Understand CRX
From onboarding to requesting a quote and settling your first trade.
The NDFThe one instrument CRX trades: a cash-settled FX forward that pays the difference between a locked rate and the fixing.The RFQHow a request becomes a firm price: dealers across the network quote, the best quote returns - fit to your collateral, tenor, and risk - and it holds until it expires.~2 minTerms & bindingThe two EIP-712 signatures that make an agreed quote a live position: both firms sign, it binds on-chain, both post initial margin.~2 minMargin & VMHow an open NDF stays solvent: initial margin sized to notional, variation margin that clears profit and loss - and the margin call that fires only at a breach.~3 minThe oracleEvery price CRX needs, from one source: the Pyth mark that values the trade and the fixing that settles it - read once, fail-loud.~2 minSettlementWhat happens at the fixing: one price is read, the payout is notional times the rate gap, it clears in USDC in a single transaction.~1 minCredit-lessHow CRX onboards counterparties without checking their credit: every position fully collateralized in smart contracts, verifiable on-chain and immutable.~2 minClose-outs and shortfallsWhy a failed counterparty never costs the other side its collateral: the risk engine closes the closed-out party's positions and pays from its own locked collateral.FX sessionsFX trades on a business-day calendar. How CRX resolves dates off-chain, enforces them on-chain, and handles pairs that trade only in their local session.