Contract Terms and Conditions
1.1 Wisebitcoin Perpetual Contract Trading (the “Service”) is a derivative trading service launched
It is designed, managed, and operated by Wisebitcoin.
To enable Wisebitcoin Perpetual Contract Trading, you must fully read, understand and agree to
“Wisebitcoin Perpetual Contract Trading User Agreement” (the “Agreement”).
Please read through all the terms and conditions carefully, before choosing to accept this
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.
2.1 You acknowledge and agree that:
you have agreed to “Wisebitcoin 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, Wisebitcoin 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.
3.1 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 Wisebitcoin, 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 Contract will be settled at 4：00、12：00、20：00 (SGP Time) everyday (Settlement). The Settlement price is the Latest Price (defined and calculated by the Service, see “Wisebitcoin Perpetual Contract Guide”). At Settlement, the same amount of FVAs as that of UPL (Unrealized profit and loss) will be added to RPL (Realized profit and loss), and 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 amount refer to “Wisebitcoin Perpetual Contract 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 “Wisebitcoin Perpetual Contract Guide”).
3.6 You shall pay Wisebitcoin for the Service. As for the payment arrangement, please refer to “Wisebitcoin Perpetual Contract Guide” for details.
4.1 The Service introduces various measures to control the systematic risks, including but not
Margin System with Tiered Maintenance Margin Ratio
Wisebitcoin 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 “Wisebitcoin Perpetual Contract 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 “Wisebitcoin Perpetual Contract Guide” for details.
4.3 “Auto-deleverage 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 “Wisebitcoin Perpetual Contract Guide” for details.
4.4 If the size of your positions or open orders accumulate to a level which poses considerable threat to other users, Wisebitcoin, under its discretion may request you to cancel your orders or close part of your positions. As a final measure, the Service reserves the right to limit or cancel your positions or orders to reduce the risk in the system.
5.1 You acknowledge that you understand the rules and policies thoroughly.
Wisebitcoin 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. Wisebitcoin 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, Wisebitcoin 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, immediate closure of your certain positions, or other interruption of the Service. Wisebitcoin will not be liable for your loss incurred.
5.4 Wisebitcoin 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. Wisebitcoin 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. Wisebitcoin will not be liable for any loss incurred thereby.
5.6 You are aware that technology outrages can happen unexpectedly. Wisebitcoin 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 Wisebitcoin strictly prohibits unfair trading behaviors. Wisebitcoin 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 Wisebitcoin by exploiting the Service’s vulnerabilities or by other unreasonable means;
are involved in any other activities that Wisebitcoin deems harmful to the overall wellbeing of the market.
Wisebitcoin 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. Wisebitcoin will not be liable for any loss incurred when such action against you happens.
6.1 You must indemnify Wisebitcoin for actions related to your Wisebitcoin account and your use of
6.2 You hereby agree to defend, indemnify and hold Wisebitcoin harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against Wisebitcoin 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 Wisebitcoin 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 Wisebitcoin's various system specifications, other
agreements or rules in the annex to this Agreement, and other relevant agreements and rules
regarding the Service that Wisebitcoin may from time to time issue.
Once the above content is officially released, it is an integral part o f 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
7.2 Wisebitcoin 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 Wisebitcoin'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 Wisebitcoin 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 Cayman Islands.
7.5 If there is any dispute between a user and Wisebitcoin, 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 Cayman Islands 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 Contract Trading Simulation.