I. What Is a Position Voucher?

A Position Voucher is a platform-issued trading experience voucher that lets you experience live Perpetual Futures trading at zero cost without using your own funds.

• No principal required:

  Open a position directly using a Position Voucher without using your own funds.

• Profits are yours

  If a trade is profitable, the profits will be automatically credited to your Futures Account after the position is closed.

• Platform covers losses

  The platform will cover trading losses, so your own funds remain unaffected.

II. How to Obtain a Position Voucher

The platform will distribute Position Vouchers through official events from time to time. Please monitor platform updates closely.

Note: After receiving a Position Voucher, you must upgrade the app to version 4.67.0 or above to use it.

III. How to Unlock Position Vouchers

There are two types of Position Vouchers:

• Vouchers without unlock requirements can be used directly.

• Vouchers with unlocking requirements are initially in the "Unlock" state. The "Use" button appears after users meet the unlocking condition.

  

1. "Complete Advanced Identity Verification" Task

Users must complete the required level of KYC verification to finish the task.

2. "Cumulative Futures Trading Volume" Task

Users must reach the specified futures trading volume during the designated period to complete the task. Trading volume is calculated from the time the voucher is received.

• Included in the calculation: Standard Futures trading (crypto, forex, indices, commodities) and Perpetual Futures trading (crypto).
• Excluded from calculation: Sub-accounts' Perp Futures trades, trades held for less than 1 minute, Bonus Voucher trades, Position Voucher trades, and the portion of trading volume corresponding to trading fees offset by Trial Fund Vouchers.

3. Cumulative Net Deposit Task

Users must reach the specified net deposit to complete the task. Net deposit is calculated from the time the voucher is received.

• Formula: Net deposit = deposits - withdrawals
  Deposits: Made via crypto networks, P2P Buy, third-party platforms, linked bank cards, Fiat Deposit, internal transfers, and Crypto Gifts.
  Withdrawals: Made via crypto networks, P2P Sell, third-party platforms, linked bank cards, internal withdrawals, and Fiat Withdrawals.

IV. How to Use a Position Voucher

View Voucher

After successfully receiving a Position Voucher, you can check it through the following path:

1. Go to My Vouchers to view your vouchers.

Web: Click the avatar icon in the upper right corner → My Vouchers

App: Tap the avatar icon in the top-left corner → Vouchers

2. Your Position Voucher will be visible on the My Vouchers page.

How to Use

1. Click "Use" on the voucher to enter the futures trading page.

2. On the Perp Futures page, in the pop-up, click "Open Long" or "Open Short" to place a quick order (see image 1).
   Or, visit the USDⓢ-M Perp Futures page, click "Use Voucher", then select the voucher you want to use to place a quick order (see image 2).

   Web:

   

   

   App:

   

   

    

3. After opening a position, you can see the Position Voucher order under "Positions".

   Web:

   

   App:

4. After closing the position, you can check it on pages such as "Order History", "Trade History", or "Position History" by filtering "Margin Source" for "Vouchers".
   Web:

   App:

   

Usage restrictions and Rules

To ensure trading compliance and security, the following constraints apply when using Position Vouchers:

1. Validity Period: Each Position Voucher has a specified expiration time. Be sure to activate and use it within the validity period; otherwise, it will automatically expire.
2. Trading Restrictions: Position Vouchers restrict trading pairs, the maximum leverage for opening positions, and the maximum position value. If the limit is exceeded, the voucher cannot be used.

Example: Suppose you have a 100 USDT Position Voucher with a maximum leverage of 10x. If you choose to trade the ETH/USDT futures and the current price of ETH is 3,000 USDT with the minimum order size of 0.01 ETH, the value of 0.01 ETH is 30 USDT. In this case, you can only open a position worth 90 USDT with 3x leverage. The remaining 10 USDT of the Position Voucher cannot be used, and any unused portion will expire.

3. Holding Period Limit: Position Vouchers are subject to a maximum holding period. If the limit is reached, the system will close your position at market price. If you want to close the position yourself, do so in advance.

Trading Notes

1. Position Vouchers are limited to Perp Futures USDⓢ-M trading only.

2. Trades using position vouchers are free of trading fees.

3. The trading volume generated by position vouchers will not result in any commission on trading fees.

4. Position vouchers only support market orders to ensure immediate execution.

5. Trades using position vouchers are subject to the following settings:

   • Margin mode: Isolated Margin Mode

   • Position mode: Hedge Mode

   • Asset mode: Single-Asset Mode

   • Leverage: Based on the position voucher’s maximum leverage. If it exceeds the trading pair's leverage cap, the pair's maximum leverage will prevail.

   • Auto-Close Time: Determined by the maximum holding period of the position voucher.

6. Position Voucher orders don't support placement via the candlestick chart directly. Only Position TP/SL is supported; Guaranteed TP/SL is not supported.

7. You can only hold one position using a position voucher at a time.

   To use a new Position Voucher, you must close the existing position first.

8. Transactions from position vouchers is not recorded in your perpetual futures account. Only final profits (after closing) are transferred to it.

5. How to Check Profits

1. When a Position Voucher order is closed, the system will automatically settle PnL. The profit generated will be transferred to your corresponding Futures Account. You can view this amount in Assets. The record type is labeled as "Voucher profit".

2. Positions holding vouchers are subject to funding fee settlements. If closed during settlement, "actual PnL" may differ from "Unrealized PnL". The actual amount shall prevail. For details, see: Perpetual Futures | Fee Schedule

6. FAQs

1. Can Position Vouchers be withdrawn or transferred out?

   Position Vouchers are trading benefits issued by the platform and cannot be directly withdrawn or transferred out.

   Their purpose is to provide trading capital. After opening a position with a Position Voucher, if the trade is profitable, the profit will be automatically settled to your Futures Account when you close the position, and you can withdraw it freely.

2. Can Position Vouchers offset losses or fees?

   No.
   Trades using a Position Voucher are exempt from trading fees, and the platform covers trading losses, so you do not need to use your own funds. The Position Voucher is used only as margin to open positions and cannot directly offset losses.

3. Why can’t I use my Position Voucher?

   This is usually caused by one of the following reasons. Please check them one by one:

   • Unlock conditions not met: Some Position Vouchers require completing specific tasks (such as completing identity verification or reaching a required futures trading volume) before using the voucher. 
   • Expired: Please check whether the Position Voucher is within its validity period. Expired vouchers will automatically become invalid.

4. Why was my Position Voucher order automatically closed?

   Position Voucher orders typically have a maximum holding period limit.
   When the maximum holding duration is reached, the system will automatically close the position at the market price. It is recommended that you monitor your position according to market conditions and close it manually before the time limit if necessary.

5. Is a Position Voucher the same as a Bonus Voucher?

   Position Vouchers and Bonus Vouchers are two different types of vouchers. The main differences are as follows: