Volatility Alliance Product Terms
Updated: 2026-11-13 · Terms version: 1
Article 1. Scope
These terms apply to your participation in the Volatility Alliance product and form part of the Terms of Service. On Volatility Alliance matters, where these terms differ from the Terms of Service, these terms prevail.
Article 2. Definitions
· Quant trading partner: the quantitative trading firm that works with the platform; the platform does not disclose its name. It is the party that actually uses Volatility Alliance funds to trade, not the platform itself. The quant trading partner is not affiliated with the platform. · Queued funds: made up of two parts: · money you deposited that the quant trading partner has not yet drawn; · money that has returned to the queue. Each amount is ordered by when it entered the queue and is called a “funding block”. · Draw: the quant trading partner taking funds from the queue to trade with. · Principal in the pool: your principal that the quant trading partner has drawn and not yet repaid, i.e. the amount drawn minus the part already repaid and the losses already allocated. It excludes floating gains or losses. · Daily report: the quant trading partner's report to the platform of one day's closing results, consisting of only two figures: · the gain or loss actually realized on positions closed that day, which can be negative; · the original purchase cost of the positions closed that day. · Earnings pending requeue: earnings already allocated to you that have not yet returned to the queue. · Requeue threshold: the amount that earnings pending requeue must reach to return to the queue on their own; currently 50 USDT. · Requeue: funds entering the end of the queue as a new funding block. · Platform fee (performance fee): the fee the platform takes as a percentage of each profitable daily report; currently 30%. · Early exit: your request, made through Support, to take your principal in the pool out before the quant trading partner has closed positions and repaid it. · Withdrawable from the next day: after funds enter the queue, they can be withdrawn from 00:00 Hong Kong time on the following day. · Withdrawal / crypto withdrawal: a withdrawal moves money from the Volatility Alliance back to your USDT account on the platform; a crypto withdrawal moves money from your platform account to a blockchain address.
Article 3. Eligibility
1. The platform currently operates by invitation. The Volatility Alliance uses real money. 2. You must meet the eligibility requirements in section 2 of the Terms of Service: you are at least 18, have full legal capacity and are not a resident of a restricted jurisdiction. This product is not offered to residents of mainland China, or to US citizens or US residents. 3. Every time you deposit, you must meet all of the following: · your account is in good standing; · your identity verification is valid and has not expired; · you have completed the risk assessment and the knowledge test, and acknowledged the platform's current version of the risk disclosure; · your risk profile is no lower than the level this product requires (currently: the lowest level, “Conservative” — any completed assessment result qualifies); · you have separately confirmed the product's main risks under the current version of these terms and declared that you are not a resident of mainland China, a US citizen or a US resident (confirmed once before your first deposit, and again after any material change to these terms; see Article 20). 4. This product accepts USDT only, and only from your own USDT account on the platform. Each deposit must be at least the minimum deposit (currently 1,000 USDT). 5. Deposits are not possible while the product is paused; a deposit attempt shows “This product is not currently available”. Before the product opens, you cannot see it.
Article 4. Queueing and draws
1. Money you deposit is placed at the end of the queue as a funding block, in order of entry. 2. Queued funds take no part in the allocation of gains or losses in daily reports. · A funding block you deposited can be withdrawn at any time before it is drawn. · A funding block that has returned to the queue is withdrawable from the next day (Article 14). · Money that has returned to the queue is actually held by the quant trading partner; for the related risks see Article 5(4) and Article 18. 3. The quant trading partner decides when to draw and how much. · Each draw takes from the very front of the product's whole queue backwards until the amount is filled. · The last block drawn gives up only the shortfall; the rest stays where it is and keeps its place. · The platform does not pick by customer or by amount. 4. You are not notified separately of a draw. The platform does not promise when your queued funds will be drawn, or that they will be drawn at all. The only way to avoid being drawn is to withdraw the money before the draw. 5. The part that is drawn becomes your principal in the pool. The order in which money is drawn is the order in which principal is later repaid. 6. The platform may cancel a draw, returning the funds to their original place, when all three of the following hold: · the platform has not yet recorded the transfer; · there has been no new daily report since the draw; · the drawn money has not been frozen by an early exit. 7. Money that has been drawn but not yet actually transferred to the quant trading partner by the platform still counts as principal in the pool in the allocation of earnings and losses.
Article 5. Custody of funds and conflicts of interest
1. The platform selects the quant trading partner. Where funds go after they are drawn: · any part still held on the platform is transferred separately by the platform to the quant trading partner's trading account, and the transfer may happen later than the draw (see Article 4(7)); · money drawn again after it requeued is already with the quant trading partner and is not transferred again; · the quant trading partner's trading account is outside the platform's custody; the platform does not control it and cannot independently verify the assets in it; · under internal arrangements, the platform reviews account screenshots provided by the quant trading partner about once a week to check the total. 2. The platform itself does not trade or place orders, and does not know what the quant trading partner buys, where it trades or when it buys and sells. 3. The quant trading partner undertakes to trade spot only, without leverage, but the platform cannot verify this. Spot trading can also lose everything. · On leverage, the platform can block only one kind of daily report: a loss larger than the cost of the positions closed, while not all positions have been closed. · Beyond that, the platform cannot ensure that the quant trading partner has really not used leverage. 4. Money that has returned to the queue is in fact still with the quant trading partner, including repaid principal, requeued earnings and early-exit proceeds. 5. The quant trading partner cannot see your identity information. 6. The platform's digital asset custody (MPC custody) and custody reconciliation arrangements do not apply to Volatility Alliance funds. 7. Conflicts of interest. · The quant trading partner is not affiliated with the platform. · Platform fees collected are held at the quant trading partner, in the same trading account as customer funds, and are separated only in the platform's ledger. · Which positions to close, when, and at what price are all decided by the quant trading partner. These decisions affect who gets principal back first and how much an early exit returns (Articles 11 and 12). Losses beyond all principal in the pool are borne by the quant trading partner under the agreement, so these decisions are tied to its own interests. · Staff of the platform and of the quant trading partner may take part in this product, under the same rules as customers.
Article 6. Daily reports
1. Under its agreement, the quant trading partner reports once a day, including weekends and holidays. There is at most one effective daily report per day; a report that has been reversed can be filed again. 2. Each daily report has only two figures: the gain or loss actually realized on positions closed that day, and the purchase cost of the positions closed that day. Floating gains or losses on positions not yet closed are neither reported nor booked. 3. The platform books the figures the quant trading partner reports; it does not calculate them itself and does not review each figure for accuracy. A daily report is entered by one operator at the quant trading partner and takes effect on entry, without review by a second person. 4. On a day with no daily report, no earnings are allocated, no principal is repaid and no early exit is processed. The platform does not promise earnings every day.
Article 7. Allocation of earnings
1. When a daily report shows a profit: · the platform first takes the platform fee at the rate in effect at the moment of the report, rounded down to 0.01 USDT; · all the rest is allocated to customers who hold principal in the pool at the moment of the report. Principal being processed for an early exit in that report is not counted (Article 12). 2. Allocation depends on one thing only: at the moment of the report, each person's principal in the pool as a share of all principal in the pool. · It does not depend on anyone's purchase price, how long they have been in the pool, or whose money bought which position. · Allocation is precise to 0.00000001 USDT. 3. Earnings allocated to you first go to your earnings pending requeue and return to the queue under Article 10. 4. The quant trading partner may use funds drawn later to add to existing positions (see Example 3). This means: · for positions bought before you entered the pool, you also share in the gains, or bear the losses, when they are later closed, in the proportion at that time; · conversely, gains or losses on positions bought with your money are also allocated to customers who join later. 5. Earnings or losses under-reported earlier may be reported in a later day's daily report, and are allocated among the customers in the pool, in the proportions, on the day of that catch-up report. Customers who have already left do not take part.
Article 8. Losses and reduction of principal in the pool
1. When a daily report shows a loss, no platform fee is taken. · The loss is allocated in proportion to each person's principal in the pool and directly reduces principal in the pool, in units of 0.01 USDT. · Principal being processed for an early exit in that report does not share in the loss. 2. Each person's principal in the pool can fall at most to zero. Losses beyond all principal in the pool are borne by the quant trading partner under its agreement with the platform. · This is an agreement between the platform and the quant trading partner. You are not a party to that agreement and cannot rely on it to make a claim directly against the quant trading partner. · The platform does not book this part, does not cover it, does not undertake to pursue recovery on your behalf, and does not ensure that the quant trading partner is able to bear it. 3. Amounts already in earnings pending requeue are not reduced by later losses, except for reversals and corrections under Article 13. 4. The part you bear from closing losses is limited to your principal in the pool. · Correction clawbacks for over-reported earnings (Article 13) are taken separately from money that requeues for you later and from early-exit proceeds, and may reach the principal in them. · Queued funds do not share in losses, but may be drawn at any time and become principal in the pool. · Money that has returned to the queue is actually held by the quant trading partner; for the related risks see Article 18.
Article 9. Platform fee
1. The current rate is 30%; the rate shown on the product page applies. 2. The platform fee is calculated separately for each profitable daily report, regardless of earlier gains or losses; if losses follow, fees already taken are not refunded. This product has no “high-water mark”, so if gains are followed by losses and the total breaks even, you may still end up with a net loss (see Example 6). 3. On an early exit, the part of the proceeds above the principal being exited is also charged the platform fee, at the rate used by the daily report that processes that exit. 4. Rate changes: · an increase is announced in-app on the day the platform decides it and takes effect after a full 7 days; the platform may cancel an announced increase before it takes effect; · a decrease takes effect immediately once decided; but if the requeue threshold is raised in the same change, the lower fee takes effect together with the threshold after a full 7 days (Article 10(3)); · each daily report uses the rate in effect at the moment of the report. 5. Apart from the platform fee, this product charges no deposit fee, no withdrawal fee and no early-exit fee.
Article 10. Earnings pending requeue and the requeue threshold
1. Earnings pending requeue cannot be withdrawn, take no part in earnings allocation and bear no losses. The page shows them rounded down to 0.01 USDT. 2. The part of earnings pending requeue that amounts to at least 0.01 USDT returns to the end of the queue in these four cases: (1) when principal is repaid to you, together with that principal as one block; (2) when your principal in the pool falls to zero because of losses, on its own; (3) when there is no principal repayment this time, you still have principal in the pool, and earnings pending requeue reach the requeue threshold, on their own. The threshold is currently 50 USDT, and reaching exactly that amount counts; (4) when you exit early, together with the early-exit proceeds. 3. An increase in the requeue threshold is announced in-app on the day the platform decides it and takes effect after a full 7 days; a decrease takes effect immediately once decided. If the platform fee and the requeue threshold are changed together and either of them is increased, both take effect together after a full 7 days. 4. Remainders below 0.01 USDT belong to the platform in these cases: · your principal in the pool reaches zero (fully repaid or fully lost); · after your early exit, none of your principal remains in the pool.
Article 11. Closing positions and repayment of principal
1. Total principal repaid: · for a profitable or break-even daily report, it equals the purchase cost of the positions closed that day; · for a losing daily report, it equals the purchase cost of the positions closed minus the losses allocated to customers, and is at least zero. 2. Principal is repaid in the order in which it was drawn: whatever was drawn first is repaid first. Whose money bought the positions that were closed does not affect who is repaid. · So when positions in the pool carry floating losses, customers who get their principal back first no longer bear that floating loss; it is borne by the customers still in the pool (see Example 8). · The order of closing is decided by the quant trading partner. 3. Repaid principal, together with any earnings pending requeue that go with it under Article 10, enters the end of the queue as a new funding block. · This money does not go straight to your platform account; you need to withdraw it yourself. · It is withdrawable from the next day. 4. Money that has returned to the queue and early-exit proceeds will not be drawn by the quant trading partner before they become withdrawable; once they are withdrawable and you have not yet withdrawn them, they may be drawn again by the quant trading partner and become principal in the pool again.
Article 12. Early exit
1. You cannot take principal in the pool out early yourself, and the page has no redemption button. You may contact Support to request an early exit; once the request is accepted, the platform will complete it within 7 business days. 2. How it is handled: 1. Support checks your principal in the pool at that time and asks the quant trading partner to close, in the same proportion, positions with the corresponding cost; 2. the quant trading partner reports the amount actually recovered; 3. the platform enters it on that basis, without review by a second person. If your principal in the pool has changed by the time of entry, the exit is redone using the new figure; 4. once entered, it is processed with the next daily report. 3. An early exit can only be a full exit, i.e. all of your principal in the pool at the moment of entry. · Funds drawn after the entry are not included; they stay in the pool and take part in allocation as usual. · Queued funds are not affected; you withdraw them yourself. 4. How much is returned: · the amount returned equals what the quant trading partner actually recovers on closing, and may be higher or lower than your principal, or zero; · any part below the principal being exited is borne by you; · any part above your principal is yours after the platform fee under Article 9(3); · your earnings pending requeue return to the queue together with the proceeds; · if you still have a correction clawback outstanding (Article 13), it is deducted from the proceeds first. 5. When it is processed: · an early exit is processed with the next daily report; if that day's report has already been filed, the earliest is the following day. · On processing, the exit is handled first and the day's gains or losses are allocated afterwards. The day's allocation and principal repayment have nothing to do with the principal being exited; funds drawn after the entry take part as usual. · After processing, the proceeds enter the end of the queue and are withdrawable from the next day. · Exits are not processed while the product is paused (Article 15). 6. You cannot verify which positions the quant trading partner closed or at what prices, and the platform cannot independently verify this either. 7. If an entry is wrong, the platform may cancel it. · If it has already been processed, it is reversed together with the daily report that processed it, provided that report still meets the reversal conditions in Article 13(1). On reversal, that report's effects on all customers are restored to their prior state. · If it cannot be reversed, the platform handles it manually. · So the proceeds may be taken back before you withdraw them or before they are drawn again. · You cannot withdraw an early exit once it has been entered. 8. Early-exit proceeds will not be drawn by the quant trading partner before they become withdrawable; once they are withdrawable and you have not yet withdrawn them, they may be drawn again. 9. After the exit has been processed, Support will tell you how the amount returned is made up: the amount recovered, the principal exited, the platform fee and any clawback.
Article 13. Corrections and reversals
1. The platform may reverse the latest daily report and have the quant trading partner report again. A reversal requires all of the following: · since that report, there has been no new draw that has not been cancelled; · no confirmed correction has been made since; · the money it returned to the queue has not been withdrawn or drawn again; · the reversal would not change an early exit that is in progress. After a reversal, everything that report did is restored to the state before the report: allocated earnings are withdrawn, allocated losses are restored, and principal that had requeued goes back to the pool. 2. If it later turns out that the quant trading partner over-reported earnings and that daily report can no longer be reversed: · only if the correction is discovered and booked within 30 days of the original report's business date (the 30th day included) is the excess allocated to you clawed back from your later earnings or requeued funds: first from your earnings pending requeue; if that is not enough, from money that requeues for you later and from early-exit proceeds, which may reach the principal in them; · any difference beyond 30 days is borne by the platform and is not clawed back from you; · every clawback is notified to you in-app, with details. 3. Under-reported earnings or losses are reported later under Article 7(5). 4. If losses over-reported earlier are discovered only when the report can no longer be reversed, then when the quant trading partner reports the refund, it is returned to customers in proportion to principal in the pool at that time, with no platform fee; customers who have already left do not get it back. The refunded amount goes to your earnings pending requeue and returns to the queue under Article 10; because it gives back losses you were over-allocated earlier, it is not counted in cumulative earnings allocated.
Article 14. Withdrawals
1. You can only withdraw queued funds: · funding blocks you deposited are withdrawable at any time; · requeued funding blocks and early-exit proceeds are withdrawable from the next day; · principal in the pool and earnings pending requeue cannot be withdrawn. 2. Withdrawals have no minimum amount, carry no fee and are not affected by a product pause. 3. For a partial withdrawal, the amount is taken first from your newest funding blocks that are withdrawable now, which preserves your earlier places in the queue. 4. If the amount requested exceeds what is currently withdrawable, the request fails and the page shows the amounts withdrawable now and withdrawable from the next day. The withdrawable amount may drop because the quant trading partner has just drawn funds. 5. Once a withdrawal succeeds, the amount goes to your USDT account on the platform. · Any crypto withdrawal after that follows the platform's usual withdrawal process, and the platform does not promise when it will arrive. · When available funds in the platform's custody are insufficient, a crypto withdrawal stays “processing”.
Article 15. Product pause and termination
1. The platform does not pause this product of its own accord; it pauses temporarily only when a system failure or a data error needs to be dealt with, resumes as soon as that is done, and withdrawals continue as usual during a pause. While it is paused: · deposits are not possible, and the quant trading partner cannot draw or file daily reports; · so no earnings are allocated, no principal is repaid and no early exits are processed, and principal in the pool cannot be taken out during the pause. 2. During a pause you may request an early exit, but it is processed only after the product resumes and a new daily report is filed. 3. Before the product is terminated, the platform will announce it 30 days in advance; after termination the quant trading partner draws no more funds, and principal in the pool returns to the queue at the amount the quant trading partner actually recovers on closing, and can be withdrawn.
Article 16. What you can see
1. The product page shows these figures: · total funds = queued funds + principal in the pool + earnings pending requeue; · queued funds, split into “withdrawable now” and “withdrawable from the next day”; · principal in the pool, counted at principal and excluding floating gains or losses; · earnings pending requeue; · cumulative earnings allocated; · net amount invested; · the date of the latest daily report. 2. Cumulative earnings allocated = earnings allocated to you by daily reports + the part of an early exit above your principal, after the platform fee − earnings reduced by corrections (including amounts not yet clawed back). · This figure does not subtract reductions in your principal in the pool, or the part of an early exit below your principal. · So it can still be positive even when your principal has gone down. 3. Net amount invested = total deposits − total withdrawals. If you have withdrawn more than you deposited, it is negative. 4. Principal in the pool does not reflect floating gains or losses and may be higher than what you can actually recover. 5. Deposit and withdrawal records list deposits and withdrawals only. Movements inside the product, such as principal requeue, earnings requeue and early exits, are not listed separately. 6. The page does not show daily gains or losses, individual platform fees, the quant trading partner's positions, or your place in the queue.
Article 17. The platform's responsibilities and what it does not promise
1. The platform's responsibilities: if you suffer a loss caused by the platform's own system failure, or by its booking or calculation error, the platform bears it. In addition, the platform will: · draw funds and make transfers under the rules in these terms; · book the quant trading partner's daily reports as reported; · handle withdrawals and early exits under these terms; · under internal arrangements, review screenshots of the quant trading partner's trading account about once a week to check the total; it cannot verify them independently and does not review the quant trading partner's trades one by one. 2. The platform does not protect principal, gives no assurance of any kind about earnings, and does not promise earnings every day. 3. It does not trade, does not place orders and does not choose investments. 4. It does not review each figure reported by the quant trading partner, and does not control or hold in custody the quant trading partner's trading account. 5. It cannot verify that the quant trading partner trades spot only, without leverage. 6. The platform does not bear losses beyond all principal in the pool and does not undertake to pursue recovery. 7. It does not promise: · when queued funds will be drawn, or whether they will be; · the amount returned by an early exit; · when crypto withdrawals will arrive. 8. There is no forced redemption, no partial early exit, and no display of queue position. 9. The limitations of liability above do not apply to losses caused by the platform's wilful misconduct or gross negligence.
Article 18. Risk disclosure
1. Not a deposit. · This product is not principal-protected; you may lose all of your principal in the pool. · Past performance does not indicate future results. Neither these terms nor the information on the page is investment advice. · This product is not protected by any deposit insurance or investor compensation scheme. 2. Your money is with a third party. · Funds that have been drawn and transferred out are in the trading account of the partner quantitative trading firm (the “quant trading partner”), outside the platform's custody. · The platform cannot verify them independently; under internal arrangements it only checks a screenshot of the total about once a week. 3. Money back in the queue is also with the quant trading partner. · Funds shown in the queue that come from repaid principal, requeued earnings or early-exit proceeds are actually held by the quant trading partner. · When you withdraw them to your platform account, the platform advances the money first. The platform does not undertake to pay out this money; money back in the queue is actually held by the quant trading partner, and if the quant trading partner cannot return it, this money may also suffer losses. 4. The figures are self-reported by the quant trading partner. · The platform does not review each report; errors, omissions and over-reporting all directly affect your account. · A daily report takes effect on one person's entry; the platform's early exits, corrections and reversals also take effect on one person's entry. 5. Risks of the quant trading partner itself. · There is currently only one quant trading partner, and its daily reports are entered by one of its operators. · The quant trading partner may default, misappropriate funds, become unreachable or use leverage without permission, and may be unable to bear losses beyond principal in the pool. The platform does not cover this. 6. Trading venue and stablecoin risks. · The exchanges or accounts used by the quant trading partner may fail, be hacked or be frozen. · USDT may lose its peg or be frozen by its issuer. 7. Closing losses. When the closing price is below the purchase cost, your principal in the pool is reduced in proportion, at most to zero. 8. Sharing from added positions. · You also share the losses on positions bought with other people's money or bought before you joined. · Old losses reported late are allocated in the proportions on the day they are reported. 9. Transfer from first drawn, first repaid. · Principal is repaid in the order it was drawn. · When positions in the pool carry floating losses, customers who get principal back first no longer bear that floating loss; it is borne by the customers still in the pool. · The order and prices of closing are decided by the quant trading partner (Example 8). 10. An early exit may return less. · The amount recovered may be less than your principal, as low as zero. · How much is returned depends on which positions the quant trading partner closes and at what prices, which you cannot verify. 11. No high-water mark. If gains are followed by losses, the platform fee is still charged. 12. Corrections and clawbacks. · Over-reported earnings are clawed back later if the correction is discovered and booked within 30 days of the original report's business date (the 30th day included), and this may reach the principal in money that requeues for you; any difference beyond 30 days is borne by the platform and is not clawed back from you. · When the latest daily report is reversed, everything that report did is restored to its prior state. 13. Floating losses are not visible. Principal in the pool is shown at principal and may be higher than its real value. 14. Money that requeues may be drawn again. Requeued funds and early-exit proceeds are not drawn before they become withdrawable; once they are withdrawable and you have not yet withdrawn them, they may be drawn again and keep carrying risk. 15. No access during a pause. Principal in the pool cannot be taken out during a pause. 16. Crypto withdrawals may be delayed. Crypto withdrawals depend on funds available in the platform's custody, and stay “processing” when those are insufficient. 17. Money not yet transferred out also shares losses. Money that has been drawn but not yet transferred to the quant trading partner also shares losses. 18. Refunds of over-reported losses. When losses over-reported earlier are discovered only when they can no longer be reversed, and the quant trading partner reports the refund: · no platform fee is charged; · it is returned to the customers in the pool at that time, in proportion to principal in the pool; · customers who have already left do not get it back; · the refunded amount goes to earnings pending requeue and is not counted in cumulative earnings allocated. 19. Queued funds may be drawn at any time. Draws are not notified separately; once drawn, you cannot withdraw the money yourself. 20. Remainders go to the platform. Remainders below 0.01 USDT belong to the platform in the cases in Article 10(4). 21. No legal segregation of assets. Your funds are not legally segregated from the assets of the platform or the quant trading partner; if the platform or the quant trading partner becomes insolvent, you can only file a claim as an ordinary creditor and may be unable to recover some or all of your funds. 22. Regulatory status. · The platform is being built to Hong Kong licensing standards, with its application in progress. · Changes in regulatory requirements may lead to this product being paused, changed or terminated. 23. Conflicts of interest. See Article 5(7).
Article 19. Contracting entity, governing law and dispute resolution
The contracting entity for these terms is Rwaxora Holdings Limited, a company incorporated in the British Virgin Islands (company number 2220341). These terms are governed by the laws of the Hong Kong Special Administrative Region; the courts of Hong Kong have jurisdiction over any dispute arising out of or in connection with these terms.
Article 20. Changes and notices
1. The platform may change these terms and will give notice of material changes by in-app notice or announcement. An increase in the platform fee rate or the requeue threshold is handled under Article 9(4) and Article 10(3): announced on the day, effective after a full 7 days. 2. A material change takes effect for you only after you confirm it again by ticking the box; any other change is deemed accepted if you continue to use the product after it is announced.
Appendix: worked examples
The figures below are chosen only to make the arithmetic easy; they do not represent or predict any level of earnings or losses. Calculated at the current parameters: platform fee 30%, requeue threshold 50 USDT.
Example 1: Draws, allocation and repayment
A, B, C and D deposit 1000, 3000, 2000 and 1500 in turn and queue in that order. · Day 1: the quant trading partner first files a daily report (gain or loss 0, closing cost 0), then draws 5000. · A's 1000 and B's 3000 are drawn in full, and 1000 of C's is drawn. · C's remaining 1000 stays in place; D is not drawn. · Day 2: the quant trading partner's daily report shows a closing profit of 200, with a purchase cost of 1500 for the positions closed. · The platform fee is 60 and customers receive 140, split 1:3:1 by principal in the pool: A 28, B 84, C 28. · Principal of 1500 is repaid in draw order: A's 1000 is repaid in full and B gets 500 back. · A's 28 requeues with the principal, so A's new funding block is 1028. B's new funding block is 500 + 84 = 584. · C has no principal repaid; 28 is below 50, so it stays in earnings pending requeue. Customer A｜Queued funds 1028 (withdrawable from the next day)｜Principal in the pool 0｜Earnings pending requeue 0｜Total funds 1028 Customer B｜Queued funds 584 (withdrawable from the next day)｜Principal in the pool 2500｜Earnings pending requeue 0｜Total funds 3084 Customer C｜Queued funds 1000 (withdrawable at any time)｜Principal in the pool 1000｜Earnings pending requeue 28｜Total funds 2028 Customer D｜Queued funds 1500 (withdrawable at any time)｜Principal in the pool 0｜Earnings pending requeue 0｜Total funds 1500 Queue order: C's remaining 1000 → D 1500 → A 1028 → B 584. If A's and B's new blocks have still not been withdrawn once they become withdrawable, they may be drawn again.
Example 2: Requeue threshold (continuing Example 1)
One day the quant trading partner reports a profit of 100 with a closing cost of 0, for example a catch-up report of earnings under-reported earlier. · The platform fee is 30 and customers receive 70, split by principal in the pool B 2500 : C 1000: B 50, C 20. · B's earnings pending requeue are exactly 50, which reaches the threshold, so the 50 requeues and is withdrawable from the next day. · C's earnings pending requeue are 28 + 20 = 48, below 50, so they stay.
Example 3: Adding to positions (illustration)
Principal in the pool: A 1000 (drawn first), B 1000 (drawn later). A's money is used to buy first; after the price falls, the quant trading partner uses B's money to add to the position at a lower price. Later the quant trading partner closes positions with a purchase cost of 500, at a profit of 100. · The platform fee is 30 and customers receive 70, split 1:1: A 35, B 35. B's lower purchase price does not earn B more. · The repaid principal of 500 goes to A first, because A was drawn first, regardless of whose money bought the positions closed. A's new funding block is 500 + 35 = 535 and goes to the end of the queue; A's remaining principal in the pool is 500. · B's principal in the pool is still 1000, with earnings pending requeue of 35, below 50, so they stay.
Example 4: Partial loss
Principal in the pool: A 1000 (drawn first), B 1000. One day the quant trading partner closes positions with a purchase cost of 1000 at a loss of 300. · No platform fee is taken; each bears 150. · Principal repaid is 1000 − 300 = 700, repaid to A first, so A requeues 700. Left in the pool: A 150, B 850. · Both have their total funds fall from 1000 to 850.
Example 5: Loss larger than all principal in the pool
Same starting point as Example 4. One day's daily report: a loss of 2500, with a purchase cost of 2000 for the positions closed, i.e. all positions are closed. · Both have their principal in the pool reduced to zero; customers bear 2000 in total. · The extra 500 is borne by the quant trading partner under the agreement; the platform does not cover it. · Principal repaid is 0. · With spot-only trading, such figures only arise from a catch-up report of losses under-reported earlier, or if the quant trading partner breaches the agreement by using leverage.
Example 6: No high-water mark
· Day 1: closing profit of 100 (closing cost 1000). Platform fee 30; customers get 70. · Day 2: closing loss of 100 (closing cost 1000). Customers bear 100. · Over the two days the market breaks even, but customers are down 30 net and the platform is up 30 net.
Example 7: Early exit
C has principal in the pool of 1000, earnings pending requeue of 28, and nothing to be clawed back. · The quant trading partner recovers 1100: 100 above principal, platform fee 30. C requeues 1070 + 28 = 1098, withdrawable from the next day. · The quant trading partner recovers 950: C bears 50. C requeues 950 + 28 = 978, withdrawable from the next day.
Example 8: First drawn, first repaid, and floating losses
Principal in the pool: A 1000 (drawn first), B 1000; all positions cost 2000 and are now worth 1600 (a floating loss of 400). · The quant trading partner first closes positions costing 1000 and sells them for 800. Daily report: loss 200, closing cost 1000. · Each bears 100. · Principal repaid is 800, all to A, so A requeues 800. · Left in the pool: A 100, B 900. · The remaining positions cost 1000 and are worth 800. They are later closed at 800: the loss of 200 is split 1:9, A 20, B 180. A gets back another 80 and B gets back 720. · Result: A gets back 880 in total (down 120) and B gets back 720 (down 280). Both put in the same amount, but because A was drawn first and repaid first, the later floating loss falls mainly on B.
Previous version (applied before these product terms)
Below is the original text of section 6 of the Terms of Service as it stood before these product terms. It no longer applies from the date these product terms take effect and is kept for reference only. 6. Fixed Volatility Alliance contract The Volatility Alliance performance fee, calculated under the product's high-water-mark rules, is fixed at 30%. After that performance fee, 100% of realized customer net profit is automatically requeued at the end of the funding queue as a new funding block after actual realization and settlement. Allocated fund units are not freely redeemable by default. If necessary, you may only submit a forced-redemption request for platform review. No additional forced-redemption penalty applies during the initial launch; this zero penalty does not waive performance fees already crystallized under the product's high-water-mark rules. The platform commits to accept or reject the request within 3 business days. This is an operational response time, not automatic approval or a settlement deadline. After the platform rejects a request, no new request for the same product may be submitted for 7×24 hours from the rejection time. If you withdraw the forced-redemption request before the platform accepts it, that cancellation does not trigger the cooldown. When an external institution executes trades, the platform only generates and stores durable trade instructions, and the external quantitative trading institution executes independently. The platform only books externally executed facts after independent maker-checker confirmation; it does not connect to a broker and does not send orders.