Buy your first protection
This walk-through buys protection for a US dollar payment. It takes a few minutes. You need USDC in your wallet for the premium (see Fund your wallet).
Step 1: choose what you are protecting
- Make sure Hedger is selected at the top of the app.
- Open Markets. Each entry is cover for one currency and one direction:
- Up cover (for example USD/NGN Up cover): for US dollars you have to pay. It pays if your currency weakens.
- Down cover: for US dollars you will receive. It pays if your currency strengthens.
- Select Buy cover on the one that matches your situation.
Step 2: set the terms
| Field | What to enter |
|---|---|
| Amount to protect | The US dollar amount of your payment or receipt, for example 10,000. |
| Length | How many days until you pay or are paid. Choose from the lengths offered. |
| Strike | Where protection starts. Enter it as a percentage from today's rate or as a rate; the other updates to match. A strike closer to today's rate costs more. |
| Limited or Open | Limited: you set the protection limit. Open: the pool sets it. |
The chart shows today's rate, your strike, your limit and what you would receive at each rate.
Step 3: review the price
Select Review protection. You see:
- the premium and the platform fee, which together are everything you pay;
- the maximum payout;
- the expiry date.
The price is held for 120 seconds. If it runs out, select Refresh price.
Step 4: confirm
Select Confirm protection and approve with your passkey. The premium and fee leave your wallet and the contract is active.
Step 5: wait for expiry, then receive
Follow the contract in My protections or on the pair's page. Shortly after expiry the contract settles. If it pays out, Receive payout appears next to it; select it and approve with your passkey.
To understand every number you saw, read Contract terms and Premium calculation.