Spot and forward instruments

Spot and forward products use the same model, provider, tier, and bundle identity. Their unit and time terms differ.

Spot

A spot instrument has no tenor. Its orders use whole-token size_tokens quantities, and its prices are expressed in USD per MT. Books, recent trades, and the market-price routes expose current price discovery for available spot symbols.

Forward future-delivery terms

A forward instrument adds two durations:

• Tenor is the interval until the delivery window opens.
• Delivery window is the length of the future period named by the instrument.

Forward orders use decimal-string size_mft quantities and USD-per-MFT prices. The product is described as forward future-delivery capacity, not as a standardized futures contract. The participant surface covers instruments, orders, fills, positions, and the curve; new forward exposure is admitted only for an active instrument, and external performance remains an agreement between desks.

Provider curve points

When an approved capacity listing and an active fixed-window forward product cover the same model and provider, a Seller desk can publish a firm point. The point names the workload leg, exact tenor, delivery-window length, USD-per-MFT price, available MFT, minimum clip, and the instant through which the terms remain firm.

GET /api/v1/forward-offers lists only the selected provider desk's points. POST /api/v1/forward-offers publishes a point, and PATCH /api/v1/forward-offers/{id} amends, pauses, or resumes it. Product identity and already-sold MFT are read-only. Pausing remains available when new-exposure controls are closed; publishing and resuming recheck the desk, capacity listing, product, delivery window, and instrument control.

The Provider Desk exposes the same workflow as a typed form and curve table. A point's firm expiry cannot extend beyond the product's delivery_start.

The curve

GET /api/v1/curve?model_slug={model}&leg={leg} returns the available spot anchor and tenor points for a model and token leg. Bid, ask, and midpoint fields can be null when the corresponding price is unavailable.

The calculator can compare a selected forward rate with a compatible spot rate:

$$d=1-\frac{F}{S}$$

A positive d is a discount to spot; a negative value is a premium. The calculation does not fill a missing tenor or turn an unavailable quote into a price.