Version 2025-1
Tiered Fee Schedule
Underlying Price
Mark Price
Computation Formula
Public Dissemination
All calculated prices are publicly available in real-time, ensuring full transparency for all market participants.
Discretionary Adjustments
In rare cases (exchange closures, market disruptions, data errors), prices may be adjusted following a formal governance process:
1
CRO submits recommendation with documentation
2
CEO reviews and approves the adjustment
3
Board receives report at next meeting
4
Records available for BMA review upon request
Snapshot Price Determination Rules
How each one-minute snapshot price is resolved
Condition
Snapshot Price
How It Works
The funding amount equals the difference between the Mark Price and the Underlying Price at settlement time.
Mark > Underlying
When the Mark Price exceeds the Underlying Price, long holders pay and short holders receive.
Mark < Underlying
When the Mark Price is below the Underlying Price, long holders receive and short holders pay.
Frequency
Conducted regularly on a published schedule, typically once per business day, accounting for holidays and exchange closures.
Transparency
Real-time and historical funding rates are publicly available for all participants.
Accepted collateral types and their valuation methodology.
$
US Dollar (USD)
Fiat Currency
1:1
U
USDC
Digital Stablecoin
1:1 USD
Collateral Haircuts
Marking to Market
Continuous Trading
Governance and oversight procedures for rare price adjustments in the interest of market fairness and integrity.
Adjustment Procedure
Expected to be exceedingly rare — only undertaken to ensure market integrity
1
CRO Recommendation — Formal recommendation with documentation and clear rationale.
2
CEO Approval — Materials submitted to CEO for review and approval before any adjustment.
3
Board Review — All adjustments compiled by CRO and presented at subsequent Board meeting.
4
Regulatory Access — Full records available for BMA review upon request, in line with DABA, IBA, and the Codes.
Triggering Events
Examples of events that may warrant discretionary adjustment
Unexpected exchange closures
Technical or computer failure
Erroneous benchmark data points
Market disruption events
Clear data or market error
Any event causing unfair price computation
Key terms referenced throughout this policy
Term
Definition
This Policy is reviewed at least annually by senior management. Significant changes to the client protection framework will be reflected and submitted to the Board for approval.
36196342.1.A8151.A04386
