What counts as open exposure on an OTC desk

Open exposure is not the same as “everything we might trade someday.” On an OTC desk it is the risk that remains until both sides of a ticket are complete — crypto received or sent, and fiat settled or still pending.

Start from the ticket, not the wallet

Wallets show balances. Tickets show obligations. If a counterparty still owes USDT while you have already paid KRW, that unfinished leg is exposure even if your wallet looks quiet.

Name the counterparty once

Desks that type three spellings for one market maker will understate concentration. Crypto Portfolio Desktop only helps if the same firm maps to one exposure group.

Separate inventory from unsettled trades

Inventory you chose to hold is a position decision. Unsettled trades are process debt. Mixing them in one total hides which problem needs a phone call before cutoff.

A morning check that works

1. List counterparties with any unfinished leg.
2. Mark legs waiting on bank cutoff versus waiting on chain confirmation.
3. Escalate only the ones that miss your published settlement window.

That sequence is dull on purpose. Dull is safer than a colorful risk score nobody trusts.