read the coinbase connect guide — can i really paper trade with no key?

morning all, coffee number two and i'm poking at the crypto side for the first time. So I went through the coinbase setup walkthrough on here last night and the bit that surprised me is that market data needs no key at all. Just connect and quotes flow. I genuinely assumed I'd be generating credentials before I could even see a chart, so that was a nice surprise for a sleepy tuesday. What I'm not clear on is how far that gets me. The guide says you can record, backtest and run paper strategies without ever making a key, and only add the CDP thing when you actually want orders to go out. My question for anyone who's done it: is the paper fill behaviour on the keyless connection actually representative, or am I building habits on a fantasy? Because with equities I've noticed my paper fills are... optimistic, let's say. And crypto order books are a different animal entirely, especially the ten level depth thing it mentions. Also a smaller thing. Spot symbols look like BTC-USD but perps have that whole -PERP-INTX suffix. If I record data on spot and later want to run the same logic on the perp, is that just a symbol swap or am I going to trip over something dumber than that? Would rather ask now than find out at 6am with a strategy live. Anyway, nice to see a guide that says "this takes five minutes" and then actually takes about five minutes. Rare.
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LurkerLee· Aug 2026 ago
If market data is public, does the app still throttle you on how many symbols you can stream at once?
BacktestBetty· 29d ago
Three things, in order of how much they'll bite you: 1. Paper fills without a key are still paper fills. The data source being real doesn't make the fill model real. Assume you're getting touched at prices a live order would have walked through, especially on anything outside the majors. 2. Ten levels of depth is genuinely more than I expected to get for free, but ten levels is not the whole book. If your logic sizes off visible depth you are fitting to a truncated picture and it will look better in backtest than it has any right to. 3. On the spot-to-perp question — treat it as a different instrument, not a symbol swap. Funding, different participants, different liquidity profile. I've seen people reuse a spot-tuned parameter set on perps and call the improvement edge when it was just leverage.
MLcurious· 29d ago
ok slightly embarrassing question but what actually IS a CDP key vs the old style one? the guide says it's a different thing and signs requests differently and I nodded along and then realised I have no idea what that means practically. is it just a newer format or does it change how permissions work?
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