, the weekly sequence number reset will move up to every Friday at 16:05 CT.

2025-JAN-31

Added UUIDv4 support for ClOrdID (tag 11) on FIX Order Entry

2024-SEP-13

Removed support for MDPriceLevel (tag 1023) from FIX Market Data
Removed support for MaxShow (tag 210) from FIX Order Entry and FIX Copy

2024-JUL-15

Added support for OCO (one-cancels-the-other) orders to FIX 4.4, New Order Single (35=D). OCO orders combine the features of limit and stop orders (and CDE treats them as a single order, not two linked ones). OCO orders let users set predefined limit and stop levels simultaneously depending on their view of the market. Initially, an OCO order acts like a regular limit order, contributing to market data. When its stop price condition is met, it shifts and behaves like a stop limit order.

2024-JUN-21

Restored the downloads page with newly updated XML files.

FIX Diffs since the last available downloads

FIX Drop Copy Diffs

121,122d120
<             <field name="TrdType" required="N"/>
<             <field name="ExecInst" required="N"/>
177,179d174
<         <field number="18" name="ExecInst" type="MULTIPLEVALUESTRING">
<             <value enum="6" description="POST_ONLY"/>
<         </field>
390,391d384
<             <value enum="30" description="BROKERAGE_FIRM"/>
<             <value enum="36" description="ENTERING_BROKERAGE_FIRM_TRADER"/>
393d385
<             <value enum="99" description="BROKER_CODE"/>
424,426d415
<         <field number="828" name="TrdType" type="INT">
<             <value enum="1" description="BLOCK_TRADE"/>
<         </field>

FIX Market Data Diffs

119d118
<                 <field name="TrdType" required="N"/>
400c399
<             <value enum="1" description="SNAPSHOT_PLUS_UPDATES_ON_FUTURES"/>
---
>             <value enum="1" description="SNAPSHOT_PLUS_UPDATES"/>
402d400
<             <value enum="3" description="UPDATES_ON_BLOCKS"/>
578,580d575
<         <field number="828" name="TrdType" type="INT">
<                 <value enum="1" description="BLOCK_TRADE"/>
<         </field>

FIX Order Diffs

120d119
<             <field name="ExecInst" required="N"/>
173d171
<             <field name="ExecInst" required="N"/>
327c325,364
<             <value enum="6" description="POST_ONLY"/>
---
>             <value enum="1" description="NOT_HELD"/>
>             <value enum="2" description="WORK"/>
>             <value enum="3" description="GO_ALONG"/>
>             <value enum="4" description="OVER_THE_DAY"/>
>             <value enum="5" description="HELD"/>
>             <value enum="6" description="PARTICIPATE_DONT_INITIATE"/>
>             <value enum="7" description="STRICT_SCALE"/>
>             <value enum="8" description="TRY_TO_SCALE"/>
>             <value enum="9" description="STAY_ON_BIDSIDE"/>
>             <value enum="0" description="STAY_ON_OFFERSIDE"/>
>             <value enum="A" description="NO_CROSS"/>
>             <value enum="B" description="OK_TO_CROSS"/>
>             <value enum="C" description="CALL_FIRST"/>
>             <value enum="D" description="PERCENT_OF_VOLUME"/>
>             <value enum="E" description="DO_NOT_INCREASE"/>
>             <value enum="F" description="DO_NOT_REDUCE"/>
>             <value enum="G" description="ALL_OR_NONE"/>
>             <value enum="H" description="REINSTATE_ON_SYSTEM_FAILURE"/>
>             <value enum="I" description="INSTITUTIONS_ONLY"/>
>             <value enum="J" description="REINSTATE_ON_TRADING_HALT"/>
>             <value enum="K" description="CANCEL_ON_TRADING_HALT"/>
>             <value enum="L" description="LAST_PEG"/>
>             <value enum="M" description="MID_PRICE_PEG"/>
>             <value enum="N" description="NON_NEGOTIABLE"/>
>             <value enum="O" description="OPENING_PEG"/>
>             <value enum="P" description="MARKET_PEG"/>
>             <value enum="Q" description="CANCEL_ON_SYSTEM_FAILURE"/>
>             <value enum="R" description="PRIMARY_PEG"/>
>             <value enum="S" description="SUSPEND"/>
>             <value enum="U" description="CUSTOMER_DISPLAY_INSTRUCTION"/>
>             <value enum="V" description="NETTING"/>
>             <value enum="W" description="PEG_TO_VWAP"/>
>             <value enum="X" description="TRADE_ALONG"/>
>             <value enum="Y" description="TRY_TO_STOP"/>
>             <value enum="Z" description="CANCEL_IF_NOT_BEST"/>
>             <value enum="a" description="TRAILING_STOP_PEG"/>
>             <value enum="b" description="STRICT_LIMIT"/>
>             <value enum="c" description="IGNORE_PRICE_VALIDITY_CHECKS"/>
>             <value enum="d" description="PEG_TO_LIMIT_PRICE"/>
>             <value enum="e" description="WORK_TO_TARGET_STRATEGY"/>

SBE Diffs since the last available downloads

SBE Order Diffs

6,7c6,7
<                    version="7"
<                    semanticVersion="4.6"
---
>                    version="6"
>                    semanticVersion="3.4"
108,110d107
<         <set name="NewOrderFlags" encodingType="uint8">
<             <choice name="postOnly">0</choice>
<         </set>
164c161
<         <field name="flags"                          id="7" type="NewOrderFlags" sinceVersion="7"/>
---
>         <field name="padding"                        id="7" type="int8" sinceVersion="5"/>

2024-APR-09

Replaced SBE NewOrder padding with flags where 1 = Post Only

2024-MAR-29

Added FIX Drop Copy support for ExecInst, Post-only (18=6) in:

2024-FEB-28

Added FIX Order Entry support for ExecInst, Post-only (18=6) in:

2023-NOV-06

Added Block Trade support to the Drop Copy API. For block trades, TrdType is set to 1 (828=1). For all other trade types, TrdType is null. For more, see Block Trades.

2023-OCT-31

Public preview of the Coinbase Derivatives Exchange FIX, SBE, and UDP APIS.

​2026-Oct-21

​2026-Oct-02

​2026-Aug-28

​2026-Jul-17

​2026-Jun-26

​2026-May-14

​2026-Apr-24

​2026-Apr-27

​2026-Mar-9

​2026-Mar-6

​2026-Feb-20

​2026-Feb-03

​2026-Jan-26

​2025-Dec-05

​2025-NOV-17

​2025-AUG-01

​2025-JUL-01

​2025-JUN-06

​2025-APR-04

​2025-JAN-31

​2024-SEP-13

​2024-JUL-15

​2024-JUN-21

​FIX Diffs since the last available downloads

​SBE Diffs since the last available downloads

​2024-APR-09

​2024-MAR-29

​2024-FEB-28

​2023-NOV-06

​2023-OCT-31