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

# Settlement process

> How trades settle at Anchorage Digital, including pre-funded and credit limit settlement flows.

Trades remain in `EXECUTED` status until settlement is triggered. Anchorage Digital then creates an official settlement calculation by account — netting all outstanding positions and providing instructions on how to settle. Settlement details are available in the web dashboard under the **Trade** tab and via the [settlement APIs](https://docs.anchorage.com/reference/getsettlements).

Settlement is netted by account and asset for crypto; fiat is netted by trading account. Each settlement instructs the client on the quantity and destination to send assets and fiat.

Clients can designate the exact vault, wallet, or address where Anchorage Digital trading should deposit funds. This destination can be adjusted at any time.

***

## Pre-funded trading settlement

The sell-side of each trade is automatically removed from the client's pre-funded balance when a trade executes. Anchorage Digital deposits the buy-side asset into the trading account once the trade fully settles. Assets are not automatically returned to the client's custody account unless requested.

***

## Credit limit trading settlement

Anchorage Digital does not automatically pull fiat or assets from the client's vault. Clients must initiate transfers manually via one of:

* **Create transfer / withdrawal request** endpoint
* **Anchorage Digital web dashboard** withdraw operation
* **Atlas**

The destination deposit address for each transfer is provided by Anchorage Digital via API. Separate transfers are required per asset.

<Warning>
  For account-based assets in a single wallet, network fees are paid in the underlying native asset — e.g., USDC settlement fees are paid in ETH from the same wallet. Ensure sufficient gas ahead of settlement.
</Warning>

Refer to the [Network fees](https://developers.anchorage.com/docs/network-gas-fees) page for details on how Anchorage Digital can support network fees. Pre-funded trading limits are updated based on remaining balances at the start of each trading period.

***

## Netted settlement

### Net buy and net sell

| Scenario     | Definition                                                             |
| :----------- | :--------------------------------------------------------------------- |
| **Net buy**  | Client purchased more of an asset than sold during the trading session |
| **Net sell** | Client sold more of an asset than purchased during the trading session |

### Multi-asset settlement example

If a client has a **net sell** in BTC and executes a **new buy** for ETH within the same session:

<Steps>
  <Step title="Client sends BTC">
    Initiate an internal transfer from the client's wallet or vault to Anchorage Digital's settlement vault.
  </Step>

  <Step title="Client sends USD">
    Initiate a fiat transfer from the client's bank to Anchorage Digital's fiat account (to cover the ETH buy).
  </Step>

  <Step title="Anchorage Digital sends ETH">
    Once crypto and fiat are received and confirmed, Anchorage Digital transfers ETH into the assigned client account, completing settlement.
  </Step>
</Steps>