Alpaca: paper access and simulation limits
An API-oriented paper environment for testing order submission and account workflows without sending orders to a live exchange.
Selected workflow
Live-market simulation
Access and account requirements
Paper-only account available; email signup; data tier limits apply.
Market-data conditions
Paper-only entitlement uses IEX data; quote source and fill reference are distinct.
Simulation boundaries
Paper fills omit several real-market effects, including market impact, latency slippage and queue priority. Quantity is not constrained by displayed NBBO size. Do not infer paper-only access establishes live brokerage eligibility.
A practical verification exercise
Use separate paper credentials and endpoint. Test cancellation, an unmarketable limit and a missing quote; record data entitlement and compare the returned fill ledger.
Record the exact account mode and date. Reconcile requested quantity, fill time, fee and residual position using a copied statement. A product described as multi-asset may still have different permissions, data or order types in a particular account.
Primary evidence
Alpaca paper environment and fill limitations
Checked 17 October 2026; published documentation, not an authenticated account or live execution test. Paper API: documented by the selected source.
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