1.1 Perpetual Contracts(This service) are the virtual assets derivatives published by JEX Technology Co.ltd（JEX）. They're designed by JEX and their trading exchange will be operated by JEX. In order to initial tradings on JEX perpetual contract, you’ll need to carefully read and obey JEX Perpetual Contract User Agreement(This agreement). You should read and understand all the items and conditions in this agreement and then choose whether to accept this agreement or not.
1.2 You couldn’t trade on JEX perpetual contracts or use relative services unless you have read and accepted all the items and clauses in this agreement. After accepting this agreement, your actions will be bound by it.
2.Qualification to use this service
2.1 You've understood and confirmed that
- You have accepted JEX perpetual contract user agreement. You are qualified, instead of already been forbidden to use services defined in this agreement.
- This agreement is not in conflict with laws of your country / region.
- You are the respectful and rightful owner of virtual assets you’ve deposited into the server. You ensure the source of these virtual assets is absolutely legitimate.
2.2You understand risks of using services in this agreement include but not limited to
- High volatility of virtual assets price and price of their derivatives might lead to heavy losses or even total losses of your assets.
- Your margin comes from virtual assets you've deposited. Short of margin might lead to a deleveraging liquidation. You might lose all your virtual assets deposited into this service.
- There might exist technical exceptions, which can lead to the postpone or even stop of the service.
- There might exist market exceptions, which can lead to the losses of your virtual assets.
- In order to ensure holistic health of the market, JEX might add, delete or modify some contents in this agreement. These changes can damage benefits of individual clients, such as you.
2.3 You admit
You won’t use services in this agreement for any illegal aim.
You won’t sponsor or promote any form of market manipulation.
3.Use of this service
3.1 This service will provide you with real-time market depth as well as other useful information. You can check or download the information above for further analysis.
3.2 You can place orders via website, client side, api, etc. Once an order has been placed, it cannot be canceled or modified.
3.3 When you successfully place orders, you will accordingly open futures positions. When you successfully place reserve orders, positions of reserve orders will be deducted from positions you formerly held. This service will offer you real-time information on futures positions you are holding and value of your virtual assets and relative derivatives.
3.4 JEX perpetual contract adopts capital spending rule. Capital spending will be generated every 8 hours, that’s to say 0:00, 8:00 and 16:00 of Singapore Time. If users have positions in hand at these 3 times, their positions will be charged capital fee. Relative rate and calculating method is defined by this service, and detailed information could be checked in HELP CENTER - Futures Contract on JEX official website.
3.5 You will pay service fee to JEX for using this service. For details of service fee, please check HELP CENTER - Futures Contract on JEX official website.
4.Risk Control Rules
4.1 JEX perpetual contract adopts various methods to control risks. These methods include but not limited to
- Laddering maintenance margin rate rule
- Compulsive partially - deleveraging rule
4.2 Laddering maintenance margin rate rule. Positions you could open is limited and decided by virtual assets you’ve deposited into this service. In order to avoid compulsive deleverage, your position margin, which is defined and calculated by this service and could be checked in HELP CENTER - Futures Contract on JEX official website, must be higher than maintenance margin, the lowest margin to maintain your current positions. This service adopts laddering maintenance margin rate rule. The larger the positions are, the higher the maintenance margin rate will be. Other relative information could be checked in HELP CENTER - Futures Contract on JEX official website.
4.3 Compulsive partially - deleveraging rule. When margin rate is lower than maintenance margin rate, compulsive deleveraging system will be activated. Till compulsive deleverage finishes, your account will be temporarily controlled by risk control system of this service. During compulsive deleveraging process, if real-time margin rate meets new-level maintenance margin rate requirement, compulsive deleveraging will be stopped. If margin rate cannot meet new-level maintenance margin rate requirement, all positions will be controlled by compulsive deleveraging system with compulsive deleveraging price. For more details, please check HELP CENTER - Futures Contract on JEX official Website.
4.4 ADL. When a trader’s positions are liquidated, the positions would be taken over by the JEX exchange liquidation engine. If liquidation cannot be successfully fulfilled on the market, ADL system will automatically deleverage opposing traders’ positions when mark price reaches bankruptcy price. Deleveraging priority will be decided by PNL and leverage. For detailed information, please check HELP CENTER - Futures Contract on JEX official website.
4.5 You understand and accept that, when your position size is too large and JEX deems it might bring serious risks to other users or the system, JEX has the right to require you to take risk control setups, such as canceling orders or closing positions. In some special conditions, when JEX thinks it’s necessary, it’ll also have the right to limit position size, order number, opening position right and canceling order right on particular users, or even directly force these users’ orders into liquidation.
5.Limitation of liability
5.1 You admit you’ve totally understood JEX rules and policies. JEX wont’ take liabilities for the losses caused by your misunderstanding on JEX rules and policies. You should pay particular attention to the following contents. To open or maintain your positions, you’ll be required to deposit certain amount of virtual assets as margin. If the virtual assets are below required amount, deleveraging system might be activated. In that condition, you might lose all the virtual assets you’ve deposited as margin.
5.2 Accurate trading information will only be displayed after the clearance. The information displayed between 2 clearances is not the official one. It’s only for your reference. JEX won’t take liability if you lose your assets by trading on the basis of such kind of information.
5.3 In order to adapt to the changes of laws / regulations, or maintain holistic health of the whole market, JEX might change policies or implement emergency rules from time to time. Such actions might lead to the following results.
- Your account might temporarily lose access to this service.
- There might be cost apportionment on your account.
- Some positions of your account might be closed.
- Other relative services might be stopped.
JEX won’t take liabilities for your losses caused by the results above.
5.4 If you cannot use this service or place orders due to following reasons, JEX won’t take liability for your losses.
A. JEX system is down for maintenance and this has been notified in JEX public announcement before.
B. Telecommunication equipment breaks down and cannot transmit the data.
C. JEX system cannot deal with business issues due to force majeure events, such as Typhoon, earthquake, tsunami, flood, power failure, war, terrorist attack, etc.
D. This Service is stopped or delayed because network cannot normally work due to hacker attack, computer virus intrusion, website updates, bank issues, government regulation or technical adjustment/failure of telecommunication department.
E. Technical issues that cannot be predicted or resolved by existing technical force.
F. Your losses or third party’s losses caused by another third party’s fault or delay.
5.5 JEX has right to cancel some orders or orders of a certain period, when there exist unusual transactions, market disruption, or other abnormalities caused by accidents, like system failure, network failure, DDos or other hacker attacks. JEX won’t take liability for losses caused by the cancel of these orders.
5.6 You understand there might be accidents caused by technical issues, and JEX won’t take liability for relative losses. Accidents caused by technical issues include but not limited to
- Network delay or failure in connection with server of this service.
- Stop, tardiness, no response, or other breakdown of this service led by server overload.
- This service could not acquire necessary data from third party.
5.7 JEX strictly prohibit unfair transactions. If you take part in the following activities, JEX will reserve its right to initial controlling measures on your account.
- Price manipulation or other malicious behaviors
- Damaging interests of JEX or other users via exploiting vulnerability of this service or taking other unreasonable measures.
- Taking part in other activities that, according to JEX’s understanding, are harmful to the market.
In order to eliminate all the adverse affects on market health, JEX reserve its right to fulfill following actions, which include but not limited to
- Closing your account;
- Limiting/suspending/canceling your transaction;
- Rolling back filled orders.
JEX won’t take liability for losses caused by these actions.
6.Liability of compensation
6.1 You should take all possible measures to protect JEX from being harmed by your use of this service or other harmful actions relevant to your account. Otherwise you’ll take liability for the losses of JEX.
6.2 Here you confirm and agree that you will do everything possible to protect JEX from various harms.
You should raise a plea against or even take liability for all the claims for compensations caused by following actions.
- Your breach of this agreement
- Your misuse of this service
- Your lawbreaking behaviors or behaviors that infringe a third party’s rights
- Third party’s indecent act or omission when using your JEX account to log in JEX - relative websites, JEX - relative client side, or JEX system. Relative websites, client sides or JEX system include all networks and servers that offer JEX - relative service . They could be operated by JEX, operated for JEX, or operated to ensure JEX service could be normally offered to you.
7.1This agreement also includes all the JEX institutional norms, all the addendum to this agreement and all the later-published relative agreements or rules. Once published, all the contents above are regarded as the integral parts of this agreement and should be obeyed by all users. If any term of the contents mentioned above conflicts with this agreement, this agreement shall prevail.
7.2 If necessary, JEX has the right to unilaterally modify or change contents of this agreement without notifying you in advance. If JEX has unilaterally modified or changed contents of this agreement, the modified contents will be displayed on JEX official website simultaneously. Please check relative information on JEX official website in time. After the modification been published, if you continue using this service, you will be deemed to have already agreed on this agreement. If you don’t agree with the modifications, you should stop using this service immediately.
7.3 You should carefully read this agreement as well as any relative agreement/ rule, that, stipulated item 7.1 and item 7.2, is a necessary constitution of this agreement. If you have any doubt on the files above, please contact JEX, and JEX will offer reasonable and necessary explanations. If JEX don’t have special requirement, you should contact JEX via e-mail. Informal communication can be launched via telephone, while the formal communication between you and JEX can merely be launched via e-mail. All the communications should be in English unless two sides have other special appointments. If results of communication in English are in conflict with that in other languages, communication results in English shall prevail. If the results of any formal or informal communication are in conflict with the items in this agreement, items in this agreement shall prevail. If English version of this agreement is in conflict with other language versions, English version shall prevail.
7.4 Any issue related to this agreement, including but not limited to, set up, commencement, fulfillment, modification and explanation of this agreement, shall be governed by the law of Seychelles.
7.5 If you have any dispute or controversy with JEX, you should, first of all, try to friendly settle with JEX. If the negotiation is unsuccessful, two sides could submit the dispute to a court, which has the jurisdiction over the Seychelles regions.
7.6 The title of each item in this agreement is just for your reading convenience, and doesn't have actual meaning. They cannot be used as legal basis for interpretation of this agreement.
7.7 For participants of JEX perpetual mimic panel, this agreement is non-binding and just for their reference.
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