One instrument — a non-deliverable forward (NDF). It locks an FX rate today and cash-settles the difference later. You lock collateral, not the currency itself; nothing is delivered. When the trade ends, the contract pays the winning side in USDC.

Yes. The firm price you accept is the rate that locks. At maturity the contract compares that locked rate to the published fixing and pays the difference — no slippage, no re-quote, no spread added on top of the price you already saw.

Your collateral sits in your own segregated vault on-chain, never pooled with anyone else's, never on CRX's balance sheet, never lent. CRX takes no custody. The contract holds the funds, and only your key withdraws them — settle, close, and withdraw all work even with CRX offline.

They are the collateral and the payout. You post USDC or EURC as margin to open a trade, and settlement pays in USDC. No local currency ever moves — every flow on the venue is a stablecoin transfer recorded on a public chain.

Collateral is the margin you post up front to back a position — your own asset, returned when the trade ends. Variation margin (VM) tracks the position's daily profit and loss against that margin. A VM call opens when an uncovered loss crosses the call line; top up to clear it, or the risk engine closes the position at the oracle mark.

Yes — a Sandbox on Base Sepolia (chain id 84532), so no production funds are at risk. An independent security review is underway; treat every property as a stated design, not yet audited. Balances here carry no real value.