CRX Trade Lifecycle

I think this section should have high level one section blurb and diagram for: RFQ. MTM, Settlement

How does the payout work?

At the fixing date, one price settles the trade — the Pyth EMA, read once. The trade pays the difference between the locked rate and that price, in cash on the notional. If your locked rate beat the market, you are paid the gap; if it didn't, you pay it. No local currency changes hands; only the difference moves. The settlement is atomic — one transaction, both sides clear at once.

Next: pick your side — Taker · Maker · Whitelabel.