Trade and rebalance - Anchorage Digital

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 the Get supported trading pairs endpoint.

Trade precision and minimums

Minimum order sizes and precision increments are returned by the List supported trading pairs endpoint and enforced at order submission.

Example trading pair

{
  "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 the Get subaccounts by customerId endpoint. This balance includes unsettled assets, which are also tradeable.

"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:

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.

Configure WebSocket connection

Subscribe to the asset pair

Use response data when submitting orders

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)

Submit an order

Key submission rules

Include a 1–5% buffer on limitPrice to reduce rejections during price volatility. Execution still fills at best market rate.
Submit in USD for buys; submit in-kind for sells.
accountId is not required for subaccount trades.
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

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" }
  ]
}'

WebSocket — block order

{
  "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"
  }
}

Trading best practices

Confirm supported trade pairs and log precision requirements per asset.
Configure pricing market data feed.
Fetch availableToTrade balance before each trade.
Call the RFQ endpoint to verify quote precision and minimum trade size. Requires tradingAccountId.
Submit a single or block order over WebSocket or REST.
Monitor orders and trades endpoints to report execution price and quantity to end clients.
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

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

​Asset support

​Trade precision and minimums

​Balance available to trade

​Order types and methods

​Single orders and block trades

​Single orders

​Block trades

​Pricing data

​Submit an order

​Key submission rules

​Order status values

​Trade status values

​REST API — block order

​WebSocket — block order

​Trading best practices

​Settlement lifecycle

​Unsettled balances

​Network fees

​Settlement status values

​Settlement types

​Automated settlement status flow

​Integration example

Asset support

Trade precision and minimums

Balance available to trade

Order types and methods

Single orders and block trades

Single orders

Block trades

Pricing data

Submit an order

Key submission rules

Order status values

Trade status values

REST API — block order

WebSocket — block order

Trading best practices

Settlement lifecycle

Unsettled balances

Network fees

Settlement status values

Settlement types

Automated settlement status flow

Integration example