> ## Documentation Index
> Fetch the complete documentation index at: https://public-openfx.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Exposure

> The organization's exposure-limit usage: how much is committed to unsettled trades, and the breakdown by currency and settlement stage.

**What this is.** OpenFX sets an exposure limit for your organization. It is the amount of unsettled trades you can have open at one time, so you can execute trades and settle them before you withdraw. Every executed trade that hasn't fully settled counts against that limit. [`GET /v3/fx/exposures`](/v3/api-reference/exposure/get-exposure-summary) returns how much of the limit is currently committed, aggregated and broken down by currency. This applies under either [settlement model](/v3/settlement-models): a <span class="ofx-enum">LOCKED</span> <span class="ofx-enum">T1</span>/<span class="ofx-enum">T2</span> trade accrues `settlableLater` exposure whether your account settles it automatically or manually, and only a manually-settled (Per-Trade) account ever carries `settlableNow` exposure, since only that model has trades waiting in <span class="ofx-enum">READY\_TO\_SETTLE</span>.

**When it matters.** Before submitting a large trade, to confirm you have headroom left under your exposure limit. When reconciling, to understand why a trade was rejected with <span class="ofx-enum">TRADE\_CREDIT\_LIMIT\_EXCEEDED</span>.

## Response shape

A successful response wraps this in `data`. The exposure summary itself is:

```json theme={"theme":{"light":"poimandres","dark":"poimandres"}}
{
  "aggregate": {
    "currency": "USD",
    "limitAmount": "50000",
    "usedAmount": "1200",
    "availableAmount": "48800",
    "usageBreakdown": {
      "settlableNow": "800",
      "settlableLater": "400"
    }
  },
  "currencyExposures": [
    {
      "currency": "USD",
      "exposureAmount": "1200",
      "usageBreakdown": {
        "settlableNow": { "amount": "800" },
        "settlableLater": { "amount": "400" }
      }
    }
  ]
}
```

<Note>
  Amounts are decimal strings **without fixed precision**: trailing zeros aren't
  padded (`"1200"`, not `"1200.00"`). Don't assume a fixed number of decimal
  places when parsing.
</Note>

* **`aggregate`** rolls up exposure-limit usage into a single currency (`aggregate.currency`). `limitAmount` is the total exposure limit; `usedAmount` is what's committed; `availableAmount` is the difference and **can be negative** if open exposure currently exceeds the limit (for example, right after a limit reduction).
* **`currencyExposures`** breaks the same open exposure down per currency, in each currency's own denomination. A currency with no open trades is omitted from the array rather than listed at zero.

<Note>
  Only currencies with currently open exposure appear in `currencyExposures`. An
  empty array means the organization has no open exposure at all.
</Note>

## Settlable now vs Settlable later

Both `aggregate.usageBreakdown` and each currency's `usageBreakdown` split exposure by trade status:

* **`settlableNow`**: the trade is <span class="ofx-enum">READY\_TO\_SETTLE</span>; its settlement window has opened, but settlement hasn't been finalized yet.
* **`settlableLater`**: the trade is <span class="ofx-enum">LOCKED</span>, meaning it is future-dated (<span class="ofx-enum">T1</span>/<span class="ofx-enum">T2</span>) and its settlement window hasn't opened yet.

See [Trades](/v3/trades#state-machine) for how `settlementWindow` and `Trade.status` relate, and [Trades → Settlement window](/v3/trades#settlement-window) for what happens when a window opens.

## No exposure limit configured

If your organization has no exposure limit configured, the endpoint returns `403` <span class="ofx-enum">EXPOSURE\_NOT\_ENABLED</span> instead of a summary. Contact your Customer Success representative at [support@mail.openfx.com](mailto:support@mail.openfx.com) to have a limit configured.

## What's next

<CardGroup cols={2}>
  <Card title="Quotes" icon="https://public-assets.openfx.com/docs/icons/quotes.svg" href="/v3/quotes">
    Quote-then-trade workflow and quote lifecycle.
  </Card>

  <Card title="Settlement models" icon="https://public-assets.openfx.com/docs/icons/settlement-models.svg" href="/v3/settlement-models">
    Balances, deposits, withdrawals, and verified withdrawal accounts.
  </Card>

  <Card title="Errors" icon="https://public-assets.openfx.com/docs/icons/errors.svg" href="/v3/errors">
    Stable error codes and the retry triage matrix.
  </Card>
</CardGroup>