Coinbase Exchange operates a continuous first-come, first-serve order book. Orders are executed in price-time priority as received by the matching engine.
Self-trading is not allowed on Coinbase Exchange. Two orders from the same user will not fill one another. When placing an order, you can specify the self-trade prevention behavior.
The default behavior is decrement and cancel. When two orders from the same user cross, the smaller order will be canceled and the larger order size will be decremented by the smaller order size. If the two orders are the same size, both will be canceled.
Cancel the older (resting) order in full. The new order continues to execute.
Cancel the newer (taking) order in full. The old resting order remains on the order book.
Immediately cancel both orders.
market order using
dc self-trade prevention encounters an open limit order, the behavior depends on which fields for the market order message were specified. If
size are specified for a buy order, then
size for the market order will be decremented internally within the matching engine and
funds will remain unchanged. The intent is to offset your target size without limiting your buying power. If
size is not specified, then funds will be decremented. For a market sell, the size will be decremented when encountering existing limit orders.
Orders are matched against existing order book orders at the price of the order on the book, not at the price of the taker order.
User A places a Buy order for 1 BTC at 100 USD. User B then wishes to sell 1 BTC at 80 USD. Because User A's order was first to the trading engine, they will have price priority and the trade will occur at 100 USD.
Valid orders sent to the matching engine are confirmed immediately and are in the
received state. If an order executes against another order immediately, the order is considered done. An order can execute in part or whole. Any part of the order not filled immediately, will be considered
open. Orders will stay in the
open state until canceled or subsequently filled by new orders. Orders that are no longer eligible for matching (filled or canceled) are in the
Updated about 2 months ago