Unless you have read and accepted all the terms and conditions, you will not be entitled to use the Biconomy USDT Perpetual Futures trading and the corresponding services thereto. Visiting, browsing, downloading and using the services provided by Biconomy means that you have read and understood this Clause and unconditionally agree to be bound by it.
1.1 USDT Perpetual trading is a digital currency derivative launched by Biconomy, which is responsible for the product design management and the operation of the trading platform.
1.2 Users guarantee that when they agree to this Clause and register as users of this platform, they have reached the age of 18, that the contents of this Clause are not excluded by the laws of the countries or regions to which the users belong and abide by the corresponding laws of the countries to which they belong, and that they abide by the trading rules of the Biconomy platform and the trading rules of Futures trading products. Users who do not meet the above requirements shall immediately terminate the registration or cease using this service.
2. Product Rules for the USDT Perpetual Futures
2.1 The subject matter of Biconomy Perpetual Futures includes, but is not limited to, BTC, ETH and other digital currency varieties recognized by Biconomy. You do not need to use 100% collateral as a margin. You can use up to 100x leverage in some Biconomy Futures. Perpetual Futures is valued in USDT and settled in USDT when traded.
2.2 The perpetual Futures calculates the unrealized PNL and the liquidation price of the position by using the fair mark price.
2.3 The perpetual Futures will never be delivered. Fees will be paid every eight hours between the buyer and the seller. If the rate is positive, a payment will be made for the long position while fees will be acquired for the short position, vice versa if the rate is negative. The time of fund-cost generation is 00:00, 08:00 and 16:00（UTC）respectively.
3. Transaction Rules
3.1 Users can issue transaction order through web pages, mobile terminal, api and other ways approved by Biconomy. The order contents include the order price, quantity, direction, open position/close position, and other contents required by Biconomy.
3.2 When users issue an order to open a position and the transaction is executed, you will establish the corresponding Futures position. When the position is not closed, there will be unrealized PNL along with the fluctuation of the price. The unrealized profit cannot be used as the margin of the Futures and cannot be cash-out. After the position is closed, this part of unrealized profit will be transferred to the realized profit. The unrealized profit of long positions = Futures * Futures size * (closing price - opening price); the unrealized profit of short positions = Futures * Futures size * (opening price - closing price)
3.3 When users issue an order to close a position and the transaction is executed, the corresponding number of holding positions will be deducted from the positions you hold. The earnings of the liquidated part is not included into that of the current position, and the earnings of this part has been transferred to the Futures account automatically.
4. Risk Control Rules
4.1 Biconomy's USDT perpetual Futures trading adopts the cross margin system and the fair price marking system.
4.2 Mark Price
Biconomy uses a mark price system to avoid the unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the mark price swings unnecessarily relative to its spot price. The system can achieve this by setting the mark price of the Futures to the fair price instead of the last price.
4.3 Fair Price Marking
Biconomy employs a fair price marking system to avoid the unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the mark price swings unnecessarily relative to its spot price. The system is able to achieve this by setting the mark price of the Futures to the fair price instead of the last price.
5.1 Users should abide by the principle of fairness and impartiality when participating in Futures transactions.
5.2 Biconomy is entitled to warn, restrict transactions and close accounts of all immoral acts such as malicious price manipulation, malicious influence on trading systems. When necessary, Biconomy is entitled to suspend the trading, cancel the trading, roll back the trading session and adopt other means to eliminate adverse effects.
5.3 Biconomy is entitled to require users to adopt risk control measures such as withdrawing orders and closing positions when the number of holding positions or orders of users is excessive and Biconomy considers that there may be material risks to the system and other users. When Biconomy deems it necessary, Biconomy is entitled to limit the total number of positions in individual accounts, limit the total number of orders, limit the position opening, withdraw orders, conduct the liquidation and take other measures for risk control.
5.4 Biconomy shall not be liable for damages if the system platform fails to function properly, which results in the user unable to use the services or make order normally, due to the following conditions, including but not limited to:
During the downtime and maintenance period of Biconomy's platform announcement system;
Non-performance of the data transmission due to the failure of telecommunication equipment;
Non-performance of the business caused by the failure of Biconomy's platform system due to force majeure such as typhoons, earthquakes, tsunamis, floods, power outages, wars and terrorist attacks;
Service interruption or delay caused by hacker attack, computer virus intrusion or outbreak, technical adjustment or malfunction of telecommunication department, website upgrade, bank problems, temporary closure caused by government control and other factors affecting the normal operation of the network;
Losses caused by technical problems that cannot be predicted or solved by existing technologies in the industry;
Losses caused to users or other third parties by the fault or delay of third parties.
5.5 Biconomy is entitled to cancel the abnormal execution and roll back all transactions for a certain session due to system failure, network issues, DDos and other unexpected factors such as hacker attacks, which may lead to abnormal execution, market interruption, and other possible abnormal situations.
5.6 Biconomy's trading platform will severely prohibit any improper trading behavior, including but not limited to, malicious orders by users using possible system vulnerabilities, malicious price and volume manipulation by large-amount order, continuous orders, and match sale of connected accounts. Biconomy's platform is entitled to cancel abnormal execution and roll back part or all transactions of a certain session according to the actual situation.
5.7 The content of this Clause also includes Biconomy's system norms, other provisions or rules in the annex to this Clause, and other relevant provisions and rules on the service that Biconomy may publish from time to time. Once the aforementioned content is officially published, it is an integral part of this Clause, and you should abide by it as well. If there is any conflict between the above contents and this Clause, this Clause shall prevail. Upon registration or use of any service under this Clause, you are deemed to have read and agreed to be bound by this Clause and the aforementioned content. Biconomy is entitled to unilaterally amend this Clause or the aforementioned content as appropriate. If you continue to use this service after the change of relevant content, you will be deemed to have accepted the amended content. If you do not accept the amended content, you should stop using the relevant services.
5.8 The conclusion, entry into force, performance, interpretation and dispute settlement of this Clause shall be governed by the laws of the British Commonwealth.
5.9 If any dispute or controversy arises between you and Biconomy, it shall first be settled through amicable consultation; should the consultation fail, both parties agree to submit the dispute or controversy to the competent court in Vanuatu.