Fellow Binancians,

Binance is thrilled to introduce Spot Block Matching, a new solution designed to facilitate the execution of large trades directly between block traders, bypassing exchange order books. This solution aims to enhance trading discretion, improve efficiency, minimize market impact, and reduce slippage.

About Spot Block Matching

Spot Block Matching is tailored for high-volume transactions, addressing challenges such as asset liquidity, order-book visibility, and execution inefficiencies. Block traders can privately negotiate before accessing Spot Block Matching to create and execute their agreed-upon spot block trade, all without the intervention of a Binance representative.

Through its intuitive interface, users (Makers) can create a block trade and generate a unique settlement key. The Maker must then relay this settlement key to the counterparty (Taker) privately. The Taker uses the key to verify and confirm the trade details before execution.

Benefits of Spot Block Matching

  • Minimized Market Impact: Execute large trades directly with counterparties outside of regular exchange order books, preventing significant price fluctuations and market disruptions.

  • Predictable Pricing: Secure a single execution price and a flat fee per transaction, ensuring transparency and predictability.

  • Reduced Slippage: Facilitate high-volume trading at predetermined prices, narrowing the gap between expected and actual execution prices.

  • Discreet Execution: Privately handle large transactions by executing off-exchange spot trades, ensuring discretion and avoiding unwanted attention.

Getting Started With Spot Block Matching

Step 1: Confirm Whitelisting. Ensure your master account is whitelisted to participate in Spot Block Matching. Once whitelisted, you can act as both a maker and taker. For whitelisting requests, please contact either your Sales / Key Account Spot Coverage team; or vip@binance.com. 

Step 2: Access the Platform. Head to the Spot Block Matching page via the VIP Portal.

Step 3: Determine Your Role. Choose to be a Maker (create block orders) or a Taker (accept block orders).

For Makers:

Step 1: Choose Your Action — Buy or sell a block trade.

Step 2: Enter Trade Details. Enter the required information, including the asset pair you wish to trade, the specified price, and the desired amount. Ensure that your specified price is within 5% of the current market price at the time of order creation.

Step 3: Create Your Block Match. Once you have finalized the details, click the ‘Create Block Match’ button to generate your order. Your order will then be displayed under the ‘Block Open Order’ tab. Orders have a default expiry time of 30 minutes. If additional time is needed, you have the option to extend the trade acceptance validity period in 30-minute increments, as many times as necessary.

Step 4: Share Your Settlement Key With the Taker. After creating your order, a unique settlement key will be displayed. Share this settlement key with your taker counterparty to facilitate the trade execution.

For Takers:

Step 1: Attain the Unique Settlement Key From the Counterparty. You will need this settlement key in order to execute on the block trade. 

Step 2: Enter the Settlement Key. Enter the provided settlement key into the designated field.

Step 3: Review the Trade Details. Verify that the block order identified by the settlement key matches the details agreed upon with the maker.

Step 4: Accept and Confirm the Block Trade. After reviewing the order, click on ‘Accept Block Match’. A confirmation window will appear. Click ‘Confirm’ to finalize and execute the block trade.

Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.

Thank you for your support!

Binance Team