BTCUSD Warrant Contract Product Specifications

Product Name	BTCUSD Call / Put Warrants
Product Issuer	CRO DAS Limited
Symbol	[Underlying]-[Expiry in YYMMDD]- CW[Strike] [Underlying]-[Expiry in YYMMDD]-PW[Strike] e.g. BTCUSD-210625-CW50000 BTCUSD-210625-PW40000
Product Description	Call / Put Warrants are derivative instruments, where the payoff is settled based on the price difference between the underlying instrument and the Call / Put Warrants’ Strike Price at Expiry.
Underlying	Crypto.com BTCUSD Index
Exercise Style	European (rights are only exercised on Expiry Date)
Rights	Call (right to buy) or Put (right to sell)
Strike & Expiry Date	As stipulated by the contract details of the specific Warrant listed on Crypto.com Exchange
Conversion Ratio	BTCUSD: 10,000 (equivalent to 1/Contract Size). Contract Size is 0.0001 BTC, each contract has 0.0001 BTC as the underlying asset.
Min Price Tick	0.001 USD per 1 BTCUSD Warrant Contract
Min Quantity Tick	10 (Quantity of Warrant Contracts) Crypto.com reserves the sole discretion to decrease the min quantity tick to 1 if the Call/ Put Warrants price goes up by 100 times
Maximum Order Quantity	Subject to the Warrant Issuance Size determined by the Issuer
Expiry Time	08:00 UTC
Last Trading Time	1 hour before Expiry Time
Margin Policy	No margin Warrant purchases are fully funded I.e. You cannot open a Warrant position on margin. Any open Warrant position value cannot be used as margin to support other open positions
Maximum Leverage	No leverage permitted Warrant purchases are fully funded
Liquidation Arrangement	No liquidation arrangement i.e Open warrant positions are not subjected to liquidation (Above is subject to change in the future)
Trading Bandwidth	Intrinsic Value Call Warrants Intrinsic Value = max[0, (Index Price - Strike Price)] / Conversion Ratio Put Warrants Intrinsic Value = max[0, (Strike Price - Index Price)] / Conversion Ratio Call Warrants Price Bound = [ Call Warrants Intrinsic Value, Index Price / Conversion Ratio ] Put Warrants Price Bound = [ Put Warrants Intrinsic Value, Strike Price / Conversion Ratio ] Warrants Trading Bandwidth = max(1 x Price Tick, Price Bound +/- 10%)
Settlement Price	Call Warrant Settlement Price = max[0, (Index Settlement Price - Strike Price)] / Conversion Ratio Put Warrant Settlement Price = max[0, (Strike Price - Index Settlement Price)] / Conversion Ratio Index Settlement Price = TWAP of Index Price of last 60 mins before expiry, measured between 07:00 and 08:00 UTC. The calculation uses Index Price snapshots per minute.
Settlement Method	USD Settled
Settlement Currency	USD Stablecoin
Session Settlement	Expiration Settlement: At Expiry, all open positions are marked to the Settlement Price. Realised PnL will automatically settle in USD on User’s wallet. No mark to market realized PnL for normal session settlement cycle