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

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2025-NOV-13

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Spot Order Routing to Coinbase Exchange

Introducing support to route spot orders to rest and match on equivalent Coinbase Exchange books. Unless otherwise noted, the following only applies for spot instruments configured to route orders to Coinbase Exchange, orders routed to Coinbase Exchange, or fills on orders routed to Coinbase Exchange. Where noted, “forwarded” properties indicate that Coinbase International Exchange will publish data from Coinbase Exchange. For example, in the REST API’s List Instruments endpoint, for spot instruments configured to route orders to Coinbase Exchange, the qty_24hr property is forwarded, meaning it will represent the 24 hour trading volume for the instrument on Coinbase Exchange rather than on Coinbase International Exchange. For data returned by Coinbase Exchange, please refer to the Coinbase Exchange API documentation.
REST API
List instruments, Get instrument details
The following only applies for spot instruments configured to route spot orders to Coinbase Exchange.
PropertyTypeDescription
qty_24hrstringForwarded from Coinbase Exchange
avg_daily_qtystringForwarded from Coinbase Exchange
previous_day_qtystringForwarded from Coinbase Exchange
trading_statestringNew available options include: AUCTION_MODE, CANCEL_ONLY, POST_ONLY, LIMIT_ONLY, TRADING_DISABLED, CANCEL_ONLY_ENFORCED_BY_COINBASE_INTERNATIONAL_EXCHANGE, COINBASE_EXCHANGE_UNREACHABLE

All new options, except for the following, are forwarded from Coinbase Exchange. CANCEL_ONLY_ENFORCED_BY_COINBASE_INTERNATIONAL_EXCHANGE means Coinbase International Exchange only permits order cancellation separately from Coinbase Exchange. COINBASE_EXCHANGE_UNREACHABLE means the Coinbase International Exchange component is unable to establish connectivity with Coinbase Exchange
notional_24hrstringWill not be populated
avg_daily_notionalstringWill not be populated
quote → best_bid_pricestringForwarded from Coinbase Exchange
quote → best_ask_pricestringForwarded from Coinbase Exchange
quote → best_bid_sizestringForwarded from Coinbase Exchange
quote → best_ask_sizestringForwarded from Coinbase Exchange
quote → trade_pricestringForwarded from Coinbase Exchange
quote → trade_sizestringForwarded from Coinbase Exchange
quote → limit_upstringWill not be populated
quote → limit_downstringWill not be populated
Get quote per instrument
The following only applies for spot instruments configured to route spot orders to Coinbase Exchange.
PropertyTypeDescription
best_bid_pricestringForwarded from Coinbase Exchange
best_ask_pricestringForwarded from Coinbase Exchange
best_bid_sizestringForwarded from Coinbase Exchange
best_bid_sizestringForwarded from Coinbase Exchange
trade_pricestringForwarded from Coinbase Exchange
trade_sizestringForwarded from Coinbase Exchange
limit_upstringWill not be populated
limit_downstringWill not be populated
Get daily trading volumes
The following only applies for spot instruments configured to route spot orders to Coinbase Exchange.
PropertyTypeDescription
instruments → notionalstringWill not be populated
totals → total_instruments_volumestringExcludes spot instruments which route orders to Coinbase Exchange
totals → total_instruments_notionalstringExcludes spot instruments which route orders to Coinbase Exchange
totals → total_exchange_volumestringExcludes spot instruments which route orders to Coinbase Exchange
totals → total_exchange_notionalstringExcludes spot instruments which route orders to Coinbase Exchange
Get aggregated candles data per instrument
Not supported for spot instruments configured to route orders to Coinbase Exchange.
Create order, Get order details, Cancel order, Cancel orders
The following only applies for orders routed to Coinbase Exchange.
PropertyTypeDescription
textstringValue may be forwarded from Coinbase Exchange
List fills by portfolios
The following only applies for fills executed on Coinbase Exchange.
PropertyTypeDescription
execution_venuestringThe following values for fills executed on Coinbase Exchange will be added:

COINBASE_EXCHANGE_CLOB for fills executed by Coinbase Exchange’s central limit order book
COINBASE_EXCHANGE_RFQ for fills executed by Coinbase Exchange’s request for quote engine

Existing values will remain unchanged
FIX API, Order Entry & Drop Copy
ExecutionReport (35=8)
The following only applies for orders routed to Coinbase Exchange. A few OrdRejReason values previously included in the Upcoming Changes page will not be added because they already exist in the XML spec.
TagNameTypeRequiredNotes
103OrdRejReasonintCFor spot orders routed to Coinbase Exchange, new potential values include:

49 = BROKER
51 = EXCHANGE_CLOSED
52 = ORDER_EXCEEDS_LIMIT
53 = TOO_LATE_TO_ENTER
55 = DUPLICATE_OF_A_VERBALLY_COMMUNICATED_ORDER
56 = STALE_ORDER
57 = TRADE_ALONG_REQUIRED
58 = INVALID_INVESTOR_ID
59 = UNSUPPORTED_ORDER_CHARACTERISTIC
60 = SURVEILLENCE_OPTION
61 = INCORRECT_ALLOCATED_QUANTITY
62 = UNKNOWN_ACCOUNT
64 = COINBASE_EXCHANGE_DEPOSIT_FAILED
1430VenueTypecharNThe following existing values for orders executed on Coinbase International Exchange will be renamed to:

E = COINBASE_INTERNATIONAL_EXCHANGE_ELECTRONIC_EXCHANGE
N = COINBASE_INTERNATIONAL_EXCHANGE_QUOTE_NEGOTIATION

The following values for spot orders routed to Coinbase Exchange will be added:

X = COINBASE_EXCHANGE_ELECTRONIC_EXCHANGE
Q = COINBASE_EXCHANGE_QUOTE_NEGOTIATION

Values suffixed with ELECTRONIC_EXCHANGE indicate trades which occur on the central limit order book (CLOB). Values suffixed with QUOTE_NEGOTIATION indicate trades through an RFQ process
58TextstringNValue may be forwarded from Coinbase Exchange
OrderCancelReject (35=9)
The following only applies for spot orders routed to Coinbase Exchange. A few OrdRejReason values previously included in the Upcoming Changes page will not be added because they already exist in the XML spec.
TagNameTypeRequiredNotes
102CxlRejReasonintNFor spot orders routed to Coinbase Exchange, new potential values include:

27 = BROKER
28 = UNABLE_TO_PROCESS_ORDER_MASS_CANCEL_REQUEST
29 = ORIGORDMODTIME
30 = DUPLICATE_CLORDID
31 = PRICE_EXCEEDS_CURRENT_PRICE
58TextstringNValue may be forwarded from Coinbase Exchange
PreFillReport (35=F8)
Not sent for spot orders routed to Coinbase Exchange.
FIX API, Market Data
For spot instruments configured to route spot orders to Coinbase Exchange, all values represent the unless otherwise noted,
SecurityList (35=y) & SecurityDefinition (35=d)
The following only applies for spot instruments configured to route spot orders to Coinbase Exchange.
TagNameTypeRequiredNotes
871InstrAttribTypeintYThe following values are not sent:

40 = Average daily notional amount
42 = Total day notional amount (30 days)
44 = Total hour notional amount (24 hours)

Other values are forwarded from Coinbase Exchange
1682MDSecurityTradingStatusintYNew values include:

100 = AUCTION_MODE
101 = CANCEL_ONLY
102 = POST_ONLY
103 = LIMIT_ONLY
104 = TRADING_DISABLED
105 = CANCEL_ONLY_ENFORCED_BY_COINBASE_INTERNATIONAL_EXCHANGE
106 = COINBASE_EXCHANGE_UNREACHABLE

All new options, except for the following, are forwarded from Coinbase Exchange. CANCEL_ONLY_ENFORCED_BY_COINBASE_INTERNATIONAL_EXCHANGE means Coinbase International Exchange only permits order cancellation separately from Coinbase Exchange. COINBASE_EXCHANGE_UNREACHABLE means the Coinbase International Exchange component is unable to establish connectivity with Coinbase Exchange
MarketDataSnapshotFullRefresh (35=W) & MarketDataIncrementalRefresh (35=X)
The following only applies for spot instruments configured to route spot orders to Coinbase Exchange.
TagNameTypeRequiredNotes
269MDEntryTypecharYThe following values are not sent:

4 = Opening price
g = Fair value limit up
h = Fair value limit down

Other values are forwarded from Coinbase Exchange
2446AggressorSideintCForwarded from Coinbase Exchange
WebSocket Feed
INSTRUMENTS Channel
The following only applies for spot instruments configured to route spot orders to Coinbase Exchange. Response
PropertyDescription
trading_stateNew available options include: auction_mode, cancel_only, post_only, limit_only, trading_disabled, cancel_only_enforced_by_coinbase_international_exchange, coinbase_exchange_unreachable

All new options, except for the following, are forwarded from Coinbase Exchange. cancel_only_enforced_by_coinbase_international_exchange means Coinbase International Exchange only permits order cancellation separately from Coinbase Exchange. coinbase_exchange_unreachable means the Coinbase International Exchange component is unable to establish connectivity with Coinbase Exchange
avg_daily_quantityForwarded from Coinbase Exchange
total_30_day_quantityForwarded from Coinbase Exchange
total_24_hour_quantityForwarded from Coinbase Exchange
avg_daily_volumeWill not be populated
total_30_day_volumeWill not be populated
total_24_hour_volumeWill not be populated
indicative_open_priceWill not be populated
min_quantityWill not be populated
CANDLES Channel
Not supported for spot instruments configured to route orders to Coinbase Exchange.

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2025-OCT-23

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Instrument Definition Updates

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2025-OCT-16

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Address Book

  • REST API

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2025-AUG-14

Users can now query position transfers with the new transfer type POSITION_TRANSFER.
  • REST API
    • New transfer type in Get Transfers endpoint:
      • New supported type: POSITION_TRANSFER

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2025-AUG-06

Adding two new fields for external collateral users.

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2025-JUN-23

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Two-Sided Position Limits

Introducing two-sided position limits for perpetual futures position limit accounting. In this model, long position notional and short position notional values are tracked separately, and the maximum value across the account is the effective value when determining limit breach
  • REST API
    • New values in Position response for Get Portfolio Position and List Portfolio Positions:
      • open_position_notional: max(long_open_position_notional, short_open_position_notional)
      • long_open_position_notional
      • short_open_position_notional

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Disable Loan Overdraft Protection on a Portfolio

We are adding support to disable loan overdraft protection on a per-portfolio basis. Overdraft loans will not be issued during settlement or any loan acquisition processes that are not initiated by the user.
  • REST API
    • New parameter to enable/disable overdraft protection to Portfolio Patch endpoint:
      • disable_overdraft_protection

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2025-APR-24

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Margin Call

Introducing margin call functionality for underwritten clients.

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TP/SL Order Replace

Added support for replacing TP/SL orders:

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Higher FIX API Key-level Rate Limits

We have increased FIX API key-level rate limits:
  • Increase FIX messages per second per API key from 400 to 800.
  • Increase FIX disconnect threshold messages per second per API key from 700 to 1000.

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2025-MAR-27

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2025-MAR-13

Introducing 2 new endpoints to get portfolio transfer limits.

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2025-FEB-27

Added transfer activity to the Get Transfers endpoint representing automatic portfolio to portfolio balance transfers made to cover losses during liquidation.
  • REST API
    • Added new transfer activity to the Get Transfers endpoint
      • New supported types: LIQUIDATION_EQUITY_CLAWBACK

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2025-FEB-13

Introducing 3 new endpoints to get portfolio open position notional limits. Adding Real Time Settlement Transfer events to the Get Transfers endpoint.
  • REST API
    • Add real time settlement transfers to the Get Transfers endpoint
      • New supported types: REAL_TIME_SETTLEMENT

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2025-FEB-06

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Session CancelOnDisconnect Default Behavior

The default value for both CancelOrdersOnDisconnect and CancelOrdersOnInternalDisconnect in the FIX Logon message changed from N (No cancel on disconnect) to Y (Only cancels orders from this session). CancelOrdersOnDisconnect (Tag 8013)
  • Old Default: N (No cancel on disconnect)
  • New Default: Y (Only cancels orders from this session)
CancelOrdersOnInternalDisconnect (Tag 8014)
  • Old Default: N (No cancel on internal disconnect)
  • New Default: Y (Only cancels orders from this session)

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2025-JAN-16

Replacing quantity risk limits with notional ones:
  • REST API
  • FIX API
    • New PositionLimit field (tag 970) in Market Data. This a new field is on the SecurityDefinition message
    • The field MaxTradeVol will be deprecated in the future changes.
  • Order rejection uses UBO_HIGH_LEVERAGE_NOTIONAL_BREACHED instead of UBO_HIGH_LEVERAGE_QUANTITY_BREACHED.
  • Updated cb_intx_fix_dictionaries_latest.tar.gz for download
Adding new instrument trading state EXTERNAL:
  • EXTERNAL Trading State
    • Instruments that have an EXTERNAL trading status are not currently traded on this market. This is used to derive collateral value of instruments that does not have a quoted USDC price.
  • REST API
  • FIX API
  • WEB MD API
    • Added trading_state value external to the INSTRUMENTS Channel response.
    • WEB MD API will not subscribe to MDA candles data for external instruments
    • WEB MD API will reject client subscription requests to all channels except RISK and INSTRUMENT for external instruments
  • Updated cb_intx_fix_dictionaries_latest.tar.gz for download

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2024-DEC-18

  • REST API
    • Populated txn_hash for both on-chain deposits and on-chain withdrawals in the responses for Get transfer and Get transfers.

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2024-DEC-13

  • REST API
    • Added instrument_symbol and txn_hash field to the responses for Get transfer and Get transfers respectively.
      • txn_hash will be present for on-chain deposit transfers
      • instrument_symbol will be present for funding transfers

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2024-NOV-25

Added support for Exchange Loans
  • REST API
    • Added Update Loan endpoint to acquire/repay existing loans
    • Added Preview Loan endpoint to preview the portfolio state after acquiring a loan
    • Added Loan Availability endpoint to retrieve the maximum loan amount available for the specified asset
    • Added Get Portfolio Loans endpoint to view all loans for a portfolio
    • Added Get Portfolio Loan endpoint to view the existing loan state for the specified asset
    • Changes to fields in the Balance response object
      • Added collateral_backed_overdraft_loan amount (quantity) of outstanding loan taken due to overdrafting USDC on a debit
      • Added user_requested_loan amount (quantity) of outstanding loan requested by the user
      • Changed loan to be the total loan amount (quantity) outstanding. Sum of collateral_backed_overdraft_loan and user_requested_loan
      • Added loan_initial_margin_contribution the amount of initial margin required to hold the existing loan
    • Changes to the fields in the Asset response object
      • Added loan_initial_margin the percentage of initial margin requirement for taking a loan on the asset
      • Added max_loan_leverage the maximum amount leverage that can be used when taking a loan on the asset
    • Added loan activity to the Get Transfers endpoint
      • New supported types: LOAN_ACQUIRE, LOAN_REPAY, LOAN_INTEREST_CHARGE, and ALL_LOANS
      • The ALL_LOANS type will include all transfers related to acquire, repay, and interest charge activity

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2024-NOV-21

Added new text field to denote cancel reason in get order endpoint

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2024-NOV-12

Added new REST API endpoints for retrieving index data:

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2024-OCT-24

API changes for TWAP orders:

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2024-SEP-12

Adding new FIX field to instrument definition:

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2024-SEP-10

Added new instrument trading state DELISTED:

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2024-SEP-03

Adding new FIX messages for the PreFills API. The new FIX messages are:

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2024-AUG-20

Adding new field underlying_type which represents the underlying asset type. The enhanced REST API endpoints are:

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2024-JUL-30

Renamed fill_source to source in REST API endpoints:

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2024-JUL-22

Added fill_source (LIQUIDATION, CLIENT_ORDER) to REST API endpoints:

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2024-JUL-11

Updated and added rate limits:
  • Updated REST requests per second per API Key from 100 to 40
  • Updated Maximum API Keys per account to:
    • Maximum trading API Keys per account: 30
    • Maximum non-trading API Keys per account: 20
  • Added Maximum connection attempts every 30 seconds: 10

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2024-JUN-17

Added support for Pre-Launch Markets. Pre-Launch Markets let users trade perpetual futures contracts on tokens that have not launched yet. When an underlying token is launched on an applicable spot exchange, the instrument converts to a standard perpetual contract. Learn more in our Help Center.

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2024-JUN-06

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2024-MAY-23

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2024-MAY-13

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2024-MAY-02

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2024-APR-25

Added the following REST endpoints:

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2024-APR-17

Added portfolio Auto Margin:
  • Portfolios automatically post the collateral required to exceed high leverage limits on a per-instrument basis.
  • Portfolio margin requirements are calculated based on the newly introduced default initial margin instrument field.
  • Users can opt-in to the Auto Margin feature on a per-portfolio basis.

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Instrument Definitions

Added the following instrument definitions for Auto Margin:

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Portfolio Endpoints

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2024-APR-02

Updated REST and FIX API to support TP/SL orders:

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2024-MAR-27

Added support for portfolio cross collateral:

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2024-MAR-26

Added new REST API for position transfer — requires trade permission:

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2024-MAR-19

Added new REST APIs for fee rate tiers:

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2024-FEB-27

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2024-FEB-22

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2024-FEB-06

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2024-JAN-30

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2024-JAN-23

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2024-JAN-15

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2024-JAN-11

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2023-DEC-13

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2023-DEC-12

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2023-DEC-05

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2023-NOV-28

  • Added portfolio_initial_margin_notional, portfolio_current_margin_notional, portfolio_maintenance_margin_notional and portfolio_close_out_margin_notional to Get portfolio summary and Get portfolio details REST endpoints.

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2023-NOV-27

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2023-NOV-24

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2023-NOV-09

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2023-NOV-08

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2023-OCT-30

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2023-OCT-19

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2023-OCT-18

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2023-SEP-28

  • Added new endpoint /transfers/withdraw: Withdraw to crypto address
  • Multi-chain support for USDC transfers on Base/Optimism networks

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2023-JUL-21

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2023-JUL-11

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2023-JUN-01

WebSocket
REST API
INTX UI
  • Publish 24h volume on Markets page
  • Fixed issue displaying “Short” positions

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2023-MAY-19

Improved overall system performance and stability. Features include:

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2023-MAY-02

  • Public preview of the Coinbase International Exchange FIX and REST APIS.