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

# Block Trading

> Onboard for block trading and book pre-negotiated block trades with the Polymarket team

Polymarket Institutional supports block trades for entities that qualify as Eligible Contract Participants (ECPs). Block trades are negotiated off-platform, then booked and confirmed by the Polymarket team. Trades settle and clear on the exchange.

Every block must be at least 100,000 contracts. Prices are quoted in cents from 0.5¢ to 99.5¢, in half-cent ticks.

> [!NOTE]
>
> Only approved ECPs can be party to a block trade. Complete [onboarding](#onboard-for-block-trading) before trading.

## Onboard for Block Trading

Every entity that will transact completes the institutional application. That includes both counterparties to a block. See [Onboarding](https://docs.polymarket.us/trader-guide/onboarding.md) for the full application, including the documents to prepare.

For block trading:

* **Introducing brokers** select **Introducing Broker** as the participant type. They complete a shorter application and upload only the **IB Participation Agreement - Block Trades**.
* **Counterparties** select the participant type that describes their business, such as **Market Maker**, **Hedge Fund**, or **FCM**. They complete the standard application.
* **ECP status is required.** During review, the onboarding team confirms that the entity qualifies as an ECP.

After approval, the Polymarket Institutional team coordinates a test trade with you.

## Book a Block Trade

**1. Negotiate off-platform**

The two counterparties agree the trade directly, or an introducing broker arranges it on behalf of its clients.

**2. Confirm both parties are onboarded**

Both counterparties must be approved exchange participants. If either is not, they must [onboard](https://docs.polymarket.us/trader-guide/onboarding.md) first.

**3. Send the trade to your Polymarket contact**

Contact your Polymarket representative or [blocks@polymarket.com](mailto:blocks@polymarket.com) with the agreed terms:

* Both counterparties (Party A and Party B) and the side each one takes. One party buys and the other sells.
* The market and outcome
* The size, at least 100,000 contracts
* The price, from 0.5¢ to 99.5¢ in half-cent ticks

If the market you need isn't listed yet, ask your Polymarket representative to list it.

**4. Polymarket books and confirms the trade**

The Polymarket team confirms the terms with both counterparties and books the trade to the exchange.

## After the Trade Books

* Settlement and clearing occur on the exchange.
* An [end-of-day report](https://docs.polymarket.us/faqs/eod-reporting.md) is generated for each participant that had a block trade.

## Glossary

| Term | Definition |
| - | - |
| **ECP** | Eligible Contract Participant. The qualification an entity must hold to transact, established during onboarding review. |
| **IB** | Introducing broker. A broker that negotiates a block trade on behalf of two counterparties. |
| **Party A / Party B** | The two counterparties to a block trade. Their sides are opposite. |

## Contacts

* **Onboarding portal:** [institutional.polymarketexchange.com](https://institutional.polymarketexchange.com)
* **Block trades:** [blocks@polymarket.com](mailto:blocks@polymarket.com)
* **Product details:** [Polymarket US Block Trades](https://polymarketexchange.com/block-trades.html)


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