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Tiles

A tile is one contract. It covers:
  • an underlying (an instrument: BTC, ETH, SOL…);
  • a time window [start, end);
  • a price range [min_strike, max_strike).
A share pays **$1 if the underlying trades inside the range during the window**, and $0 otherwise. So share prices are between 0 and 1. The tile’s id packs those five fields into a u256 (contract ids); GET /v1/contracts/{id} decodes it. Listed today: BTC, ETH, SOL, XRP, HYPE and ZEC, all against USD.

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Grids

The exchange accepts any tile, but the market maker quotes, and liquidity gathers, on each instrument’s grids (GET /v1/instruments → grids): A grid tile starts on a multiple of the window (Unix seconds), and its range starts on a multiple of the price step. For BTC’s 5m tile at time t and price p:
Pack those into a contract id, with the strikes in micro USD.

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Market hours

Each instrument has weekly market hours (market_hours, in market_tz). Crypto is always open (""), so every listed instrument today trades around the clock. GET /v1/instruments/{id}/sessions?from=&to= turns market hours into absolute [start_ms, end_ms] sessions, up to 14 days at a time. A tile whose window doesn’t overlap any session can’t see a trade, so the exchange refuses it (MARKET_CLOSED).

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Is a tile tradable?

GET /v1/contracts/{id} gives the same answer POST /v1/orders enforces:
  • status:
    • upcoming: the window hasn’t started;
    • active: it’s running;
    • settling: it has ended and is within the settlement grace period (GET /v1/exchange → settlement_grace_seconds);
    • settled: past that.
  • tradable and reason: TILE_ENDED (the window has ended), MARKET_CLOSED (the window lies entirely in closed hours) or UNKNOWN_INSTRUMENT. Active tiles can still be traded.
  • outcome: yes (touched) or no, once the tile has settled.

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Finding liquidity

GET /v1/markets?instrument_id=&grid= lists the tradable tiles that have resting orders, with each one’s best bid and ask and its order count. It’s the starting point for a liquidity provider. Stream any of them with the book or top_of_book WebSocket channels.

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The underlying’s price

  • GET /v1/instruments/{id}/price returns the last trade.
  • The underlying_trades WebSocket channel streams every trade.
Prices come from the exchange’s own feed of Coinbase spot trades. Settlement uses the same prices.