OKX Australia Financial Dual Investment Product Terms

1. Overview

1.1 These Dual Investment Product Terms ("Product Terms") apply to each accepted Order that identifies them. Capitalised terms not defined here have the meanings given in Part C or the Glossary of the OKX Australia Terms of Service ("TOS").

1.2 Each Order is a separate over-the-counter derivative transaction between you and OKX Australia Financial as principal and counterparty. The Order Confirmation, these Product Terms and the TOS form the agreement for that Order. The order of precedence in clause 24.24 of Part C applies.

1.3 The Product is available only to a person who is, and remains, an eligible Wholesale Client under Part C. You must not submit an Order, and must notify us promptly, if you cease to satisfy that requirement while an Order is outstanding.

1.4 You enter each Order as principal for your own account, based on your own assessment and any independent advice you consider necessary. Information made available by us is general information and is not personal financial, legal or tax advice.

2. Definitions

3. Dual Investment Product

3.1 Description

3.1.1 Dual Investment is a non-principal-protected structured derivative. You pay the Investment Amount to us when the Order is accepted and receive the Return Amount at settlement, subject to the risk that the Investment Amount and Return Amount may be converted into the Target Currency at the Target Price. Economically, the Order includes an option sold by you to us.

A high APR Rate does not mean a high total return. The Return Amount depends on the Term. Conversion at the Target Price may produce a material loss compared with holding or trading the Investment Currency at the market price at expiry.

4. Order Terms and subscription

4.1 Order Terms

4.1.1 The Order Terms must specify at least:

(a) the Direction and Underlying Currency Pair;

(b) the Investment Amount, Investment Currency and Target Currency;

(c) the Target Price and APR Rate;

(d) the Accrual Start, Expiration Date and Expiration Time;

(e) any Settlement Date that differs from the Expiration Date;

(f) any fees that apply; and

(g) any different reference-price source, observation method, precision or rounding convention.

4.1.2 An indicative APR Rate is not binding. The final APR Rate and all other final Order Terms are those recorded in the Order Confirmation. No return accrues before the Accrual Start.

4.2 Formation and acceptance

4.2.1 An indicative quote or interim term sheet is not binding. Your electronic submission of an Order through the Platform constitutes an offer to enter into the Order. The Order becomes binding only when OKX Australia Financial accepts it by issuing an Order Confirmation.

4.2.2 The Order Confirmation records the final Order Terms and the applicable document versions. You must review it promptly and notify us of any apparent discrepancy. Information displayed elsewhere on the Platform does not vary the Order Confirmation unless we expressly agree in writing.

5. Return calculation

5.1 Term Rate = APR Rate / 100 / 365 x Term

5.2 Return Amount = Investment Amount x Term Rate

5.3 The calculation uses the precision and rounding convention in the Order Confirmation or, if none is stated, the convention displayed by the Platform when the Order is submitted.

6. Settlement at expiry

6.1 At the Expiration Time, the Settlement Currency and Settlement Amount are determined as follows:

6.2 The Return Amount is paid in the Settlement Currency in every scenario. We will credit the Settlement Amount to your Account on the Settlement Date or as soon as reasonably practicable afterwards.

7. Worked examples

These examples illustrate the formulas only. They exclude fees, rounding and tax and are not forecasts.

7.1 Buy Low conversion

7.1.1 Investment Amount: 10,000 USDT. Target Price: 90,000 USDT per BTC. Term Rate: 1.24%. Price at Expiry: 88,000. Conversion occurs. Settlement Amount = (10,000 / 90,000) x 1.0124 = approximately 0.112489 BTC.

7.2 Sell High conversion

7.2.1 Investment Amount: 10 BTC. Target Price: 100,000 USDT per BTC. Term Rate: 0.20%. Price at Expiry: 105,000. Conversion occurs. Settlement Amount = (10 x 100,000) x 1.002 = 1,002,000 USDT.

8. Reference price fallback and extraordinary events

8.1 If the Primary Source is unavailable, suspended, manifestly erroneous or materially disrupted at an observation point, we will determine the Price at Expiry using the following sequence, stopping at the first step that produces a reliable price:

(a) one or more alternative exchanges or trading venues that we determine in good faith and in a commercially reasonable manner are representative of the relevant market; if more than one source is used, we may use an arithmetic mean after excluding an anomalous price that deviates by more than 10% from the median of available prices;

(b) if no reliable alternative source is available, a price determined in good faith and in a commercially reasonable manner having regard to the last reliable price, prices for analogous instruments and other relevant market data; or

(c) if a reliable price still cannot be determined, postponement to the next Business Day on which it can be determined, for a maximum of five Business Days.

8.2 If a protocol fork, hard fork, airdrop, token migration, change in consensus mechanism, delisting, material change to the Underlying Currency Pair or another extraordinary event materially affects an Order, we may make adjustments reasonably necessary to preserve its economic effect. Adjustments may include changes to prices, barriers, observation dates, settlement assets or calculation methods. If no reasonable adjustment is sufficient, we may terminate the affected Order under the termination clause below.

8.3 We will make determinations and adjustments under this clause in good faith and in a commercially reasonable manner, document the basis for a material determination, and notify you as soon as reasonably practicable. This clause does not exclude liability that cannot lawfully be excluded.

9. Early unwind

9.1 You have no right to cancel or terminate an accepted Order. If we make early unwind requests available for an Order, you may request an unwind through the channel we specify. We may accept or reject the request. Before execution, we will provide an indicative unwind amount for your confirmation. Once confirmed, the unwind is irrevocable.

9.2 The unwind amount will reflect the mark-to-market value of the Order, including the remaining time to expiry, the prevailing price of the Underlying Currency Pair, volatility, liquidity and reasonable unwind costs. It may be materially less than the Investment Amount.

10. Termination and manifest error

10.1 We may terminate an affected Order if performance becomes unlawful, a regulatory action materially affects the Product, a force majeure or market disruption continues for more than five Business Days, an extraordinary event cannot be addressed by a reasonable adjustment, or continued performance is not reasonably practicable without materially changing the economic effect of the Order. We may also terminate an affected Order if we restrict, suspend or terminate your access to the Structured Products Service or your Account under clause 9 of the TOS and determine that the Order cannot remain outstanding or be settled in the ordinary course.

10.2 On termination, we will calculate a close-out amount in good faith and in a commercially reasonable manner by reference to the mark-to-market value of the Dual Investment Product, after reasonable unwind costs. The close-out amount may be materially less than the Investment Amount. No Return Amount is payable except to the extent reflected in the close-out amount. We will notify you of the basis of calculation and aim to credit the amount within two Business Days after termination.

10.3 If an accepted Order contains a manifest error that materially affects its economic terms, we may correct it with your agreement or cancel it after notifying you. On cancellation, we will promptly return the Investment Amount in the Investment Currency and neither party will retain a benefit arising solely from the error.

11. Product-specific risks

11.1 Conversion risk. You may be required to acquire or dispose of a Digital Asset at the Target Price when the market price is materially less favourable. The market value received may be substantially less than the Investment Amount and could suffer a significant or near-total loss of economic value.

11.2 Short-option risk. The Return Amount is consideration for an embedded option sold by you to us. It may be insufficient to compensate for adverse market movement.

11.3 Opportunity-cost risk. Your Investment Amount is unavailable for trading while committed, and favourable price movement beyond the Target Price does not increase the contractual settlement amount.

11.4 Annualised-rate risk. The APR Rate can appear large even though the Return Amount for a short Term is small.

11.5 Valuation and timing risk. The Price at Expiry is an average over the observation window and may differ from a spot price before, during or after that window.

11.6 Liquidity risk. There is no secondary market. An early unwind may be unavailable or may return materially less than the Investment Amount.

11.7 Counterparty and conflicts risk. You rely on OKX Australia Financial to perform the Order. We make determinations affecting the Order and may hedge with a Related Party, as described in Part C.

11.8 Technology, network, regulatory and tax risk. Operational delays, network events, changes in law and tax treatment may affect performance or the value of settlement.

11.9 The common Structured Product and derivatives risks in Part C also apply.

12. Document version

12.1 The version of these Dual Investment Product Terms identified in the Order Confirmation governs that Order. A later version applies only to an Order accepted after the later version takes effect, unless a change to an outstanding Order is required by law or you expressly agree to it.

12.2 Nothing in these Product Terms excludes, restricts or modifies a right or remedy that cannot lawfully be excluded, restricted or modified.