Additional Terms Applicable to Commodity Perpetuals

ADDITIONAL TERMS APPLICABLE TO THE COMMODITY PERPETUALS PRODUCT

All capitalized terms and references used in these Additional Terms that are defined and construed in the Investor Business Terms ("Terms") but are not defined or construed in these Additional Terms shall have the same meaning and construction in these Additional Terms. For the avoidance of doubt, where a term is defined both in the Terms and in these Additional Terms, for the purposes of these Additional Terms only, the definition in these Additional Terms shall prevail.

The terms set out hereunder shall be supplemental to and are to be read together with the Terms. In the event of any conflict or inconsistency between the provisions set out under the Terms and these Additional Terms, the terms in these Additional Terms shall prevail unless expressly stated otherwise.

There are additional specific risks that apply to trading in Commodity Perpetuals, which are set out in the Risk Disclosures for Commodity Perpetuals. The Client must have the financial ability, sophistication, experience, tolerance, and willingness to bear the additional specific risks relating to Commodity Perpetuals. The Commodity Perpetuals Product may only be made available by HMF to Clients who satisfy HMF’s applicable eligibility, onboarding, investor classification, suitability, product approval and knowledge assessment requirements, including any category-specific requirement imposed by HMF or Applicable Laws. There is a risk that the Client may lose all of its investment. Before entering into any Transaction for Commodity Perpetuals, the Client should carefully review its financial situation, experience and objectives for engaging in the transaction, ability to bear risks and other relevant circumstances to determine whether such products are suitable for it. The Client should consult professional advisors (including legal, tax, financial and accounting) as may be appropriate. By entering into any Transaction for Commodity Perpetuals, the Client agrees that it assumes all the risk of its Transactions and that HMF and/or its Affiliates will not be responsible for any losses it may suffer.

The Commodity Perpetuals Product is intended for Clients who are authorized to access the Products and Services. It is not intended for Clients who are subject to any applicable restrictions. The Client is responsible for familiarizing itself with and complying with any restrictions and/or requirements regarding the access and use of the Products and Services offered by HMF in each country or region from which it accesses them (or where applicable, the Products or Services are accessed on its behalf). HMF reserves the right to modify, change, or impose additional restrictions on the Client’s access and use of the Products and/or Services at any time, at its sole discretion, without prior notification. For the avoidance of doubt, access to the Commodity Perpetuals Product may be limited or restricted by reference to the Client’s Investor Classification, suitability outcome, jurisdiction, experience, financial position, risk tolerance, knowledge assessment results, operational profile and such other criteria as HMF may determine from time to time. Different leverage limits, collateral requirements, margin methodologies, position limits, liquidation parameters and product access rights may apply to different categories of Clients.
1.    COMMODITY PERPETUALS PRODUCT

1.1.    The Commodity Perpetuals Product is a product that allows the Client to trade perpetual futures contracts referencing certain commodities, commodity futures contracts, commodity indices, baskets of commodities or other commodity‑linked benchmarks ("Underlying Commodity References") through the HashKey Exchange (collectively, "Commodity Perpetuals"). Commodity Perpetuals are settled and/or margined only in USDT or another Virtual Asset permitted under Applicable Laws and compliant with the VARA Rulebooks, as specified by HMF from time to time, cash‑settled derivative products and do not confer any right to physical delivery of, or custody over, the relevant Underlying Commodity References.
1.1.    
1.2.    Commodity Perpetuals are perpetual futures contracts with no fixed expiry date. Positions in Commodity Perpetuals may be maintained for an indefinite period, subject to applicable margin requirements, Funding payments, leverage and position limits, and HMF’s rights to liquidate, close out, novate, transfer, restrict, suspend or terminate Positions in accordance with the Terms, the Perpetual Futures Additional Terms, these Additional Terms and the Rules.

1.3.    Commodity Perpetuals are a subset of the Perpetual Futures Products made available by HMF. Unless expressly stated otherwise in these Additional Terms or in the applicable product specifications, all provisions of the Perpetual Futures Additional Terms that apply to Perpetual Futures Products including, without limitation, provisions relating to eligibility, onboarding, Investor Classification, suitability, Collateral, margin, leverage limits, Mark Price, Funding, liquidation, the Liquidation Waterfall, the Insurance Fund and Auto‑Deleveraging shall apply equally to Commodity Perpetuals.

1.4.    By using the Services and entering into a Transaction for Commodity Perpetuals, which HMF may in its absolute discretion make available to the Client from time to time, the Client agrees to be bound by these Additional Terms in addition to the Terms and the Perpetual Futures Additional Terms. The Client acknowledges and agrees that access to Commodity Perpetuals is subject to HMF’s eligibility, onboarding, Investor Classification, suitability, product approval and knowledge assessment requirements from time to time, and that HMF may refuse, restrict, suspend or withdraw access to Commodity Perpetuals where those requirements are not met or are no longer met.

1.5.    The Client also acknowledges and agrees that it has sufficient investment knowledge, financial expertise and experience, and the capacity to take on the increased risks arising from trading Commodity Perpetuals, including the risks specifically identified in the Risk Disclosures for Commodity Perpetuals and the general risk disclosures applicable to Perpetual Futures Products. If the Client is uncomfortable with the associated risks, including but not limited to the additional specific risks associated with Commodity Perpetuals, the Client should not trade Commodity Perpetuals.

1.6.    Trading or holding a Position in Commodity Perpetuals does not give the Client any legal or beneficial ownership, title, interest or claim in or to any Underlying Commodity Reference or any issuer, index sponsor, exchange, warehouse, storage facility or other third party associated with such Underlying Commodity Reference. In particular, the Client (a) does not acquire any rights to take or make physical delivery of any commodity, warehouse receipt or inventory; (b) is not entitled to receive any rights, warrants, storage income, convenience yield or other entitlements with respect to any Underlying Commodity Reference, except to the limited extent, if any, that HMF elects to reflect the economic impact of such items in the pricing or contract parameters of the relevant Commodity Perpetual; and (c) has no right to physical delivery, conversion, redemption, substitution or exchange of any Commodity Perpetual for any Underlying Commodity Reference or any other commodity, security or instrument.

1.7.    Commodity Perpetuals are not issued, sponsored, guaranteed or otherwise endorsed by any commodity exchange, clearing house, index sponsor, warehouse operator or governmental, regulatory or supervisory authority. Without prejudice to any classification that may be made by a competent authority under Applicable Laws, Commodity Perpetuals are intended to be treated and offered as derivative contracts referencing commodity‑linked benchmarks, and are not intended to constitute the issuance, offer or sale of any physical commodities or warehouse receipts, unless otherwise specified in the relevant product documentation.

2.    REFERENCE PRICE, MARK PRICE, TERM STRUCTURE AND ROLL METHODOLOGY

2.1.    Each Commodity Perpetual shall reference a price, futures contract, index, benchmark or formula (the "Reference Price") determined by HMF in its discretion and disclosed in the relevant product specifications, mark price methodology, roll methodology and other Website disclosures for that product.

2.2.    Without limitation, the Reference Price for a Commodity Perpetual may be derived from one or more of the following: (a) prices or quotations for the relevant Underlying Commodity References on one or more designated futures exchanges, spot markets, pricing agencies or data sources; (b) composite or proprietary indices constructed by HMF or third‑party providers using prices of one or more Underlying Commodity References; (c) adjusted quotations that take into account market liquidity, bid‑ask spreads, volatility, storage and financing costs, insurance, transportation, seasonality, roll conventions and other cost‑of‑carry factors; and (d) fallback or contingency pricing methodologies in the event of market disruption, data unavailability, suspension or other abnormal market conditions affecting the Underlying Commodity References or the relevant Reference Markets.

2.3.    Where a Commodity Perpetual references a commodity futures contract, index or benchmark that rolls from one delivery month or reference contract to another, HMF may periodically roll the reference in accordance with its published roll procedure or applicable methodology. A roll may cause a price step, roll gap, change in basis or other discontinuity affecting the Reference Price, Mark Price, Funding, margin requirement, liquidation price and realised or unrealised profit and loss on the Client’s Position.

2.4.    Commodity futures prices may reflect storage costs, financing costs, insurance, convenience yield, supply‑demand expectations and other cost‑of‑carry factors. These factors may result in contango, backwardation or other term‑structure effects that are reflected in Funding, roll adjustments or pricing. In persistent contango, long Positions may incur sustained adverse Funding or roll effects that erode value even if the spot commodity price is unchanged. In backwardation, short Positions may face comparable adverse effects.

2.5.    HMF may determine, amend and publish from time to time the methodologies and parameters relevant to the calculation of the Reference Price, the Mark Price, the Funding Rate, Initial Margin, Maintenance Margin, Risk Ratio thresholds, position limits, roll conventions and other risk‑control and pricing parameters applicable to Commodity Perpetuals, in accordance with its internal policies and Applicable Laws.

2.6.    The Client acknowledges that the Reference Price and Mark Price for any Commodity Perpetual may diverge, potentially materially and for sustained periods, from (a) the spot price of the relevant Underlying Commodity References; (b) prices of related instruments traded on other venues, including physical commodities, futures, options, exchange‑traded products or OTC derivatives; or (c) other indices or benchmarks purporting to track the same or similar underlying commodities. HMF does not guarantee that any Reference Price or Mark Price will accurately track or replicate the spot price of the Underlying Commodity References.

3.    TRADING HOURS, REFERENCE MARKETS AND MARKET DISRUPTION

3.1.    Commodity Perpetuals may trade on the HashKey Exchange on a continuous or extended‑hours basis, which may differ from the trading sessions, opening hours, holidays, trading suspensions and maintenance windows of the primary markets, reference exchanges or pricing venues for the relevant Underlying Commodity References (the "Reference Markets").

3.2.    The Client acknowledges that (a) liquidity, spreads and volatility in Commodity Perpetuals may differ significantly from those in the Reference Markets, including during pre‑open, after‑hours, weekend periods or exchange maintenance windows; (b) price gaps, jumps or discontinuities may occur when Reference Markets close or reopen, or when significant news or events occur outside the regular trading hours or maintenance windows of the Reference Markets; and (c) market disruption events, trading halts, suspensions, limits, circuit breakers, regulatory actions or other events affecting the Reference Markets may affect the pricing, liquidity or tradability of Commodity Perpetuals and may result in HMF taking default management, liquidation, adjustment or suspension actions in accordance with the Terms, the Perpetual Futures Additional Terms and these Additional Terms.

3.3.    HMF may implement specific parameters, controls and fallback mechanisms for Commodity Perpetuals in the event of market disruptions affecting the Underlying Commodity References, including without limitation temporary or extended trading halts, changes to order types or leverage, widened price bands, tightened position limits, alternative pricing inputs, roll adjustments, or early termination or settlement of affected products.

4.    ELIGIBILITY, PRODUCT ACCESS AND LIMITS FOR COMMODITY PERPETUALS

4.1.    Without prejudice to the general eligibility and access provisions for Perpetual Futures Products set out in the Perpetual Futures Additional Terms, access to Commodity Perpetuals is subject to such additional eligibility, onboarding, Investor Classification, suitability, product approval, knowledge assessment, jurisdictional and other requirements as HMF may impose from time to time.

4.2.    HMF may, in its sole discretion and subject to Applicable Laws, restrict or prohibit access to Commodity Perpetuals in respect of certain jurisdictions, Client categories, operational profiles or other criteria. HMF may impose lower leverage limits, higher margin requirements, tighter position limits, narrower product access or additional conditions for Commodity Perpetuals than for other Perpetual Futures Products.

4.3.    HMF may, at any time and without prior notice where permitted by Applicable Laws, refuse to accept Orders, cancel Orders, restrict trading, reduce or close Positions, or suspend or terminate access to Commodity Perpetuals where it considers this necessary or desirable for risk management, compliance with Applicable Laws, orderly market operation, Client protection, systems integrity, market disruption or the operation of the Liquidation Waterfall.

5.    FUNDING, FEES AND ECONOMIC TERMS

5.1.    Funding Fees for Commodity Perpetuals shall be calculated, debited or credited, and settled in USDT or another Virtual Asset permitted under Applicable Laws and compliant with the VARA Rulebooks, as specified by HMF from time to time, and otherwise in accordance with the funding methodology and schedule specified by HMF for the relevant product, as amended from time to time. Funding methodologies for Commodity Perpetuals may take into account, among other factors, the differential between Commodity Perpetual prices and Reference Prices, interest‑rate differentials, roll and basis adjustments, storage and financing costs, insurance, and other market inputs relevant to commodity‑linked derivatives.

5.2.    HMF may publish, and amend from time to time, the fee schedule applicable to Commodity Perpetuals, including maker‑taker trading fees, Funding Fees, and any other charges, rebates or waivers applicable to particular products, Client categories or transaction types.

5.3.    The Client acknowledges that the net economic outcome of a Position in a Commodity Perpetual will depend on, among other things, changes in the Reference Price, Funding Fees, trading fees, slippage, spreads, roll and basis adjustments, liquidity conditions, margin requirements and the operation of the Liquidation Waterfall and Insurance Fund.
6.    TERMINATION, DELISTING AND PRODUCT WITHDRAWAL

6.1.    In addition to any other rights set out in the Terms and the Perpetual Futures Additional Terms, HMF may, in its sole discretion and without liability to the Client, with or without prior notice where permitted by Applicable Laws, suspend, restrict, delist, terminate or otherwise cease to offer any Commodity Perpetual or category of Commodity Perpetuals where it considers it necessary or desirable to do so, including for reasons of risk management, regulatory developments, insufficient liquidity, market disruption, changes in the Underlying Commodity References, product viability or internal policy.

6.2.    In connection with any suspension, delisting, termination or product withdrawal relating to Commodity Perpetuals, HMF may, in accordance with the Terms, the Perpetual Futures Additional Terms, these Additional Terms and Applicable Laws, close out, terminate, novate or otherwise manage open Positions, apply alternative settlement methodologies, or impose such other measures as it considers necessary or appropriate to protect Clients, the market, HMF and its Affiliates.

6.3.    The Client agrees that it shall not hold HMF liable for any loss arising from any action properly taken in accordance with this Clause 6, the Terms, the Perpetual Futures Additional Terms or Applicable Laws in relation to Commodity Perpetuals.

7.    ADDITIONAL DEFINITIONS FOR COMMODITY PERPETUALS
In these Additional Terms, unless the context otherwise requires and in addition to the definitions set out in the Terms and the Perpetual Futures Additional Terms:
"Commodity Perpetuals" means the perpetual futures contracts referencing one or more Underlying Commodity References that are made available by HMF through the HashKey Exchange as part of the Commodity Perpetuals Product, as further described in these Additional Terms and the applicable product specifications, and which are settled and/or margined only in USDT or another Virtual Asset permitted under Applicable Laws and compliant with the VARA Rulebooks, as specified by HMF from time to time.
"Commodity Perpetuals Product" means the product offered by HMF that allows Clients to enter into and maintain Positions in Commodity Perpetuals on the HashKey Exchange.
"Underlying Commodity References" means, in respect of any Commodity Perpetual, the commodities, commodity futures contracts, commodity indices, baskets of commodities or other commodity‑linked benchmarks, or any combination thereof, that are used as pricing inputs or reference assets for that Commodity Perpetual, as specified in the applicable product specifications and disclosures.
"Reference Markets" means, in respect of any Underlying Commodity Reference, the designated futures exchanges, spot markets, quotation venues or other markets that HMF designates from time to time as the main reference markets for that Underlying Commodity Reference for the purposes of determining the Reference Price, Mark Price, roll methodology and any market‑disruption treatment.
"Reference Price" means, in respect of any Commodity Perpetual, the price, futures contract, index, benchmark or formula determined by HMF from time to time in accordance with the applicable methodologies and disclosures published by HMF, and used as a reference for pricing, Mark Price, Funding, margin and/or other purposes for that Commodity Perpetual.
"Risk Disclosures for Commodity Perpetuals" means the risk disclosure documents published by HMF from time to time that set out additional risks associated with trading in Commodity Perpetuals, as may be amended, supplemented or replaced by HMF in its discretion.
"Underlying Commodity References" means, in respect of any Commodity Perpetual, the commodities, commodity futures contracts, commodity indices, baskets of commodities or other commodity‑linked benchmarks, or any combination thereof, that are used as pricing inputs or reference assets for that Commodity Perpetual, as specified in the applicable product specifications and disclosures.
"VARA Rulebooks" means the rulebooks, regulations, rules, directives, guidance, conditions and requirements issued by the Dubai Virtual Assets Regulatory Authority from time to time.