Last updated: December 12, 2023

1. Overview

1.1. By using the Futures Services,  you represent that you are over 18 years old, with physical and mental capacity to enter into this Agreement between you and BitVez, and you have read, understand, and accept all terms and conditions contained in this Terms and Conditions for BitVez Futures Trading Zone or other covenants that may be modified from time to time and be posted on BitVez, or be delivered to you through mails, emails, SMS, or other methods used by BitVez.

2. Eligibility

2.1. You acknowledge and agree that:

• You do not reside in Hong Kong SAR of China, Balkans, Belarus, Belgium, Burma, Cote D'Ivoire (Ivory Coast), Crimea, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, Korea (Democratic People’s Republic of), South Sudan, Syrian Arab Republic, Zimbabwe, the United States and its territories, or any other jurisdictions which residents BitVez deems from time to time to be prohibited from using the services provided under this Agreement；
• You have agreed to BitVez User Agreement and this Terms and Conditions for BitVez Futures Trading Zone, and you are eligible for and not prohibited from using the Futures Services hereunder;
• You are aware of and you assume the risks in using the Futures Services, which include but not limited to:
• high price volatility of Digital Currency and their derivatives which could incur big or total loss in a short period time;
• insufficiency of Digital Currency deposited which would lead to immediate liquidation of your positions and possibly all Digital Currency you deposited for such Futures Services;
• technology outrage which may delay or block your use of the Futures Services.
• You understand and agree to pay BitVez for such Futures Services, including but not limited to the trading fees occurred. Detailed fee schedules will be provided

3. Usage of Futures Services

3.1. The Futures Services provides you with real-time order book along with other trading information. You may view or download information for your own analysis. BitVez does not take responsibility and is NOT responsible for any judgment, analysis, or strategy that you use for any and all trading decisions related to such Futures Services.

3.2. Once your “Open Long” or “Open Short” order is filled, the corresponding position is opened. Once your “Close Long” or “Close Short” order is filled, the corresponding position is closed. Our Futures Services will provide you with information about your positions and other trading information on real-time basis.

3.3 You may place orders, in the form required by BitVez, via our website, app, API or any other available channels. Once an order is filled, it is irreversible, and you will not be able to cancel or amend it.

4. Risk Management

4.1. As part of your BitVez account, BitVez will provide qualifying users access to a designated wallet for such Futures Services.

4.2. BitVez Futures Services utilize below measures and mechanisms to control the systematic risks, including without limitation:

• Funding Cost which ensures that prices on such Futures market follows the prices of underlying assets on spot market;
• Reasonable Price Marking Method to avoid forced liquidation due to lack of liquidity or market manipulation;
• Liquidation Mechanism to limit your margin rate and related positions;
• Auto Deleveraging Mechanism (ADL) to mitigate risks related to force liquidation of positions.

BitVez will continuously improve risk management measures and mechanisms and will keep you updated.

5. Limitation of Liability

5.1. You are aware of and you assume the risks in using the Futures Services. BitVez will not be liable for your loss, if any. In particular, to open or maintain your positions, the amount of Digital Currency you deposited as margin will need to meet certain requirements. If such requirements are not met, Liquidation Mechanism may be triggered. When a Liquidation happens, you could lose all the Digital Currency you have deposited as margin.  

5.2. The information of your trading becomes official solely upon Settlement. The information shown between two consecutive Settlements are for reference purpose only and cannot be guaranteed to be implying the ultimate outcome. You could take a loss by your actions based on the intro-settlement information provided. BitVez will not be liable for your loss, if any.

5.3. To comply with the changes in laws and regulations, or to maintain the overall wellbeing of the market, BitVez may 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 Futures Services. BitVez will not be liable for your loss, if any.

5.4. BitVez will not be liable for any loss incurred by uncontrollable situations, which include but not limited to:

• system maintenance as announced by BitVez;
• internet device malfunctions which disable data transfer;
• war, riots, floods, earthquakes or any other unexpected disruptions and Force Majeure events;
• hacking attacks, computer virus, internet network delay and malfunctions, banking issues, website updating, service suspension, delay or cancellation with/without the interruption of government;
• unpredictable or unresolvable issues with the technologies currently available;
• caused by third parties including inappropriate or delated executions.

The above events have the potential to cause abnormal turnover, market interruptions and other possible anomalies. BitVez reserves the right to cancel and/or roll back transactions over a period of time in which it deems fit and sufficient to mitigate any detrimental market effects. BitVez will not be liable for your loss, if any.

6. Indemnification

6.1 You must indemnify BitVez for actions related to your use of the Futures Services, including but not limited to the payment of trading fees occurred. 

6.2 You hereby agree to defend, indemnify and hold BitVez harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against BitVez due to or arising out of your usage of such Futures Services.

7. Miscellaneous

7.1. This Terms and Conditions for BitVez Futures Market applies jointly with the User Agreement of BitVez.  In the event of any conflicts between this Terms and Conditions for BitVez Futures Market and BitVez’s User Agreement, this Terms and Conditions for BitVez Futures Market shall prevail if no opposite statement.

7.2. BitVez reserves the right to unilaterally modify this Terms and Conditions for BitVez Futures Market if necessary. Such modification could happen at any time without prior notice. In the event that any changes are made, the revised contents will be posted on BitVez’s website for your knowledge. Your continued use of or access to the Futures Services following the posting of any changes constitutes your acceptance of those changes. If you do not accept the revised content, you should stop using Futures Services immediately.