Crypto Trade Settlement

Crypto trades on the Cybrid platform do not settle immediately. The platform collects and groups trades into batches multiple times daily during designated settlement windows. These batches include trades from all customers across all partners. Cybrid cannot process a settlement for an individual trade outside of the settlement window.

Trade State Cycle

The trading process follows these steps:

• A trade quote is created on the platform for a customer (or bank).
• The trade quote is executed via the /trades endpoint, transitioning the trade to the pending state on success.
• The trade moves to the executed state when included in the next settlement batch. At this stage, funds are collected from the platform (fiat/trading) accounts and reflected under the platform_balance value.
• The settling state indicates the trade has been submitted to the liquidity provider for processing, involving one of the following:
  • Fiat or cryptocurrency is transferred from Cybrid to the liquidity providers.
  • Fiat or cryptocurrency is received from liquidity providers by Cybrid.
• Once Cybrid receives the traded asset (fiat or cryptocurrency), the trade transitions to the completed state, and the platform_available value of the underlying platform (fiat/trading) accounts updates accordingly.

Trade Settlement Timelines

Trade settlements occur every hour from 9 AM to 5 PM Eastern Time on weekdays, excluding bank holidays. Each trade settlement takes approximately 30 minutes to 1 hour for USDT stablecoins, and between 1 and 2 hours for cryptocurrencies (such as BTC and ETH). Any trade executed after 5 PM Eastern will be batched and settled in the next processing day's 9 AM batch.

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USDC settlement

USDC trades settle hourly throughout the day (24/7), including holidays, and typically complete within minutes.

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Factors affecting settlement timelines

• Weekends and bank holidays
• Delays in banking infrastructure and Fedwire wire transfers
• Delays from liquidity providers in settling wires or releasing crypto assets
• Crypto network congestion and blockchain confirmations
• Compliance screening policies and manual compliance reviews

In exceptional circumstances, additional trade settlements may run on processing days only, and not before 9 AM Eastern or after 5 PM Eastern.

Bitcoin Lightning Network

Settlement for Bitcoin Lightning transactions is initiated once a day with the 9 AM Eastern trade settlement.