Trade on CRX
A trader on CRX locks today's exchange rate for a future payment; only the difference settles, in cash.
What does a trader do here?
The trader locks today's exchange rate for a future payment, and settles only the difference in cash — the foreign currency is never delivered. The instrument is the NDF (~3 min): pick the pair, the amount, and the settle date, and the rate locked is the rate kept, whatever the fixing does in between.
On the other side is the CRX Network. The trader asks for a rate and receives one firm quote, valid until a deadline. On acceptance, the risk engine (~3 min) opens the position atomically: both sides in one transaction, both sides' collateral locked in the smart contract. The wallet holds the Taker account state, granted once the firm is cleared (Account States).
The worked example
An importer in Mexico City owes a supplier $1,000,000 in 90 days and keeps its books in pesos (MX$). At today's forward rate of 18.00 the invoice costs MX$18,000,000, and every 1.00 the rate rises adds MX$1,000,000. The importer locks 18.00 on the full $1,000,000 and posts $25,000 of initial margin, the pair's 2.50% floor (Margin requirements (~4 min)). No pesos are exchanged at the start, and the margin comes back at settlement.
At maturity the contract reads one price from the settlement oracle as the fixing and pays the difference from 18.00 in USDC (Settlement & Payout (~2 min)); the importer buys its dollars at the market rate. The table below runs a 5% move in each direction.
| Peso weakens to 18.90 | Peso strengthens to 17.10 | |
|---|---|---|
| Invoice without the hedge | MX$18,900,000 | MX$17,100,000 |
| Settlement in USDC | importer receives $50,000 | importer pays $50,000 |
| Dollars bought at the fixing | $950,000 | $1,050,000 |
| All-in cost | MX$17,955,000 | MX$17,955,000 |
When the peso weakens, the contract pays the importer $50,000 and it buys the remaining $950,000 at 18.90. When the peso strengthens, the importer buys $1,050,000 at 17.10 and pays $50,000 into the settlement. Both paths cost MX$17,955,000: the settlement offsets the move one for one, and two outcomes that sat MX$1,800,000 apart without the hedge become one number, known at the lock.
Next: Set up the desk (~5 min). The setup happens once — one ISDA, one compliance review — and the firm lands on a desk ready to trade.