# Pricing

A corridor's rate is built from reference market prices, adjusted by your skew and spread, with your fee taken from the amount paid out. Every quote is signed and holds for 30 seconds.

> Part of the SQRL documentation, section "SQRL Markets".
> Rendered page: https://docs.sqrl.tech/markets/fx/pricing

## How a rate is built

```text
rate        = reference × (1 + skew) × (1 + spread)
amount out  = amount in × rate − fee   (rounded down; the fee is rounded up)
```

* **Reference**: the market rate between the two currencies, from each asset's peg.
* **Skew**: a lean you apply to the reference, for example to steer flow.
* **Spread**: your margin, in basis points (100 bps is 1 percent), from 0 to 10,000.
* **Fee**: taken from the amount paid out, in basis points, from 0 to 10,000.

Your **spread earned** on each payment is shown on the payment and in the activity tiles.

## Direct and pool corridors

* **Direct** corridors convert between two assets at the reference-based rate above.
* **Pool** corridors have Bitcoin on one side and are priced by the hub's AMM pool. They take no fee and no per-payment cap; the pool's own per-swap limit applies.

## Reference prices

Reference prices come from market feeds, refreshed every minute: BTC/USD, USD/ZAR, XAU/USD, and euro reference rates for EUR, GBP, JPY, CHF, CAD, AUD and CNY. An asset is priced through its peg; an asset without a peg cannot be priced, so its corridors cannot quote.

Each price shows its state: **Live**, **Overridden**, **Out of date**, **Unavailable**, **Pool halted** or **Not priced yet**.

## Overriding a price

1. Open **Reference prices** and select **Override** on a pair.
2. Enter the price and how long it lasts: 15 minutes, 1 hour, 4 hours or 24 hours.
3. Select **Set override**.

An override always expires, at most after 24 hours, and then reads Out of date until it is renewed or removed. Use **Renew** or **Remove**. To price a currency the feeds do not cover, select **Track a currency**.

## Quotes

Every quote is signed and holds for 30 seconds. A payment locks its quote, so the shopper sees a firm rate before anything moves.