Whitelabel DF — Get Started
What does a whitelabel partner build?
A deliverable forward, made from two parts you already half-own. You do not resell the NDF. You manufacture a deliverable forward (DF): CRX's NDF — the locked rate — plus your own spot leg, which is the business you already run. CRX supplies the one piece you are missing: a way to lock the future rate. You bolt your spot on top and hand the customer a single product.
You face the customer. CRX is software underneath. You take on no credit risk and commit none of your own capital.
Why can't you offer this today?
Because you have no way to lock the forward rate. Without it, all you can do is charge a wide spread to cover the volatility — and even then you are not properly protected against a move. The locked-rate leg is the missing instrument. CRX removes the volatility guess and replaces it with a firm rate you can build a real forward on.
A spread that guesses the future is not a hedge. A locked rate is.
What does each side provide?
| CRX provides | You add |
|---|---|
| the locked-rate NDF | your spot leg |
| segregated collateral and settlement | your UI |
| the on-chain failsafe and the reference price | your customer |
The customer sees one product — your forward, in your app. The locked-rate leg runs underneath, on CRX.
Why is the NDF the right leg to build on?
Because it is the cheapest of the three ways to lock an FX rate, and the only one that works for the currencies you serve.
| Hedge | What you pay | The catch |
|---|---|---|
| Deliverable forward | no premium, but the full notional is funded and onshore access is required | restricted or illiquid for most emerging-market currencies |
| FX option / collar | a volatility premium, up front | flexibility you do not need when you only want a locked rate |
| NDF | no premium, no delivery, cash-settled | settles the rate difference; you add the spot leg separately |
The NDF carries no option premium, needs no onshore access, and funds no full notional. It settles only the rate difference in cash. That is why the offshore NDF market exists at all — to hedge currencies whose onshore forward markets are restricted, illiquid, or costly. You add your spot leg to make the product deliverable.
Caveat. For a freely convertible currency, a deliverable forward prices close to the NDF. The NDF's edge is largest in restricted and emerging-market currencies — where CRX operates.
What is the integration shape?
You price your forward off a live CRX hedge quote, add your markup, and hedge the moment the customer accepts. The mechanics are the taker flow you already have: request a quote, bind it, stay margined daily.
- Quote the customer off a CRX NDF quote plus your spread and your spot conversion.
- Hedge by binding the matching NDF when the customer accepts — the customer's collateral becomes your margin, so you commit none of your own capital.
- Stay margined daily: CRX margins you, you margin the customer to match.
- Deliver at maturity: if the customer pays, you buy the currency at that day's spot and deliver it, while the NDF holds your locked rate. If they don't, their collateral covers the close-out at no loss to you.
You keep your markup either way. Partner-facing, not legal advice — confirm with counsel.
Testnet only. The hedge leg runs on Sonic Testnet, chain 14601.
No public fork repo yet. The whitelabel program is the target shape; where an artifact is not public, contact CRX. Write to the intended flow, not an invented URL.
Next: Build a Deliverable Forward (~6 min) — the step-by-step wrap.