> ## Documentation Index
> Fetch the complete documentation index at: https://docs.paxos.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Overview

> Real-time market data via Smart Order Routing and public stablecoin WebSockets.

Paxos offers WebSocket APIs for real-time market data:

### Smart Order Routing WebSocket API

Authenticated, bidirectional WebSocket API for Order Routing customers. Stream aggregated order book updates, top-of-book quotes, execution data, and heartbeats. [Learn more](/api-reference/websockets/smart-order-routing-overview).

### Stablecoin Market Price Feed

Public WebSocket feed for external stablecoin market index prices. No authentication required. [Learn more](#stablecoin-market-price-feed).

> For a hands-on introduction to Order Routing streams, see the [Smart Order Routing WebSocket](/guides/crypto-brokerage/smart-order-routing-websocket) guide.

## Smart Order Routing

**Production:** `wss://ws.paxos.com/`\
**Sandbox:** `wss://ws.sandbox.paxos.com/`

Authentication uses OAuth2 with the `exchange:read_aggregated_marketdata_stream` scope. See [rate limits](/guides/developer/rate-limits#websocket-limits) for subscription guidance.

| Channel | Description |
| - | - |
| [Market Data](/api-reference/websockets/smart-order-routing-market-data) | Full order book snapshots and incremental updates |
| [Top of Book](/api-reference/websockets/smart-order-routing-top-of-book) | Best bid and ask updates |
| [Execution Data](/api-reference/websockets/smart-order-routing-execution-data) | Real-time trade executions |
| [Heartbeat](/api-reference/websockets/smart-order-routing-heartbeat) | Application-layer liveness signal |

## Stablecoin Market Price Feed

The stablecoin market price feed provides real-time market index price updates for external stablecoins. No authentication is required.

* **Current support**: USDCUSD
* **Update frequency**: Typically \~1 message per second, varying with market volatility
* **Message content**: Market name, current price (4 decimals), and timestamp

### Server Endpoints

**Production:** `wss://ws.paxos.com`\
**Sandbox:** `wss://ws.sandbox.paxos.com`

### Channels

* `/marketdata/stablecoin` — All stablecoin markets
* `/marketdata/stablecoin/{market}` — Single stablecoin market (for example, `USDCUSD`)

See the [Stablecoin Data](/api-reference/websockets/market-data-stablecoin) API reference for message schemas and examples.

### Example

Request URL: `wss://ws.sandbox.paxos.com/marketdata/stablecoin/USDCUSD`

```json theme={null}
{"market":"USDCUSD","price":"1.0001","timestamp":"2024-11-04T18:11:09.042391267Z"}
{"market":"USDCUSD","price":"1.0001","timestamp":"2024-11-04T18:11:10.049787567Z"}
```

Once a secure (`wss://`) connection is established, the feed begins streaming data subject to the [rate limits](/guides/developer/rate-limits#websocket-limits). Clients should implement a reconnection mechanism in case of server disconnection.