The protocol is deployed on Ethereum Sepolia testnet (M2 milestone). All tokens are test tokens with
no monetary value. Do not use real funds.
Why Onchain FX Forwards?
The foreign exchange forward market is one of the largest derivative markets in the world — over $1 trillion in daily volume. Yet onchain finance remains almost entirely USD-centric. Crypto startups, protocols, and globally distributed teams routinely face EUR, GBP, and JPY expenses with no professional hedging tools. Current alternatives — shallow spot markets or perpetual futures with ~11% annualized funding costs — are structurally inadequate for date-specific hedging. Nile Markets brings institutional-grade FX forward infrastructure onchain: fixed maturity dates, no funding payments, transparent oracle pricing, and a one-time trading fee of 0.05%. For a detailed comparison with perpetual futures, see Forwards vs Perpetuals.Key Features
Non-Deliverable Forwards
Trade EUR/USD forward contracts with three maturities: 1-day, 1-week, and 1-month. Positions
settle at the EUR/USD fixing price on the maturity date — no physical currency delivery required.
Zero-Sum Pool Model
Liquidity providers deposit USDC into an ERC-4626 vault that serves as the counterparty to every
trade. When traders profit, the pool pays. When traders lose, the pool gains. Fees are extracted
separately on every open, close, and settlement.
Isolated Margin
Each position’s risk is contained to its own locked margin. A liquidation on one position does not
affect other positions or free collateral held by the same trader. Bad debt is absorbed by the pool,
not by other traders.
Permissionless Settlement
Anyone can settle matured positions or liquidate underwater ones. The keeper service automates this,
but the smart contracts impose no restrictions on who may call settlement or liquidation functions.
Pyth Oracle Integration
Real-time EUR/USD spot prices are sourced from Pyth Network. Forward prices are computed off-chain
using interest-rate parity and published onchain by the authorized publisher service, with
safeguard checks on price movement, staleness, and deviation.
Multiple Integration Paths
Access the protocol via TypeScript SDK, GraphQL subgraph, MCP server, x402 pay-per-call API,
CLI tool, or direct smart contract interaction. Built for both human developers and AI agents.
Who Is This For?
- Traders
- Liquidity Providers
- Developers
- AI Agents
Speculate on or hedge EUR/USD exchange rate movements using non-deliverable forward (NDF) contracts. Choose
your tenor (1D, 1W, 1M), side (LONG or SHORT), and leverage (up to 50x). Positions settle
automatically at maturity, or you can close early at the current forward price.
- Open positions with as little as 2% initial margin (default)
- Monitor real-time PnL as forward prices move
- Add or remove margin to manage risk
- Close positions early or let them settle at maturity
Current Status
The project follows a milestone-based roadmap:| Milestone | Status | Description |
|---|---|---|
| M0 (Dev Preview) | Complete | Local Anvil chain, mock oracle, manual admin operations |
| M1 (Internal Demo) | Complete | Sepolia testnet, Pyth integration, publisher service |
| M2 (External Testnet) | Current | Full features, keeper automation, subgraph, SDK |
| M3 (Mainnet Ready) | Planned | Professional audit, formal verification, production ops |
Next Steps
By Role
- Traders
- Liquidity Providers
- Developers
Non-Deliverable Forwards
What FX forwards are and how they work onchain
Trading Scenarios
Hedging, speculation, and carry trade examples
Margin Model
How margin, leverage, and liquidation work
Forwards vs Perpetuals
When forwards beat perps
Liquidation
How and when positions get liquidated
Fee Structure
Trading fees, liquidation penalties, oracle fees
Overview
How It Works
Understand the core trading loop, forward pricing, margin model, and settlement mechanics.
Architecture
Three-layer architecture: onchain contracts, off-chain services, and external infrastructure.
Quick Start
Get from zero to querying the protocol on Sepolia in 15 minutes.