> ## Documentation Index > Fetch the complete documentation index at: https://docs.cloud.coinbase.com/llms.txt > Use this file to discover all available pages before exploring further. # Create a new order > Create an order. You can place two types of orders: limit and market. Orders can only be placed if your account has sufficient funds. Once an order is placed, your account funds will be put on hold for the duration of the order. How much and which funds are put on hold depends on the order type and parameters specified. Each profile can place a maximum of 500 open orders on a product. Once reached, the profile cannot place any new orders until the total number of open orders is below 500. ## API Key Permissions This endpoint requires the "trade" permission. ### Limit Order Parameters | Parameter | Description | | :-------------- | :---------------------------------------------------------------------------------------------------------------------------------------------------- | | price | Price per bitcoin | | size | \[optional]\* Amount of BTC to buy or sell | | funds | \[optional]\* Desired amount of quote currency to use (See [Limit Order With Funds](/exchange/fix-api/order-entry-messages/limit-orders) for details) | | time\_in\_force | \[optional] `GTC`, `GTT`, `IOC`, or `FOK` (default is `GTC`) | | cancel\_after | \[optional]\*\* `min`, `hour`, `day` | | post\_only | \[optional]\*\*\* Post only flag | \* One of size or funds is required. Only one may be specified\ \*\* Requires `time_in_force` to be `GTT`\ \*\*\* Invalid when time\_in\_force is `IOC` or `FOK` ### Market Order Parameters | Parameter | Description | | :-------- | :---------------------------------------------------- | | size | \[optional]\* Desired amount in BTC | | funds | \[optional]\* Desired amount of quote currency to use | \* One of `size` or `funds` is required. ## Product ID The `product_id` must match a valid product. The products list is available via the [/products](/api-reference/exchange-api/rest-api/products/get-all-known-trading-pairs) endpoint. ## Client Order ID The optional `client_oid` field must be a variant 1 UUIDv4 that follows the standard format. This means all lowercase and hyphens that group the characters in sequences of 8, 4, 4, 4, 12 (e.g. 1985ca2d-61ef-49f1-bfce-6c39d8462914) generated by your trading application. This field value is broadcast in the public feed for `received` messages. You can use this field to identify your orders in the public feed. The `client_oid` is different than the server-assigned order ID. If you are consuming the public feed and see a `received` message with your `client_oid`, you should record the server-assigned `order_id` as it is used for future order status updates. The `client_oid` is NOT used after the `received` message is sent. The server-assigned order id is also returned as the `id` field to this HTTP POST request. If the `client_oid` is not in the correct UUIDv4 format it will be accepted via REST but NOT processed and will not be visible in future REST calls. ## Type When placing an order, you can specify the order type. The order type you specify influences which other order parameters are required as well as how your order is executed by the matching engine. If `type` is not specified, the order defaults to a `limit` order. **Limit** orders are both the default and basic order type. A limit order requires that you specify a `price` and one of either `size` or `funds`. The `size` parameter denotes the amount in fiat, and `funds` denotes the number of bitcoin to buy or sell. The `price` is the price per bitcoin. Limit orders are filled at the price specified or better. A sell order can be filled at the specified price per bitcoin or a higher price per bitcoin, and a buy order can be filled at the specified price or a lower price depending on market conditions. If market conditions cannot fill the limit order immediately, then the limit order becomes part of the open order book until filled by another incoming order or canceled by the user. **Market** orders differ from limit orders in that they provide no pricing guarantees. They however do provide a way to buy or sell specific amounts of bitcoin or fiat without having to specify the price. Market orders execute immediately and no part of the market order goes on the open order book. Market orders are always considered `takers` and incur taker fees. When placing a market order you can specify `funds` and/or `size`. Funds limit how much of your quote currency account balance is used and size limits the bitcoin amount transacted. ## Stop Orders Stop orders become active and wait to trigger based on the movement of the last trade price. There are two types of stop orders, `stop loss` and `stop entry`: `stop: 'loss'`: Triggers when the last trade price changes to a value at or below the `stop_price`. `stop: 'entry'`: Triggers when the last trade price changes to a value at or above the `stop_price`. The last trade price is the last price at which an order was filled. This price can be found in the latest [match message](/exchange/websocket-feed/channels#matches-channel). Not all match messages may be received due to [dropped messages](/exchange/websocket-feed/overview#sequence-numbers). When stop orders are triggered, they execute as limit orders and are therefore subject to [holds](#holds). ## Price The price must be specified in `quote_increment` product units. The quote increment is the smallest unit of price. For the BTC-USD product, the quote increment is `0.01` or 1 penny. Prices less than 1 penny are not accepted, and no fractional penny prices are accepted. Not required for `market` orders. ## Size **Order Size Limits Removed** The properties `base_max_size`, `base_min_size`, `max_market_funds` were [removed on June 30, 2022](/exchange/changes/changelog#2022-jun-30). The property, `min_market_funds`, has been repurposed as the notional minimum size for limit orders. The size must be greater than the `base_min_size` for the product and no larger than the `base_max_size`. The size can be in incremented in units of `base_increment`. `size` indicates the amount of BTC (or base currency) to buy or sell. `size` indicates the amount of base currency to buy or sell. The size must be no less than the `base_min_size` and no larger than the `base_max_size` for the product. However, for post-only limit orders, there is no enforced `base_max_size`. The size can be in any increment of the base currency (e.g. BTC for the BTC-USD product). There is no max size restriction for `post_only` limit orders. ## Funds The funds field is optionally used for `market` or `limit` orders. When specified it indicates how much of the product quote currency to buy or sell. For example, a market buy for `BTC-USD` with `funds` specified as `150.00` will spend `150 USD` to buy BTC (including any fees). If the funds field is not specified for a market buy order, `size` must be specified and Coinbase Exchange uses available funds in your account to buy bitcoin. A market sell order can also specify the `funds`. If `funds` is specified, it limits the sell to the amount of `funds` specified. You can use `funds` with sell orders to limit the amount of quote currency funds received. A `limit` order that specifies `funds` functions similarly to a `market` order but provides more control in its ability to specify `price`. See [Limit Order With Funds](/exchange/fix-api/order-entry-messages/limit-orders) for more information on how this order works. ## Time In Force Time in force policies provide guarantees about the lifetime of an order. There are four policies: good till canceled `GTC`, good till date `GTD`, immediate or cancel `IOC`, and fill or kill `FOK`. `GTC` Good till canceled orders remain open on the book until canceled. This is the default behavior if no policy is specified. `GTD` Good till date orders are valid till a specified date or time (within a 90-day hard limit) unless it has been already fulfilled or cancelled. `IOC` Immediate or cancel orders instantly cancel the remaining size of the limit order instead of opening it on the book. `FOK` Fill or kill orders are rejected if the entire size cannot be matched. Match also refers to self trades. ## Post Only The post-only flag indicates that the order should only make liquidity. If any part of the order results in taking liquidity, the order will be rejected and no part of it will execute. ## Holds For `limit` `buy` orders, we hold `price x size x (1 + fee-percent)` USD. For `sell` orders, we hold the number of Bitcoin you wish to sell. Actual fees are assessed at time of trade. If you cancel a partially filled or unfilled order, any remaining funds are released from hold. For `market` `buy` orders where `funds` is specified, the `funds` amount is put on hold. If only `size` is specified, all of your account balance (in the quote account) is put on hold for the duration of the market order (usually a trivially short time). For a `sell` order, the `size` in BTC is put on hold. If `size` is not specified (and only `funds` is specified), your entire BTC balance is put on hold for the duration of the market order. ## Self-Trade Prevention Self-trading is not allowed on the exchange. Two orders from the same user are not allowed to match with one another. To change the self-trade behavior, specify the `stp` flag. | Flag | Name | | :--- | :---------------------------- | | dc | Decrease and Cancel (default) | | co | Cancel oldest | | cn | Cancel newest | | cb | Cancel both | See the [self-trade prevention](/exchange/concepts/matching-engine#self-trade-prevention) documentation for details about these fields. ## Order Lifecycle The HTTP Request responds when an order is either rejected (insufficient funds, invalid parameters, etc) or received (accepted by the matching engine). A `200` response indicates that the order was received and is active. Active orders may execute immediately (depending on price and market conditions) either partially or fully. A partial execution puts the remaining size of the order in the `open` state. An order that is filled completely, goes into the `done` state. Users listening to streaming market data are encouraged to use the `client_oid` field to identify their `received` messages in the feed. The REST response with a server `order_id` may come after the `received` message in the public data feed. ## Response A successful order is assigned an order id. A successful order is defined as one that has been accepted by the matching engine. Open orders do not expire and remain open until they are either filled or canceled. ## OpenAPI ````yaml POST /orders openapi: 3.0.1 info: title: REST API description: >- # Welcome to Coinbase Exchange API ## Introduction The Exchange Trading APIs allow institutions to place orders and access account information. The following API pages detail various REST API endpoints we offer for lower-frequency trading and general requests. ## Getting Started To get started, please visit one of the following pages: - [Authentication](/exchange/docs/rest-auth) - [Rate Limits](/exchange/docs/rest-rate-limits) - [Pagination](/exchange/docs/rest-pagination) - [Status Codes](/exchange/docs/rest-requests) - [Quickstart](/exchange/docs/getting-started) ## FIX API - [FIX API reference](/exchange/docs/fix-connectivity) ## WebSocket API - [WebSocket API reference](/exchange/docs/websocket-overview) version: '1.0' servers: - url: https://api.exchange.coinbase.com/ security: - ApiKeyAuthKey: [] ApiKeyAuthPassphrase: [] ApiKeyAuthSign: [] ApiKeyAuthTimestamp: [] paths: /orders: post: tags: - Orders summary: Create a new order description: >- Create an order. You can place two types of orders: limit and market. Orders can only be placed if your account has sufficient funds. Once an order is placed, your account funds will be put on hold for the duration of the order. How much and which funds are put on hold depends on the order type and parameters specified. operationId: ExchangeRESTAPI_PostOrders requestBody: content: application/json: schema: $ref: '#/components/schemas/apiPostOrdersRequest' required: true responses: '200': description: The new order that was successfully created content: application/json: schema: $ref: '#/components/schemas/apiOrder' '401': description: Unauthorized. content: application/json: schema: $ref: '#/components/schemas/apiUnauthorizedResponse' '500': description: An unexpected error response. content: application/json: schema: $ref: '#/components/schemas/apiErrorResponse' components: schemas: apiPostOrdersRequest: required: - product_id - side type: object properties: profile_id: type: string description: >- Create order on a specific `profile_id`. If none is passed, defaults to `default` profile. default: default profile_id type: $ref: '#/components/schemas/apiOrderType' side: $ref: '#/components/schemas/apiOrderSide' product_id: type: string description: Book on which to place an order stp: $ref: '#/components/schemas/apiOrderStpFlag' stop: $ref: '#/components/schemas/apiOrderStop' stop_price: type: string description: Price threshold at which a `stop` order will be placed on the book price: type: string description: >- Price per unit of cryptocurrency - required for `limit`/`stop` orders size: type: string description: >- Amount of base currency to buy or sell - required for `limit`/`stop` orders and `market` `sell`s funds: type: string description: Amount of quote currency to buy - required for `market` `buy`s time_in_force: $ref: '#/components/schemas/apiOrderTimeInForce' cancel_after: $ref: '#/components/schemas/apiOrderCancelAfter' post_only: type: boolean description: If true, order will only execute as a `maker` order default: false client_oid: type: string description: >- Optional Order ID selected by the user or the frontend client to identify their order max_floor: type: string description: Placing an iceberg order. Use this to specify how much to show stop_limit_price: type: string description: >- Required for take profit/stop loss orders. Denotes the updated limit price upon the activation of the stop loss trigger example: price: '1' size: '10' type: limit side: buy product_id: BTC-USD client_oid: 496ffbba-7dae-4864-f7e8-a5bf52c6d0e2 post_only: true max_floor: '4' apiOrder: required: - created_at - fill_fees - filled_size - id - post_only - product_id - settled - side - status - type type: object properties: id: type: string description: uuid price: type: string description: price per unit of base currency size: type: string description: amount of base currency to buy/sell product_id: type: string description: book the order was placed on profile_id: type: string description: profile_id that placed the order side: $ref: '#/components/schemas/apiOrderSide' funds: type: string description: amount of quote currency to spend (for market orders) specified_funds: type: string description: funds with fees type: $ref: '#/components/schemas/apiOrderType' time_in_force: $ref: '#/components/schemas/apiOrderTimeInForce' expire_time: type: string description: timestamp at which order expires format: date-time post_only: type: boolean description: if true, forces order to be `maker` only created_at: type: string description: timestamp at which order was placed format: date-time done_at: type: string description: timestamp at which order was done format: date-time done_reason: type: string description: reason order was done (filled, rejected, or otherwise) reject_reason: type: string description: reason order was rejected by engine fill_fees: type: string description: fees paid on current filled amount filled_size: type: string description: amount (in base currency) of the order that has been filled executed_value: type: string status: $ref: '#/components/schemas/apiOrderStatus' settled: type: boolean description: true if funds have been exchanged and settled stop: $ref: '#/components/schemas/apiOrderStop' stop_price: type: string description: price (in quote currency) at which to execute the order funding_amount: type: string client_oid: type: string description: client order id market_type: type: string description: market type where order was traded max_floor: type: string description: maximum visible quantity for iceberg order secondary_order_id: type: string description: order id for the visible order for iceberg order stop_limit_price: type: string description: stop limit price for TPSL order example: id: a9625b04-fc66-4999-a876-543c3684d702 price: '10.00000000' size: '1.00000000' product_id: BTC-USD profile_id: 8058d771-2d88-4f0f-ab6e-299c153d4308 side: buy type: limit time_in_force: GTC post_only: true max_floor: '4' created_at: '2020-03-11T20:48:46.622Z' fill_fees: '0.0000000000000000' filled_size: '0.00000000' executed_value: '0.0000000000000000' status: open settled: false apiUnauthorizedResponse: type: object properties: message: title: message pattern: ^[a-zA-Z0-9]{1, 32}$ type: string description: >- UnauthorizedResponse is the response message for endpoints in rest-gateway that requires authentication. This message is used to generate the Exchange REST API documentation using OpenAPI format. apiErrorResponse: type: object properties: message: title: message pattern: ^[a-zA-Z0-9]{1, 32}$ type: string apiOrderType: type: string default: limit enum: - limit - market - stop apiOrderSide: type: string default: buy enum: - buy - sell apiOrderStpFlag: type: string default: dc enum: - dc - co - cn - cb apiOrderStop: type: string default: loss enum: - loss - entry apiOrderTimeInForce: type: string default: GTC enum: - GTC - GTT - IOC - FOK apiOrderCancelAfter: type: string default: min enum: - min - hour - day apiOrderStatus: type: string default: open enum: - open - pending - rejected - done - active - received - all securitySchemes: ApiKeyAuthKey: type: apiKey name: cb-access-key in: header ApiKeyAuthPassphrase: type: apiKey name: cb-access-passphrase in: header ApiKeyAuthSign: type: apiKey name: cb-access-sign in: header ApiKeyAuthTimestamp: type: apiKey name: cb-access-timestamp in: header ````