Settlement process

Trades will remain executed until settlement is triggered. Then, Anchorage Digital will create an official settlement calculation by account, with all outstanding positions and instructions on how to settle, which is available in the UI or via API.

Settlement on crypto assets is netted by account and by asset, and fiat is netted by trading account as well. Unsettled balances will also be visible in the Anchorage Digital web dashboard and via API using the list settlements and get settlement by ID endpoints. Each settlement instructs the client on the quantity and location to send assets and fiat. These details can also be found in the Anchorage Digital web dashboard under the “trade” tab or via the settlement APIs.

Clients can manually designate the exact vault, wallet, or address within their account where they would like Anchorage Digital trading to deposit funds. The destination can be adjusted at any time.

Settlement process for pre-funded trading

As described in the previous section, the SELL-side of each trade will automatically be removed from the client’s pre-funded balance once a trade executes. Anchorage Digital will later deposit the relevant BUY side into the trading account once the trade has fully settled. Anchorage Digital will not settle the asset back to the client’s custody account unless requested.

Settlement process for credit limit trading

Anchorage Digital will not automatically pull fiat or assets from the client’s vault. Clients will need to initiate an internal transfer to move assets or wire USD from an external account for settlement with Anchorage Digital. This transfer needs to be initiated by the client via the create transfer, withdrawal request endpoint, Anchorage Digital web dashboard “Withdraw” operation OR Atlas. In the withdrawal or transfer API case, the destination deposit address for this transfer request will be provided by Anchorage Digital via API, and separate transfers will be required for each asset (consider gas fees or see gas station [add LINK here]).

Please note for account-based assets held within a single wallet, network fees for these transfers will be paid in the underlying native asset—e.g., USDC settlement network fee paid in ETH from the same wallet. Please ensure there are sufficient assets to fund these settlements ahead of time. Clients' pre-funded trading limits will be updated based on the remaining pre-funded balances at the start of their trading periods. Refer to Network Fees page for more on how Anchorage Digital can support network fees.

Netted settlement overview

Basic net buy and net sell settlement

Once the settlement has been created, there are two scenarios for settlement by asset:

• A “net buy” settlement occurs when a client purchased more of an asset than they sold throughout the trading session by account.
• A “net sell” settlement is if a client sold more of an asset than they purchased throughout the session by account.

Multi-asset settlement

In the event multiple assets are net bought or net sold under a single account, settlement instructions will be provided by assets within the vault. For example:

• If a client has a net sell position for BTC and executes a new buy trade for ETH within the same trading session, the client will need to settle the following:
  • The client owes BTC and must initiate an internal transfer from their wallet or vault to Anchorage Digital’s settlement vault.
  • The client owes USD (for ETH buy) and must initiate a fiat transfer from the client’s fiat bank to Anchorage Digital’s fiat account.
• Once the crypto and fiat have been received and confirmed, Anchorage Digital will then transfer the ETH into the assigned client’s account, completing settlement.