I. What Is a Position Voucher?
A Position Voucher is a platform-issued trading experience voucher that lets you experience live Perpetual Futures trading at zero cost without using your own funds.
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No principal required:
Open a position directly using a Position Voucher without using your own funds.
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Profits are yours
If a trade is profitable, the profits will be automatically credited to your Futures Account after the position is closed.
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Platform covers losses
The platform will cover trading losses, so your own funds remain unaffected.
II. How to Obtain a Position Voucher
The platform will distribute Position Vouchers through official events from time to time. Please monitor platform updates closely.
Note: After receiving a Position Voucher, you must upgrade the app to version 4.67.0 or above to use it.
III. How to Unlock Position Vouchers
There are two types of Position Vouchers:
- Vouchers without unlock requirements can be used directly.
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Vouchers with unlocking thresholds are initially in the "Unlock" state. The "Use" button appears after users meet the unlocking condition.
- "Complete Advanced Identity Verification" Task
Users must complete the required level of KYC verification to finish the task.
- "Cumulative Futures Trading Volume" Task
Users must reach the specified futures trading volume during the designated period to complete the task. Trading volume is calculated from the time the voucher is received.
- Included in the calculation: Standard Futures trading (crypto, forex, indices, commodities) and Perpetual Futures trading (crypto).
- Excluded from calculation: Sub-accounts' Perp Futures trades, trades held for less than 1 minute, Bonus Voucher trades, Position Voucher trades, and the portion of trading volume corresponding to trading fees offset by Trial Fund Vouchers.
- Cumulative Net Deposit Task
Users must reach the specified net deposit to complete the task. Net deposit is calculated from the time the voucher is received.
- Formula: Net deposit = deposits - withdrawals
Deposits: Made via crypto networks, P2P Buy, third-party platforms, linked bank cards, Fiat Deposit, internal transfers, and Crypto Gifts.
Withdrawals: Made via crypto networks, P2P Sell, third-party platforms, linked bank cards, internal withdrawals, and Fiat Withdrawals.
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Excluded (not counted in statistics):
Trading volume from zero-fee pairs in USDⓢ-M Perp Futures is not counted.
Trading volume from zero-fee event contracts is not counted.
Excludes trading volume from non-crypto pairs in Perpetual Futures/Standard Futures.
Excludes trading volume from positions held for less than 1 minute.
Trading volume from orders using vouchers, such as Bonus Vouchers and Position Vouchers, is not counted.
IV. How to Use a Position Voucher
View Voucher
After successfully receiving a Position Voucher, you can check it through the following path:
- Go to My Vouchers to view your vouchers.
Web: Click the avatar icon in the upper right corner → My Vouchers
App: Tap the avatar icon in the top-left corner → Vouchers
- Your Position Voucher will be visible on the My Vouchers page.
How to Use
- Click "Use" on the voucher to enter the futures trading page.
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On the Perp Futures page, in the pop-up, click "Open Long" or "Open Short" to place a quick order (see image 1).
Or, visit the USDⓢ-M Perp Futures page, click "Use Voucher", then select the voucher you want to use to place a quick order (see image 2).Web:
App:
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After opening a position, you can see the Position Voucher order under "Positions".
Web:
App:
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After closing the position, you can check it on pages such as "Order History", "Trade History", or "Position History" by filtering "Margin Source" for "Vouchers".Web:
App:
Usage restrictions and Rules
To ensure trading compliance and security, the following constraints apply when using Position Vouchers:
- Validity Period: Each Position Voucher has a specified expiration time. Be sure to activate and use it within the validity period; otherwise, it will automatically expire.
- Trading Restrictions: Position Vouchers restrict trading pairs, the maximum leverage for opening positions, and the maximum position value. If the limit is exceeded, the voucher cannot be used.
Example: Suppose you have a 100 USDT Position Voucher with a maximum leverage of 10x, and you choose to trade ETH/USDT Futures. The current price of ETH is 3,000 USDT, and the minimum order size is 0.01 ETH, so 0.01 ETH is worth 30 USDT. In this case, you can only open a position worth 90 USDT with 3x leverage, while the remaining 10 USDT of the Position Voucher's value cannot be used, and the unused portion will expire.
- Holding Period Limit: Position Vouchers are subject to a maximum holding period. If the limit is reached, the system will close your position at market price. If you want to close the position yourself, do so in advance.
Trading Notes
Position Vouchers are limited to Perp Futures USDⓢ-M trading only.
Trades using position vouchers are free of trading fees.
The trading volume generated by position vouchers will not result in any commission on trading fees.
Position vouchers only support market orders to ensure immediate execution.
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Trades using position vouchers are subject to the following settings:
Margin mode: Isolated Margin Mode
Position mode: Hedge Mode
Asset mode: Single-Asset Mode
Leverage: Based on the position voucher’s maximum leverage. If it exceeds the trading pair's leverage cap, the pair's maximum leverage will prevail.
Auto-Close Time: Determined by the maximum holding period of the position voucher.
Position Voucher orders don't support placement via the candlestick chart directly. Only Position TP/SL is supported; Guaranteed TP/SL is not supported.
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You can only hold one position using a position voucher at a time.
To use a new Position Voucher, you must close the existing position first.
Transactions from position vouchers is not recorded in your perpetual futures account. Only final profits (after closing) are transferred to it.
5. How to Check Profits
When a Position Voucher order is closed, the system will automatically settle PnL. The profit generated will be transferred to your corresponding Futures Account. You can view this amount in Assets. The record type is labeled as "Voucher profit".
Positions holding vouchers are subject to funding fee settlements. If closed during settlement, "actual PnL" may differ from "Unrealized PnL". The actual amount shall prevail. For details, see: Perpetual Futures | Fee Schedule
6. FAQs
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Can Position Vouchers be withdrawn or transferred out?
Position Vouchers are trading benefits issued by the platform and cannot be directly withdrawn or transferred out.
Their purpose is to provide trading capital. After opening a position with a Position Voucher, if the trade is profitable, the profit will be automatically settled to your Futures Account when you close the position, and you can withdraw it freely.
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Will I lose my own funds?
No, you will not lose your own principal. A Position Voucher uses the position value provided by the platform (that is, the voucher's face value). It does not use your own account balance as the margin for opening a position. If a loss occurs while the position is open, the platform will bear the loss.
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Can Position Vouchers offset losses or fees?
No.
Trades using a Position Voucher are exempt from trading fees, and the platform covers trading losses, so you do not need to use your own funds. The Position Voucher is used only as margin to open positions and cannot directly offset losses. -
Why can’t I use my Position Voucher?
This is usually caused by one of the following reasons. Please check them one by one:
- Unlock conditions not met: Some Position Vouchers require completing specific tasks (such as completing identity verification or reaching a required futures trading volume) before using the voucher.
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Expired: Please check whether the Position Voucher is within its validity period. Expired vouchers will automatically become invalid.
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Why was my Position Voucher order automatically closed?
Position Voucher orders typically have a maximum holding period limit.
When the maximum holding duration is reached, the system will automatically close the position at the market price. It is recommended that you monitor your position according to market conditions and close it manually before the time limit if necessary. -
Is a Position Voucher the same as a Bonus Voucher?
Position Vouchers and Bonus Vouchers are two different types of vouchers. The main differences are as follows:
| Category | Position Voucher | Bonus |
| Applicable businesses | Perpetual Futures (USDⓢ-Margined) | Standard Futures and USDⓢ-M Perp Futures |
| Face value | Used as the position value when opening a position (position value = margin * leverage) | Used as margin to open a position (position value = margin * leverage) |
| Usage restrictions | Has a maximum position value (position value = margin * leverage), maximum leverage, and maximum holding period. Cannot be combined with your own funds or Bonus Vouchers. | Has a fixed face value (margin amount), maximum leverage, and maximum holding period. Cannot be combined with your own funds or Position Vouchers. |
| How to obtain it | Acquired through participating in events | Acquired through participating in events |
| Where to view it | My Vouchers | My Vouchers |
| How to use it | In My Vouchers, 👉🏻 click "Use" on the Position Voucher (may require completing trading tasks to unlock) 👉🏻 Use in USDⓢ-M Perpetual Futures trading. | In My Vouchers, 👉🏻 click "Use" on the Bonus Voucher (may require completing trading tasks to unlock) 👉🏻 Use in Standard Futures/USDⓢ-M Perp Futures trading. |
| Activation requirement | 1. No-threshold Position Voucher: Can be used directly. 2. Position Voucher with Threshold: Must complete the trading task specified on the voucher before use. |
1. No-threshold Bonus: Can be used directly. 2. Bonus with Threshold: Must complete the trading task specified on the voucher before use. |
| Scenarios rendering the voucher invalid | 1. Unused and past the validity period. 2. Used, position is automatically closed after the maximum holding period. |
1. Unused and past the validity period. 2. Used, position is automatically closed after the maximum holding period. |
| Trading Fee | No fees charged for orders placed using Position Voucher. | No fees charged for orders placed using Bonus. |
| Commission on trading fees | Does not generate any commission. | Does not generate any commission. |