1. This Agreement for Fixed Rate Loan (“Agreement”) governs your use of the Fixed Rate Loan Services (as defined below) and related services entered into by and between you (the “User”, “Borrower” or “Supplier” (as the case may be), “you”, or “your”) and Bybit Technology Limited (the “Company”, “Bybit”, “we”, “us” or “our”). This Agreement forms a binding agreement between Bybit and you and serves to supplement our Terms of Service found at https://www.bybit.com/app/terms-service/information (the “Service Agreement”). If you do not agree to any terms or conditions of this Agreement, you must immediately cease using the Fixed Rate Loan Services (as defined below). By using the Fixed Rate Loan  Services, you agree to be legally bound by this Agreement, the Service Agreement and all other terms and conditions and rules relating to the Fixed Rate Loan Services that we may publish from time to time, including those without prior notice to you. 

2. In the event of conflict or inconsistency between a term or provision in this Agreement and the Service Agreement, such conflict or inconsistency shall be resolved by giving precedence to this Agreement. All other provisions of our Service Agreement not modified by this Agreement shall remain in full force and effect.

3. You acknowledge and fully understand the risks involved in depositing of cryptocurrencies and unconditionally accept the potential risks and benefits of your own investment decisions. You also further understand and confirm that you have the experience and knowledge necessary to invest in non-guaranteed digital currency or assets products. In particular you should understand the risks in the technology.

4. Our Site and Platform are not intended to provide tax, legal, insurance or investment advice, and nothing on the Site or Platform should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or crypto asset by us. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

5. Risk Disclosure. Please note that this Risk Disclosure is in addition to any risk disclosure in relation to products traded on our Platform. Before using the Fixed Rate Loan  Services, you should carefully and duly consider your overall financial situation, including your financial commitments and planning. You understand and accept the risks that may arise from using the Fixed Rate Loan Services and all losses, expenses, costs, damages, liabilities, penalties, charges (“Losses”) that you may suffer from using the Fixed Rate Loan Services, including but not limited to:

5.1 Risks associated with Collateral.

5.1.1 You may be required to provide your Digital Assets as collateral (“Collateral”) to support some of your obligations under the Fixed Rate Loan Services. 

5.1.2 If the market conditions move unfavorably, such as a decrease in the value of the assets that make up your Collateral, the value of your Collateral will also decrease. In such a case, you may be required to provide additional Collateral to meet the Collateral Requirements. The Company reserves the right to take necessary actions to ensure the Collateral Requirements are met, including selling the Collateral or issuing a margin call.

5.1.3 The risks of loss when financing a transaction by providing Collateral are significant. You may suffer losses in excess of the Collateral you have provided. If the loss you incur exceeds the value of your Collateral, you will be liable to us for any shortfall between the Collateral value and the loss incurred. In such a case, you may be called upon at short notice to provide additional Digital Assets to cover such shortfall. Failure to do so may result in the liquidation of your Collateral to cover the shortfall. In the event that the liquidation is insufficient to cover such shortfall, you will be legally responsible for the remaining deficit.

5.1.4 Collateral Requirements may be amended and raised at our sole discretion at any time without written notice to you. If the value of your Collateral falls below the required levels under the Collateral Requirements, or if the Collateral Requirements are revised to be higher at any time, we may liquidate your Collateral without prior notice to recover any deficiency. You authorize us to sell the Collateral you have provided without further notice to you. In the event that the liquidation is insufficient to cover such shortfall, you will be legally responsible for the remaining deficit.

5.1.5 We are under no obligation to notify you before a margin call, or liquidation is executed. You acknowledge and agree that you are responsible for keeping yourself informed about the current Collateral Requirements and how they will affect you at any time a Collateral Requirement changes against your favor. If you fail to maintain the required Collateral, we may liquidate your positions without notice. You should ensure that your risk management strategies align with your risk tolerance to avoid potential losses.

5.1.6 You should be aware that we typically do not issue margin calls, and it is your sole responsibility to monitor your Account, the current Collateral Requirements, and to adjust your positions and/or Collaterals from time to time, particularly in periods of high volatility, in order to avoid liquidation.

5.1.7 Your positions and/or Collaterals may be liquidated in order to satisfy Collateral Requirements without prior notice to you and without giving you the opportunity to choose the positions and/or Collateral to be liquidated, the timing or the order of the liquidation. You understand, acknowledge and agree that we have no obligation to contact you for a margin call, and we may liquidate the Collateral without contacting you first. You therefore authorize us to sell your assets without contacting you.

 

5.2 Funding Risks. Once the Digital Assets you hold are frozen due to use of the Fixed Rate Loan Services, you will not be able to trade the frozen Digital Assets and accept the risks associated with the inability to trade these Digital Assets, and you are willing to bear the risks arising from locking your Digital Assets and any economic losses you may suffer. 

 

5.3 Price Fluctuations. Price fluctuations of Digital Assets should be expected. Due to high price volatility, it may be difficult to predict the market price of the Digital Assets at maturity date. The high price volatility of the Digital Assets and their derivatives could incur big or total loss in a short period time. By using the Fixed Rate Loan Services, you acknowledge and agree that you are willing and able to bear all risks caused by price fluctuations and any economic losses you may suffer.

 

5.4 Technical Anomalies. Technical anomalies may occur, which may delay or prevent you from using the Fixed Rate Loan Services or performing related transactions and result in losses of your Digital Assets.

 

5.5 Market Anomalies. Market anomalies may occur, which may result in losses of your Digital Assets.

 

5.6 Changes to the Terms. To maintain an orderly market, we are required to add, remove, or change the policies, the terms of this Agreement or other relevant service agreements or terms from time to time without notice to you. Any changes may benefit or harm individual customers like yourself.

 

5.7 Our Relationship with You. We are not your broker, dealer, intermediary, agent, or advisor. You acknowledge and agree that we do not have a fiduciary relationship with or fiduciary duty towards you in connection with any transactions, decisions, or other activities you undertake when using the Fixed Rate Loan Services, and that you use the Fixed Rate Loan Services and the Loan at your own risk. We do not provide investment or financial advice of any kind, and no communication or information provided to you by us is intended as, or should be construed as, advice of any kind. This Risk Disclosure section is not exhaustive and may not disclose all the risks associated with the Digital Assets and the use of the Loan and the Fixed Rate Loan Services. You should, therefore, carefully consider whether such use is suitable for you in light of your circumstances and financial resources, and seek professional advice regarding your particular situation before using the Fixed Rate Loan Services. All transactions are executed based on the parameters of your order instructions. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation, and you alone shall be solely responsible for any Losses therefrom.

 

5.8 You shall be solely responsible, and you assume and shall bear all risk of Losses, for all conduct relating to the Fixed Rate Loan Services or the use of the Fixed Rate Loan Services, including but not limited to the risks mentioned in herein. We expressly disclaim and do not take any responsibility for any Losses, liability, or damage incurred as a result of your access to and use of the Fixed Rate Loan Services. 

6. Save as defined below, all terms and references used in this Agreement shall have the meaning given to them in the Service Agreement.

7. Process of Fixed Rate Loan

7.1 The Fixed Rate Loan Services allow you to borrow or lend Eligible Loan Assets through the Platform, in accordance with the terms of this Agreement.

 

7.2 Under the Fixed Rate Loan Services, an Order may be matched with one or multiple counterparty Orders on the Order Book through the Platform’s order matching engine.

 

7.3 Eligibility to Use the Service

7.3.1 You acknowledge and agree that we are under no obligation to match any submitted Orders. You may use the Fixed Rate Loan Services only if the following conditions are met:

(a) Borrower: A Borrower may only submit a Borrow Order if the balance of the relevant Eligible Collateral standing to the credit of the Borrower’s Account is sufficient for meeting the relevant Collateral Requirements at the time of submitting the Borrow Order (as particularised in Section 13.3 below).

(b) Supplier: A Supplier may only submit a Supply Order if the balance of the relevant Eligible Loan Asset standing to the credit of the Supplier’s Account is sufficient for placing a Supply Order at the relevant Order Amount (as particularised in Section 14.1.3 below).

7.3.2 You further acknowledge that: 

(a) there are legal and/or regulatory requirements in various jurisdictions, countries, or regions which may restrict the products and services that we can lawfully provide in connection with the Fixed Rate Loan Services.

(b) accordingly, the Fixed Rate Loan Services may not be available or may be restricted in certain jurisdictions, countries, regions, or to certain users.  

(c) you shall be responsible for understanding and observing any restrictions and/or requirements imposed with respect to the access to and use of the Platform and the Fixed Rate Loan Services in each jurisdiction from which the Platform and the Fixed Rate Loan Services are accessed by you or on your behalf.  

(d) we reserve the right to change, modify, or impose additional restrictions with respect to the access to and use of the Platform and/the Fixed Rate Loan Services from time to time at our sole discretion without notice.

 

7.4 You understand and acknowledge that the availability of the Fixed Rate Loan Services is subject to our satisfaction that you have met the eligibility criteria set out at this link, on the Fixed Rate Loan Page, and in Section 7.3 above. If we determine at any time, at our sole discretion, that you do not meet or have ceased to meet any of the conditions set out at this link, on the Fixed Rate Loan Page, and/or in Section 7.3 above, we may, at our discretion and without prior notice to you, cancel the placed Orders, suspend the provision of all or part of the Fixed Rate Loan Services to you, close your Account, and/or restrict your access to the Fixed Rate Loan Services.

 

7.5 At any time, at our sole and absolute discretion, without liability or prior notice to you, we may: 

7.5.1 change the conditions for use of the Fixed Rate Loan Services;

7.5.2 suspend the provision of all or part of the Fixed Rate Loan Services; or

7.5.3 change, update, remove, cancel, suspend, disable, or discontinue any features, component, or content of the Fixed Rate Loan Services. 

By continuing to use the Fixed Rate Loan Services, you agree to be bound by the latest terms of this Agreement and other terms that apply to your activities in connection with the Fixed Rate Loan Services.

 

7.6 Whether or not your Order(s) will be successfully matched depends on whether there being any counterparty Order(s) matching the terms of your Order(s) on the Platform. For the avoidance of doubt:

7.6.1 if you are a Borrower, your Borrow Order may not be matched at all with any Supply Order, or may be matched with one Supply Order or multiple Supply Orders to fulfil the Borrow Amount specified in your Borrow Order on an aggregate basis;

7.6.2 if you are a Supplier, your Supply Order may not be matched at all with any Borrow Order, or may be matched with one Borrow Order or multiple Borrow Orders to fulfil the Supply Amount specified in your Supply Order on an aggregate basis.

 

8. Place a Borrow or Supply Order

8.1 You may submit either a Supply Order or Borrow Order on the Fixed Rate Loan Page on the Platform.

 

8.2 The following Loan particulars (which may be updated from time to time) will be published on the Fixed Rate Loan Page:

8.2.1 the types of Digital Assets acceptable as Eligible Collateral and Eligible Loan Assets;

8.2.2 the minimum and maximum values of the Order Amount;

8..2.3 the minimum and maximum values of the Loan Interest Rate;

8.2.4 the Term duration options available for the Borrower or the Supplier’s choosing when placing an Order; and

8.2.5 the Platform’s management fee to be charged by us for each Loan (“Management Fee”), the amount of which is a certain percentage of the relevant amount of Loan Interest or such other fee rate as updated from time to time at this link.

 

8.3 An Order must comply with any minimum and maximum Order values and any other requirements imposed on you by us and as specified on the Fixed Rate Loan Page in accordance with this Agreement (including without limitation the Loan particulars listed in Section 8.2 above). An Order cannot be submitted if the Order values inserted by you on the Fixed Rate Loan Page exceed the applicable minimum and maximum thresholds.

 

8.4 The types of Eligible Collateral and Eligible Loan Assets available for the Supplier or the Borrower’s choosing (as the case may be) will be listed on the Fixed Rate Loan Page when you as the Supplier or the Borrower (as the case may be) fill in and submit details to place an Order pursuant to Sections 13.1 and 14.1 below.

 

8.5 In respect of an Order:

8.5.1 Eligible Loan Assets and Eligible Collateral can be different types of Digital Assets.

8.5.2 A Borrower has the option to choose more than one type of Eligible Collateral as Collateral when placing a Borrow Order, provided that the aggregate value of the respective balances of each type of chosen Eligible Collateral (calculated with the Haircut Ratio) standing to the credit of the Borrower’s Account is at least equal to the minimum amount of Eligible Collateral required for the LTV to not exceed the Initial LTV.

8.5.3 You acknowledge and agree that we may, in our sole discretion, specify any additional, and/or different requirements, restrictions, or conditions in respect of an Order, as may be communicated to you from time to time.

 

8.6 Order Confirmation.

8.6.1 After you have filled in and submitted the details of an Order through the Fixed Rate Loan Page in accordance with Sections 13.1.2 and 14.1.2 below, an Order Confirmation will be generated with reference to the submitted details and the then-prevailing market rates of the relevant Eligible Loan Asset and Eligible Collateral. 

8.6.2 You are required to review and confirm the contents of the Order Confirmation before the relevant Order can be placed and submitted to the Platform. You further acknowledge that by confirming, accepting, and acknowledging the Order Confirmation, you will be deemed to have agreed that:

(a) the Loan particulars set out in the Order Confirmation will form part of the this Agreement; and

(b) you accept all of the terms and conditions set out in this Agreement and the Service Agreement.

 

8.7 You further acknowledge and agree that upon Execution, you will be subject to the terms and conditions set out in this Agreement, including the Order Confirmation.

9. Submitted Orders

9.1 Once an Order has been submitted to the Platform in accordance with this Agreement, that Order remains open and binding on you until it is Executed or cancelled pursuant to Section 10 below.

 

9.2 You acknowledge and agree that the submission of any Order and the performance of any Executed Order and any agreement arising under or in connection with that Executed Order, is your sole responsibility.

 

9.3 You are responsible for complying with all notification requirements and other reporting obligations relating to Executed Orders under applicable laws.

10. Order Cancellation

10.1 You may cancel a Borrow Order or a Supply Order (or the unutilised part of it) that you have submitted at any time, before that Borrow Order or Supply Order (or the unutilised part of it) is Executed.

 

10.2 If any Digital Asset corresponding to the Order Amount of a submitted Order is determined not to be an Eligible Loan Asset or Eligible Collateral (as the case may be), that submitted Order will be automatically cancelled. 

 

10.3 A submitted Borrow Order will be automatically cancelled if the LTV reaches the Liquidation LTV threshold.