Risk Disclosures

CRX is for eligible contract participants only. It is not investment advice, and trading FX forwards carries the risk of total loss of posted margin. Read this page before you trade. It states plainly what CRX is, who can use it, and where the risk lives.

What is CRX?

CRX prices and settles non-deliverable forwards (NDFs) on-chain between two institutions. An NDF is a contract that locks today’s FX rate for a future date and cash-settles the difference; nothing is physically delivered. A smart contract holds pre-funded margin from a Taker and a Maker, marks the position to a continuous Pyth price feed, and settles it at expiry against the last 24-hour Pyth VWAP (volume-weighted average price). Each trade is bilateral between the two named firms; CRX provides the software, not a principal counterparty.

Who can use CRX?

• Eligible contract participants (ECPs) only. An ECP is an institution that qualifies under the applicable rules to trade these contracts. You must qualify and complete KYB (know-your-business) onboarding, which verifies your firm’s identity and eligibility.
• Whitelisted on-chain. A trade reverts unless both firms are whitelisted. Onboarding is signed once — a master agreement like the ISDA framework used in traditional FX.
• CRX trades below the CFTC swap-dealer de minimis threshold (the volume above which a firm must register). It is not a registered swap dealer.

What can go wrong?

• Market risk. FX rates move. As the mark moves against you, you owe daily variation margin (VM) — the day’s mark-to-market move, paid to the other side. You can lose the full mark-implied loss against your position.
• How margin works, and how a default closes you out. Margin is the collateral each side posts. It runs in three steps:
  • Post once. You post initial margin (IM) once, into segregated escrow. This is your set-aside; it is not paid to anyone.
  • Settle daily. Each day, the mark-to-market move is exchanged as variation margin (VM). Two limits gate it: a Threshold (the unsecured exposure tolerated before any call) and a Minimum Transfer Amount (MTA, the smallest call worth settling).
  • Miss a call, close out. Miss a VM call within its cure window and the position is closed out against your segregated IM. There is no maintenance-margin band — no second warning before close-out.
• Oracle risk. Marks and settlement depend on Pyth price feeds. Feed staleness or disruption affects pricing and settlement.
• Smart-contract risk. The protocol is software. Bugs, upgrades, or chain-level failures can affect custody and settlement.
• Gap risk. A large jump in the rate can leave posted collateral short of what is owed. The CRX Foundation guarantee fund is meant to cover that shortfall. In this build the fund is seeded nominally. It is not a guarantee of full recovery.

Where is your margin held?

In the contract, not with CRX. If CRX goes offline, the Taker and Maker can close the position on-chain directly. Every contract function keeps this path open, so neither side is ever locked out.

Is this live?

No. This deployment runs against a test network for demonstration. Balances, pairs, and settlements shown here do not represent live positions or real funds unless explicitly stated. Nothing on this site is an offer or solicitation in any jurisdiction.

Who do I ask?

Questions: jake@crxfx.com.