Terms & Binding

1What are Terms?The EIP-712 message both parties sign to open a position.
2What Signing Terms DoesBinds the position, locks economics, posts initial margin, no operator.
3ExamplesWorked cases: one-shot bind, anchored quote, replay-safe signatures.

What are Terms?

Terms are the EIP-712 message you and CRX both sign to turn an agreed quote into a live position. The two signatures are the binding: taker signs, CRX signs, the position opens. Nothing unsigned stands between the quote and the trade.

The message states the exact trade: the pair, the locked rate, the notional, the direction, the delivery date, and a signing deadline. Because it is EIP-712, each party signs human-readable fields, not an opaque hash. The trade is an agreement between you and CRX, signed by both, and the contract records it.

What Signing Terms Does

Signing the Terms does four things at once:

Binds the position without an operator: the contract verifies the two signatures and opens the position inside the parties' Account Control Agreement. No session, login, or approval intervenes.
Locks the agreed economics: pair, locked rate, notional, direction, and delivery date are fixed by the signed fields, never re-quoted on-chain.
Binds to one deployment: the Terms carry the contract address and chain id, so a signature cannot be replayed on another deployment.
Posts initial margin atomically: each side allocates IM from its general balance into its SCA for that relationship, and the position goes live, marking to the oracle.

NoteBoth signatures, before the deadline. If either signature is missing or the signing deadline has passed, nothing binds.

Examples

One-shot bind: You and CRX sign the Terms over the anchored quote; the contract verifies both signatures, opens the position, and each side posts IM in one on-chain act, no operator approval.
Quote anchored before signing: the relayer writes the agreed quote on-chain first, and the Terms are signed over that anchored number, so the price both sides bind to is the price both sides saw. A bundle is not bindable until the anchor confirms; allow a few seconds.
Replay-safe across deployments: the signature carries the contract address and chain id, so a signature captured on one CRX deployment cannot open a position on another.

The signatures are the trade. Nothing else opens the position.

Learn more about CRX for your businessBook a 30-minute demo with the team

What are Terms?

What Signing Terms Does

Signing the Terms does four things at once:

Binds the position without an operator: the contract verifies the two signatures and opens the position inside the parties' Account Control Agreement. No session, login, or approval intervenes.

Locks the agreed economics: pair, locked rate, notional, direction, and delivery date are fixed by the signed fields, never re-quoted on-chain.

Binds to one deployment: the Terms carry the contract address and chain id, so a signature cannot be replayed on another deployment.

Posts initial margin atomically: each side allocates IM from its general balance into its SCA for that relationship, and the position goes live, marking to the oracle.

NoteBoth signatures, before the deadline. If either signature is missing or the signing deadline has passed, nothing binds.

Examples

One-shot bind: You and CRX sign the Terms over the anchored quote; the contract verifies both signatures, opens the position, and each side posts IM in one on-chain act, no operator approval.

Quote anchored before signing: the relayer writes the agreed quote on-chain first, and the Terms are signed over that anchored number, so the price both sides bind to is the price both sides saw. A bundle is not bindable until the anchor confirms; allow a few seconds.

Replay-safe across deployments: the signature carries the contract address and chain id, so a signature captured on one CRX deployment cannot open a position on another.

The signatures are the trade. Nothing else opens the position.