The interaction of iberiotoxin (IbTX) with the large-conductance calcium-activated potassium (maxi-K) channel was examined by measuring single-channel currents from maxi-K channels incorporated into planar lipid bilayers. Addition of nanomolar concentrations of IbTX to the external side of the channel produced long nonconducting silent periods, which were interrupted by periods of normal channel activity. The distributions of durations of blocked and unblocked periods were both described by single exponentials. The mean duration of the unblocked periods decreased in proportion with the external concentration of IbTX, while the mean duration of the blocked periods was not affected. These results suggest that IbTX blocks the maxi-K channel through a simple bimolecular binding reaction where the silent periods represent times when a single toxin molecule is bound to the channel. In symmetric solutions of 150 mM KCl, with a membrane potential of 40 mV, the mean duration of the blocked periods produced by IbTX was 840 s, and the association rate was 1.3 x 10(6) M-1 s-1, yielding an equilibrium dissociation constant of about 1 nM. Raising the internal potassium concentration increased the dissociation rate constant of IbTX in a manner which was well described by a saturable binding function for potassium. External tetraethylammonium ion increased the average duration of the unblocked periods without affecting the blocked periods, suggesting that tetraethylammonium and IbTX compete for the same site near the conductance pathway of the channel. Increasing the external concentration of monovalent cations from 25 to 300 mM with either potassium or sodium decreased the rate of binding of IbTX to the channel by approximately 24-fold, with little effect on the rate of toxin dissociation.(ABSTRACT TRUNCATED AT 250 WORDS)