Binance has disclosed a revenue-sharing agreement with Alpaca, a provider of custody and brokerage infrastructure APIs, according to official documents. Under the terms, Binance will receive 50% of the order flow payment fees generated by Alpaca, and after paying interest to users, it will take 65% of the remaining profits from user stock lending activities.
Alpaca serves as the brokerage, clearing, and custody infrastructure provider for Binance's stock trading product. Leveraging this, Binance already offers trading access to over 7,000 U.S. listed stocks and exchange-traded funds (ETFs), and has also teased a tokenized stock product called bStocks. As of December 2025, Alpaca held $480 million in assets under custody.
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