Fixed Savings product description
I. What is Fixed Savings
Fixed Savings is a fixed-income wealth management product. Users subscribe to crypto Fixed Savings products and receive fixed returns at the annual percentage rate (APR) after the agreed term.
Benefits of Fixed Savings:
- Fixed returns: The APR is determined at the time of subscription, making returns clear.
- Early redemption supported: Some products support early redemption (all interest must be forfeited and same-day early redemption requires a redemption fee).
- Can be used as trading margin: Fixed Savings products can be transferred to the trading account and used as margin for trading (including margin trading, perpetual futures, delivery futures, and options) while earning interest.
II. Supported cryptocurrencies and terms
Fixed Savings supports mainstream cryptocurrencies such as USDT and BTC. The specific crypto and terms available for subscription are subject to the real-time display on the product list page. Common terms include 7 days, 14 days, 30 days, 60 days, and 90 days.
III. Subscription rules
3.1 Subscription requirements
- User has already completed identity verification.
- Subscriptions can only be made using the asset balance in the funding account.
3.2 Interest accrual and settlement
- Interest accrual time: Determined by the time shown on the subscription page.
- Settlement time: Automatically settled at 16:00 (UTC+8) on the maturity date.
- Return calculation: Estimated return = (Subscription amount - Early redemption amount) × APR × Term in days / 365
- Precision rule: Returns are rounded down according to the asset precision rule.
IV. Early redemption
4.1 Feature description
Some Fixed Savings products support early redemption. Users may redeem the principal early during the lock-up period and forfeit all interest (principal will be credited with 0 interest). There are two types of early redemption:
- T+0 early redemption: Credited in real time, with a redemption fee required.
- T+n early redemption (n as shown on the subscription details page): Credited at 16:00 (UTC+8) on day n, with no redemption fee required.
4.2 Early redemption conditions
- Fixed Savings products that support early redemption are identified by the Redeemable tag.
- The order status is Pending interest or Accruing interest.
- Redemption is not available within a certain number of days before product maturity (the specific number of days is subject to what is shown on the subscription details page).
- Fixed Savings subscriptions held in the trading account can't be redeemed early.
4.3 Early redemption limit
The T+0 redeemable amount is the smallest of the following four values:
- Redeemable amount of the current order
- Personal remaining T+0 redemption quota for the day
- Platform remaining T+0 redemption quota for the day
- Maximum redemption quota of the fund pool
If the redemption amount you request exceeds the real-time redemption quota, the entire redemption amount will be automatically redeemed using the T+n method.
V. Using Fixed Savings as trading margin
5.1 Feature description
UMX supports transferring Fixed Savings to the trading account (multi-currency cross margin mode/portfolio margin mode) for use as trading margin. Fixed Savings assets will continue to accrue interest at the original APR while being used as margin.
5.2 How to use it as margin
Subscribe and transfer: When subscribing to Fixed Savings, select the Use subscribed funds as margin option. After the subscription is successful, the Fixed Savings funds will be automatically transferred to the trading account.
Manual transfer: In Fixed Savings under the funding account, click the Use as margin button to transfer a Fixed Savings subscription to the trading account. Partial transfers are supported.
Transfer conditions:
- The order status is Pending interest or Accruing interest.
- The transfer amount does not exceed the personal margin limit or the platform margin limit.
5.3 Transfer back to funding account
Fixed Savings subscriptions held in the trading account can be transferred back to the funding account. After the transfer, they will no longer be used as margin.
Transfer restriction: When transferring from the trading account back to the funding account, the system checks the account IMR (initial margin ratio) after the transfer. If it exceeds the threshold, the transfer will be prohibited to protect account safety.
5.4 Margin calculation
When a Fixed Savings subscription is included in the trading account's effective margin, it's converted using the following formula:
Fixed Savings effective margin = Fixed Savings subscription × Asset USDT index price × Asset discount rate × Fixed Savings discount rate |
Where:
- Asset discount rate: The same as the asset's spot discount rate, converted based on tiered levels.
- Fixed Savings discount rate: The discount coefficient for Fixed Savings products, configured by the platform based on product liquidity.
Fixed Savings margin is included in the account's total equity and total effective margin, and is used in IMR/MMR calculation.
Fixed Savings discount rate tiers by crypto:
| Crypto | Term | Discount rate |
| USDT | 30 days | 97% |
| 60 days | 97% | |
| 90 days | 97% | |
| BTC | 30 days | 95% |
| 60 days | 95% | |
| 90 days | 95% | |
| ETH | 60 days | 90% |
| 90 days | 90% | |
| 120 days | 90% | |
| 180 days | 90% |
5.5 Maturity settlement rules
When a Fixed Savings subscription reaches maturity:
- Principal: Settled to the trading account, converted into cash balance, and continues to be used as margin.
- Interest: Credited to the funding account.
5.6 Liquidation
When the trading account triggers the liquidation process, Fixed Savings subscriptions held in the trading account may be disposed of:
- The system will forcibly redeem the Fixed Savings subscriptions, with the system account paying out at a 1:1 ratio.
- Disposal is carried out according to the asset ranking in the liquidation process.
- Funds generated from forced redemption are used to repay liabilities or supplement margin.
Important: After Fixed Savings assets are transferred to the trading account, they will be exposed to liquidation risk. Please fully understand the risks of futures trading and monitor your account risk level.
VI. Risk warning
- Fixed Savings is a fixed-income product. The reference APR is for reference only, and actual returns are subject to maturity settlement.
- Early redemption will forfeit all interest. Use it with caution.
- After Fixed Savings assets are used as trading margin, they will be exposed to liquidation risk caused by futures trading losses. Under extreme market conditions, Fixed Savings subscriptions may be forcibly disposed of.
- In extreme market conditions, early redemption proceeds may be credited later than expected.
- This product does not constitute investment advice. The crypto market is subject to volatility risk. Please make decisions carefully based on your own risk tolerance.