On Friday, March 22 @ 6:00 pm PDT, Coinbase Pro will implement a set of changes to further optimize the market health of our platform. These changes are designed to increase liquidity, enable better price discovery for trades, and to make price movements smoother. This will lead to a more efficient market and increase trading opportunities for all of our customers. The changes include:
New fee structure that is designed to increase liquidity by reducing the delta between maker and taker fees
Updated order maximums designed to help protect customers from large price movements
New order increment (“tick”) sizes aimed at improving market structure
Turning off stop market orders
Adding market order protection points
Coinbase Pro and Prime will no longer support stop market orders. All stop orders must now be submitted as limit orders and include a limit price. All currently open stop market orders will be canceled on Friday, March 22 @ 6:00 pm PDT.
Coinbase Pro and Prime will introduce a 10% market protection point for all market orders. Market orders that move the price in excess of 10% will stop executing and return a partial fill. For example: a market buy submitted when the last trade price is $4,000 will only fill at price levels below $4,400. Protection points help prevent large orders from causing more than 10% slippage.
3/22 @ 6:00 pm PDT — Downtime begins, all open market stop orders cleared
3/22 @ 6:30 pm PDT — Markets restarted
3/22 @ 6:30 pm PDT — New fee schedule and market structure rules go into effect
3/22 @ 6:30 pm PDT — Markets will enter limit-only mode
3/22 @ 6:30 pm PDT — Normal trading activity will resume per our trading rules.
Coinbase is focused on providing our customers the best liquidity and trading experiences. We continue to refine our market structure over time, using a principle based goal of generating the highest value to our customers.