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A tenor defines the maturity period of a forward contract — how long from position open until settlement. Each tenor corresponds to a fixed duration, and the protocol computes the exact maturity timestamp when you open a position.

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Available Tenors

TenorDurationSettlement
1 Day24 hoursNext business day at 4 PM UTC
1 Week7 daysSame weekday next week at 4 PM UTC
1 Month30 days30 days later at 4 PM UTC
A 60-second test tenor is available in local development environments for rapid testing. It is not enabled on Sepolia or any public deployment.

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Choosing the Right Tenor

1 Day

Day trades and short-term events
  • Lowest forward premium/discount
  • Fastest settlement (next business day)
  • Ideal for trading around specific data releases (NFP, CPI) or intraday views
  • Less time for adverse moves, but also less time for the trade to work

1 Week

Weekly hedging and medium-term trades
  • Moderate forward premium/discount
  • Good for trading around scheduled events (ECB meetings, Fed decisions)
  • Practical middle ground — enough time for most FX moves to develop
  • Useful for weekly payroll hedging or recurring invoice cycles

1 Month

Treasury management and longer-term positioning
  • Largest forward premium/discount
  • More time for the trade thesis to play out
  • Best for hedging monthly expenses, invoices, or treasury cash flows
  • Use higher margin (lower leverage) — EUR/USD can move 2-5% in a month
If you are unsure which tenor to use, the 1-week tenor offers a practical middle ground. It gives enough time for most FX moves to develop while keeping the forward premium manageable and the feedback loop relatively quick.

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How Maturity Dates Work

When you open a position, the protocol computes your fixing timestamp — the exact moment when your position will settle.
1

Add tenor duration to open time

The raw maturity is your open time plus the tenor duration. A 1-week position opened Monday at 2 PM UTC has a raw maturity of the following Monday at 2 PM UTC.
2

Adjust to next business day at 4 PM UTC

The fixing is set to 4 PM UTC on the next business day at or after the raw maturity. Weekend dates roll forward to Monday.
3

Fixing timestamp is locked

Once computed, the fixing timestamp never changes. This is when the fixing price will be recorded and your position can be settled.

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Weekend Rolling

Position OpenedTenorFixing Timestamp
Monday 10 AM UTC1 DayTuesday 4 PM UTC
Friday 10 AM UTC1 DayMonday 4 PM UTC
Friday 8 PM UTC1 DayMonday 4 PM UTC
Thursday 10 AM UTC1 WeekThursday 4 PM UTC (next week)
Saturday 10 AM UTC1 DayMonday 4 PM UTC
The 4 PM UTC fixing time aligns with the WM/Reuters London Fix, the most widely used benchmark rate in institutional FX markets.

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How Tenor Affects Forward Pricing

Longer tenors produce larger forward premiums because there is more time for the interest rate differential between EUR and USD to accumulate.
Assume EUR/USD spot = 1.08000 and a forward rate of 1.5% annualized:
TenorForward PricePremium Over Spot
1 Day1.0800040.4 pips
1 Week1.0800313.1 pips
1 Month1.08013313.3 pips
The 1-month forward is about 33x the premium of the 1-day forward, as expected from the ratio of time periods.
For code examples using tenor enums in TypeScript and Rust, see TypeScript SDK and Code Examples.