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Both trade types use fixed-price, fully collateralized offers. The difference is what the buyer receives at fill time.
The buyer receives the underlying asset in the fill transaction.Use spot when ownership and delivery should change immediately.

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Side-by-side

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Settlement paths

Spot path

Fill: quote goes to seller → asset leaves escrow → buyer receives asset.

Forward path

Fill: quote goes to seller → claim is minted → collateral stays locked → holder redeems after unlock.

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Expiry and unlock are different

expiry controls when buyers must stop filling the offer. unlockTime controls when claim holders may redeem. For a forward:
The unlock time is immutable for that offer and series. Confirm it before creating or filling a forward.

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Choose a settlement mode

You need immediate delivery, do not need a tokenized position, and the asset is transferable now.
Delivery must be delayed, the asset is being sold ahead of an unlock, or the buyer wants a transferable claim before maturity.
Token behavior, price movement, transaction ordering, expiry, and contract risk still matter. Full collateralization removes seller credit exposure; it does not remove market or token risk.

Learn about claim tokens

Understand ownership, transfers, backing, and redemption.

Review settlement

Follow asset and quote flows for each mode.