FIX Spot API Sessions, Signing, Limits, and Market Data Handling

Summary

This document explains how to connect to a spot exchange through FIX order entry, drop copy, and market data sessions. It covers TLS and server-name checks, Ed25519 logon signatures, API-key permissions, message sequencing, response modes, timestamps, and heartbeat handling. It also describes message, connection, and unfilled-order limits, plus how to query current usage and interpret rejections. These details are operational guidance for building clients that submit orders or consume account and market data; they do not describe a trading signal or strategy.

The guide gives concrete protocol rules and example values, including heartbeat intervals, request timeouts, and session-specific limits. It notes that a timeout does not establish whether an order failed, so clients should check order status. It also warns that sessions may be interrupted for maintenance and that drop-copy data is delayed. A later section shifts to FIX SBE specifics, such as message encoding, depth updates, and automatic culling of stale book ticker events. The material is an API reference, not evidence of trading performance, and clients must account for version, session, and instrument constraints.

Key ideas

• FIX sessions use TLS and require Ed25519-signed logon requests.
• Order entry, drop copy, and market data sessions have different permissions and capabilities.
• Clients must maintain increasing sequence numbers and respond to heartbeat checks.
• Request timeouts can leave execution status uncertain, so clients should query order state.
• Connection and message limits vary by session, and market data may be delayed or culled.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.