Crypto Futures - RDAEL - RevX - Disclosures and Terms for Tied Agency Model of Crypto Futures

Tied Agency - Crypto Futures Disclosures

What are crypto futures?

Crypto futures (also known as dated futures or expiry futures) are high-risk, leveraged derivative products that let you trade on the price movements of crypto-assets without owning the crypto-asset itself.

Unlike traditional perpetual futures contracts, dated futures:

1. have a fixed maturity or expiry date, at which point the contract is settled; and
2. cannot remain open indefinitely, as positions will either be closed prior to expiry or settled in accordance with the trading venue rules.

Dated futures are typically priced by reference to the spot market of the underlying crypto-asset. Depending on market conditions, you may have to pay or receive funding payments, sometimes frequently.

Crypto futures are complex and risky and are not suitable for all clients.

Before trading crypto futures, you should read the relevant Key Information Documents (KIDs) prepared by One Trading here: www.onetrading.com/policy. These documents provide important information about the nature of the products, how they work, their risks, costs, and potential outcomes. You should ensure that you understand the information in the applicable KIDs before trading.

It is important to note that these crypto futures are not covered under Regulation (EU) 2023/1114, the Markets in Cryptoassets Regulation to provide cryptoasset services (“MiCA”). Because these products are "dated futures" with fixed expiries, they are legally classified as financial derivatives. Under EU law, any crypto-based product that qualifies as a derivative is regulated under the Markets in Financial Instruments Directive 2014/65/EU (“MiFID II”) framework instead of MiCA, meaning it follows the same traditional financial rules as stock or commodity futures.

Consequently, the specific consumer protections and service rules set out in MiCA for the exchange of digital assets do not apply to this product. Instead, your trading activity is governed by the MiFID II regime. This distinction ensures that these high-risk financial instruments are managed under a different regulatory category than the simple purchase or sale of crypto-assets.

How do we offer crypto futures?

Revolut Digital Assets Europe Ltd (“we” or “RDAEL” or “Revolut”) offers this service via Revolut X. RDAEL is a company registered in Cyprus with registration number HE430310, authorised by the Cyprus Securities and Exchange Commission as a cryptoasset service provider under MICA.

For the purposes of offering access to crypto futures through Revolut X, RDAEL acts solely as a tied agent of One Trading Exchange B.V. (hereinafter “One Trading” or “they”). One Trading is a company registered in the Netherlands with registration number 88528766, authorised by the Dutch Authority for Financial Markets as an investment firm to provide investment services and carry out investment activities (including operating an organised trading facility) in relation to derivatives with crypto-asset underlyings under the Financial Supervision Act (Wet op het financieel toezicht - Wft) and as a cryptoasset service provider under Regulation (EU) 2023/1114, the Markets in Cryptoassets Regulation to provide cryptoasset services.

The crypto futures you trade through this app are executed on an Organised Trading Facility (“OTF”) operated by One Trading. The OTF is a regulated trading venue under MiFID II where multiple buyers and sellers can trade contracts.

This means that, for this product:

1. we are not authorised as an investment firm; and
2. we act only on behalf of One Trading and under its full regulatory responsibility.

One Trading is fully responsible for all aspects of the crypto futures you trade. In simple terms, this means they:

1. Provide the investment services. One Trading will handle everything needed to let you trade crypto futures, including accepting your orders and executing trades.
2. Operate the Organised Trading Facility. They run the actual trading platform where buyers and sellers meet and trades happen.
3. Execute your orders. They make sure your buy or sell orders are matched and completed according to the rules of the OTF.
4. Process your trades. After a trade happens, they calculate profits and losses, update your account, and keep a record of your transactions.
5. Manage collateral and liquidations. They check that you always have enough money in your account to support your positions. If your collateral falls too low, they may reduce or close positions to prevent bigger losses.
6. Manage risk. They monitor the market and your positions to help prevent extreme losses or system problems.
7. Handle regulatory reporting. They report your trades and activity to regulators as required by law, to make sure everything is transparent and compliant.
8. Provide client protections. They follow rules designed to protect you, including treating clients fairly, safeguarding funds, and providing complaint processes.

Revolut’s role is limited to receiving and transmitting your orders and giving you access to the trading interface. We do not execute trades, manage your money, or provide investment advice.

Further details on One Trading’s authorisation and regulatory status can be found here.

Who can trade crypto futures on Revolut X?

Availability. This product is currently available only to selected clients whom we have contacted. We will let you know when it becomes available to you.

To trade crypto futures on Revolut X, you must meet certain eligibility criteria. These are designed to ensure that the product is only offered to clients who understand the risks and can responsibly trade leveraged products.

You may be eligible if you:

1. Are a natural person (retail client) who is legally allowed to trade in your country of residence.
2. Are an active client of Revolut Bank UAB or Revolut Bank UAB through its branch office (“Revolut Bank”) and a client of RDAEL via Revolut X.
3. Have completed any required account verification and identity checks with Revolut X specifically required for this product.
4. Have acknowledged and accepted all terms, conditions, and risk disclosures associated with trading crypto futures.
5. Understand that crypto futures are high-risk, leveraged products and that losses can exceed your initial investment.

You are not eligible to trade if you:

1. Are under the minimum legal age to trade in your jurisdiction.
2. Have not completed the required verification and appropriateness assessment.
3. Are prohibited from trading by applicable laws or regulations in your country.

If you cease to be a client of Revolut Bank or RDAEL via Revolut X, access to crypto futures may be discontinued, and any open positions may be liquidated.

RDAEL may refuse access to this product if these criteria are not satisfied.

What type of crypto futures can you trade?

You may trade only those crypto futures contracts that are listed and made available on the One Trading platform from time to time, as set out here.

These characteristics include:

1. Type: dated (fixed-expiry) crypto futures traded on One Trading's regulated OTF (ONEX), cash-settled in USD. They give indirect exposure to a crypto-asset's price without any interest, title or right in the asset.
2. Term: fixed maturity of approximately five years from listing. At expiry, open positions are automatically closed and cash-settled in USD at the settlement price. There is no auto-roll - to keep exposure you must close and re-open.
3. Underlyings: currently BTC, ETH, XRP, SOL, LTC, SUI, TAO, DOGE, LINK and ADA, each USD-denominated.
4. Leverage and margin: leveraged, up to 10x. You post USD collateral and may need to add margin to keep positions open (see ‘Leverage and collateral’ below).
5. Funding and settlement: funding payments pass between buyers and sellers at regular intervals based on the difference between the futures and spot price; P&L is settled in cash.
6. Risk: highest risk class (7/7). Losses may be significant and are limited to the total collateral (margin) you provide.
7. Trading: positions may be closed during ONEX trading hours by an offsetting order, subject to liquidity. Operational and risk limits are set out below

Trading is subject to certain operational and risk limits, including:

1. a maximum of 50 withdrawals per day;
2. a minimum order size of USD 10; and
3. maximum position size limits, including up to USD 1,000,000 for BTC and ETH futures (with additional tier-based limits, including for Tier 2 accounts, as may be applied by One Trading from time to time).

These limits, the list of available futures, and their characteristics may be amended or updated by One Trading from time to time.

Full details per contract (ISIN, ticker, reference index) are set out in the applicable KID and One Trading's futures specifications.

What does RDAEL do for you?

Via Revolut X, RDAEL help you access crypto futures trading, but it’s important to understand what that means:

1. Receiving and transmitting your orders as a tied agent of One Trading. When you place a buy or sell order in the app, we send it to One Trading so it can be executed. We do not decide on prices or match trades ourselves.
2. Providing access to the trading interface. We give you the app and tools to view the market, place orders, and check your positions.
3. Displaying trading-related information and order status. We show you information such as whether your order has been accepted, executed, or partially filled. The data comes from One Trading, who is ultimately responsible for it.

We do not:

1. Execute trades. Only One Trading carries out the trades on the OTF.
2. Operate the OTF. The trading platform is run entirely by One Trading.
3. Give investment advice. We cannot tell you what trades to make.
4. Hold your money or assets. Your funds go directly between your Revolut Bank and One Trading account held with a third-party provider.

All trading services including execution, collateral, liquidation, risk management, and reporting are provided and managed by One Trading.

We will not be liable for any direct or indirect losses, damages, costs, or expenses you suffer arising from or in connection with us acting as tied agents, including where such losses result from:

1. technical problems, failures, disruptions or errors affecting this service or any systems used to provide it;
2. connectivity issues, network outages, server downtime, software bugs, latency, or transmission failures;
3. third-party service provider issues, including outages, errors, or delays caused by One Trading, or any other third-party service used to deliver these services;
4. system maintenance, upgrades, or changes, whether scheduled or unscheduled; and
5. events outside our reasonable control, including force majeure events such as natural disasters, strikes, cyberattacks, or government actions.

All trading services, including execution, collateral, liquidation, risk management, and reporting, are provided and managed by One Trading, and RDAEL acting as its tied agent provides Revolut X only as an intermediary platform.

If the tied agent agreement between One Trading and us is terminated or expires for any reason, access to crypto futures via Revolut X may be suspended and any of your open positions may be liquidated, without prior notice. Such liquidation may occur to manage risk, comply with legal or regulatory requirements, or protect the integrity of the platform, and Revolut will not be liable for any losses, costs, or damages incurred as a result.

Who is your counterparty?

When you trade through this app, your counterparty is directly One Trading. Revolut is not a party to your trades, and all rights and obligations related to trading, collateral, liquidation, and settlement are handled entirely between you and One Trading.

Leverage and collateral

Crypto futures are leveraged and collateral-based products. This means you can open positions that are larger than the funds you deposit as collateral, which increases both potential profits and potential losses. The maximum leverage available can vary depending on the product and market conditions.

Because crypto markets can move very quickly, losses can occur fast and unexpectedly, and you could lose more than your initial deposit if leverage is applied.

For details on leverage limits see here.

How is your collateral held?

To trade futures, you must provide collateral in USD to support your open positions on One Trading.

You fund your trading activity using your bank account with Revolut Bank. Your funds are credited to a dedicated USD-denominated derivatives collateral pocket (the “Collateral Pocket”). If you deposit funds in a currency other than USD, they are converted to USD within your Revolut Bank account before being credited to the Collateral Pocket.

To trade, you must have a bank account with Revolut Bank.

Once your USD collateral is credited to the Collateral Pocket, One Trading is notified automatically. Based on this notification, One Trading credits your account in USD, allowing you to start trading immediately.

How do payments and collateral flows work?

To support real-time trading, settlement between us and One Trading is completed through internal operational steps. It is important to note that RDAEL does not hold client money. Instead, all fund movements are executed by Revolut Bank UAB under its own banking license.

When you transfer funds from your Revolut Bank account, those funds are held in a collateral pocket, which is a Revolut Bank UAB account. Revolut Bank UAB routes and settles those funds to One Trading by arranging for the funds to be sent to the One Trading bank account, where they are received and credited as USD for trading on the exchange.

When you withdraw funds from One Trading, those funds are transferred from the One Trading bank account to your Revolut Bank account, where they are received and credited for your use. All such transfers and banking services are provided solely by Revolut Bank UAB.

You are entirely responsible for ensuring that sufficient funds are available in your Collateral Pocket at all times to meet any applicable margin calls. Failure to maintain sufficient funds may result in the liquidation or closure of your position.

What fees do you pay?

All trading fees and charges applicable to your transactions are set out below:

Customer-facing fees (as determined by One Trading):

A detailed illustration of the costs and charges that apply to trading crypto futures is set out in One Trading’s Costs and Charges Scenario, which is made available to you before you trade.

We receive a payment from One Trading for acting as its tied agent. This payment may include a share of the trading fees and liquidation fees charged by One Trading in connection with your trading. This payment does not increase the fees you pay for trading, unless it is clearly disclosed to you in advance. One Trading manages margin and liquidation in accordance with its risk management procedures, and we do not determine whether or when your position is liquidated. Further information on how conflicts of interest are managed is available in One Trading’s Conflict of Interest Policy.

Displaying data in Revolut X

Whilst internal Revolut architecture is used to display data, One Trading is the ultimate source of truth for pricing data, trading activity, fees, and balances.

To ensure the trading interface remains clear and usable on Revolut X, we apply display limitations that restrict the number of decimal places shown in the app. As a result, fractional amounts (such as micro-fees or precise fractional trade values) may be rounded to the nearest visible decimal or not displayed if rounded to $0.00. These display limitations are strictly visual and do not affect the underlying precision of your account.

Nevertheless, you may view your exact, unrounded transaction data and any applicable fractional line items by downloading a complete activity statement from Revolut X.

What are the main risks for you?

Trading crypto futures is high risk and may not be suitable for all retail clients. These products are complex and leveraged, which means losses can happen quickly and may exceed your initial deposit.

You could:

1. Lose all the money you deposit in your trading account.
2. Lose money very quickly due to leverage, as small market moves can have a large impact on your position.
3. Be liquidated at unfavourable prices if your collateral margin falls below required levels.
4. Pay significant funding costs while holding positions, which can reduce profits or increase losses.
5. Be affected by technical or market disruptions, such as platform downtime, network issues, or extreme volatility.
6. Be affected by internal settlement or operational processes used to facilitate timely funding of your derivatives trading. These processes are designed to enable real-time access to trading and do not change the nature of your relationship with One Trading. However, they may be subject to operational or technical failure, delay, or error, which could affect the timely posting of collateral and your ability to open or maintain positions.
7. Be subject to risk mitigation actions by One Trading if collateral is not posted or maintained in time due to operational or technical issues. This may include forced position reductions or liquidations in line with One Trading’s terms and risk management procedures (see below).
8. Experience delays in funding or withdrawals, which may arise due to operational, compliance, or technical constraints and may affect your ability to trade or access funds.
9. Be impacted by changes in law or regulation, which could affect your ability to trade or the value of your positions.

You should only trade crypto futures if you fully understand these risks, the mechanics of leverage, and the possibility of rapid losses, and if you can afford to lose your money.

For more detailed information about the risks of trading crypto futures visit: www.onetrading.com/terms.

How can you make a complaint?

If you have a complaint about your trading activity, including collateral, liquidations, fees, or funding payments, you should contact us in the first instance.

Complaints are handled in accordance with One Trading’s complaints handling policy. We will act as your initial point of contact and will escalate your complaint to One Trading as required under that policy.

Sharing your data

To provide our services, we may share certain information about you with One Trading. This may include your personal details, account information, and transaction data where needed for account setup, trading services, compliance checks, risk management, or related operational purposes.

We will only share information that is necessary for these purposes and will do so in accordance with applicable data protection laws and our privacy policy.

What documents govern your trading?

Your trading is governed by the following documents from One Trading:

Terms & Conditions www.onetrading.com/terms.

Trading Rules & Product Specifications www.onetrading.com/terms.

Risk Disclosures www.onetrading.com/terms.

Best Execution Policy www.onetrading.com/policy.

Conflicts of Interest Policy https://www.onetrading.com/policy.

Complaints Management https://www.onetrading.com/policy.

Costs and Charges Scenario for Dated Crypto Futures https://www.revolut.com/legal/Ex-Ante-Costs-and-Charges-Scenario-for-Dated-Crypto-Futures.