Coinbase

Founded in 2012, Coinbase is one of the largest US-regulated cryptocurrency exchanges, offering trading across spot, perpetual swaps, and dated futures via the Advanced Trade API. This adapter supports live market data ingest and order execution on both spot (Cash) and CFM derivatives (Margin) accounts through a shared execution client, with the account type selected by the factory (see Execution scope).

:::note This adapter is Rust-only and is consumed by the v2 system (and the Rust LiveNode). It does not ship a legacy Python TradingNode integration; only configuration and enum types are exported through PyO3 so v2 Python entry points can construct them. :::

Overview

The Coinbase adapter is implemented in Rust and consumed by the v2 system. The adapter does not ship a legacy Python TradingNode integration; only configuration and enum types are exported through PyO3 so v2 entry points can construct them from Python.

Current components:

PyO3 surface available from nautilus_trader.core.nautilus_pyo3.coinbase:

• CoinbaseDataClientConfig, CoinbaseExecClientConfig
• CoinbaseEnvironment, CoinbaseMarginType
• COINBASE venue constant

Coinbase documentation

Coinbase provides documentation for the Advanced Trade API:

• REST API reference
• WebSocket channels
• API key authentication
• Rate limits

It's recommended you also refer to the Coinbase documentation in conjunction with this NautilusTrader integration guide.

:::info This adapter targets the Coinbase Advanced Trade API. The separate Coinbase International Exchange (INTX) venue is supported by the dedicated coinbase_intx adapter. :::

Products

A product is an umbrella term for a group of related instrument types.

The following product types are supported:

Symbology

Coinbase uses the venue's native product_id field directly as the Nautilus symbol. The instrument ID is {product_id}.COINBASE.

The -CDE suffix denotes the Coinbase Derivatives Exchange (FCM venue). Perpetuals carry an exchange-assigned far-future expiry (e.g. 20DEC30) but are classified as CryptoPerpetual based on the presence of an ongoing funding rate. Dated futures are classified as CryptoFuture.

The adapter resolves the product type structurally from API metadata (future_product_details.perpetual_details.funding_rate plus contract_expiry_type); the fallback heuristic checks display_name for PERP or Perpetual substrings.

Examples of full Nautilus instrument IDs:

• BTC-USD.COINBASE (spot Bitcoin/USD).
• ETH-USDC.COINBASE (spot Ether/USDC).
• BIP-20DEC30-CDE.COINBASE (BTC perpetual swap).
• BIT-24APR26-CDE.COINBASE (BTC dated future, Apr 2026).

Aliased products (USDC and USD)

Coinbase consolidates USDC- and USD-quoted versions of the same pair into a single matching-engine book and exposes the relationship in GET /products via the alias and alias_to fields:

BTC-USD :  alias=""        alias_to=["BTC-USDC"]   # canonical
BTC-USDC:  alias="BTC-USD" alias_to=[]             # alias of BTC-USD

When a caller subscribes or submits using the alias side, the venue rewrites the request to the canonical id on the wire. The adapter handles this transparently: it records the product_id -> alias map at bootstrap, sends the canonical id on subscribe and order submit, registers a reverse mapping on the WebSocket clients, and re-keys inbound messages back to the caller-supplied id before parsing.

A strategy holding only USDC can therefore trade BTC-USDC.COINBASE end to end without referencing the canonical BTC-USD. Settlement currency is determined by the submitted product_id, so an order placed on BTC-USDC.COINBASE always debits or credits the USDC wallet.

Environments

Coinbase provides two trading environments. Configure the appropriate environment using the environment field in your client configuration.

Live (production)

The default environment for live trading with real funds.

config = CoinbaseExecClientConfig(
    api_key="YOUR_API_KEY",
    api_secret="YOUR_API_SECRET",
    # environment=CoinbaseEnvironment.LIVE (default)
)

Environment variables: COINBASE_API_KEY, COINBASE_API_SECRET.

Sandbox

A static-mock test environment for integration plumbing, per the Sandbox docs.

config = CoinbaseExecClientConfig(
    environment=CoinbaseEnvironment.SANDBOX,
    # API credentials are not required by sandbox.
)

:::warning Sandbox is not a parallel trading venue:

• All responses are static and pre-defined; there is no live market or dynamic pricing.
• Only Accounts and Orders endpoints are available; other resources are not.
• Authentication is not required (and not enforced).
• A custom X-Sandbox request header can trigger predefined error scenarios.

Use sandbox to wire up your client and verify request/response shape; use production (with real funds and care) for any realistic behaviour testing. :::

Authentication

Coinbase Advanced Trade uses ES256 JWT authentication. Each REST request and each WebSocket subscription generates a short-lived JWT signed with your EC private key. The adapter resolves credentials from environment variables or from the config fields.

Creating an API key

Coinbase has several key types. The adapter requires a Coinbase App Secret API key with the ECDSA signature algorithm (not Ed25519).

:::warning Coinbase no longer auto-downloads the key file. Copy the values from the creation modal or click the download button before closing it. You cannot retrieve the private key afterward. :::

:::info Do not use legacy API keys from coinbase.com/settings/api (UUID format with HMAC-SHA256 signing). Those use a different auth scheme (CB-ACCESS-* headers) that the adapter does not support. :::

For full details see the Coinbase API key authentication guide.

Environment variables

Example:

export COINBASE_API_KEY="organizations/abc-123/apiKeys/def-456"
export COINBASE_API_SECRET="$(cat ~/path/to/cdp_api_key.pem)"

:::tip We recommend using environment variables to manage your credentials. :::

JWT lifetime

Coinbase JWTs expire after 120 seconds. Per the WebSocket overview, a different JWT must be generated for each authenticated WebSocket message (i.e. for each subscribe). The adapter regenerates a fresh JWT for every signed REST request and for every authenticated subscribe message; no manual rotation is required.

Portfolios

A Coinbase account holds one or more portfolios. Each portfolio has its own wallets (USD, USDC, BTC, etc.), balances, and order scope. Every account has a DEFAULT portfolio; users can create additional CONSUMER portfolios to segregate strategies, risk, or tax lots.

A CDP API key is bound to a single portfolio at creation time. Every authenticated request (account lookup, order submission, cancel) operates against that portfolio unless a different one is explicitly specified.

Finding your portfolio UUIDs

Run the adapter's authenticated probe binary; it prints the portfolios visible to your CDP key, the account balances in the bound portfolio, and a few reference REST calls:

cargo run --bin coinbase-http-private --package nautilus-coinbase

Sample output:

Found 1 portfolio(s)
  name=Default type=DEFAULT uuid=ca7244bc-21d1-5e4c-bfe5-80f208ac5723 deleted=false
Account has 3 balance(s)
  USDC total=100.00000000 USDC free=100.00000000 USDC locked=0.00000000 USDC
  AUD total=0.00 AUD free=0.00 AUD locked=0.00 AUD
  BTC total=0.00000000 BTC free=0.00000000 BTC locked=0.00000000 BTC

Equivalent curl (you have to sign your own ES256 JWT with your CDP PEM key first):

curl -H "Authorization: Bearer $JWT" \
  https://api.coinbase.com/api/v3/brokerage/portfolios

When retail_portfolio_id is required

Coinbase's POST /orders endpoint routes to the key's bound portfolio by default, so a single-portfolio account does not need to set this field. Set it on CoinbaseExecClientConfig when either is true:

• The account holds multiple portfolios and you want to trade against one that is not the key's default.
• The venue rejects orders with account is not available and the wallet diagnosis below has been ruled out.

Creating a new portfolio

Most users will not need to create a new portfolio; the account's default works out of the box. Create one on coinbase.com/portfolios only if you want to:

• Segregate API‑driven trading from manual retail activity.
• Isolate risk or P&L between strategies.
• Work around a restricted default (e.g. a Vault).

After creating a portfolio, fund it (transfer from the default portfolio's wallet on coinbase.com) before sending any orders, otherwise the venue returns account is not available for the quote currency.

Troubleshooting account is not available

The venue returns this error for several distinct reasons; diagnose by running the probe binary above and inspecting the portfolio wallet list.

Orders capability

The tables below describe the Coinbase venue order surface. The shipped CoinbaseExecutionClient handles spot or CFM derivatives based on the configured account_type. Coinbase order capabilities differ between Spot and Derivatives (perpetuals and dated futures share the same FCM order surface).

Execution scope

CoinbaseExecutionClientFactory produces a single CoinbaseExecutionClient type. The product family is selected by the account_type field on CoinbaseExecClientConfig:

Other account types are rejected at factory creation. OMS is always Netting because the venue does not expose hedge mode.

To prevent cross-account bleed-through:

1. Connect-time instrument bootstrap is limited to the configured product family; the other family's products never enter the in-process cache.
2. submit_order denies any order whose instrument is outside that cache.
3. generate_order_status_report(s) and generate_fill_reports post-filter their output through the same cache, so a Coinbase account that holds both spot and derivative activity will not surface the other scope's reports through a single client.

Run one execution client per scope; if you need both spot and CFM activity on the same trader, instantiate two clients with distinct account_type values (and distinct account_ids).

Order types

The matrix lists order types as exposed through the Nautilus model. The right column shows the corresponding order_configuration keys the adapter emits. Coinbase order types not in this table (TWAP, Bracket, Scaled, SOR LIMIT IOC) are documented under Advanced order features and noted there as Not yet supported by the adapter.

Execution instructions

Time in force

The adapter accepts the values in this matrix; combinations not listed are rejected at submit time with "Unsupported TIF {tif} for {order_type}".

Advanced order features

See the Create Order reference and Edit Order reference for the underlying venue specification.

Position controls (derivatives)

Batch operations

Order querying

Spot trading limitations

• reduce_only is not supported on spot orders (the instruction applies to derivatives).
• Trailing stop orders are not supported.
• Native stop‑limit and bracket orders are not available on Spot.
• Quote‑denominated MARKET orders are supported; LIMIT orders are sized in base units.

Derivatives trading

Coinbase derivatives trade through the FCM (Futures Commission Merchant) venue. The exec client submits orders through the same POST /orders endpoint used for spot; per-order leverage and margin_type (CROSS or ISOLATED) defaults come from CoinbaseExecClientConfig.default_leverage and default_margin_type. Margin balances update from both the REST cfm/balance_summary endpoint (connect-time snapshot, query_account, and on WebSocket reconnect) and the authenticated futures_balance_summary WebSocket channel. Position reports come from the REST cfm/positions endpoints.

Coinbase's Advanced Trade API does not document a reduce_only field on the create-order schema, even though the venue's failure-reason enum acknowledges the concept. The client threads reduce_only through its submit_order signature for API parity and includes the flag on the wire only when set to true; if the venue later accepts it, no client changes are required.

Funding rates

The adapter polls the REST /products/{id} endpoint at derivatives_poll_interval_secs (default 15 s) and emits a FundingRateUpdate from the FCM future_product_details payload when funding_rate is present. The funding interval is parsed from the funding_interval field (typically "3600s", hourly funding) and the next funding timestamp from funding_time. Coinbase Advanced Trade does not publish funding_rate on the WebSocket ticker channel, so REST polling is the only live source.

Historical funding rate requests are served by reading the same REST products endpoint and deriving the interval from consecutive funding timestamps.

Position reconciliation

For Cash (spot) accounts the client returns no position reports because Coinbase spot has no positions. For Margin accounts position reports come from the REST cfm/positions (list) and cfm/positions/{product_id} (single) endpoints and are post-filtered to the bootstrap instrument cache. Open orders and historical fills are reconciled from REST via generate_order_status_report(s) and generate_fill_reports on connect and on the standard reconciliation interval set by LiveExecEngineConfig.

Fill deduplication

The user-channel WebSocket can replay events on reconnect. The execution client maintains a 10,000-entry FIFO dedup keyed on (venue_order_id, trade_id) and drops any fill whose synthesized trade ID matches a recently-seen one. The cumulative-state map is bounded with the same capacity to protect against orders that never receive a terminal event in this client's lifetime. After very long disconnections (beyond the in-memory dedup window) replayed fills may emit duplicate OrderFilled events; strategies should rely on REST reconciliation to recover canonical state in that case.

Execution client behaviour

This section documents how CoinbaseExecutionClient translates Nautilus order commands and Coinbase venue events into Nautilus execution events.

Order submission

submit_order builds the Coinbase order_configuration shape directly from Nautilus order fields:

• MARKET -> market_market_ioc. Only TimeInForce::Ioc and Gtc (the Nautilus default) are accepted; any explicit Fok, Day, or Gtd on a market order is rejected before the HTTP call so callers do not silently receive IOC semantics. A MARKET order built with Gtc executes as IOC at the venue; strategies that require strict backtest/live parity should construct MarketOrder with Ioc explicitly.
• LIMIT GTC -> limit_limit_gtc, GTD -> limit_limit_gtd (requires expire_time), FOK -> limit_limit_fok.
• STOP_LIMIT GTC -> stop_limit_stop_limit_gtc, GTD -> stop_limit_stop_limit_gtd. Stop direction is derived from the order side (Buy -> STOP_DIRECTION_STOP_UP, Sell -> STOP_DIRECTION_STOP_DOWN).
• STOP_MARKET, MARKET_IF_TOUCHED, LIMIT_IF_TOUCHED, and trailing-stop variants are rejected with OrderDenied (not exposed by the venue).

On a successful HTTP create, an OrderAccepted is emitted carrying the venue order ID returned in success_response.order_id. On a success=false response or HTTP error, OrderRejected is emitted with the formatted failure reason.

Order modification

modify_order posts to /orders/edit with the typed EditOrderRequest. Coinbase restricts edits to GTC variants (LIMIT, STOP_LIMIT, Bracket); other order types must use cancel-replace.

Coinbase's /orders/edit requires both price and size even when only one is changing; an omitted size is read as 0 and rejected with INVALID_EDITED_SIZE or CANNOT_EDIT_TO_BELOW_FILLED_SIZE. The exec client auto-fills missing fields from the cached order, so strategies can call modify_order(price=X) without repeating the current quantity. Values from the ModifyOrder command win; otherwise the cached order's current price and quantity are used.

Failures emit OrderModifyRejected with the typed EditOrderResponse reason (preferring edit_failure_reason, falling back to preview_failure_reason).

Cancellation

• cancel_order posts a single-id batch_cancel. Per-order failure surfaces as OrderCancelRejected.
• cancel_all_orders lists open orders via REST without the OPEN-only filter (because Coinbase's OPEN filter excludes PENDING and QUEUED orders that are still cancelable), filters locally to {Submitted, Accepted, Triggered, PendingUpdate, PartiallyFilled} and the requested side, then chunks batch_cancel calls in groups of 100. Per-order and transport failures emit OrderCancelRejected for every affected order.
• batch_cancel_orders chunks the same way and surfaces both per-order failures and transport errors as OrderCancelRejected.

User WebSocket channel

CoinbaseExecutionClient subscribes to the user channel with no product_ids filter and a fresh JWT, parses each event into an OrderStatusReport, and feeds it to the execution event stream. Coinbase reports cumulative state per order rather than per-trade fills, so the exec client synthesizes a FillReport from the cumulative delta. The per-fill price is derived as (avg_now * qty_now - avg_prev * qty_prev) / delta_qty so multi-fill orders carry the correct trade price, not the cumulative weighted average. The original quantity is restored on terminal updates (CANCELLED, EXPIRED, FAILED) where the venue zeroes leaves_quantity.

The user channel does not echo price, stop_price, trigger_type, or maker/taker classification. The exec client caches these at submit time under the client_order_id and patches reports before emit, so the reconciler does not observe a Some(price) -> None divergence and post_only fills are correctly stamped liquidity_side = Maker. Order status PENDING, QUEUED, and OPEN all map to OrderStatus::Accepted to avoid spurious backwards-transition warnings when user-channel updates race the REST OrderAccepted event.

A submit_order rejection carrying INVALID_LIMIT_PRICE_POST_ONLY (or the preview/new-order equivalent) is emitted with due_post_only = true so strategies can react to post-only crossings (typically by re-quoting against the new TOB).

On reconnect, account state is re-fetched via REST so balance changes during the disconnect window are recovered. Cumulative per-order tracking persists across reconnects so synthesized fill deltas remain correct.

Rate limiting

Coinbase publishes the following limits for the Advanced Trade APIs:

When the REST limit is exceeded, Coinbase returns HTTP 429 with this body:

{
  "errors": [
    {
      "id": "rate_limit_exceeded",
      "message": "Too many requests"
    }
  ]
}

:::info The Advanced Trade-specific REST quota (per-second ceilings, per-portfolio limits) is not separately published in the Advanced Trade docs at the time of writing; the Coinbase App per-hour quota above is the most specific documented value. References: REST rate limits, WebSocket rate limits, Coinbase App rate limiting. :::

Reconnect and resubscribe

The WebSocket client uses exponential backoff with a base of 250ms and a cap of 30s on reconnect. After reconnect, subscriptions are restored automatically in the order they were created. Coinbase requires a subscribe message within 5 seconds of connection or the server disconnects; the adapter sends queued subscriptions immediately after the WebSocket handshake completes.

For authenticated channels (user, and futures_balance_summary on Margin clients), the adapter generates a fresh JWT for every subscribe message; per the Coinbase docs, "you must generate a different JWT for each websocket message sent, since the JWTs will expire after 120 seconds." Once a subscription is accepted the data flow continues for the lifetime of the WebSocket connection without further authentication.

When the exec client's WebSocket reconnects, the inner client is rebuilt from scratch (rather than relying on the existing connection's state machine) to guarantee a fresh cmd_tx/out_rx/signal trio even if the prior session's Disconnect command lost a race with the shutdown signal. Cumulative per-order tracking persists across reconnects so synthesized fill deltas remain correct.

Configuration

Data client configuration options

Execution client configuration options

Configurations are constructed from Python via the PyO3-exported types:

from nautilus_trader.core.nautilus_pyo3 import CoinbaseDataClientConfig
from nautilus_trader.core.nautilus_pyo3 import CoinbaseExecClientConfig
from nautilus_trader.core.nautilus_pyo3 import CoinbaseEnvironment

data_config = CoinbaseDataClientConfig(
    api_key="YOUR_COINBASE_API_KEY",
    api_secret="YOUR_COINBASE_API_SECRET",
    environment=CoinbaseEnvironment.LIVE,
)

exec_config = CoinbaseExecClientConfig(
    api_key="YOUR_COINBASE_API_KEY",
    api_secret="YOUR_COINBASE_API_SECRET",
    environment=CoinbaseEnvironment.LIVE,
)

The v2 system instantiates the Rust factories directly from these configs; no Python factory wiring is required.

Known limitations

Venue-side

• Order modification is restricted to GTC orders (LIMIT, STOP_LIMIT, Bracket); other types must use cancel-replace.
• OCO orders are not exposed as a distinct order type.
• Trailing stop, MARKET_IF_TOUCHED, LIMIT_IF_TOUCHED, and iceberg orders are not exposed by the venue.
• Batch submit and batch modify are not available; only batch cancel is.
• Sandbox is a static-mock environment (Accounts and Orders endpoints only, pre-defined responses, no real market data).
• The user-channel WebSocket reports cumulative per-order state, not per-trade fills. The exec client derives per-fill quantity, price, and commission from the cumulative delta; per-trade trade_ids are synthesized from (venue_order_id, cumulative_quantity).

Adapter-side

• One product family per client. Submission, modification, cancellation, and report generation are filtered to the configured product family (spot under AccountType::Cash; perp + dated futures under AccountType::Margin). Orders whose instrument falls outside the bootstrapped cache are denied. See Execution scope.
• Position reports are always empty for Cash accounts. Coinbase spot has no positions. Derivatives (CFM) position reports come from cfm/positions and appear only on Margin clients.
• User-channel updates omit price, stop_price, and trigger_type. For orders this client submitted, the missing fields are patched from a cache populated at submit_order time. For external orders (submitted by another process or via the Coinbase UI), the user-channel handler enriches the report on first sight by fetching /orders/historical/{venue_order_id} and caching the result. The REST call adds latency to the first user-channel update for an external order; subsequent updates use the cached enrichment.
• Cancel-all and batch-cancel REST list failures are logged only. If the list-open-orders REST call fails, no per-order OrderCancelRejected is emitted; orders remain in PendingCancel until the next reconciliation recovers them. Mirrors the Bybit adapter pattern.
• Newly listed products require a reconnect to be tradeable. The instrument cache is populated on connect; products listed after that are not in the cache and submit_order will deny them.
• MARKET orders default to IOC. A MarketOrder constructed with the Nautilus default TimeInForce::Gtc is mapped to market_market_ioc at the venue. Explicit TimeInForce::Ioc is honoured; TimeInForce::Fok routes to market_market_fok but is rejected at runtime by the matching engine on spot with UNSUPPORTED_ORDER_CONFIGURATION (the wire shape is documented in the API spec but only accepted on CFM derivatives). Day and Gtd are rejected at submit time.

Authenticated binaries

Two binaries assist with live verification and account hygiene:

• coinbase-http-private lists portfolios, prints wallet balances, runs /orders/preview for BTC-USD and BTC-USDC, and surfaces per-product gating flags. Recommended first stop when bringing a new account online.
• coinbase-cancel-all-open cancels every open order on the authenticated CDP key. Useful between test runs to clear resting orders.

Both read COINBASE_API_KEY and COINBASE_API_SECRET from the environment.

Contributing

:::info For additional features or to contribute to the Coinbase adapter, please see our contributing guide. :::