Trading on new order books happens in phases—starting with post-only mode until it reaches full trading depending on whether our metrics for a healthy market are met. We will tweet from our verified @Coinbase handle as each order book moves through the phases.
We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
Asset listing phases
Transfer Only: Traders will be able to transfer the new asset into their Coinbase account. Traders will not yet be able to place orders, and no orders will be filled on these order books. Trading will generally begin during business hours, Pacific time (PT), and we will post an announcement via @CoinbaseSupport on X (formerly Twitter) or status.exchange.coinbase.com.
Auction: Traders can place Limit Orders on the book over a period of time without matching. Coinbase Advanced Trade and Exchange applications (including API and data feeds) will show an Indicative Price. Using this Indicative Price as an indicator of the eventual open price, Traders can cancel and resubmit orders until the Auction takes place. Auction mode will be at least 10 minutes in length.
Upon completion of the Auction, orders crossing the opening price will be matched and the book will move to Full Trading, Limit Only, or Cancel Only.
Limit Only: In Limit Only, limit orders will start matching, but customers are unable to submit market orders.
Full Trading: In Full Trading, full trading services will be available, including limit and market orders.
Cancel Only: an order book may be moved into Cancel Only in the event the depth and liquidity of the book is insufficient to support a trading state. In Cancel Only, Traders cannot place new orders. Traders are able to cancel open orders. No orders will be Filled.