Market Structure Update – The Coinbase Blog

We are happy to announce the following updates to our Trading Rules. These updates are designed to improve the trading experience and provide a more fair and orderly market for all customers. These changes will go into effect on January 16, 2018 at 9am PST.

Order Minimums

Any order placed on GDAX will be subject to the following order minimums:

  • Bitcoin (BTC) — 0.001
  • Ether (ETH) — 0.01
  • Litecoin (LTC) — 0.1
  • Bitcoin Cash (BCH) — 0.01
  • USD — 10
  • EUR — 10
  • GBP — 10

Order Maximums

GDAX will institute new order maximums for each book. These maximums are intended to limit the potential slippage for an order. Please reference Section 1.44 in our Trading Rules for specific order maximums on each book. Please note that these maximums only apply to single orders and do not limit the total volume you may trade.

‘Limit-Only’ Mode

GDAX is introducing a new market state: ‘limit-only’. In this state, customers will only have the ability to place limit orders and cannot place market orders. This ensures customers have full control of the fill price by only allowing orders with an explicitly set limit.

Limit-only mode will be included in our process for opening a new market:

  1. Market opens in ‘post-only’ mode. Customers can post and cancel orders on the book, but no matching may occur.
  2. Market enters ‘limit-only’ mode. Orders will begin matching, but no market orders can be placed.
  3. Market enters ‘full trading’ mode. Both market and limit orders will be accepted.

The decision to move a market from ‘post-only’ to ‘limit-only’ to ‘full trading’ mode is made at the discretion of our Market Operations team. When making this decision we consider factors such as order book liquidity and price volatility.

Trading Rules Update

We are updating our trading rules to reflect the changes above. We will also update these trading parameters occasionally to ensure they reflect the state of the marketplace and the notional price of the assets trading. Any adjustment to these values will be communicated via our status page and our Trading Rules.

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