What is Lightning FX?

Before being able to trade on Lightning FX, it is necessary to make a margin deposit.

Lightning FX regularly checks the status of margin deposits. If the retention rate of your deposit drops below a fixed level (maintenance margin), it will trigger a "margin call" or "sell out".

For more information on the retention rate of earnest money set forth by bitFlyer, please refer to the Fees & Taxes page (https://bitflyer.com/en-jp/commission)

For rules on margin calls and sell out, please refer to FX trading rules.

When placing a new order*, what is the necessary deposited amount for the order? The method below will show you how to calculate this. (The calculation below is based on a maintenance margin of 10%). * A new order is one that increases a customer's risk.

Additionally, the maintenance margin can be determined using the method below.

• Profit and loss (valuation), required margin, etc. are combined across Lightning FX/Futures markets.

  Please note that positions on different markets do not offset each other in calculation of required margin.

Glossary of Terms

Profit or loss from valuation

(P/L of acquired open positions) + (swap P/L) - (fees)

Margin Deposit

The is the amount of deposited Japanese yen.

*The value of your Bitcoin margin deposit is calculated at 80% of the last traded price of Lightning Spot (BTC) market in Japanese yen.

Required margin

This is the current required margin deposit for open positions and new orders.

(Required margin for open positions) + (Required margin for new order)

Valuation margin

Margin Deposit + Profit or loss from valuation

Maintenance margin

This is the ratio of Valuation Margin to the Required Margin

This ratio evaluates the criteria of a sell out.

Valuation margin / Required margin

Amount available for withdrawal

This is the amount that you can withdraw.

The smaller of (Valuation Margin - Required Margin) or Margin Deposit. However, a withdrawal may be limited by other conditions.

Profit or loss from valuation of an acquired open position

This is the profit or loss valuation for the open position.

profit or loss from unsettled swap points

This is the total amount of unsettled swap points.

Fees

This is the fee for the trade.

New Open Position

This is a new order creating an open position.

Repayment order

This order repays the amount of an existing open position.

Margin Rate

1 / Leverage

Open Position Required Margin

This is the required amount of margin deposit for the open position.

This is the total amount of (Execution Price × Position Size × Margin Rate) for each open position. (Values are rounded up after the decimal point.)

Order Required Margin

This is the Required Margin for a specific order.

This is the total amount of [Order price × Position Size × Margin Rate] on each order. (Values are rounded up after the decimal point.)

Combined open interest

The maximum number of positions you can hold are 1,000 BTC-FX, 1,000 BFT per sheet (including order amounts).