Deribit API - Spot Trading on Deribit and Coinbase-Routed Instruments

Deribit spot instruments are matched in one of two places:

On the Deribit matching engine, the same engine that matches derivatives. A small number of spot instruments continue to work this way.
On Coinbase Exchange (CBE), where Deribit routes the order for matching. Most spot instruments are routed.

Both kinds trade through the same Deribit APIs, with the same authentication, the same sessions and the same instrument names, and both return the same order and trade objects. Routed instruments accept a narrower set of order parameters and do not serve the public trade tape, which is what the rest of this article describes. Derivatives are never affected, including derivatives on the same currency pair. A routed spot instrument does not change anything about the futures, perpetuals or options quoted in the same currencies. For the background to the routing change, see Spot trading routed to Coinbase Exchange in the Deribit knowledge base.

Telling the two apart

public/get_instrument and public/get_instruments return is_cbe_routed: true, and its alias is_csr: true, for routed spot instruments:

{
  "instrument_name": "USDC_USDT",
  "kind": "spot",
  "is_cbe_routed": true,
  "is_csr": true,
  "...": "..."
}

Both fields are omitted entirely for spot instruments matched on Deribit, and for every other instrument, so test for their presence rather than for a false value. Routed spot instruments also omit block_trade_commission, block_trade_tick_size and block_trade_min_trade_amount, because block trading is not available on them. Which pairs are routed is a configuration decision that can change, so read the flag from the instrument metadata instead of maintaining your own list. The instrument.creation.{kind}.{currency} and instrument.state.{kind}.{currency} notifications carry is_csr only; the is_cbe_routed alias is added by the two instrument methods above. On FIX there is no routing flag in the reference data. Security List(y) returns both kinds as ordinary FXSPOT entries, so identify routed instruments through the JSON-RPC methods above.

What applies to every spot instrument

These rules hold for spot regardless of where the instrument is matched, and are differences from derivatives rather than from routing:

good_til_day is rejected. On FIX, TimeInForce(59)=0 is rejected.
reduce_only is not supported, and mmp is not available. Mass quotes are derivatives-only.
Spot holdings are balances, not positions: private/get_positions rejects kind: "spot".

Order entry

JSON-RPC

The table compares private/buy, private/sell, private/edit and private/edit_by_label across the two venues.

Feature	Matched on Deribit	Routed to Coinbase
`type`	`limit`, `market`, `market_limit`, `stop_limit`, `stop_market`, `take_limit`, `take_market`, `trailing_stop`	`limit`, `market` and `stop_limit` only
`time_in_force`, limit orders	`good_til_cancelled`, `immediate_or_cancel`, `fill_or_kill`	Same
`time_in_force`, market orders	Omit it, or send `good_til_cancelled`	Omit it, or send `immediate_or_cancel`
`post_only`	Supported. The price is adjusted into the spread unless `reject_post_only` is set	Supported only with `reject_post_only: true`. The price is never adjusted
`display_amount` (iceberg)	Supported	Not supported
`trigger` on stop orders	`last_price`, `mark_price` or `index_price`	`last_price` only
Linked orders (OTO, OCO, OTOCO)	Supported	Not supported
Block trades and Block RFQ legs	Supported	Not supported

Cancelling works the same on both. private/cancel, private/cancel_all_by_instrument and the other cancel methods accept routed spot orders, including untriggered stop-limit orders.

FIX

The same differences apply to New Order Single(D) and Order Cancel/Replace Request(G).

Tag	Name	Matched on Deribit	Routed to Coinbase
40	`OrdType`	The same set as derivatives, resolved together with `StopPx`(`99`)	`1` = Market, `2` = Limit and `4` = Stop Limit only
59	`TimeInForce`	`1` = Good ‘Til Cancelled, `3` = Immediate or Cancel, `4` = Fill or Kill	Same
18	`ExecInst`	`6` and `6A` are both accepted	`6A` only. A bare `6` is rejected with `post_only_not_allowed`, and `E` (reduce only) with `reduce_only_not_allowed`
1138	`DisplayQty`	Supported	Not supported. Iceberg orders are rejected with `iceberg_not_allowed`
5127	`DeribitConditionTriggerMethod`	`1` = mark price, `2` = trade or `3` = index, required on stop orders	Required on stop limit orders, and must be `2` = trade

Post-only

On the Deribit matching engine, a post-only order that would match on arrival has its price adjusted by one tick into the spread, unless you set reject_post_only: true — ExecInst(18)=6A on FIX — in which case it is rejected instead. On a routed instrument the price is never adjusted. The order is either placed unmodified or rejected, which is why the reject flag is mandatory there: post-only without it is rejected with post_only_not_allowed (11055). An order that would match on arrival is rejected with post_only_reject (11054) on both venues.

Errors and rejections

The errors below are specific to routed instruments. On JSON-RPC they are returned in the response to the request; on FIX, rejected orders arrive as an Execution Report(8) with OrdStatus(39)=8 and the reason in Text(58).

Code	Message	Cause
11030	`other_reject <reason>`	The rejection originated at Coinbase, for example `other_reject price_band` or `other_reject not_enough_funds`
11054	`post_only_reject`	A post-only order would have matched on arrival
11055	`post_only_not_allowed`	Post-only was requested without the reject flag
11059	`iceberg_not_allowed`	`display_amount`, or `DisplayQty`(`1138`), was set on a routed spot instrument
11060	`not_supported_for_coinbase_routed_spot`	The requested order type, time in force, trigger, block trade or market data call is not available on a routed spot instrument
13922	`linked_order_type_not_supported_for_csr_spot`	A linked order (OTO, OCO or OTOCO) was submitted for a routed spot instrument

Parameters that are unavailable on spot generally, such as reduce_only and good_til_day, come back as Invalid params (-32602) on both venues rather than as one of the codes above. See Error codes for the full list. Code 11060 is also returned under its legacy message not_supported_for_csr_spot; treat the two as equivalent.

On routed instruments, fills are asynchronous. private/buy, private/sell, private/edit and private/edit_by_label — and, on FIX, the first Execution Report for the order — acknowledge the order once Coinbase has accepted it, and do not necessarily carry any fills. Subscribe to user.trades.{instrument_name}.{interval} and user.orders.{instrument_name}.{interval}, or track the subsequent Execution Reports on the FIX session, to follow execution.

Market data

Deribit only observes a match on Coinbase when one of your own orders was a party to it, so the public trade tape it could publish for a routed instrument would be incomplete. Rather than serve partial data, trade-derived methods, channels and message types are rejected for routed instruments. Order book data is unaffected, because Deribit receives the full Coinbase book.

Data	Matched on Deribit	Routed to Coinbase
Public trade tape (`public/get_last_trades_*`)	Served	Rejected with 11060
`trades.*` channels	Served	Rejected as invalid channels
Candles (`public/get_tradingview_chart_data`, `chart.trades.*`)	Served	Rejected
Trade entries on FIX, `MDEntryType`(`269`)=`2`	Served	Rejected
Order book methods, and the `book.`, `quote.` and `ticker.*` channels	Served from the Deribit book	Served from the Coinbase book
`stats` in `public/ticker`	Full	`volume_notional` and `volume_usd` omitted
`spot_volume` in `public/get_trade_volumes`	Present	Omitted

Your own fills are always complete on both venues: private/get_user_trades_by_instrument, the user.trades.* channels, and on FIX both Execution Reports and Trade Capture Report(AE), report every trade you were a party to.

Methods that return an error

For routed instruments these return not_supported_for_coinbase_routed_spot (11060):

public/get_last_trades_by_instrument
public/get_last_trades_by_instrument_and_time
public/get_last_trades_by_currency and public/get_last_trades_by_currency_and_time, when kind is spot or any — any is the default when kind is omitted, and a currency counts as routed when it is either the base or the quote of a routed pair
public/get_tradingview_chart_data

Requesting a derivative kind on a currency that happens to have a routed spot pair is unaffected, so kind: "future" still returns trades for that currency.

Subscriptions that are rejected

public/subscribe refuses these channels for routed instruments, reporting them as invalid channels rather than as error 11060:

trades.{instrument_name}.{interval}
trades.{kind}.{currency}.{interval} for kind spot or any
chart.trades.{instrument_name}.{resolution}

currency: "any" is rejected as well whenever any routed spot pair exists, so subscribe per currency, or per instrument, if you need spot trades for instruments matched on Deribit.

FIX market data

MDEntryType(269)=2 (Trade) is rejected for routed spot instruments in a Market Data Request(V), which is answered with a Market Data Request Reject(Y). 0 (Bid) and 1 (Offer) requested in the same message are still served.
Market Data Snapshot/Full Refresh(W) and Market Data Incremental Refresh(X) therefore never carry trade entries for routed spot instruments.

Bid and offer snapshots and incremental updates are fed from the full Coinbase L2 book, and Security List Request(x) and Security Status Request(e) are unaffected.

Responses that omit fields

For routed instruments, two responses drop fields instead of returning an error:

public/get_trade_volumes omits spot_volume, and spot_volume_7d and spot_volume_30d under extended, for any currency that has a routed pair. The futures and options volume fields are unaffected.
public/ticker and the ticker.{instrument_name}.{interval} channel omit volume_notional and volume_usd from stats. The base currency volume field is still returned.

Getting the routed data from Coinbase

For the full public trade tape, candles and venue volume of a routed instrument, query Coinbase Exchange directly:

Get product trades
Get product candles
Get all product volume
The matches WebSocket channel and the FIX Market Data API

Introduction

Authentication

Technical Information

Best Practices

Guides

Spot Trading: Deribit and Coinbase-Routed Instruments

Telling the two apart

What applies to every spot instrument

Order entry

JSON-RPC

FIX

Post-only

Errors and rejections

Market data

Methods that return an error

Subscriptions that are rejected

FIX market data

Responses that omit fields

Getting the routed data from Coinbase

​Telling the two apart

​What applies to every spot instrument

​Order entry

​JSON-RPC

​FIX

​Post-only

​Errors and rejections

​Market data

​Methods that return an error

​Subscriptions that are rejected

​FIX market data

​Responses that omit fields

​Getting the routed data from Coinbase

Telling the two apart

What applies to every spot instrument

Order entry

JSON-RPC

FIX

Post-only

Errors and rejections

Market data

Methods that return an error

Subscriptions that are rejected

FIX market data

Responses that omit fields

Getting the routed data from Coinbase