bitFlyer Crypto CFD Trading Rules

These rules explain bitFlyer Crypto CFD trading. All times listed are in Japan Standard Time (JST).

Trades on bitFlyer Crypto CFD (opening an account, placing an order, exchanging funds, etc.) take place on the Internet. In principle, we do not accept trades made by telephone.

1. Creating a bitFlyer Account and Upgrading your Account Class

To trade on bitFlyer Crypto CFD, you must create a bitFlyer account and upgrade the account class to a class that can use bitFlyer Crypto CFD.

2. Fees

Please see the Fees and Taxes page for information on fees.

3. Trading Times and Dates

Please refer to the bitFlyer Crypto CFD User Guide page for more information about trading times and dates.

4. Orders

(1) Order Time

Please refer to the bitFlyer Crypto CFD User Guide page for more information about order times.

(2) Transaction Types

Types of transactions are as follows:

1. New
   • Order to create a position.
   • When a customer places an order through bitFlyer Crypto CFD, the customer must first make a margin deposit.
   • Only orders within the customer's available margin can be placed. The available margin is calculated by subtracting the margin required for the position and the margin required for the order from the customer's appraised margin amount.
2. Settlement
   • Order to settle a position.
   • Settlement of open positions can be made by either a counter-traded settlement

• Orders to trade in the opposite direction of existing positions in a quantity less than or equal to the corresponding positions are settlement orders, and orders to trade in the opposite direction of existing open interest in a quantity greater than or equal to the open interest in a case where there is no open interest or where there is open interest are new orders.
• bitFlyer Crypto CFD contracts expire every business day at 6:00 pm (JST). Upon expiration, a rollover process takes place, during which the transaction amount for each unit of assumed principal is recalculated based on the latest spot trading price for each unit of the respective crypto asset, as established on Lightning Spot. After confirming that the customer has provided the necessary margin to sustain the trading contract, the expiration of the contract is extended to 6:00 pm (JST) of the following business day. However, bitFlyer only offers conditions for trading to customers if their desired direction for trading on bitFlyer Crypto CFD is supported by an order from the opposite direction. As a result, customers cannot settle their positions at the most recent spot trading price at expiration. To settle a position, customers must place and execute a settlement order that aligns with the conditions bitFlyer presents. Since bitFlyer does not specifically restrict the timeframe from the formation of a position to the issuance and execution of a settlement order to dissolve said position, bitFlyer Crypto CFD transactions are without a fixed settlement deadline. (However, bitFlyer reserves the right to establish a settlement deadline at its discretion.)
• The time required for order instructions may differ between the Company's designated trading interface and bitFlyer Lightning API.

(3) Order and execution types

For more information on order and execution types, please refer to the About bitFlyer Lightning Special Orders page.

(4) Order validity period

Please refer to the bitFlyer Crypto CFD User Guide page for order validity periods.

(5) Order cancellation

Orders that have not been executed are generally able to be cancelled.

(6) Expiration of orders

Orders will expire under any of the following conditions:

1. If the order has exceeded the expiration date as defined in (4).
2. When the margin goes below 100% of the maintenance margin rate, all new orders are void as of the time of the decrease.
3. Orders may expire (be cancelled) during system maintenance.

(7) Trading limitations

The following trading limitations may be imposed if the Company determines that there are or may be abnormalities in bitFlyer Crypto CFD trades for all customers or individual customers. The main trade limitations are as follows.

• Increase in margin rate
• Limitations on quantities of orders or open positions
• Limitations or prohibitions on certain types of orders
• Suspension or interruption of trading
• Temporary changes to trading hours
• Circuit breaker during rapid price changes
• Circuit breaker during divergence expansion

For more information on the Circuit Breaker system, please see the Circuit Breaker page.

5. Leverage Points

For more information on leverage points, please see the bitFlyer Crypto CFD User Guide page.

6. Funding Rate

For more information on the funding rate, please see the bitFlyer Crypto CFD User Guide page.

7. Margin Deposit

In order to trade on bitFlyer Crypto CFD, customers are required to make a margin deposit into the corresponding bitFlyer Crypto CFD account in advance.

For details on margins, please refer to the bitFlyer Crypto CFD User Guide page, and for margin calculation formulas, please refer to "What is bitFlyer Crypto CFD?" page.

8. Maintenance Margin Rules, Margin Call Rules, and Sell Out Rules

Please refer to the bitFlyer Crypto CFD User Guide for more information on the maintenance margin rules, margin call rules, and sell out rules.

9. Transfer Payments (inward and outward) for Margins

Please refer to the bitFlyer Crypto CFD User Guide for more information on margin transfer payments (inward and outward).

• It is not possible to make direct transfers from your account at a bank account to your margin accounts or from your margin accounts into your bank account.

10. Other Important Notes

(1) bitFlyer Crypto CFD limitations

If you do not observe the company's transaction rules and regulations, your subsequent transactions may be restricted.

(2) Cancellation of contracts

If the Company rationally decides that the displayed price is an error or abnormal value (e.g. it significantly diverges from prevailing market prices or is based on unfair price formation) the offer price can be invalidated and the Registered User's agreement based on the displayed price can be cancelled.

(3) Operations during malfunctions

bitFlyer Crypto CFD trades are only accepted over the Internet. Please understand that even in times when the system is malfunctioning, in principle we do not accept telephone orders.