Last Updated: March 28, 2023
-
General
1.1 These standards are adopted in accordance with the principles of fairness, openness, justice and transparency.
1.2 The loan and transaction referred to in these standards mean that the user provides collateral to Bitunix (hereinafter referred to as "the company"), through Bitunix.com website or application (hereinafter referred to as “Bitunix.com” or “Platform”), to trade and use them for investment transactions, under the futures and perpetual swap trading.
1.3 On Bitunix.com, these standards apply to any loan and transaction under futures trading and perpetual swap trading. You may also refer to and apply the "Bitunix Terms of Service", "Bitunix Futures Services Agreement", and other relevant terms, policies, rules and agreements available at Bitunix.com.
-
Futures and Perpetual Swap Delisting
2.1 Token Issuer Issues
(1) Systemic risk issues:
(i) Significant changes in the management, shareholder structure and/or business model of the token issuer, but without the consent of the company, or there is a private sale of business;
(ii) The information provided by the token issuer is suspected of serious fraud or manipulation of market prices, facing substantial legal and negativity issues;
(iii) The token issuer deliberately conceals possible major events that may seriously affect the price of the token, or the token is not used in accordance with the lock-up mechanism and disclosure; or
(iv) The token issuer’s system has operational security risks, or its social media website has not been maintained or updated for a long time, its open source code has not been updated for a long time, or there are security loopholes in the code level, and it faces substantial security risks if it is attacked.
(2) Technical security issues:
When the system encounters scenarios such as main-net switching, hard fork, split, or reverse split that require token replacement, it will be delisted for safety reasons before completion of technical rectification.
2.2 Platform Issues
(1) Transaction risk issues:
(i) The system is facing relatively significant liquidity risk, and the market depth is not enough to support a good trading experience or to open and close positions on a certain scale;
(ii) When the underlying index of the leveraged token is lessened or the index component is unstable, the Platform will evaluate the relevant parameters and determine whether it does not meet the standards; or
(iii) When a substantial market risk event occurs in the leveraged token, or there are other relatively high hidden risks in the market.
-
Dealing with Futures and Perpetual Swap Trading
3.1 Dealing with closing
Perpetual swap:
In most cases, the time weighted average index or transaction price of the perpetual contract over the last hour before the delisting date (price points taken every 200ms) shall be used as the closing price, and the closing shall be carried out at the pre-determined delisting time.
3.2 Regarding the processing of open positions when delisting happens
For perpetual swap trading and futures trading that need to be delisted urgently, the time weighted average index or transaction price of the perpetual or futures contract over the last hour before the delisting date shall be used as the closing price of the contract, and all users’ open positions shall be closed. If the index prices or the latest transaction prices over the last hour before the delisting date have been abnormally manipulated, the company may adjust the closing price to a reasonable level for closing according to the actual circumstances. For contract positions that are scheduled to be closed due to delisting, the user's open positions at the time of the delisting will be closed on the contract’s maturity date at the real-time market transaction price .
3.3 On the issue of users' liquidation when delisting happens
Considering that the market may fluctuate volatilely before the delisting, if the user’s margin is unable to meet his losses when there is a delisting, the risk reserves will give priority to compensation, and for any portion of the compensation unable to be met by the risk reserves, the system shall automatically close out the open positions of profitable users.
3.4 About the liquidation fee when delisting happens
For any unclosed positions of users when they are delisted, the Platform will automatically settle them in accordance to our terms, and the company will not charge any fees.
3.5 Questions about adjusting contract parameters before delisting happens
Before delisting, the Platform shall have the discretion to adjust contract parameters such as gearing rate, funding rate and limit price as appropriate in accordance to the actual market condition, to reduce the risk in the process of delisting.
3.6 About the user notification before delisting happens
Under normal circumstances, the company will notify users in the form of an announcement 7 days in advance (except for emergencies due to risk control and other issues). For users with numerous open contract positions, the company will notify users by phone. Due to the fact that each contract may have potential risks, the time to delist or block a certain contract is subject to the actual time set out in the announcement at that time. The company recommends that users close their positions before the specified delisting time to avoid automatic settlement of positions.
3.7 Inquiry about the transaction records of delisted contracts
If users need to inquire about the transaction records of delisted contracts, they shall obtain such records in their historical transaction records and orders. If users need to back up their records, please go to the Support center to submit a request.
3.8 Other issues
The calculation and collection of the current funding rate when the perpetual contract is delisted.
The current funding rate at 16:00 on the delisting day is 0 (so the funding fee for this period will not appear in the transaction bill), no funding fee will be charged when the user's position is closed, and the company will not charge additional fees such as closing fees.
-
User Agreement
4.1 User shall agree to the "Bitunix Futures Services Agreement" before conducting any trading activities.
4.2 User may place trading orders with us via Bitunix.com, with USDT and other tokens, as approved by Bitunix.
4.3 We provide information release, management and risk control services for token lending. However, there have been no promises, guarantees or warranties suggesting that any trading will result in a profit or will not result in a loss. Users shall carefully consider whether such an investment is suitable in light of their own financial position and investment objectives, and invest responsibly at their sole discretion.
-
Additional Terms
5.1 These standards are adopted and interpreted by our company at our sole discretion. These standards and any further amendments from time to time are in effect immediately after publication.
5.2 The content of these standards also includes various terms, policies, other agreements, standards or rules as referred to in these standard , “Bitunix Futures Services Agreement” etc., and the company may continue to publish other related agreements, rules, etc. about the Service. Once the above contents are officially released, it forms an integral part of these standards, and users should also abide by it.
5.3 If there is a conflict between the content of the English version of these standards and the content of translated versions in other languages, the content of the English version of these standards shall prevail.
5.4 Any matters related to these standards, including but not limited to the existence, validity, performance, modification, interpretation and dispute resolution of these standards, shall be governed by the laws of Singapore.
5.5 If there is any dispute or controversy between a user and the company, it should first be resolved through friendly negotiation; if the negotiations fail, both parties shall agree to resolve the disagreement or dispute through the courts in the Singapore.
5.6 The heading of all clauses in these standards are for convenience only and shall not affect its interpretation.