# Contract Specifications, USD-Settled Perpetual Contracts

**Kronos X, operated by PM MTF Ltd**

> **DRAFT for review by the Head of Legal, not yet in force.** This document
> becomes effective only upon publication on the Website following approval
> under the amendment procedure of the Rulebook. Until then, nothing in it
> creates rights or obligations, and the published member documentation and
> Rulebook prevail in full.

Draft 0.4, 20 October 2026 (Draft 0.3 was 30 September 2026, Draft 0.2 was 10
September 2026 and Draft 0.1 2 August 2026; the changes are listed at the end
of this document). Applies to
every market listed in Section
2 of this document. Companion documents: the PMX Rulebook Financial
Instruments (the "Rulebook"), the Kronos X member API reference and Member
Technical Handbook (together the "Member Documentation"), the Contract
Specifications, USD-Settled Tradfi Perpetuals (the "Tradfi Specifications"),
and the venue's Statement on Netting Semantics and the Venue-Initiated Flow
(the "Netting Statement").

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## 1. Status, definitions and interpretation

1.1 This document constitutes the contract specifications for the USD-settled
perpetual contracts admitted to trading on the multilateral trading facility
operated by PM MTF Ltd (the "Company") under the trading name Kronos X (the
"Platform").

1.2 Capitalised terms not defined in this document have the meaning given to
them in the Rulebook (Section 3, Definitions and Interpretation). In
particular "Member", "Transaction", "Position", "Initial Margin",
"Maintenance Margin", "Available Funds" and "Auto Deleveraging Process" are
used exactly as defined there.

1.3 In case of conflict, the order of precedence is: (a) the Rulebook, (b)
these contract specifications, (c) the Trading Parameters (Section 7), (d) the
Member Documentation. A more specific numerical value published in the Trading
Parameters prevails over any illustrative value in this document.

1.4 These specifications are issued pursuant to the admission provisions of
the Rulebook (Admission of Financial Instruments to Trading) and form part of
the pre-trade information the Company makes available to Members under the
Rulebook's pre-trade information provisions.

## 2. Instruments covered and symbol convention

2.1 Each contract is identified by a symbol of the form
`{BASE}-{QUOTE}-PERP`, where `{BASE}` is the code of the Underlying named in
the table of Section 2.2, being a digital asset, a currency, a precious metal,
a crude oil benchmark, an equity index or an exchange rate, and `{QUOTE}` is
the code of the quotation and settlement currency.

2.2 The perpetual contracts currently covered by these specifications are:

| Symbol | Underlying | Quotation and settlement currency |
|---|---|---|
| BTC-USD-PERP | Bitcoin (BTC) | US Dollar (USD) |
| ETH-USD-PERP | Ether (ETH) | US Dollar (USD) |
| SOL-USD-PERP | Solana (SOL) | US Dollar (USD) |
| BNB-USD-PERP | BNB | US Dollar (USD) |
| XRP-USD-PERP | XRP | US Dollar (USD) |
| HYPE-USD-PERP | HYPE, the native token of the Hyperliquid network | US Dollar (USD) |
| DOGE-USD-PERP | Dogecoin (DOGE) | US Dollar (USD) |
| ZEC-USD-PERP | Zcash (ZEC) | US Dollar (USD) |
| NEAR-USD-PERP | NEAR Protocol (NEAR) | US Dollar (USD) |
| TAO-USD-PERP | Bittensor (TAO) | US Dollar (USD) |
| SP500-USD-PERP, NDX100-USD-PERP, XAU-USD-PERP, WTI-USD-PERP, BRENT-USD-PERP, EUR-USD-PERP, GBP-USD-PERP, JPY-USD-PERP, US500-USD-PERP, US100-USD-PERP, XAG-USD-PERP, USDJPY-USD-PERP | The tradfi perpetuals: an equity index, a precious metal, a crude oil benchmark, a currency or an exchange rate, each as specified in the Tradfi Specifications (Section 2 there names the Underlying and the unit of each contract; one unit of JPY-USD-PERP is 1,000 Japanese yen, and USDJPY-USD-PERP is a quanto paying a fixed 1 USD per 1.000 of the USD/JPY rate) | US Dollar (USD); the price of USDJPY-USD-PERP is the USD/JPY rate, each point valued 1 USD |

HYPE-USD-PERP, DOGE-USD-PERP, ZEC-USD-PERP, NEAR-USD-PERP, TAO-USD-PERP,
US500-USD-PERP, US100-USD-PERP, XAG-USD-PERP and USDJPY-USD-PERP are the
sandbox listing of 30 September 2026, in force from the date venue operations
announce their listing on that environment; production lists none of them.
Every contract is settled in the US Dollar and quoted in US Dollars per unit of
the Underlying, save USDJPY-USD-PERP, whose price is the USD/JPY exchange rate
read as points each valued 1 US Dollar at a fixed rate (Tradfi Specifications,
Section 4.4).

2.3 The authoritative list of admitted instruments, including any instrument
admitted or removed after the date of this document, is the venue instrument
reference published through the API and the documentation site (Section 6).
ISIN and CFI codes are published there per instrument.

## 3. Nature of the contract

3.1 Each contract is a cash-settled perpetual contract: a Financial Instrument
without an ordinary right of termination and without an expiry or maturity
date. A Position, once formed, remains open until it is closed by an opposite
Transaction, by novation in accordance with the Rulebook's provisions on the
Trading of Financial Instruments without an Ordinary Right for Termination,
or by the default management mechanics of Section 8 of this document.

3.2 The contract is at all times cash-settled in the settlement currency. No
delivery of the Underlying occurs under any circumstance.

3.3 Because the contract has no expiry, alignment of the contract price with
the value of the underlying is maintained by periodic funding payments between
long and short Positions (Section 9).

3.4 The Company is not a counterparty to any Transaction. Contracts arise
between Members upon matching in accordance with the Rulebook's provisions on
the conclusion of Transactions, and the Company acts solely as the operator of
the Platform.

## 4. Underlying and price basis

4.1 The underlying of each contract is the value of the Underlying expressed
in the settlement currency, as represented by the index price sourced and
published by the Company for that instrument, save USDJPY-USD-PERP, whose
underlying is the USD/JPY exchange rate itself, each point of it valued 1 US
Dollar at a fixed rate (Tradfi Specifications, Section 4.4).

4.2 Prices on the Platform are quoted per one unit of the Underlying (per BTC,
per index point, per troy ounce, per barrel, per unit of the base currency,
and so on; on USDJPY-USD-PERP the price is the USD/JPY rate and one unit is
one point of it valued 1 US Dollar, Tradfi Specifications, Section 4.4) and
move on the price increment (tick) published in the Trading Parameters,
displayed as Tick Size.

4.3 The Company computes and publishes for each instrument an index price and
a mark price. The mark price is the reference for margining, funding,
triggering of conditional orders where so elected, and default management.
The methodology and staleness safeguards are described in the Member
Documentation.

## 5. Settlement asset

5.1 The settlement currency of every contract covered by this document is the
US Dollar (USD). Margin is provided, profit and loss is settled, funding
payments are exchanged and fees are charged exclusively in the settlement
currency.

## 6. Contract size

6.1 The size of one contract is defined per market in the **Trading
Parameters**: the venue instrument reference published through the API
(`GET /v1/instruments`) and on the documentation site, where it is displayed
as **Size**. The Trading Parameters state, per market, the minimum quantity
increment (displayed as Quantity Step), the minimum order quantity (displayed
as Minimum Quantity) and the minimum order value (displayed as Minimum
Notional).

6.2 Quantities are expressed in decimal units of the Underlying (on the tradfi
perpetuals the unit of the contract the Tradfi Specifications state; on
USDJPY-USD-PERP one unit is valued 1 US Dollar per point of the USD/JPY rate).
The notional value of an order or Position is the quantity multiplied by the
applicable price, in the settlement currency.

6.3 An order whose quantity is not an exact multiple of the Quantity Step, or
whose notional value is below the Minimum Notional, is rejected by the
Platform in accordance with the Rulebook (Section 26, Rejection or
Cancellation of Orders or Quotes by the Company). The Minimum Notional does
not apply to Transactions initiated by the Company under its default
management powers, nor to a Member's own reduce-only orders within its
existing Position, so that residual Positions of any size can always be
closed.

## 7. Trading Parameters incorporated by reference

7.1 The following per-market values are Trading Parameters, are incorporated
into these specifications by reference, and may be amended by the Company in
accordance with the Rulebook without an amendment of this document: Tick
Size; Quantity Step; Minimum Quantity; Minimum Notional; maximum order size
and maximum Position size (which may be expressed in base-asset units or in
notional value); price bands and volatility safeguards; the liquidation
tranche size (a share of the remaining Position), the minimum liquidation
tranche and the liquidation price band around the mark price; the margin tier
schedule (Initial Margin and Maintenance Margin rates per notional tier);
funding interval or daily settlement schedule, funding rate source and rate,
and funding rate cap and floor; maker and taker fee rates; the trading state
of the instrument; and the trading hours of the market. The Tick Size and the
Quantity Step of a listed market, and with them the Minimum Quantity, which
equals the Quantity Step, are changed only by a re-listing under Section 7.3,
never in place.

7.2 The Company publishes the prevailing Trading Parameters at all times
through the API and the documentation site. Members are responsible for
ensuring that they are aware of the prevailing values (the Rulebook's margin
provisions in respect of margin parameters, and its pre-trade information
provisions in respect of pre-trade information).

7.3 Every resting order and every open Position on a market is held on its
Tick Size and Quantity Step, so the Company does not change either value on a
listed market in place. A change of either is made only by a re-listing of the
market, announced in advance on the Website and through the documentation
site, naming the market, the new values and the date. On that date the market
is removed from trading under Section 11 of the Rulebook: every resting order
on it is cancelled and every open Position is closed at a single close-out
price determined by the Company and applied to every sub-position alike. The
market is then listed again with the new values and with no resting order and
no open Position, under the symbol and ISIN the announcement names. A resting
order is never carried to the new listing, moved onto the new values or
rounded. The Minimum Notional and the other Trading Parameters of Section 7.1
may be amended without a re-listing.

## 8. Trading model, margin and default management

8.1 Contracts trade on a central limit order book under the matching
principles of the Rulebook (Matching Principles / Trading Rules), or, where
the Trading Parameters designate a market as request-for-quote, in accordance
with those Trading Rules as applied to request-for-quote trading.

8.2 Each Member must at all times maintain Initial Margin and Maintenance
Margin in accordance with the margin provisions of the Rulebook at the rates
published in the Trading Parameters. Margin is calculated at the level of the
Member.

8.3 If a Member's Available Funds fall below its Maintenance Margin, the
Company applies the liquidation process of the Rulebook (Section 20,
Liquidation of Positions), including, where the order book cannot absorb the
closing Transactions, the Auto Deleveraging Process as defined in the
Rulebook. The operational behaviour of both mechanisms, including the
allocation of venue-initiated closes across a Member's reporting identifiers,
is described in the Netting Statement, which is incorporated by reference.

8.4 The netting of payment obligations between Members is governed by the
netting provisions of the Rulebook. The Netting Statement records, as a
technical statement of fact, what the Platform nets and what it does not.

## 9. Funding payments

9.1 At each funding settlement time, Positions exchange a funding payment
computed from the funding rate published for the instrument, the Position
size and the applicable reference price. A positive funding rate is paid by
long Positions to short Positions; a negative rate is paid by short Positions
to long Positions. The Company is not a party to the funding exchange.

9.2 The funding interval, the rate methodology and the cap applied to the
rate are Trading Parameters (Section 7) and are described in the Member
Documentation. Funding amounts are settled in the settlement currency and
recorded in the Member's ledger. On GRID-scheduled markets the rate source of
each market is published on `GET /v1/instruments` as `funding.rateSource`:
under FIXED the Company settles the published `fixedRate` at every settlement
time; under TICK the rate stamped by the Company's reference feed on the last
sequenced mark.

9.3 Daily local settlement. On a market the Trading Parameters designate for
daily local settlement (the funding block of the instruments listing,
schedule LOCAL_DAILY in the Member Documentation), the Company records the
Positions at the published local snapshot time, computes the settlement value
as the mean of the per-minute reference prices recorded over the published
window, and settles once per calendar day at the end of that window the rate
(settlement value minus the index at the snapshot) divided by that index,
clamped to the published cap and floor, on the Positions so recorded. A day
on which no snapshot was taken or no reference price was recorded in the
window is skipped and never charged later. Settlement runs every calendar
day, including days on which the market for the Underlying is closed; on such
days the mark price and the index price carry the last available values of
the Company's reference price source for the instrument, and the settled rate
is bounded by the published cap and floor. The zone, the snapshot time, the
window, the cap and the floor are Trading Parameters published per market
through the API (`funding.rateCap`, `funding.rateFloor` and the funding block
of the instruments listing) and described in the Member Documentation section
7.

## 10. Settlement of realised profit and loss

10.1 Realised profit and loss arises when a Position is closed in whole or in
part, whether by an opposite Transaction, by the liquidation process or by
the Auto Deleveraging Process. It is calculated in accordance with the
Rulebook's provisions on the Settlement of Transactions for Financial
Instruments not Subject to Clearing Obligation from the prices at which the
Position was opened and closed, the closed quantity and these contract
specifications, and is credited to or debited from the Member's account in
the settlement currency. Realised profit and loss is computed per end-client
sub-position and hedge bucket as described in the Netting Statement: the cost
of the sub-position is the sum of the cost of the Transactions that opened
it, so its opening price is their volume weighted average, and a close in
whole or in part releases the corresponding share of that cost; the cost of
the Member's Position is the exact sum of its sub-positions.

10.2 The Company's calculations of profit and loss and collateral are binding
and final as provided in the same settlement provisions of the Rulebook.

## 11. Fees

11.1 Maker and taker fees apply per Transaction at the rates published in the
fee schedule and the Trading Parameters, in accordance with the fee
provisions of the Rulebook. Fees are charged in the settlement currency at
the time of each execution and recorded in the Member's ledger.

## 12. Risk information

12.1 Perpetual contracts are leveraged instruments. Losses can exceed the
amount initially committed to a Position, up to the total funds in the
Member's account. Members are referred to the risk information provisions of
the Rulebook and remain responsible for their own assessment and for any
obligations toward their underlying clients.

## 13. Trading Hours

13.1 Every market listed in Section 2 of this Specification trades continuously,
24 hours a day, every calendar day of the year, weekends and public holidays
included. There is no daily open, close or auction on these markets (a
SECURITY market with an auction schedule is governed by its own specification
and by section 6j of the Member Documentation). Trading in a market is
interrupted only by a
suspension, halt or removal under Section 11 of the Rulebook (including a
venue-wide suspension), by the circuit breaker under Section 13 of the
Rulebook, or by the reduce-only and post-only sessions described in the
Member Documentation. The Company operates no daily or weekly closure. The
only scheduled interruption is the venue's standard maintenance window,
Saturday 02:00 to 06:00 UTC, published under this Section as a standing
exception to the trading hours; maintenance inside it is announced at least
48 hours in advance on the Website and in the member portal. Most releases
are rolling and need no window; a release that needs one keeps the restart
contract of section 10.7 of the Member API reference (advisory frame, close
1001, 503 with Retry-After, FIX Logout, cursor backfill). A release that
requires the Platform to stop is announced on the Website at least five
Business Days before the window (Business Day as defined in the Rulebook),
naming the date, the start time in UTC and the expected duration. A scheduled
closure outside that window is published on the Website in advance under this
Section with the notice the Rulebook requires for a material amendment; an
unplanned stop is a suspension under Section 11 of the Rulebook. The current
trading state of each market is published at all times on `GET /v1/status`,
`GET /v1/instruments` and the `venueEvents` channel. Funding on perpetual
contracts settles on the schedule published per market (an 8 hour UTC grid,
or one local-time window per calendar day for the daily-settled markets)
whether or not the underlying reference market is open. Daily allowances and
daily flow statements are kept per UTC calendar day. A connection
interruption during a software release (the venue restart advisory) is not a
closure: orders, positions and contracts persist and the market resumes in
the trading state it had.

## 14. Amendments

14.1 The Company may amend these contract specifications in accordance with
the amendment procedure of the Rulebook (Amendments to the Rules).
Amendments are published on the Website and through the documentation site;
where the Rulebook requires notice, the notice period stated there applies.
Changes to Trading Parameters are made under Section 7 of this document and
do not constitute an amendment of these specifications; a change of the Tick
Size or the Quantity Step of a listed market is made only by the re-listing of
Section 7.3.

14.2 These specifications are governed by the governing law provisions of the
Rulebook.

---

**Changes in Draft 0.2 (10 September 2026).** Section 2.2 gains the eight
tradfi perpetuals by cross-reference to the Tradfi Specifications and every
wording that named a digital asset now names the Underlying (Sections 2.1,
2.2, 3.2, 4.1, 4.2 and 6.2); Section 1.3 cites the Trading Parameters as
Section 7; Section 7.1 lists the liquidation tranche size, the minimum
liquidation tranche and the liquidation price band, the daily settlement
schedule, the funding rate source and rate, the funding rate floor and the
trading hours as Trading Parameters; Section 9.2 states the GRID rate source
and the new Section 9.3 the daily local settlement; Section 10.1 states the
per-sub-position computation of realised profit and loss; the new Section 13
states the Trading Hours and the maintenance window; Amendments is Section 14.

**Changes in Draft 0.3 (30 September 2026).** The sandbox listing of 30
September 2026 on the operator's decisions of that day: Section 2.1 names an
exchange rate among the Underlyings, and the table of Section 2.2 gains the
five digital-asset perpetuals HYPE-USD-PERP, DOGE-USD-PERP, ZEC-USD-PERP,
NEAR-USD-PERP and TAO-USD-PERP and, by cross-reference to the Tradfi
Specifications, US500-USD-PERP, US100-USD-PERP, XAG-USD-PERP and the USD/JPY
quanto USDJPY-USD-PERP, with the sentence after the table stating that the nine
markets are the sandbox listing and the quanto's quotation basis; Sections 4.1,
4.2 and 6.2 carry the quanto's carve-out (its price is the USD/JPY rate, one
unit a point valued 1 US Dollar). No existing row changes, and no term changes
for any other market.

**Changes in Draft 0.4 (20 October 2026).** A change of the Tick Size or the
Quantity Step of a listed market is a re-listing (member API revision 3.83,
section 2a): Section 7.1 states that the two values, and with them the Minimum
Quantity, change only by the re-listing of the new Section 7.3, which states
the advance announcement, the removal with the cancellation of every resting
order and the close-out of every open Position at a single price, and the new
listing under the announced symbol and ISIN; Section 14.1 carries the
cross-reference. Draft 0.3 made the Tick Size and the Quantity Step amendable
like any other Trading Parameter, which read as a change in place. No row and
no other term changes. The DRAFT banner is unchanged.

*PM MTF Ltd. This document is part of the Kronos X member documentation set
and is revision-controlled alongside the member API reference (revision 3.83).*