| NDF | Non-deliverable forward. The instrument. Cash-settled. No currency is delivered. |
| DF | Deliverable forward. A whitelabel's product: a CRX NDF plus the partner's own spot leg. |
| Taker | The firm locking a rate. The customer side. |
| Maker | The desk quoting a firm rate. Earns the spread. |
| Whitelabel | A partner that wraps a CRX NDF into its own product. |
| RFQ | Request for quote. The taker's ask: pair, term, size, direction. |
| Locked rate | The rate the taker accepts. The payout is measured against it. |
| Mark | The current Pyth EMA price. Sizes margin and the default check. |
| EMA | Exponential moving average. One number marks the trade and settles it. |
| Pyth | The oracle the price comes from. Never CRX, never a party. |
| Initial margin (IM) | The deposit posted up front. Off-chain against a swap dealer it is mandatory and SIMM-based. On CRX the contract charges a market-risk amount on every position. |
| SIMM | ISDA Standard Initial Margin Model. Sizes IM from a trade's risk sensitivities over a 10-day horizon. Symmetric. Both sides post by the same model. |
| SD | Swap dealer. A registered derivatives dealer. Its presence is what makes IM mandatory. |
| FEU | Financial end user. ≥ $8B or < $8B average aggregate notional sets whether two-way IM applies against a dealer. |
| NFE | Non-financial (commercial) end user. Exempt from mandatory IM. |
| Independent amount (IA) | A bank's negotiated, credit-based collateral from a non-dealer — one-way, often below SIMM or zero. Onchain CRX replaces it with a market-risk charge on every position. |
| SCA | Segregated Collateral Account. A participant's deposit box for one maker. Holds IM only. |
| General balance | A participant's free wallet inside CRX, shared across all makers. Settlement gains land here. |
| Variation margin (VM) | The periodic clearing of profit and loss. Callable by either side. |
| Default check | Settle every position at one price. Terminate the account if it is below zero. |
| Waterfall | The order of payment when a side defaults: the defaulter's estate, then the guarantee fund. |
| Guarantee fund | CRX's own backstop for a gap past the defaulter's estate. A $1 seed in the MVP. |
| closeOnChain | The failsafe. The two counterparties close the trade themselves if CRX goes dark. |
| ECP | Eligible contract participant. A qualified firm. No retail. |
| KYB | Know your business. The onboarding check. Mocked on the frontend in the MVP. |
| Operator | The 3-of-5 governance multisig. Approves firms, sets parameters, can force-close on a legal order. |
| DCO / CCP | A clearing house. CRX is not one. |
| ISDA | The standard master agreement framework. One adherence per firm. |
| Sonic | The testnet CRX runs on. Chain id 14601. |