BYDFi Perpetual Services Agreement

BYDFi

2025-07-10 · Updated

This Perpetual Services Agreement (the “Agreement”) is made between you (the “User”) and BYDFi Fintech Co. Ltd. (“BYDFi” or the “Platform”). BYDFi provides perpetual service trading services (the “Services”). Before using the Services, you must read this Agreement carefully and fully understand all its terms. By clicking “Agree” or by using the Services, you signify your acceptance of and agreement to be bound by all terms of this Agreement.

I. General Provisions

1.1 Service Provider

BYDFi Fintech Co. Ltd. (“BYDFi”) is responsible for product design, platform operation, and trade matching of the Services.

1.2 Acknowledgment and Acceptance

Unless you have read and accepted all terms of this Agreement, you are not authorized to use the Services. Your act of accepting this Agreement, or your use of the Services, constitutes your agreement to be bound by this Agreement.

1.3 Incorporation of Additional Documents

This Agreement comprises its main text and any supplementary rules, fee schedules, risk-control policies, API documentation, and other materials published by BYDFi, each of which is an integral part of this Agreement. This Agreement supplements BYDFi’s Terms of Use, and any terms therein are incorporated herein by reference with equal legal effect. BYDFi reserves the right to amend this Agreement and its supplements at any time; such amendments become effective upon posting on the Platform. Continued use of the Services after amendment constitutes your acceptance; if you disagree, you must cease using the Services and close your account.

II. Eligibility

2.1 Compliance Representations

You represent and warrant that you comply with all applicable laws and regulations in your jurisdiction and are not subject to any prohibitions or restrictions.
You warrant that all assets you deposit for use in the Services are legally obtained and fully traceable.
You have read and agree to be bound by BYDFi’s Terms of Service.

2.2 Risk Disclosure

Perpetual swaps are highly leveraged derivatives whose prices may fluctuate violently, potentially resulting in total loss of principal.
Insufficient margin may trigger forced liquidation and loss of all deposited funds.
Technical failures or market anomalies may delay or prevent order execution.

III. Services

3.1 Market Data

The Platform provides real-time order-book depth, trade history, position data, and related information for your personal analysis only.

3.2 Trading Mechanisms

You may place orders via web, mobile, or API. Once a trade is executed, it is irrevocable and cannot be modified.

3.3 Contract Types

BYDFi offers three perpetual swap contract types:

USDT-M Contracts: linear contracts margined and settled in USDT.
USDC-M Contracts: linear contracts margined and settled in USDC.
Coin-M (Inverse) Contracts: contracts margined and settled in the underlying crypto asset.

3.4 Positions and Settlement

Perpetual contracts have no expiry and may be held indefinitely.
Upon settlement, unrealized P&L is converted into realized P&L (resetting unrealized P&L to zero) and may be withdrawn subject to margin requirements.

3.5 Funding Rates and Fees

Long and short parties pay or receive funding fees based on the mark price; rates are published in the official announcements.
You must pay trading fees, funding fees, and other platform charges; see the fee schedule for details.

IV. Risk Control & Margin

4.1 Margin Modes

Isolated Margin: Each position has its own margin; liquidation affects only that position.
Cross Margin: all positions under the same contract share a common margin pool; liquidation may affect all positions in that contract.

4.2 Margin Requirements

BYDFi sets and publishes initial margin rates, maintenance margin rates, and maximum leverage per the contract rules. BYDFi may adjust these requirements at any time and may demand additional margins to maintain your positions. Failure to top up margin may result in forced liquidation or other risk-control measures.

4.3 Forced Liquidation

When the mark price reaches the liquidation price, BYDFi may trigger an Immediate or Cancel Order (“IOC-O”) to liquidate your position.
If the IOC-O remains unfilled and your account balance becomes negative, you are deemed a “bankrupt user” and subject to the Platform’s risk-control procedures.

4.4 Auto-Deleveraging

If the insurance fund cannot cover the loss of a bankrupt user or in cases of extreme market stress, BYDFi may invoke its auto-deleverage mechanism.

V. User Obligations & Covenants

5.1 Compliance & Fair Use

You must not:

Engage in unlawful activity, market manipulation, or insider trading.
Transfer account rights or authorize others to use your account.
Wash-trade repeatedly using your own account or across accounts you control (e.g., dual-account wash trades), including but not limited to shared funding sources, identical IP addresses, or synchronized trading behavior.
Exploit Platform vulnerabilities or employ unreasonable means to harm other users or the Platform.

5.2 Independent Judgement

You shall independently evaluate all trading risks and must not rely on any investment advice or forecasts provided by the Platform.

5.3 Accuracy of Information

All information you provide (identity, funding, etc.) must be true, accurate, and complete, and updated promptly upon any changes.

VI. Limitation of Liability

6.1 Technical Disclaimer

Except for willful misconduct or gross negligence by BYDFi, BYDFi shall not be liable for losses arising from:

System failures, maintenance, or upgrades are causing trade delays or failures.
Network or telecommunications disruptions, including DDoS attacks.
Third-party APIs or external data errors, delays, or unavailability.
Hardware, browser, or client-side compatibility issues.
Force majeure events (earthquakes, floods, epidemics, regulatory changes, etc.).
Risks arising from any third-party trading tools (bots, scripts, plugins).

6.2 Assumption of Risk

Except as required by law or in cases of platform fraud, you bear all risks—direct and indirect—associated with trading, settlement, and risk-control actions.

6.3 Algorithmic Trading Controls

If BYDFi determines that any use of trading algorithms may adversely affect market integrity or liquidity, you agree that BYDFi may, at its discretion and without prior notice:

Cancel any orders or trades generated by such algorithms;
Restrict or prohibit the use of any trading algorithm for contract orders;
Further adjust or expand these measures as necessary to comply with applicable laws or regulatory requirements.

VII. Governing Law & Dispute Resolution

7.1 English Version Prevails

In the event of any conflict between the English text of this Agreement and translations, the English text shall govern.

7.2 Governing Law

This Agreement is governed by the laws of the Republic of Seychelles.

7.3 Dispute Resolution

Any dispute arising hereunder shall first be attempted to be resolved amicably. Failing such resolution, parties submit to the exclusive jurisdiction of the courts of Seychelles.

VIII. Events of Default & Liquidation

8.1 Events of Default

You shall be in default upon the occurrence of any of the following:
a) Your margin balance falls below required levels.
b) Any representation, warranty, covenant, or agreement made by you hereunder is or becomes untrue, inaccurate, incomplete, or misleading, and you fail to promptly notify BYDFi.
c) You breach any obligation under this Agreement, the Contract Rules, or the Terms of Use.
d) You fail to provide documents required for KYC, AML, or credit checks.
e) You die, become insolvent, or are subject to bankruptcy proceedings.
f) Any partner in a partnership you represent dies, becomes insolvent, or is sued.
g) A corporation you represent becomes insolvent or enters administration.
h) Any claim, suit, or enforcement action is brought against you or your collateral.
i) You convene a creditors’ meeting or compromise with creditors.
j) BYDFi reasonably doubts your creditworthiness or financial standing.
k) BYDFi cannot contact you within 24 hours by reasonable means.
l) BYDFi decides, in good faith, that any action under Section 8.2 is necessary to protect its or other users’ interests.
m) BYDFi receives credible allegations of fraud, market abuse, wash trading, or other illicit acts by you.

8.2 Liquidation Rights

Upon default, without prejudice to any other rights, BYDFi may at any time (with no prior notice):
a) Suspend, restrict, cancel, or terminate your account and accelerate all obligations owed to BYDFi.
b) Determine the value of open trades in good faith and liquidate or close any such trades.
c) Sell or transfer any digital assets held or received as collateral, applying proceeds to your obligations and exercising set-off rights.
d) Adjust margin requirements and sell collateral at prices deemed appropriate.
e) Offset any amounts owed against assets in your account.
f) Pursue any deficiency or hold any surplus until all obligations are satisfied.
g) Restrict withdrawals from any account.
h) Take any action necessary to protect BYDFi’s or other users’ interests.
i) Exercise any other rights under this Agreement, the Contract Rules, or the Terms of Use.
j) You shall reimburse BYDFi for all reasonable costs and expenses (including legal fees) incurred in enforcing its rights.

8.3 Additional Measures

Without limiting Section 8.2, if BYDFi determines that you have engaged in wash-trading, market manipulation, misuse of trading algorithms, or any other abnormal profit-seeking behavior as defined by BYDFi, BYDFi may:

Void or reverse related transactions, cancel, roll back, or freeze the corresponding positions and funds in your account;
Deduct from your account any sums necessary to remedy liquidity shortfalls or losses caused by your conduct;
Charge you for all reasonable costs and expenses incurred thereby, with no liability on BYDFi’s part.

8.4 Indemnification

You shall indemnify and hold BYDFi harmless for all losses, liabilities, costs, and expenses (including attorneys’ fees) incurred as a result of your breach of this Agreement to the fullest extent permitted by law.

IX. Miscellaneous

9.1 Force Majeure

Neither party shall be liable for any failure or delay in performance caused by events beyond its reasonable control, including but not limited to natural disasters, war, terrorism, riots, civil unrest, government actions, strikes, or epidemics.