Order Book

CoinJar Exchange operates a central limit order book in each trading product. During continuous trading, orders are crossed as they are received by the trading engine, therefore the bid-ask spread between native orders is never zero or negative.

If an incoming order can be matched against an existing resting order or implied order, the incoming order is immediately filled at the price of the resting native order or implied order, and price improvement is possible. Resting orders are matched on a price-time priority basis.

Order book data are disseminated in 4 different formats:

Order Book TypeDissemination ModePrice LevelsCoalescingImplied Price Levels
Level 1 aggregated order bookREST and WebSocket (ticker: channels)Best Bid/AskNot coalesced*Best Bid/Ask
Level 2 aggregated order book (Recommended)REST and WebSocket (book: channels)Top 40Every 100msTop 40
Level 3 aggregated order bookREST onlyAllEvery 100msTop 40
Full native order bookWebSocket only (native_book: channels)AllNot coalescedNo

* For ticker: channels only, new trades are not coalesced but best bid/ask data are refreshed every 100ms.

Orders at the same price levels are aggregated with only the total size displayed.


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