This BloFin Futures Trading Service Terms (hereinafter as the “Terms”) is a binding between you (“you”, “your” or “User”) and BloFin (“we”, “our”, “us” or “BloFin”). It sets out the terms and conditions that governs your use of Futures Trading Services (the “Services”, "Service", or "Futures Trading Service") through BloFin.com or any of our associated websites, application programming interfaces or mobile applications (collectively the "Platform"). Futures Trading Services is a service that enables the User to trade certain Digital Assets derivative products. The terms and conditions in these Terms are to be read in conjunction with the Terms of Use, Privacy Policy and Risk Warnings (the “Legal Documents”).

 

By using the Services, you acknowledge that you have read, understood, and agree to be legally bound by the terms and conditions of these Terms and the terms set out in the Legal Documents, including any revisions as may be published by us at any time and from time to time. You acknowledge that you have also read and understood any additional documents or terms referred to or incorporated into these BloFin Terms. If you do not understand and accept these Terms in their entirety, you should cease to use the Service.

 

These Terms are supplemental to and shall be read together with the BloFin’s Terms of Use ("Terms of Use"). All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these Terms.

 

In the event of any conflict or inconsistency between these Terms and the Terms of Use, these Terms shall prevail with respect to the Services contemplated hereunder, unless expressly stated otherwise. We may make changes to Terms (or any terms or information incorporated by reference) at any time.

 

These Terms and any applicable Terms or Legal Documents constitute the entire Terms and understanding regarding the use of any or all of the Services, and any manner of accessing them, between: You and BloFin, depending on your location, nationality, services used, and your level of KYC completed.

 

1. Definitions

 

1.1 In these Terms, unless context otherwise requires, the following words and expressions shall have the following meanings respectively ascribed to them:

 

“Coin-M Futures” means futures contracts that are quoted, margined and settled in Digital Assets other than stablecoins.

 

“Funding Fees” means periodic payments that apply to Perpetual Futures Contracts that are either paid to you or owed by you depending on whether you are holding a long or short position in the relevant Digital Assets and are based on the nominal value of the positions and the applicable Funding Rate. 

 

“Funding Rate” means the rate used to determine the applicable Funding Fees payable in respect of Perpetual Futures Contracts.

 

“Futures” means USDT-M Futures, Coin-M Futures, USDC-M Futures or any other futures contracts that BloFin may allow to be traded on the Platform.

 

“Futures Account” means an account maintained by you for the purpose of receiving the BloFin Futures Trading Services. Each Sub-Account that is enabled for Futures Trading Services will have a separate Futures Account. 

 

“Futures Trading Services” means all services relating to Transactions in Futures and use of any trading bot.

 

“Initial Margin” in respect of a Transaction, shall be the minimum amount of Margin that BloFin may, from time to time in its sole discretion, determine is required to be deposited in your Futures Account in order to open a leveraged position for that Transaction.

 

“Liquidation Price” means, in relation to an open position maintained in Futures, the price at which liquidation occurs, as calculated by BloFin in accordance with the relevant liquidation price formula. For the avoidance of doubt, the Liquidation Price as quoted by BloFin on the Platform is for reference only and shall not be binding on BloFin.

 

“Loss” means any and all loss, damage, costs, charges and/or expenses, including, but not limited to, legal fees on a full indemnity basis, cost of funding, losses or costs incurred as a result of the terminating, liquidating or re-establishing of any hedge or related trading position, loss of profit, loss of revenue, loss of opportunity, consequential, unforeseeable, special or indirect damages or expenses.

 

“Maintenance Margin” in respect of a Transaction, shall be the amount of Margin (which is additional to Initial Margin) that BloFin may from time to time in its sole discretion determine to be required to keep the relevant leveraged position in respect of the applicable Transactions open.

 

“Manifest Error” means any error, omission or misquote which is manifest or palpable, including a misquote by any representative of BloFin taking into account the current market and currently advertised quotes, or any error or lack of clarity of any information, source, commentator, official, official result or pronunciation. The fact that you may have entered into, or refrained from entering into, a corresponding financial commitment, contract or trade in reliance on a Transaction entered into through the Futures Trading Services (or that you have suffered or may suffer any loss whether direct, indirect, consequential or otherwise) is deemed irrelevant as a factor and shall not be taken into account in determining whether a situation amounts to a Manifest Error.

 

“Margin” in respect of Transactions, means any Digital Assets of the type that BloFin has specified it accepts to satisfy Margin Requirements, that are deposited with or held by or on behalf of BloFin in your Futures Account as security or credit support for your obligations under such Transactions.

 

“Margin Balance” means the sum, from time to time (as determined by BloFin in its sole discretion) of: (i) Margin held in your Futures Account; and (ii) any Unrealised P/L connected to your Futures Account.  Information relating to your Margin Balance from time to time is made available through the Platform.

 

“Margin Call” means the BloFin requesting the user to top up any shortfall of Margin in the Futures Account in order to satisfy Initial Margin and/or Maintenance Margin requirements from time to time.

 

“Margin Requirements” means any Initial Margin and/or Maintenance Margin required to open and/or maintain a position with respect to a Transaction, as specified by BloFin in its sole discretion from time to time.

 

“Order” means an electronic order for Futures transmitted by you or on your behalf which is accepted by BloFin in relation to the Futures Trading Services.

 

“Perpetual Futures Contracts” means Coin-M Futures, USDT-M Futures or USDC-M Futures or without a set expiry date.  Perpetual Futures Contracts can be held indefinitely with no expiry date.

 

“Transaction” means any transaction in respect of Futures that BloFin permits to be carried out with respect to your Futures Account.

 

“Unrealized P/L” means profits that have not yet been realized minus the losses that have not yet been realized, in each case with respect to your open Transactions before closure or expiry.

 

“USDC-M Futures” means futures contracts, other than Coin-M Futures, that are quoted, margined and settled in USD Coin (USDC). USDC-M Futures are linear (rather than inverse) futures products.

 

“USDT-M Futures” means futures contracts, other than Coin-M Futures, that are quoted, margined and settled in Tether (USDT). USDT-M Futures are linear (rather than inverse) futures products.

 

2. Eligibility of Using the Service

 

2.1 You acknowledge and agree that:

• you have agreed to BloFin’s Terms of Use, Privacy Policy and Risk Warnings, and you are eligible for and not prohibited from using the “Services” defined therein;
• these Terms does not contradict with the laws of the country or region of your residence;
• you are the legal owner of the Digital Assets you have deposited with the Service and aforesaid Digital Assets are obtained from legitimate sources;
• you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to understand and execute these Terms;
• If you are registering to use the Service on behalf of a legal entity, in order to effectively accept these Terms, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws; (ii) you are duly authorized by the legal entity to have the right to act on their behalf.
• You have the experience and risk tolerance of using the service, and have the experience and knowledge to invest in non-guaranteed digital currency products;
• In order to use the Service, you have the ability to perform operations on the Internet;

2.2 You are aware of and assume the risks of using the Service, which include but not limited to:

• high price volatility of the Digital Assets and their derivatives could incur severe or total loss in a short period of time;
• the insufficiency of Digital Assets deposited as margin or collateral could incur immediate liquidation of your Positions, and you could lose all Digital Assets 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 severe or total loss of your Digital Assets.
• from time to time and at any time, in order to maintain the overall stability of the market, BloFin may need to add, remove, or change policies. Such action may be in favor or against an individual User.

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.

• You will not act in a manner which is contradictory to these Terms, the Legal Documents, or other BloFin community values.

   

3. The Service

 

3.1 The Service provides you with a real-time order book along with other information. You may view such information for your own analysis. However, BloFin 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 BloFin, via the website, client software, API or any other channels, as may be or become available at any time and from time to time. Once an order is filled, you will not be able to reverse 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 Digital Assets and their derivatives, on a real-time basis.

 

3.4 All dealings with you as undertaken by BloFin will be on an “execution-only” and “non-advised” basis. You are to rely on your independent judgment for your Positions and you are not entitled to ask us to provide you with any investment advice relating to any transactions. You agree, unless otherwise provided in these Terms, that we are under no obligation to carry out any actions.

 

3.5 At the time of settlement, users with long positions and users with short positions shall exchange the applicable Funding rate.

 

3.6 If you do not meet the maintenance margin requirements, you authorize us to sell your assets (including Digital Assets and Fiat Currencies, or a combination of both, as the case may be) in your account to cover the margin deficiency. You will be responsible for any shortfall in the account after such a sale.

 

3.7 If market anomalies occur before settlement and delivery, including but not limited to acute fluctuation of underlying index, BloFin may, under its sole discretion, decide to settle and/or deliver at a proper time and price with a commercially reasonable method without prior announcement.

 

3.8 BloFin reserves its right, to be exercised at its sole and absolute discretion, to suspend or terminate any use of the Service, any services provided by BloFin, or any BloFin account in the event of a breach of any terms under these Terms or breach of any Terms of Use.

 

4. Fees and Charges

 

4.1. In consideration for your use of our Services, you agree to pay to us the appropriate fees and charges as we may impose and stipulate. BloFin reserves the right, in its sole discretion, to revise or update our fees and charges from time to time.

 

4.2. All payment of fees and charges by you to BloFin in respect of any transaction shall be made promptly upon the completion of such transaction. You agree and authorise BloFin to deduct any applicable fees from your Account at the time a given transaction is completed. In the event that there are insufficient digital assets in your Account, you acknowledge that any fees and charges due and payable by you is a debt owing by you to BloFin, and shall fall due immediately.

 

4.3. All payments of fees and charges to BloFin shall be made in the form of Digital Assets.

 

5. Margin

 

5.1 All Margin shall be held subject to our general rights under Applicable Law. 

 

5.2 You shall deposit and maintain in your Futures Account Margin in such form and amounts, at such times and in respect of such Futures Account as BloFin may from time to time in its sole and absolute discretion require, whether or not such requirement is identical to or reflects or is greater than applicable collateral or margin requirements of any governmental body or self-regulatory organization in any jurisdiction which is required to be maintained by BloFin and/or you. The value of any Margin shall be determined by BloFin in its sole and absolute discretion.

 

5.3 A list of approved Digital Assets to be eligible as Margin will be prescribed by BloFin. BloFin may, in its sole and absolute discretion, amend the approved list from time to time without notice. 

 

5.4 You may choose to satisfy Initial Margin and Maintenance Margin requirements on your Futures Account either on an isolated basis (“isolated margin mode”) or across all open positions in a particular contract type (“cross margin mode”). If you select “isolated margin mode”, an independent Margin Balance will apply to each open position and only Digital Assets allocated as Margin to a particular open position will be utilized in the event of any liquidation or close-out. If you select “cross margin mode”, all open positions in the same contract type recorded against a Futures Account will have a single margin balance and will have recourse to the same pool of Digital Assets provided by you to satisfy Initial Margin and Maintenance Margin requirements. For the avoidance of doubt, if you have a number of different Sub-Accounts, each Sub-Account shall be treated entirely independently from any other Sub-Account for the purposes of determining Margin Requirements.  Accordingly, “cross margin mode” will not allow different Sub-Accounts to benefit from a shared pool of Margin, and each Sub-Account will have its own independent Margin Requirements.  

 

5.5 We accept USDT and USDC stablecoins to satisfy Initial Margin and Maintenance Margin requirements on Futures contracts. You may be able to apply the value of such Digital Assets to satisfy Initial Margin and/or Maintenance Margin requirements on USDT-M Futures or USDC-M Futures if you have deposited Digital Assets other than USDT or USDC to your Futures Account. We reserve the right to change the Digital Assets that are eligible as Margin for Futures contracts and/or applicable value haircuts and maximum transfer-in limit from time to time at our sole and absolute discretion.  With respect to Coin-M Futures contracts, BloFin accepts margin in the same cryptocurrency referenced in the relevant contract.  

 

5.6 BloFin will establish Margin Requirements in respect of Transactions which will be set out in the Futures Trading FAQ. We may, in our sole and absolute discretion, with or without notice to you, adjust the Margin Requirements for any Futures Account and/or type of Transaction at any time and by any level, and may also stipulate that such Margin Requirements shall apply to existing positions as well as new positions in the Transactions affected by such change. Any written notice from BloFin stating that any such circumstance has arisen shall be deemed to be a conclusive determination of that event. You acknowledge that we may, in certain market conditions, effect an immediate change in Margin Requirements and/or require additional Margin to be deposited by you immediately or within a specified period, and you hereby waive any right to object to such change or requirement. No prior Margin Requirements shall be binding on or set a precedent for BloFin.

 

5.7 In the event that BloFin determines, at any time, that additional Margin is required with respect to a Transaction, you shall deposit such additional Margin immediately upon demand. Notwithstanding any such demand, we may at any time exercise our rights hereunder should your Margin Balance fall below the applicable required Maintenance Margin In making such determination in respect of the Margin provided for any Futures Account, BloFin shall not be required to take into consideration Margin held by BloFin for you in respect of any other Account.

 

5.8 You acknowledge that Margin may be held and used to secure the performance of your obligations, as well as for such other purposes as the Applicable Laws may permit or stipulate for the relevant Transactions.

 

5.9 All Margin shall be held by BloFin as a continuing security granted by you and shall be subject to a general lien and right of set off in favor of BloFin for any and all of your obligations, liabilities or monies whatsoever at any time now or hereafter owing, due, incurred or payable by you to BloFin under these Terms or otherwise, whether present or future, actual or contingent, solely or jointly or whether as principal or surety, and BloFin may realise any of your Margin as provided for in these Terms. Subject to our rights under these Terms, BloFin will not sell, transfer, loan, hypothecate, rehypothecate or pledge any Margin allocated to your Futures Account unless such sale, transfer, loan, hypothecation, rehypothecation or pledge has been instructed by you in writing, authorised under these Terms, or compelled by a court of competent jurisdiction. BloFin is granted a first priority security interest hereunder.

 

5.10 You acknowledge and agree that no interest shall be paid by us on any type of Margin deposited by you and that we shall not have any liability for fluctuations in the fiat currency value of Margin allocated to and used in connection with your Futures Account.  We shall at no time be required to redeliver to your property which is identical to such property delivered or otherwise transferred from you to BloFin as Margin for the Futures Account. Any obligation on us to redeliver any property to you shall be satisfied if such property which is redelivered is of substantially the same kind and amount as the property delivered by you to BloFin as Margin for the Futures Account, subject to adjustments for quantity and quality variations at the market price prevailing at the time of such delivery. You acknowledge and agree that any Margin delivered by you for the Futures Account will no longer constitute your property and shall not constitute a loan by you or a constructive trust in your favor when BloFin uses the Margin for any purpose as set out in these Terms. 

 

5.11 You shall at your own cost and at our request, execute and do all such deeds, acts and things as we may require from time to time for the purposes of these Terms, including but not limited to perfecting our rights to the Margin provided by you.

 

5.12 Subject to Applicable Law, BloFin may deposit into its own general account or any other account, any of your Margin and may commingle your Margin with the Digital Assets, currencies and property of BloFin or other clients of the Futures Trading Services. 

 

6. Margin Calls and Liquidation

 

6.1 Digital Asset markets are open 24 hours a day, 7 days a week, and Margin Calls and Liquidations may occur at any time. You agree and acknowledge that the prices of Digital Assets are volatile and may experience sharp declin