> ## Documentation Index > Fetch the complete documentation index at: https://docs.rails.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Public Trades Stream > Real-time trade updates and snapshots for a specific market. This stream is available on the `publicTrades` subscription. It provides real-time trade updates for a specified market via `publicCompletedOrdersDelta` push messages, plus on-demand snapshots of recent trades via `emitPublicCompletedOrders`. #### Snapshot vs. Delta The `emitPublicCompletedOrders` request returns a snapshot of recent trades via `publicCompletedOrders`. Use it for: * Initial state hydration when first connecting to the stream * Recovery after reconnects or connection interruptions * Verifying historical execution completeness * Getting recent trade history before processing real-time delta updates * Reconciling local trade history with server state ## AsyncAPI ````yaml latest/perps/asyncapi/perps-ws.yaml publicTradesStream id: publicTradesStream title: Public Trades Stream description: > Available on the `publicTrades` subscription. Real-time trade executions and on-demand snapshots for a specific market. servers: - id: sandbox protocol: wss host: ws.sandbox.rails.xyz bindings: [] variables: [] address: '?product=perpetuals&market={market}&subscriptions=publicTrades' parameters: - id: market jsonSchema: type: string description: > A specific market (e.g. `BTC-USDT`) or `ALL`. When `ALL` is used, `market` must be supplied explicitly in the `content` of every request that accepts it. default: BTC-USDT description: > A specific market (e.g. `BTC-USDT`) or `ALL`. When `ALL` is used, `market` must be supplied explicitly in the `content` of every request that accepts it. type: string required: true deprecated: false bindings: [] operations: - &ref_2 id: emitPublicCompletedOrders title: Emit public completed orders description: > Request a snapshot of recent public trades. Useful for initial state hydration, reconnect recovery, and reconciliation before processing delta updates. type: receive messages: - &ref_5 id: emitPublicCompletedOrdersRequest contentType: application/json payload: - name: Emit Public Completed Orders type: object properties: - name: message type: string description: Always `emitPublicCompletedOrders`. required: true - name: content type: object required: false properties: - name: clientRequestId type: string description: Client-generated UUID for correlation required: false - name: market type: string description: >- Market name, only required when connecting with `market=ALL` required: false headers: [] jsonPayloadSchema: type: object properties: message: type: string description: Always `emitPublicCompletedOrders`. x-parser-schema-id: content: type: object properties: clientRequestId: type: string description: Client-generated UUID for correlation x-parser-schema-id: market: type: string description: Market name, only required when connecting with `market=ALL` x-parser-schema-id: x-parser-schema-id: required: - message x-parser-schema-id: title: Emit Public Completed Orders example: |- { "message": "emitPublicCompletedOrders", "content": { "clientRequestId": "4cc68b60-ed2d-42aa-a21e-cb5486f8fd1a", "market": "ETH-USDT" } } bindings: [] extensions: - id: x-parser-unique-object-id value: emitPublicCompletedOrdersRequest bindings: [] extensions: &ref_0 - id: x-parser-unique-object-id value: publicTradesStream - &ref_3 id: publicCompletedOrdersSnapshot title: Public completed orders snapshot description: Response to `emitPublicCompletedOrders`. type: send messages: - &ref_6 id: publicCompletedOrdersResponse contentType: application/json payload: - name: Public Trades Snapshot description: Response to `emitPublicCompletedOrders`. type: object properties: - name: resultType type: string description: Always `publicCompletedOrders`. required: true - name: market type: string description: Market name required: true - name: data type: object required: true properties: - name: clientRequestId type: string description: Client-generated UUID for correlation required: false - name: orders type: array description: Snapshot of recent trade executions required: true properties: - name: executionType type: string description: Execution role enumValues: - taker - maker required: true - name: matchId type: string description: Unique identifier for the trade match required: true - name: orderType type: string description: Order side enumValues: - buy - sell required: true - name: price type: string description: Execution price required: true - name: quantity type: string description: Execution quantity required: true - name: updatedAt type: integer description: Execution timestamp (milliseconds since epoch) required: true - name: statusCode type: integer description: Always `200`. required: true headers: [] jsonPayloadSchema: type: object properties: resultType: type: string description: Always `publicCompletedOrders`. x-parser-schema-id: market: type: string description: Market name x-parser-schema-id: data: type: object properties: clientRequestId: type: string description: Client-generated UUID for correlation x-parser-schema-id: orders: type: array description: Snapshot of recent trade executions items: &ref_1 type: object properties: executionType: type: string enum: - taker - maker description: Execution role x-parser-schema-id: matchId: type: string description: Unique identifier for the trade match x-parser-schema-id: orderType: type: string enum: - buy - sell description: Order side x-parser-schema-id: price: type: string description: Execution price x-parser-schema-id: quantity: type: string description: Execution quantity x-parser-schema-id: updatedAt: type: integer description: Execution timestamp (milliseconds since epoch) x-parser-schema-id: required: - executionType - matchId - orderType - price - quantity - updatedAt x-parser-schema-id: PublicTradeExecution x-parser-schema-id: statusCode: type: integer description: Always `200`. x-parser-schema-id: required: - orders - statusCode x-parser-schema-id: required: - resultType - market - data x-parser-schema-id: title: Public Trades Snapshot description: Response to `emitPublicCompletedOrders`. example: |- { "resultType": "publicCompletedOrders", "market": "ETH-USDT", "data": { "clientRequestId": "4cc68b60-ed2d-42aa-a21e-cb5486f8fd1a", "orders": [ { "executionType": "taker", "matchId": "d65966ab-109c-491f-bb55-a6ccd0453153", "orderType": "buy", "price": "3181.41", "quantity": "0.01", "updatedAt": 1767762904115 }, { "executionType": "maker", "matchId": "9eb783a6-7abc-4e94-9d9c-fd404e7580eb", "orderType": "sell", "price": "3181.42", "quantity": "0.02", "updatedAt": 1767762810250 } ], "statusCode": 200 } } bindings: [] extensions: - id: x-parser-unique-object-id value: publicCompletedOrdersResponse bindings: [] extensions: *ref_0 - &ref_4 id: publicTradesUpdate title: Public trades update description: Pushed whenever new trades are executed in the subscribed market. type: send messages: - &ref_7 id: publicCompletedOrdersDelta contentType: application/json payload: - name: Public Trades Delta type: object properties: - name: resultType type: string description: Always `publicCompletedOrdersDelta`. required: true - name: market type: string description: Market name required: true - name: data type: object required: true properties: - name: orders type: array description: New trade executions since last update required: true properties: - name: executionType type: string description: Execution role enumValues: - taker - maker required: true - name: matchId type: string description: Unique identifier for the trade match required: true - name: orderType type: string description: Order side enumValues: - buy - sell required: true - name: price type: string description: Execution price required: true - name: quantity type: string description: Execution quantity required: true - name: updatedAt type: integer description: Execution timestamp (milliseconds since epoch) required: true - name: statusCode type: integer description: Always `200`. required: true headers: [] jsonPayloadSchema: type: object properties: resultType: type: string description: Always `publicCompletedOrdersDelta`. x-parser-schema-id: market: type: string description: Market name x-parser-schema-id: data: type: object properties: orders: type: array description: New trade executions since last update items: *ref_1 x-parser-schema-id: statusCode: type: integer description: Always `200`. x-parser-schema-id: required: - orders - statusCode x-parser-schema-id: required: - resultType - market - data x-parser-schema-id: title: Public Trades Delta example: |- { "resultType": "publicCompletedOrdersDelta", "market": "ETH-USDT", "data": { "orders": [ { "executionType": "taker", "matchId": "9eb783a6-7abc-4e94-9d9c-fd404e7580eb", "orderType": "buy", "price": "3181.41", "quantity": "0.01", "updatedAt": 1767762810250 }, { "executionType": "maker", "matchId": "d65966ab-109c-491f-bb55-a6ccd0453153", "orderType": "sell", "price": "3181.42", "quantity": "0.02", "updatedAt": 1767762904115 } ], "statusCode": 200 } } bindings: [] extensions: - id: x-parser-unique-object-id value: publicCompletedOrdersDelta bindings: [] extensions: *ref_0 sendOperations: - *ref_2 receiveOperations: - *ref_3 - *ref_4 sendMessages: - *ref_5 receiveMessages: - *ref_6 - *ref_7 extensions: - id: x-parser-unique-object-id value: publicTradesStream securitySchemes: - id: wsAuth name: Sec-WebSocket-Protocol type: httpApiKey description: | Supply as `authorization#` during the WebSocket handshake. in: header extensions: [] ````