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What Is a ‘Non-Deliverable Forward’ (NDF) in the Context of Crypto Derivatives?

An NDF is a cash-settled forward contract for crypto exposure without physical token transfer, settled in fiat or stablecoin at expiration.
Greeks.Live12.11.25

What Is a ‘Non-Deliverable Forward’ (NDF) in the Context of Crypto Derivatives?

A Non-Deliverable Forward (NDF) is a cash-settled forward contract for an asset, typically a currency, where the underlying asset is not physically exchanged at settlement. In crypto, an NDF is used to gain exposure to a cryptocurrency's price movement without the actual transfer of the tokens.

The difference between the NDF rate and the spot rate at expiration is settled in fiat or a stablecoin, making it popular in jurisdictions with restrictions on crypto transfer.

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