> ## 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.
# Trade and rebalance
> Submit single and block trade orders, manage pricing data, and understand the settlement lifecycle.
Before trading end-client funds, review:
* Asset support
* Trade precision and minimums
* Available balance to trade
* Order types and submission methods
* Single vs. block trades
* Pricing data
* Best practices
* Settlement lifecycle
Testing in sandbox differs from production. Settlement testing is limited due to a mismatch between tradeable and testnet assets.
***
## Asset support
Asset support for the wealth management integration is a subset of Anchorage Digital's full custody asset list. Fetch supported assets from **`GET /v2/trading/pairs`**.
***
## Trade precision and minimums
Minimum order sizes and precision increments are returned by **`GET /v2/trading/pairs`** and enforced at order submission.
```json Example trading pair theme={null}
{
"data": [
{
"description": "Buy AAVE with USD, or Sell AAVE for USD",
"pair": "AAVE-USD",
"referenceData": {
"baseAssetType": "AAVE",
"baseSizeIncrement": "0.00000001",
"lastUpdateTime": "2024-07-09T15:57:55.249Z",
"minimumOrderSize": "0.000000010000000000000002",
"priceIncrement": "0.0000001",
"quoteAssetType": "USD",
"quoteSizeIncrement": "0.01"
}
}
]
}
```
| Field | Description |
| :------------------- | :------------------------------------------------------------------------------------------------------- |
| `baseSizeIncrement` | Minimum size increment when specifying order quantity in the base asset. Maximum decimal places allowed. |
| `quoteSizeIncrement` | Minimum size increment in the quote asset (e.g., USD to 2 decimal places = `0.01`). |
| `priceIncrement` | Minimum price increment in the response from the liquidity provider. |
| `minimumOrderSize` | Minimum required base asset size to place an order. |
***
## Balance available to trade
Fetch `availableForTrading` per subaccount from **`GET /v2/subaccounts/customers/{customerId}/accounts`**. This balance includes unsettled assets, which are also tradeable.
```json theme={null}
"balances": [
{
"assetType": "BTC",
"totalBalance": "1",
"availableForWithdrawal": "0.5",
"availableForTrading": "0.5"
}
]
```
***
## Order types and methods
Supported order type: **Limit FoK** (more types coming soon).
Submission methods:
* REST API — **`POST /v2/trading/order`**
* [WebSocket](/knowledge-base/platform/developers/trading/websocket-getting-started)
***
## Single orders and block trades
### Single orders
Single subaccount orders are ideal for tailored portfolio management or direct client trade requests. Also used to on/off-ramp specific assets without rebalancing across subaccounts.
### Block trades
Block trading executes multiple subaccount allocations as a single institutional order — same execution price for all underlying trades. Routes to liquidity providers via smart order routing.
**Block trade requirements:**
* All allocations must sum to the total order quantity.
* All allocations must meet `availableToTrade` balance — if any allocation fails, the entire order fails.
* Allocations are capped at 1,000 per order.
* Allocation quantity must match the order's currency.
* All orders are Fill-or-Kill (FoK).
* Programmatic cancellations and short selling are not supported.
***
## Pricing data
Pull real-time asset price data from the [WebSocket market data stream](/knowledge-base/platform/developers/trading/websocket-getting-started).
```python Subscribe to market data theme={null}
def subscribe_marketdata(ws, symbol, receiver):
msg = json.dumps({
"messageType": "MarketDataSnapshotRequest",
"timestamp": datetime.now().isoformat(),
"payload": {
"type": "subscribe",
"symbol": symbol,
"reqId": str(uuid.uuid4())
}
})
ws.send(msg)
while True:
resp = json.loads(ws.recv())
receiver(resp)
```
```json Market data snapshot response theme={null}
{
"messageType": "MarketDataSnapshot",
"timestamp": "2023-02-08T14:19:44Z",
"payload": {
"asks": [
{ "price": "23083.25076763", "size": "1" },
{ "price": "23084.28705625", "size": "4" }
],
"bids": [
{ "price": "23081.96", "size": "1" },
{ "price": "23080.96918517", "size": "4" }
],
"reqId": "e07b9683-af27-481a-b4db-1c492114e930",
"symbol": "BTC-USD"
}
}
```
***
## Submit an order
### Key submission rules
1. Include a 1–5% buffer on `limitPrice` to reduce rejections during price volatility. Execution still fills at best market rate.
2. Submit in USD for buys; submit in-kind for sells.
3. `accountId` is not required for subaccount trades.
4. `baseSizeIncrement` — round allocation quantities to this precision before submission. The parent order uses this precision when routing to liquidity providers.
### Order status values
| Status | Description |
| :--------- | :-------------------------------------------------------------------------------------- |
| `FILLED` | Order fully executed. |
| `CANCELED` | Limit FoK order did not cross the book. Safe to resubmit. |
| `REJECTED` | Poorly formatted, liquidity provider issue, or internal error. Do not retry repeatedly. |
### Trade status values
| Status | Description |
| :--------- | :------------------------------------------------------------------------------------------------- |
| `PENDING` | Trade accepted; temporary status while Anchorage Digital receives fill details from market makers. |
| `EXECUTED` | Fill price and fees available; pre-settlement. |
| `SETTLING` | Netted balances sent to Anchorage Digital; settling with liquidity providers. |
| `SETTLED` | All funds settled; subaccount balances updated. |
| `REJECTED` | Trade failed — asset volatility exceeded slippage or insufficient trading limit. |
| `CANCELED` | Trade canceled manually. |
### REST API — block order
```bash Request theme={null}
curl --request POST \
--url https://api.anchorage-staging.com/v2/trading/order \
--header 'Api-Access-Key: [API Key]' \
--header 'accept: application/json' \
--header 'content-type: application/json' \
--data '{
"clOrderId": "6fb5fc79-0bb4-446d-82dd-d4687fb56a02",
"symbol": "BTC-USD",
"side": "BUY",
"currency": "USD",
"quantity": "100.00",
"orderType": "LIMIT",
"limitPrice": "100004.05",
"timestamp": "2025-02-20T18:32:51.133Z",
"allocation": [
{ "subaccountId": "ec761b5e-fd2c-497a-a9a0-f8738ac97bd", "quantity": "10" },
{ "subaccountId": "bc1234e-12v3-ab31-1234-gf8738ac597bd", "quantity": "90" }
]
}'
```
```json Response (filled) theme={null}
{
"data": {
"clOrderId": "6fb5fc79-0bb4-446d-82dd-d4687fb56a02",
"orderId": "a94c8d75-6c9d-4903-95f3-5b0893e76cb7",
"symbol": "BTC-USD",
"side": "BUY",
"currency": "USD",
"orderType": "MARKET",
"orderStatus": "FILLED",
"avgPx": "21005.4",
"orderQty": "10000.00",
"cumQty": "10000.00",
"counterQty": "0.4760680586896702",
"fee": "0.00001359805",
"feeCurrency": "BTC",
"transactTime": "2022-11-20T20:32:16.423Z"
}
}
```
### WebSocket — block order
```json Submit order theme={null}
{
"messageType": "NewOrderSingle",
"timestamp": "2023-03-12T22:22:09.925952Z",
"payload": {
"clOrderId": "47ce2580-5e57-45d8-b67f-71a5aa55d05f",
"symbol": "BTC-USD",
"side": "SELL",
"currency": "USD",
"quantity": "10000",
"orderType": "LIMIT",
"limitPrice": "21000",
"timeInForce": "GTC",
"accountId": "3fa8372d-b51d-44ab-a456-43e947e4be10"
}
}
```
```json Execution report (filled) theme={null}
{
"messageType": "ExecutionReport",
"payload": {
"clOrderId": "47ce2580-5e57-45d8-b67f-71a5aa55d05f",
"symbol": "BTC-USD",
"orderStatus": "FILLED",
"avgPx": "21990.01",
"cumQty": "10000",
"fee": "0.00045521",
"feeCurrency": "BTC",
"transactTime": "2023-03-12T22:22:09.925050Z"
}
}
```
```json Execution report (rejected) theme={null}
{
"messageType": "ExecutionReport",
"payload": {
"clOrderId": "47ce2580-5e57-45d8-b67f-71a5aa55d05f",
"symbol": "BTC-USD",
"orderStatus": "REJECTED",
"rejectReason": "Invalid request",
"rejectReasonText": "invalid price: 21500.0001, must be multiplication of 0.01",
"transactTime": "2023-03-12T22:22:09.925050Z"
}
}
```
***
## Trading best practices
1. Confirm supported trade pairs and log precision requirements per asset.
2. Configure pricing market data feed.
3. Fetch `availableToTrade` balance before each trade.
4. Call the RFQ endpoint to verify quote precision and minimum trade size. Requires `tradingAccountId`.
5. Submit a single or block order over WebSocket or REST.
6. Monitor orders and trades endpoints to report execution price and quantity to end clients.
7. Monitor subaccount balances as trades settle.
Implement retry logic for REST order submissions. Suggested approach:
* Retry after 1s, 2s, then 4s on non-201 errors.
* A 201 response with `REJECTED` status indicates a liquidity provider issue (insufficient liquidity, min order size) — retries will not help.
* A 500 error typically indicates a subaccount balance issue.
***
## Settlement lifecycle
Settlement is fully automated by Anchorage Digital.
### Unsettled balances
Unsettled balances are available for trading immediately but not for withdrawal until settled.
### Network fees
Anchorage Digital funds network fees for settlement activity. Fees are tracked in the "FBO gas fees" subaccount and funded regularly by Anchorage Digital — no action required from the wealth manager.
### Settlement status values
| Status | Description |
| :------------------------------------------------------- | :-------------------------------------------------------------------------------------------------- |
| `PENDING` | Settlement created; covers one or more trades. |
| `SETTLING` | Funds transferred from wealth manager wallets; Anchorage Digital settling with liquidity providers. |
| `SETTLED` | All funds settled; subaccount balances updated. |
| `CANCELED` | Settlement canceled. |
| `EXECUTED`, `REJECTED`, `PENDINGALLOCATION`, `ALLOCATED` | Internal statuses — not applicable to the wealth management use case. |
### Settlement types
`TRADE` | `FEE` (custody, advisory, model, management)
### Automated settlement status flow
| Event | Trade status | Settlement status |
| :------------------------ | :----------- | :---------------- |
| Trade executed | `EXECUTED` | — |
| Trade added to settlement | `EXECUTED` | `PENDING` |
| First leg settled | `SETTLING` | `SETTLING` |
| Second leg settled | `SETTLED` | `SETTLED` |
***
## Integration example
```python theme={null}
import requests
import uuid
request_headers = {
"accept": "application/json",
"content-type": "application/json",
"Api-Access-Key": "[API Key]"
}
customer_id = "[customerId]"
# Step 1: Get subaccount balances
response = requests.get(
f"https://api.anchorage-staging.com/v2/subaccounts/customers/{customer_id}/accounts",
headers=request_headers
)
data = response.json()["data"]
# check availableForTrading per subaccount
# Step 2: Submit block order
order_request = {
"clOrderId": "fb45ac11-584a-4c31-93ae-6db3c0fb1547",
"symbol": "ETH-USD",
"side": "SELL",
"currency": "ETH",
"quantity": "0.226",
"orderType": "LIMIT",
"limitPrice": "2100",
"timestamp": "2024-01-26T19:31:55Z",
"allocation": [
{ "subaccountId": "e3523a44-0a16-4923-8c65-5bd3c0fe5513", "quantity": "0.128" },
{ "subaccountId": "82962476-6250-443e-bcda-1bf6f959ebcd", "quantity": "0.098" }
]
}
response = requests.post(
"https://api.anchorage-staging.com/v2/trading/order",
json=order_request,
headers=request_headers
)
data = response.json()["data"]
# Step 3: Check order status
order_id = "1a69504c1-18ae-9fb4-a4ea-9f83699"
response = requests.get(
f"https://api.anchorage-staging.com/v2/trading/orders/{order_id}",
headers=request_headers
)
data = response.json()["data"]
# check orderStatus, avgPx, fee
```