Derivative Fee and Margin Schedule

Perpetual Contract on Bitcoin/Tether Pair (BTCF0:USTF0);
Ether/Tether Pair (ETHF0:USTF0); and
Multi-Pair Indices (BTCDOMF0:USTF0, SMARTF0:USTF0)

The following provides an overview of transaction fees for trading the identified Perpetual Contracts, including illustrative examples of when and how they would apply to transactions. Terms that are not defined in this Schedule have the same definitions that are set forth in the Derivative Terms of Service. Please consult the Derivative Terms of Service for further information regarding those terms. This Derivative Fee and Margin Schedule was last updated November 13, 2019.

Perpetual Contracts are also subject to Funding Payments. Please refer to the Funding Payment Summary for these Perpetual Contracts for further information regarding Funding Payments.

Perpetual Contract Transaction Fees and Rebates

Contract Name

Executed in the Last 30 Days (USD Equivalent) *

Maker Transaction Rebate

Taker Transaction Fee

BTCF0:USTF0 / ETHF0:USTF0 /

BTCDOMF0:USTF0 /

SMARTF0:USTF0

$0.00 or more traded

$1,000,000.00 or more traded

$10,000,000.00 or more traded

$30,000,000.00 or more traded

$100,000,000.00 or more traded

$300,000,000.00 or more traded

-0.0200%

-0.0225%

-0.0250%

-0.0250%

-0.0275%

-0.0300%

0.0750%

0.0725%

0.0700%

0.0675%

0.0650%

0.0625%

The amount of each transaction fee and rebate is calculated as a percentage of the value of the trade to which it applies.

Maker Transaction Rebates are paid to the counterparty upon execution of a limit order, which is placed by that counterparty and resting in the order book before execution.

Taker Transaction Fees are paid by the counterparty who removes liquidity from BFXD’s order book by placing an order that is executed against an order of the order book.

* The “executed in the last 30-days” figures are inclusive and cumulative of all spot, margin and derivative trading.

Perpetual Contract Margin Requirements

BFXD sets initial and maintenance margin requirements for all orders and existing open positions based on order and existing position size, the market prices of the Reference Asset, the expected Transaction Fees that could be charged and Funding Payments that may be required, and market conditions and volatility of both the Perpetual Contract and the Reference Asset. Margin requirements are set on a sliding scale that increases margin requirements based on order and position size. Generally, margin requirements are calculated starting with a minimum “base” percentage and escalate upward with size. Thus, lower percentage margin requirements will apply to smaller sized orders and positions. BFXD may at any time, in its sole discretion, revise the initial margin and maintenance margin requirements applicable to open orders and existing open positions in each Perpetual Contract.

The Base Initial Margin and Base Maintenance Margin requirements apply to all positions that are less than or equal to the Base Size. For each Incremental Size Step (or a portion thereof) beyond the Base Size, both initial and maintenance margin requirements increase by the Incremental Margin Step. Both initial and maintenance margin requirements are capped. BFXD sets the Base Initial Margin and Base Minimum Maintenance Margin applicable to each new order and existing open position. Base Initial Margin and Base Minimum Maintenance Margin requirements will be as follows, unless BFXD determines that market conditions warrant a higher requirement.

Base Size (BTCF0/

ETHF0)

Base Minimum Initial Margin

Minimum Initial Margin Cap

Base Minimum Maintenance Margin

Minimum Maintenance Margin Cap

Incremental Size Step (BTCF0/

ETHF0)

Incremental Margin Step (BTCF0/

ETHF0)

BTCF0:USTF0

40

1.00%

30.00%

0.50%

29.50%

20

0.50%

ETHF0:USTF0

500

1.00%

30.00%

0.50%

29.50%

200

0.50%

BTCDOMF0:USTF0

500

1.00%

30.00%

0.50%

29.50%

200

0.50%

SMARTF0:USTF0

500

1.00%

30.00%

0.50%

29.50%

200

0.50%

Formulas for Calculating Minimum Initial and Minimum Maintenance Margin

Formula for determining the increased Minimum Margin Requirements Above Base Minimum Requirements

CEIL( MAX(0, ABS(Position) - Base Size) / Incremental Size Step ) * Incremental Margin Step

Minimum Initial Margin

MIN( Initial Margin Cap, Base Initial Margin + Additional Margin )

Minimum Maintenance Margin

MIN( Maintenance Margin Cap, Base Maintenance Margin + Additional Margin)

Example

A trader’s order to buy a Perpetual Contract (BTCF0:USTF0) equivalent to 100 BTCF0 is executed in full, leaving the trader with a position of a Perpetual Contract with a size of 100 BTCF0. The position size at 100 BTCF0 is therefore 3 steps (60 BTCF0) above the Base Size of 40 BTCF0. The regular margin requirements set forth above will be calculated by adding 3 step increases to the Base Minimum Initial and Base Minimum Maintenance Margin requirements. The Minimum Margin requirements for this position therefore will be calculated as follows:

Calculation of the increased margin requirements above Base Minimum Initial and Base Minimum Maintenance Margin requirements:
CEIL( MAX(0, ABS(Position) - Base Size) / Incremental Size Step ) * Incremental Margin Step = CEIL( MAX(0, ABS(100) - 40) / 20 ) * 0.50% = 1.50%

Minimum Initial Margin:
MIN( Initial Margin Cap, Base Initial Margin + Additional Margin ) = MIN( 30.00%, 1.00% + 1.50% ) = 2.50%

Minimum Maintenance Margin:
MIN( Maintenance Margin Cap, Base Maintenance Margin + Additional Margin) = MIN( 29.50%, 0.50% + 1.50% ) = 2.00%