Manage a position

Open the hedges blotter. Every open position is one live row: the locked rate against the live mark, unrealized P&L, and margin health. Open a row for the full picture. Settlement runs itself at the delivery date. Time: ~3 min.

Open the hedges blotter

In the hedges blotter, every position held is one row, marked continuously against the live rate. Each row carries three numbers, all live:

• Locked rate vs live mark. The rate the position bound at, against the market now. The gap is the move.
• Unrealized P&L. What the position is worth at the current mark.
• Margin health. How far the collateral sits above what the position needs. A routine move asks nothing of the taker: the margin engine settles it from collateral already in the system.

Margin health has its own column and rolls up in the header KPIs.

The hedges blotter: locked rate versus the live mark, unrealized P&L, and live margin health per hedge, rolled up in the header.

Open a position

Click a row, and the full position opens: the current payout at the current mark, the locked rate versus today's, the protected amount, and the settle date with the days left. The same screen carries the margin block and the settlement terms further down.

The position detail: live P&L, the locked rate versus today's rate, the protected amount, and when it settles.

Check margin health

Lower on the same position screen sits the margin block: the initial margin (the requirement), the account value against it, and the maintenance margin below which the close-out arms. Fund settlement margin on the hedge deposits collateral and lifts the account value back toward full health, at any time, at any level. How the margin is sized, and what an uncovered move triggers: Margin requirements (~4 min).

Settlement runs itself

A hedge settles by itself, at the delivery date, in cash. The contract reads one reference price, moves the difference between the locked rate and that fixing in USDC, and returns the initial margin to the margin account. The taker does nothing. History records it as settled at the fixing.

History records the settled hedge: settled in full at the fixing, the cash difference cleared in USDC, with nothing left to do.

Most of the move has already reached the taker: variation margin clears the running P&L cycle by cycle, making settlement the final true-up, not a surprise. To learn why the fixing is read once, on an EMA that no single tick can push, see Settlement (~2 min).

Exit before maturity?

A hedge runs to its settle date and clears itself there; the taker holds the position to maturity, with no unilateral early exit. The one way out before the date is a bilateral close: both sides agree a rate and unwind together. Laying off inventory is a maker action, not a taker one. For the mechanism, see Close Early (~2 min).

Next: Margin requirements (~4 min). How much each trade locks, and what a move against the position triggers.