To match orders, Coinbase Derivatives Exchange uses an anonymous, FIFO (first in, first out) execution algorithm using the order’s price-time priority. All orders received are prioritized in accordance with the order’s price. Orders with the same price are prioritized in accordance with the time they were received by the Exchange’s trading system. The first order received at the contract’s best price level (the highest bid or lowest offer) is the first order to match with an opposite side order.