1.1 OKEx Perpetual Swap Trading (the “Service”) is a Virtual Financial Asset (VFA) derivative trading service launched by Aux Cayes Fintech Co. Ltd. (hereafter “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” (the “Agreement”). Please read through all the terms and conditions carefully, before choosing to accept this Agreement.
1.2 Please note that you shall not use the Service before agreeing to the terms of the Agreement. In particular, by accepting the Agreement directly or using the Service, you acknowledge that you have agreed to the terms of the Agreement.
2.Eligibility of Using 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;
- you are the legal owner of the VFAs you have deposited with the Service and aforesaid VFAs are obtained from legitimate sources.
2.2 You are aware of and assume the risks in using 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 forced 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 agree that:
- You will not use the Service for any illegal purpose.
- You will not initiate or facilitate any form of market manipulation.
3.Using 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.
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 16:00 (HKT) everyday (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 account, which can be withdrawn immediately (subject to margin requirement and other limits required by the Service). UPL and RPL are then reset to 0. (Definition and calculation method 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 OKEx for the Service. As for the payment arrangement, please refer to “OKEx Perpetual Swap Guide” for details.
4.1 The Service introduces various measures to control the systematic risks, including but not limited to:
- Margin System with Tiered Maintenance Margin Ratio
- Forced 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 Forced 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 “Forced Liquidation Mechanism”. When the Margin Ratio of your account is lower than the Maintenance Margin Ratio+ Forced-Liquidation Fee Rate, a Forced 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 Forced 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 Forced Liquidation. The total deficit from of all users who went through Forced 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. 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, Forced Liquidation will be triggered. When a Forced 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 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 OKEx will not be liable for any loss incurred by uncontrollable situations, which include but not limited to:
- system maintenance as announced in advance;
- internet device malfunctions which disabled data transfer;
- war, riots, floods, earthquakes or any other unexpected disruptions;
- 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.
OKEx also reserves the right to take actions including but not limited to close your accounts, limit trading, halt trading, cancel transactions, and rollback transactions to eliminate any adverse effects to the overall wellbeing of the market. OKEx will not be liable for any loss incurred when such action against you happens.
6.1 You must indemnify OKEx for 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, and other relevant agreements and 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.
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 read the Agreement, and any document referred to in them 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 will be undertaken through electronic mail unless otherwise instructed. 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 will, 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.