Futures Terms and Conditions
Last updated: May 1st, 2019
These terms and conditions (“T&Cs”) create a contract between you and “Cryptology”, “We”, or “Us” to regulate the use of the Futures Trading Functionality (hereinafter referred to as the “Futures Trading”). By accessing futures.cryptology.com and the mobile application functionality for Futures Trading and/or by clicking and/or tapping on the “opt-in” checkbox you express your consent to these T&Cs and confirm your understanding and acceptance thereon. If you do not agree with these T&Cs, do not access or use our Futures Trading.
Cryptology reserves the right, at its sole discretion, to change, modify, add or remove portions of these T&Cs at any time, with or without prior notice. It is your responsibility to periodically review the Legal & Privacy section to keep yourself apprised of any updates or changes. Your continued use of the Services constitutes acceptance of such changes, modifications or deletions.
Any formal communication with you will be processed via electronic mail and you should send any documents requested by us by the same means.
Cryptology operates a Futures Trading functionality that allows users to trade perpetual futures contracts (“PFC”) under the terms and conditions determined herein. Currently, the PFC only operates using BTC as the underlying asset. The face value of each PFC is 1 USD with fixed leverage of 100x.
The Funding Rate determines funds that will be received or marked off every 8 hours at 04:00 UTC, 12:00 UTC and 20:00 UTC. So we have 3 funding intervals per day. You will only pay or receive the Funding amount if you hold a position at one of these times. If you close your position prior to the Funding Rate exchange then you will not pay nor receive the Funding Rate. When the Funding Rate is positive, longs pay shorts. When the Funding Rate is negative, shorts pay longs. Cryptology does not charge any fees on the Funding Rate amount nor the exchange of it between longs and shorts, the Funding Rate is exchanged directly peer-to-peer. Funding is necessary to maintain the contract price close to the Index Price and avoid price manipulation on the exchange.
The Mark Price displays the Unrealized PNL. It is used to calculate the liquidation of the position and avoid price manipulation.
The open interest will display the total number of contracts in the order book.
Equity will be the sum of the total balance and Unrealized PNL.
Any misrepresentation or fraudulent use of a Cryptology Account is considered a severe breach of our T&Cs. In case Cryptology becomes aware or due to the trading activity it is demonstrated that the purpose of the Cryptology Account is conduct fraud, Cryptology will immediately suspend its services and block the Cryptology Account. We reserve the right to take necessary legal action against any parties to protect our rights, users, and resources.
We do not provide our Services in all markets and jurisdictions, we may restrict or prohibit the use of our Services in certain countries. Cryptology currently does not provide services in the United States of America (“U.S.”) and to any U.S. resident or national. We may restrict or prohibit the use of all or a portion of the Services from restricted locations, which at this time include Afghanistan, Bosnia and Herzegovina, Democratic People’s Republic of Korea, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Lao PDR, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Yemen.
You are solely responsible for all the activities in connection with your use of the Services, through your account and/or using your password, and for the security of your computer systems, and in no event shall Cryptology be liable for any loss or damages relating to such activity. You should not create different accounts for your own use, any malicious, fraudulent, unfair or otherwise detrimental use of our platform may lead in automatic suspension and/or termination of our service.
To cover possible obligations of one trader to the others, we decided to create an Insurance Fund. The Insurance Fund is used according to the discretion and risk management policy of Cryptology. When opening a position, the trading system calculates two prices, the Liquidation Price and the Bankruptcy Price.
Depending on the size of the position, liquidity and market volatility, the actual average Liquidation Price could be even worse than the Bankruptcy Price. In these cases, losses concerned with the market condition will be covered from the Liquidation Fund. If there are not enough funds to cover losses of liquidation then the system automatically goes to Auto-Deleveraging Liquidation. In the opposite case, if the actual average Liquidation Price is better than the Bankruptcy Price, these funds will go to the Liquidation Fund.
Auto deleveraging is a procedure on the market when it is necessary to cover losses of some traders but there are not enough funds in the Liquidation Fund. In this case, the most profitable positions on the market will be automatically closed