Lightning Futures Trading Rules
bitFlyer trades (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 Lightning Futures, you must create a bitFlyer account and upgrade the account class to a class that can use Lightning Futures..
2. Product types and maturity dates
Please see the Fees and Taxes page for information on fees.
4. Trading Times and Dates
Please refer to the Lightning Futures User Guide page for more information about trading times and dates.
(1) Order Time
Please refer to the Lightning Futures User Guide page for more information about order times.
(2) Transaction Types
Types of transactions are as follows:
- When you place an order with Lightning Futures, you must first deposit a margin into your Lightning FX/Futures account.
- Only orders within your available margin can be placed. (Your available margin is calculated by subtracting the margin required for the position and the margin required for the order from your appraised margin amount.)
- Settlement of open positions can be made by either a counter-traded settlement or physical delivery.
- If a position is not settled by counter-trade by the maturity date, the position will automatically be settled at the settlement price (SQ) determined on the maturity date. For further details, please refer to "What is Lightning Futures?"
∗ Please refer to "§6. Swap points" for more information on swap loss.
∗ First-in first-out (FIFO) applies to settlements. If you hold an open position, the order is a settlement order. If you do not hold an open position, it is a new order. When placing settlement orders, they are settled in order from oldest to newest. Ordered quantities in excess of the amount that can be settled are processed as new orders.
∗ Your orders will appear in white text both in the Open Orders pane as well as on the board. However, orders that have yet to be received by us are displayed semi-transparently. During that time, they can not be cancelled, and they will not be executed.
∗ If a Lightning Futures settlement transaction cannot be processed, the position is automatically carried over to the next business day. Therefore, these transactions do not have settlement deadlines. (However, our company may determine it necessary to impose a settlement deadline.)
If a margin is not settled by reverse trade by the maturity date, the position will automatically be settled at the settlement price (SQ) determined on the maturity date.
(3) Types of orders and execution
Please refer to "bitFlyer Lightning Special Orders" for information on the types of orders and executions.
(4) Order expiration date
Please refer to the Lightning Futures User Guide page for more information on order expiration dates.
(5) Order cancellation
In principle, it is possible to cancel orders that are not yet complete.
(6) Order revocation
Orders will be revoked in the following cases:
- If the order expires Orders will be revoked after their expiration date as prescribed in (4).
- If you fall below the sell out level
As soon as your Maintenance margin rate ratio falls below the sell out level, all unfulfilled orders will be revoked (canceled). Please see the Lightning Futures User Guide page for more information on loss cut orders and loss cut rules.
- Orders that we deem to be Counterparties (orders executed by matching a registered user's own buy and sell orders) may be revoked (cancelled).
- Orders may be revoked (canceled) due to system maintenance, etc.
(7) Transaction Limitations
The following transaction limitations may be imposed if we determine that there are or may be abnormalities in Lightning Futures transactions. The main transaction 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
- Extraordinary changes to trading hours
6. Swap Points
Please refer to the Lightning Futures User Guide page for more information on swap points.
You must first deposit a margin in order to trade on Lightning Futures. Please refer to the Lightning Futures User Guide page for more information on margins.
- 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.
The definition of a margin is as follows:
- Profit or loss from valuation
- (P/L of acquired open positions) - (swap loss) - (fees)
- Margin deposit
- This is the amount of deposited 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 rate
- This is the ratio of Valuation Margin to the Required Margin
∗ This ratio evaluates the criteria of a sell out.
∗ Valuation margin / (Required Margin)
- Margin Call (Mgn. Call)
- This is the margin that must be deposited to resolve margin call before the margin call due date, which occurs when the maintenance margin rate falls below 100% at the timing of determination of margin call.
- Amount available for withdrawal
- This is the amount that you can withdraw.
∗ (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.
- Loss from unsettled swap points
- This is the total amount of unsettled swap points.
- This is the fees for transactions.
- 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 (Contract Price x Trading Volume x 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 x Trading volume x Margin Rate] on each order.
(Values are rounded up after the decimal point.)
8. Sell Out / Re-margining
Please refer to the Lightning Futures User Guide page for more information about sell outs and remargining.
∗ Depending upon our risk situation, we may request you to deposit additional margin.
9. Deposit and Transfer of Margin
For Lightning Futures margin, you must transfer funds from your spot accounts into your margin accounts. Please refer to the Lightning Futures User Guide for more information on hours of operation.
∗ It is not possible to make direct transfers from your account at a bank account to your Lightning FX/Futures account or from your Lightning FX/Futures account into your bank account.
10. Other Important Matters
(1) Lightning Futures 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. The Company shall assume no liability for any directly or indirectly resulting loss or damages.
(3) Operations during malfunctions
Lightning Futures 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.