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

# StableFX trade states

> Learn about the different states a StableFX trade can be in

StableFX trades can be in a number of states that indicate the progress of the
trade. Most of these states have a corresponding notification that is sent to
subscribers over [webhooks](/api-reference/webhooks) (if configured).

| State                                                                        | Description                                                                                                                                                                                                         |
| ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| `pending`                                                                    | Trade is in an initial or transitional state where it's being created, processed, or sent to the exchange provider. The trade has not yet been confirmed by the provider.                                           |
| [`confirmed`](/api-reference/stablefx/all/trade-confirmed)                   | Trade has been successfully confirmed by the exchange provider and is awaiting signatures from both the taker and maker parties to proceed with onchain recording.                                                  |
| [`pending_settlement`](/api-reference/stablefx/all/trade-pending-settlement) | Trade has been recorded onchain and is awaiting funding from both the taker and maker parties. This state indicates the trade is in progress but not yet fully funded.                                              |
| [`taker_funded`](/api-reference/stablefx/all/trade-taker-funded)             | The taker party has successfully delivered their funds onchain. The trade is now waiting for the maker party to deliver their funds to complete the exchange.                                                       |
| [`maker_funded`](/api-reference/stablefx/all/trade-maker-funded)             | The maker party has successfully delivered their funds onchain. The trade is now waiting for the taker party to deliver their funds to complete the exchange.                                                       |
| [`refunded`](/api-reference/stablefx/all/trade-refunded)                     | Funds delivered onchain have been returned to the respective parties because the trade was canceled or only one party funded before the deadline. This is a terminal state—the trade does not proceed further.      |
| `breaching`                                                                  | The trade's maturity date has passed and the system is actively processing a breach. This is a transitional state indicating the trade is being expired because at least one party did not deliver by the deadline. |
| [`breached`](/api-reference/stablefx/all/trade-breached)                     | The maturity date passed without full settlement—at least one party did not deliver funds. This is a terminal state—the trade has expired and does not proceed.                                                     |
| [`failed`](/api-reference/stablefx/all/trade-failed)                         | The trade has expired before being recorded onchain. This is a terminal state indicating the trade timed out during the signature collection phase and was never broadcast to the blockchain.                       |
| [`complete`](/api-reference/stablefx/all/trade-completed)                    | The StableFX contract has successfully settled token fund transfers between the taker, maker, and fee recipient. This is a terminal state indicating successful trade completion.                                   |

<Note>
  Terminal states (`complete`, `failed`, `breached`, `refunded`) are final—trades
  cannot transition out of them.

  States linked to an API reference page have a corresponding webhook
  notification. `pending` and `breaching` are transitional states with no webhook.
</Note>