Futures Referral for Referee
A new user who is invited by an active user is called a referee.
Step 1: Click the referral link or enter the referral code
- You can access BUSD-M Futures via the referral link which you receive from your friend.
- You can also enter your friend's referral code on the Futures referral page or when you enable trading. Click on “Enter referral code & get 10 BUSD”
- Enter the referral code you have been given from your friend in this pop-up
- You can not enter your own referral code.
- You can use only one referral code or link to a wallet address
- You can not cancel a referral code or link to be a referee of another wallet address once it is linked.
Step 2: Sign Transaction
Once you click on the next step button, the website will ask you to sign the contract.
Now click Confirm to confirm that you will be a referee of your friend.
The system will confirm the referral relationship between your wallet address and your referrer’s wallet address.
After you open the first valid position, both you & your friend will receive a 10 BUSD Bonus. Here are the criteria:
- Open a position with the minimum position notional size as described below
- Hold the position for at least 30 minutes
The required position notional size differs for each trading pair:
- The opened position must be held for at least 30 minutes from the time orders are filled. During this period, the value of the position must be equal to or greater than the required volume as mentioned above. In case, you do not maintain the rule, the position will not be counted as valid, so you and your friend won't receive the Bonus.
- You can also place multiple orders to accumulate the position size, and the time will start once the position size is met the criteria.
- "Hold Position" means you do not reduce, or close the position over a period of time.
- Using BUSD Bonus to open positions is not counted as valid in this program.
- The extra reward only counted for the first valid position (only one).
For example trade on BTC/BUSD:
- You place a limit/market order with a size of 2000 BUSD and hold the position (no reduction or closure) for more than 30 minutes, you and your friend will be rewarded with a 10 BUSD bonus.
- You place a limit/market order size of 1500 BUSD, the order is filled, then your position will not be counted for rewards. Now, you open another order with the size of 500 BUSD, and you hold (do not close, or reduce the size) the position for more than 30 minutes (from the second one is filled). You and your friend will receive a 10 BUSD bonus.
- You place a limit/market order with 2500 BUSD and reduce the position volume to lower than 2000 BUSD after 15 minutes, your position will not get counted for rewards. When you increase it again to at least 2000 BUSD, the position will be re-counted but the time will start again from the moment of increase.
If you want more guidelines to open limit/market orders, please access the following:
BUSD Bonus is an out-of-the-box token recently launched by the Position Exchange team. You can use BUSD Bonus to pay the initial margin to open positions on Position Exchange BUSD-M Futures and enjoy profit in BUSD (real) from those orders. However, BUSD Bonus cannot be transferred to other wallets or be used in other services.
For example:You have 10 BUSD Bonus, you pay 10 BUSD Bonus + 1 BUSD to open a 1,000 BUSD BTC/BUSD position (leverage x100). Once the position shows profit of 100 BUSD and you close it, you will receive the original 10 BUSD Bonus plus an additional real-currency payout of 100 BUSD.In case, the position suffers losses, the initial BUSD will be deducted first.For example:You open a BTC/BUSD position costed 10 BUSD Bonus + 10 BUSD, once your position is lost with -5 BUSD. You close it, you would receive 10 BUSD Bonus + 5 BUSD.
This release introduces a major change to the way BUSD Bonus is used to open trading positions. Now, the BUSD Bonus will only be taken as a discount towards the initial margin requirement for all trading pairs. This means that you can still use the full amount of your bonus but it will not cover your entire margin cost; you will need to pay the remaining margin with BUSD from your wallet.
When opening a trade, if you do not have sufficient BUSD in your wallet, then you may encounter an issue where the transaction reverts and returns with an error message saying:
Execution reverted: Insufficient collateral, you need BUSD to open this order
Additionally, all trading fees must be paid in BUSD when opening new positions.
While it may seem like all hope is lost if your margin falls short, there is still an option available to help you use full of your BUSD Bonus. You can still be able to use the whole BUSD bonus to add additional margin and thus keep your position safe.
Initial Margin Discount
- 1.These configs can soon be changed via the Governance (implementing).
- 2.The discount percentage is calculated by Min(Bonus Balance. Initial Margin).
- 3.Min(Bonus Balance, Initial Margin) means the lesser of either the bonus balance or initial margin amount associated with your order/account.
- 4.This discount is applied to each position increase order, which means whenever you go to place an order, the amount of the discount will be recalculated.
For example:You have 100 BUSD in Bonus balance, you may want to open a BTC position at the current price of 23,000 with leverage x10 and quantity of 0.1 => Notional = 2,300 (You'll be discounted 50%/100 BUSD)In order to do so, you will need to pay an initial margin of 230 BUSD. However, with your current Bonus balance, you can use up to 50% of it, which is 50 BUSD, to take advantage of the discount. Additionally, you must pay 180 BUSD plus any fees associated with the transaction for a total cost of 230 BUSD. Then now you can use 10 BUSD left add to the position margin. If you have a Bonus Balance > Initial Margin, then the discount amount will be calculated based on the Initial Margin.To illustrate this with an example, let's say you have 10 BUSD Bonus and open a position that costs 8 BUSD and has a notional value of 2,000 BUSD. In this case, you'll pay 4 BUSD in Bonus and 4 BUSD in cash to cover the cost of the position.
To gain more rewards, let's become a referrer and invite more friends to trade Futures on Position Exchange.
Position Exchange may adjust the proportion of referrals at any point and reserves the right to adjust the rules of the Futures Referral program.