1.1 OKEx Perpetual Swap Trading (the “Service”) is a Virtual Financial Asset (VFA) derivative trading service launched by Aux Cayes Fintech Co. Ltd. (hereinafter “OKEx”). It is designed, managed, and operated by OKEx. To enable OKEx Perpetual Swap Trading, you must fully read, understand and agree to “OKEx Perpetual Swap Trading User Agreement” and the contents included in Article 7.1 herein (the “Agreement”). Please read through all the terms and conditions carefully, before choosing to accept this Agreement.
1.2 Please note that you are not authorized to use and shall not use the Service unless you have read and accept all the terms of the Agreement. In particular, your acceptance of this Agreement and your use of the Service represents that you have read and agreed to this Agreement and that this Agreement is legally binding on you.
2. Eligibility toUse the Service
2.1 You acknowledge and agree that:
- you have agreed to “OKEx Terms of Service”, and you are eligible for and not prohibited from using the “Services” defined therein;
- this Agreement does not contradict with the laws of the country or region where you are from, and you promise that you will comply with the laws of your country or region;
- you are the legal owner of the VFAs you have deposited with the Service and you guarantee that the sources of the aforesaid VFAs are obtained are legal.
2.2 You are aware of and assume the risks that may arise in connection with the use of the Service, which include but not limited to:
- high price volatility of the VFAs and their derivatives could incur big or total loss in a short period time;
- the insufficiency of VFAs deposited as margin could incur immediate liquidation of your positions, and you could lose all VFAs you have deposited with the Service;
- technology outrage could happen, which may delay or block your use of the Service;
- market anomaly could happen, which may incur loss of your VFAs.
- from time to time, in order to maintain the overall wellbeing of the market, OKEx needs to add, remove, or change policies. Such action may be in favor or against an individual user like you.
2.3 You acknowledge and undertake that:
- You will not use the Service for any illegal purpose, including but not limited to illegal gambling, money laundering, fraud, extortion, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by the law.
- You will not conduct, initiate or facilitate any form of market manipulationor other forms of illegal conduct, including but not limited to illegal gambling, money laundering, fraud, extortion, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by the law.
3. Use of the Service
3.1 The Service provides you with real-time order book along with other information. You may view or download information for your own analysis. OKEx is not responsible for any judgment or analysis you made based on the information provided by the Service.
3.2 You may place orders, in the form required by OKEx, via the website, client software, API or any other channels. Once an order is filled you will not be able to cancel or amend it.
3.3 Once your “Open Long” or “Open Short” order is filled, the corresponding position is opened. Once a “Close Long” or “Close Short” order is filled, the corresponding position is closed. The Service will provide you with information about your positions, and about the value of your VFAs and their derivatives, on real-time basis.
3.4 The Perpetual Swap will be settled at 08:00 (UTC)everyday (the “Settlement”). The Settlement price is the Latest Mark Price (defined and calculated by the Service, see “OKEx Perpetual Swap Guide”). At Settlement, the same amount of FVAs as that of UPL will be added to RPL, and RPL less the Clawback amount will be credited to your balance, which can be withdrawn immediately (subject to margin requirement and other limits required by the Service). UPL and RPL are then reset to 0. (For definitions and calculation methods of UPL、RPL and Clawback amount refer to “OKEx Perpetual Swap Guide”.)
3.5 At Settlement, the users with long positions and the users with short positions will exchange Funding Fee (defined and calculated by the Service, see “OKEx Perpetual Swap Guide”).
3.6 You shall pay fees to OKEx for the Service. For the fee schedule, please refer to “OKEx Perpetual Swap Guide”.
3.7 If market anomalies occur before settlement, including but not limited to acute fluctuation of underlying index or abnormal clawback rate, OKEx may, under its sole discretion, decide to settle at a proper time with commercially reasonable method. OKEx shall post an announcement regarding such detailed rules.
4. Risk Management
4.1 The Service introduces various measures to control the systematic risks, including but not limited to:
- Margin System with Tiered Maintenance Margin Ratio
- Liquidation Mechanism
- Societal Clawback Procedure
OKEx will continuously improve its risk-management measures.
4.2 “Margin System with Tiered Maintenance Margin Ratio”. Based on the VFAs you have deposited with the Service, the size of the position you can open is limited. In addition, to avoid Liquidation, your Margin Ratio (defined and calculated by the Service, see “OKEx Perpetual Swap Guide”) needs to be kept higher than the Maintenance Margin Ratio, which is the lowest required Margin Ratio for you to maintain your current positions. A Tiered Maintenance Margin Ratio Schedule is adopted by the Service. The larger the position opened, the higher Maintenance Margin Ratio will be required. Please refer to the “OKEx Perpetual Swap Guide” for details.
4.3 “ Liquidation Mechanism”. When the Margin Ratio of your account is lower than the Maintenance Margin Ratio+ Liquidation Fee Rate, a Liquidation of your account will be triggered. Your account will be temporarily taken over by the Service’s Risk Management Engine; and will be back under your control after the liquidation process is done. In Liquidation Mechanism, the Service’s Risk Management Engine will keep liquidating your positions, until your Margin Ratio is back above your Tiered Maintenance Margin Ratio or your positions are fully liquidated. Please refer to the “OKEx Perpetual Swap Guide” for details.
4.4 “Societal Clawback Procedure”. Some user’s VFAs deposited may not be able to cover the cost incurred by the Liquidation. The total deficit from of all users who went through Liquidation will first be paid by the Insurance Fund of the Service. If the Insurance Fund is depleted, the Societal Clawback Procedure is adopted by the Service to cover the remaining deficit. Users that have a net profit for the day will be subject to this clawback. Please refer to the “OKEx Perpetual Swap Guide” for details.
4.5 If the size of your positions or open orders accumulate to a level which poses considerable threat to other users, OKEx, under its discretion may request you to cancel your orders or close part of your positions. You acknowledge and agree that OKEx reserves its sole and absolute right and discretion, under exceptional circumstances, to entirely or partially close your position or orders.
5. Limitation of Liability
5.1 You acknowledge that you understand the rules and policies thoroughly relating to the services. OKEx will not be liable for your loss due to misunderstanding of the rules and policies. In particular, to open or maintain your positions, the amount of VFAs you deposited as margin will need to meet certain requirements. If the requirements are not met, Liquidation will be triggered. When a Liquidation happens, you could lose all the VFAs you have deposited as margin.
5.2 The information of your trading becomes official at Settlement. The information shown between 2 consecutive Settlements are for reference purpose only and cannot be guaranteed to be implying the official outcome. You could take a loss by your actions based on the intro-settlement information provided. OKEx will not be liable for your loss incurred.
5.3 To comply with the changes in laws or regulations, or to maintain the overall wellbeing of the market, OKEx will need to, under its sole discretion, change policies, rules or implement emergency rules from time to time. Such changes or implementations could lead to temporary inaccessibility of your account, clawback from your account, immediate closure of your certain positions, or other interruption of the Service. OKEx will not be liable for your loss incurred.
5.4 You agree and accept that if the OKEx platform cannot function properly or the Service is interrupted due to the following conditions, such that you are unable to use the Services or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, OKEx shall not be liable for any loss incurred by uncontrollable situations, which include but not limited to:
- Service suspension for system maintenance as announcedby OKEx in advance;
- internet device malfunctions which disabled data transfer;
- Force majeure or accidents, such astyphoon, earthquake, tsunami, flooding, power outage, war, riots, government actions, terrorist attacks, etc. or any other unexpected disruptions that lead to the suspension of the OKEx platform;
- hacking attacks, computer virus, internet network malfunctions, banking issues, website updating, service suspension, delay or cancellation due to the interruption of government;
- unpredictable or unresolvable issues with the technologies currently available;
- caused by third parties including inappropriate or delated executions.
5.5 Network failures, system failures, hacking attacks, and other unforeseen factors have the potential to cause abnormal turnover, market interruptions and other possible anomalies. OKEx reserves the right to cancel and/or roll back transactions over a period of time in which it deems sufficient to mitigate any detrimental market effects. OKEx will not be liable for any loss incurred thereby.
5.6 You are aware that technology outrages can happen unexpectedly. OKEx will not be liable for any loss incurred by technology outrages which include but not limited to:
- loss, delay, interruption, or other malfunction of the connection to the Service.
- stopping, slowness, no response, or other malfunction of the Service, due to overloading.
- malfunction due to the Service’s incapability to retrieve necessary data correctly from a third party through internet.
5.7 OKEx strictly prohibits unfair trading behaviors. OKEx reserves the right to enact, under its sole discretion, executive control over your account, if you
- are involved in price manipulation or any other malicious wrongdoings to the market;
- might be harming other users or OKEx by exploiting the Service’s vulnerabilities or by other unreasonable means;
- are involved in any other activities that OKEx deems harmful to the overall wellbeing of the market; or
- are involved in any other activities in violation of law and regulations.
OKEx also reserves the right to take actions at its sole discretion including but not limited to closing down your accounts, limit trading, halt trading, cancel transactions, and rollback transactions to eliminate any adverse effects to the overall wellbeing of the market. OKEx shall not be liable for any loss (including but not limited to any direct or indirect losses, actual losses or losses of possible profits) incurred by you in connection with the above measures when such action against you happens.
6.1 You must take every possible measure to protect OKEx from or indemnify OKEx for any damages arising out of your use of the Service actions related to your OKEx account and your use of the Service.
6.2 You hereby agree to defend, indemnify and hold OKEx harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against OKEx due to or arising out of your breach of this agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your OKEx account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.
7.1 The contents of this Agreement also include OKEx's various system specifications, other agreements or rules in the annex to this Agreement, OKEx Perpetual Swap Guide and other relevant agreements, rules regarding the Service that OKEx may from time to time issue. Once the above content is officially released, it is an integral part of this agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail if no opposite statement.
7.2 OKEx reserves the right to unilaterally modify this Agreement (including the above contents) if necessary. Such modification could happen at any time without prior notice. In the event that any changes are made, the revised contents shall be posted on OKEx's website immediately. Please check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, you should stop using the related services.
7.3 You should carefully read the Agreement, and any document referred to herein very carefully. If there is anything that you do not understand in the Agreement and any document referred to herein, you should discuss this matter with OKEx and seek the necessary clarification. Any formal communication with you shall be undertaken through electronic mail unless otherwise instructed by OKEx. Documents will be sent to you by electronic mail and you should seek to send any documents to us by the same means. You will also be able to contact us telephonically. Any formal communication with you shall, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the English language version of the Agreement or any such communications and any translation of the Agreement or such communications (as applicable) in a foreign language, the respective English version shall prevail. In the event of any discrepancy between communications and the Agreement, the Agreement shall prevail.
7.4 The establishment, validity, explanation, alteration, execution and dispute resolution of this user agreement shall be governed by the laws of Seychelles.
7.5 If there is any dispute between a user and OKEx, both parties should try to work out a resolution through negotiations. However, if the attempt is unsuccessful, both parties should agree to resolve the disagreement or dispute through Seychelles judiciary.
7.6 All the headings in this agreement are for reading convenience only and shall not affect its interpretation.
7.7 This Agreement does not apply to users of the Perpetual Swap Trading Simulation.
7.8 Aux Cayes Fintech Co. Ltd. has the sole and final discretion of interpretation of this Agreement.