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Last Updated: May 5, 2022

Liquidity Provider Terms

To learn about how our proprietary Liquidity Pools function, including the differences between Standard and Range Bound Liquidity Pools, please read the relevant Help Center articles including Earning with Bullish Liquidity Pools. Please also read the relevant Risk Warnings carefully.

US citizens, US residents and any other persons located in the United States are not eligible to contribute to or otherwise participate in the Liquidity Pools, and nothing in the Liquidity Provider Terms, or otherwise contained on this website, shall be construed to constitute an offer of such participation to US persons.

1. Scope of these Liquidity Provider Terms

1.1 These terms are made between you (hereinafter referred to as “you” or “your“) and Bullish (GI) Limited (“Bullish“, “we“, “us” or “our“).  If you are acting on behalf of a body corporate, references to “you” shall include both you and such body corporate.  These Liquidity Provider Terms shall govern your provision of the Liquidity Services (as defined in clause 3.1) to Bullish in connection with the operation of the Platform.

1.2 These Liquidity Provider Terms are supplemental to, and incorporate by reference, the Bullish Exchange Terms of Service (“Terms“) and the provisions of the Terms shall continue to apply.  In the event of any conflict or inconsistency between these Liquidity Provider Terms and the Terms, these Liquidity Provider Terms shall prevail.  These Liquidity Provider Terms and the Terms constitute the complete and entire statement of all terms with regard to the subject matter thereof and supersede all prior statements, agreements, representations or understandings whether written or oral.

1.3 These Liquidity Provider Terms shall come into effect on the date that they are accepted by you and shall remain in force until and unless terminated in accordance with clause 12.

2. Definitions and Interpretations

2.1 Unless otherwise defined, capitalised words used in these Liquidity Provider Terms shall have the same meaning given to them in the Appendix to the Terms.  The rules of interpretation set out in the Appendix to the Terms shall apply to these Liquidity Provider Terms except that references to clauses are to clauses in these Liquidity Provider Terms, unless otherwise stated.

3. Liquidity Services

3.1 Subject to the provisions of these Liquidity Provider Terms, and subject to Bullish confirming that you meet the eligibility criteria described in clause 5, you may contribute a pair of a Permitted Fiat Currency (PFC) and a Permitted Digital Currency (PDC) and/or a pair of a PDC and another PDC (“Contribution“) to a pool of assets  consisting of two types – standard unbounded pools (each, a “Standard Pool“), and range bound pools (each, a “Range Bound Pool“; together with each Standard Pool, a “Liquidity Pool“; and collectively, the “Liquidity Pools“) – established by Bullish for the purposes of:

(a) In the case of both Standard Pools and Range Bound Pools, entering into trades, based on the pricing algorithm developed and operated by Bullish, from the relevant Liquidity Pool Wallet (as defined in clause 6) in respect of one of the Permitted Trading Pairs (as defined in clause 3.2) as counterparty to other users of the Platform pursuant to clause 13 (Trade) of the Terms; and

(b) In the case of Standard Pools only, making limited recourse loans to Bullish so that we can provide loans to eligible users of the Platform who wish to borrow either a PFC or a PDC to engage in margin trading pursuant to the Margin Service Terms (the “Margin Users“), where recourse under such loans to Bullish shall be limited to amounts received by Bullish from the relevant Margin Users.  Bullish reserves the right to impose limits on the amount of assets from each Standard Pool that may be used to provide limited recourse loans to Bullish. Assets contributed to Range Bound Pools will not be used to make loans to Margin Users. 

For Standard Pools, subclauses (a) and (b) are together referred to as and shall constitute, and for Range Bound Pools, subclause (a) is referred to as and shall constitute, the “Purpose“.  Your Contribution to a Liquidity Pool for the Purpose shall be referred to in these Liquidity Provider Terms as the “Liquidity Services” and each provider of the Liquidity Services, including you, shall be referred to in these Liquidity Provider Terms as a “Liquidity Provider“.

3.2 The Liquidity Services are only available in relation to the asset trading pairs identified on the Platform Site from time to time (“Permitted Trading Pairs“).  Each Liquidity Pool consists of a specific Permitted Trading Pair. We may establish a Standard Pool or a Range Bound Pool for a Permitted Trading Pair, but we will not establish both a Standard Pool and a Range Bound Pool at the same time for any Permitted Trading Pair. We may suspend or discontinue the availability of the Liquidity Services in relation to any Permitted Trading Pairs, or to Liquidity Providers located in a particular jurisdiction.  If we do, we shall endeavour to give you Notice of such suspension or discontinuance before it takes effect, except in circumstances where we may be required to suspend or discontinue the availability of the Liquidity Services in relation to a particular Permitted Trading Pair or to Liquidity Providers located in a particular jurisdiction to comply with Applicable Law, with an order or request from any competent regulatory, governmental or law enforcement authority or our internal policies, in which case such suspension or discontinuance will take effect immediately.

3.3 Each Range Bound Pool shall be subject to boundaries established by Bullish (“Boundaries“). The Boundaries shall be expressed in terms of the prices offered by the AMM (as defined in the Market Rules) for the Permitted Trading Pair associated with such Range Bound Pool (such prices, the “Price Boundaries“). If the Price Boundaries offered by the AMM are breached or exceeded for a period of time, whether continuously or in the form of a quantum of breaches occurring during such period (a “Boundary Violation Event“), Bullish shall have the option to cause the corresponding Range Bound Pool to terminate its operations and require Liquidity Providers to withdraw their Contributions within a specified time period or be subject to a mandatory withdrawal (a “Pool Dehydration Event“). All Liquidity Providers who have made a Contribution to a Range Bound Pool for which Bullish determines to cause a Pool Dehydration Event shall be required to withdraw the entirety of their Contributions within the time period specified by Bullish (the “Dehydration Withdrawal Period“), in the Relevant Proportion and Contribution Ratio (as defined below) prevailing at the time, or have their Contributions mandatorily withdrawn at the end of such time period in the Relevant Proportion and Contribution Ratio prevailing at such time (the “Dehydration Withdrawal Deadline“) in accordance with these Liquidity Provider Terms. Bullish shall provide notice of the Price Boundaries, Boundary Violation Events, Dehydration Withdrawal Period and Dehydration Withdrawal Deadline for each Range Bound Pool.  Bullish shall have the sole and absolute discretion to determine, with respect to each Range Bound Pool: (i) the Price Boundaries, (ii) the Boundary Violation Events, (iii) whether or not a Boundary Violation Event has occurred, (iv) whether or not to cause a Pool Dehydration Event, (v) the Dehydration Withdrawal Period, and (vi) the Dehydration Withdrawal Deadline. Following a Pool Dehydration Event, Bullish shall, in its sole discretion, have the right to determine whether to establish a new Liquidity Pool for the same Permitted Trading Pair, and if so, the timing and terms for doing so (a “Pool Rehydration Event“); however, Bullish shall be under no obligation to establish a new Liquidity Pool for the same Permitted Trading Pair following a Pool Dehydration Event or to complete any Pool Rehydration Event. All Liquidity Providers who have made a Contribution to a Range Bound Pool shall be bound by Bullish’s determinations. If you do not wish to accept this provision, you should not become a Liquidity Provider to a Range Bound Pool or participate in the Liquidity Services in respect of a Range Bound Pool. For the avoidance of doubt, a Standard Pool shall not be subject to Boundaries, and Bullish shall not have the power to declare a Boundary Violation Event for a Standard Pool or to cause a Pool Dehydration Event for a Standard Pool as a result of a Boundary Violation Event. 

3.4 You hereby authorise us to use your Contribution for the Purpose in accordance with these Liquidity Provider Terms.  You understand that Liquidity Providers do not have the right to choose the manner, price or terms on which Liquidity Pool assets are utilized, or to instruct Bullish with respect thereto.  You accept and agree that our affiliates and related parties may also act as Liquidity Providers.

3.5 Bullish is not the beneficial owner of the assets in each Liquidity Pool.  Subject to these Liquidity Provider Terms, you remain beneficially entitled to your proportionate share of the relevant Liquidity Pool to which you have contributed assets.  Bullish shall have no beneficial interest in the assets in the Liquidity Pools.  Bullish shall have the right to hold and use such assets for the Purpose as set forth in these Liquidity Provider Terms.  We will act as the custodian of such assets under a bare trust declared under Gibraltar law until such time that the assets are moved out of the Liquidity Pool in accordance with these Liquidity Provider Terms.  Bullish does not bear the risk of loss in relation to the assets in the Liquidity Pool or the assets used for the Purpose.  Bullish does not act as custodian under a bare trust for the benefit of Liquidity Providers for assets that have been transferred out of a Liquidity Pool, in fulfilment of trades referred to in clause 3.1(a) nor does it act as custodian under a bare trust for the benefit of Liquidity Providers for assets that have been transferred out of a Standard Pool to provide the limited recourse loans to Bullish referred to in clause 3.1(b).  Each trade under clause 3.1(a) and loan to Bullish under clause 3.1(b) is made only upon the relevant assets being transferred out of the Liquidity Pool.  Bullish may appoint a sub-custodian or sub-custodians to hold some or all of the assets in each Liquidity Pool.

4. Certain Limitations on Liability, Assumptions of Risk and Risk Warnings relating to provision of Liquidity Services

4.1 Notwithstanding any other provision hereof, you acknowledge and agree that the obligations of Bullish in respect of the loans referred to in clause 3.1(b) shall be solely to make payments to the relevant Standard Pool of the aggregate amount equal to each sum actually received by Bullish from Margin Users on the corresponding loans Bullish makes to Margin Users (after deduction or withholding of such Taxes or duties as may be required to be made by Bullish under Applicable Law and any fees or expenses owed to Bullish) pursuant to the Margin User Terms.  Accordingly, as a Liquidity Provider to a Standard Pool, you acknowledge and accept that all withdrawals by you pursuant to clause 11 will be made only from and to the extent of the sums (i) actually received or recovered by Bullish from Margin Users in respect of the relevant loans, and (ii) paid by Bullish to the relevant Standard Pool net of Taxes, fees, and expenses owed to Bullish.  You acknowledge and agree that the obligation of Bullish to process withdrawals under these Liquidity Provider Terms will be limited to such sums and you shall have no further recourse against Bullish or any of Bullish’s assets. For the avoidance of doubt, Bullish will not make loans to Margin Users using assets contributed by Liquidity Providers to a Range Bound Pool. 

4.2 You agree that you shall not have any recourse against any director, shareholder, officer, employee or affiliate of Bullish in respect of any obligations, covenants or agreements entered into or made by Bullish in respect of these Liquidity Provider Terms, other than in the case of fraud.

4.3 Engaging in the provision of Liquidity Services carries significant risk of financial loss.  The risk of loss of your Contribution is based on your proportionate amount of the relevant Liquidity Pool.  Losses, if any, will be assessed on a pro rata basis for each Liquidity Provider that has contributed to the relevant Liquidity Pool based on the level of their Contribution and any accrued Liquidity Fees (as defined in clause 7.1).  Such risks include those described in the Risk Warnings, which are expressly incorporated into these Liquidity Provider Terms by reference and set forth on the Platform Site.

4.4 For a Range Bound Pool, a Pool Dehydration Event would require you to withdraw your Contribution at the Relevant Proportion and in the Contribution Ratio (as defined below) prevailing at the time of the Pool Dehydration Event as determined by Bullish in accordance with these Liquidity Provider Terms. Upon a Pool Dehydration Event, withdrawal is mandatory, and you understand and agree that you will not have the ability to elect to delay withdrawal beyond the Dehydration Withdrawal Deadline. You acknowledge and accept that the withdrawal will be at the Relevant Proportion and Contribution Ratio prevailing during the Dehydration Withdrawal Period or (if applicable) at the Dehydration Withdrawal Deadline, which could be different from the Contribution Value at which you originally made your Contribution. Furthermore, you agree that any Pool Rehydration Event shall be on such terms as determined by Bullish, and that Bullish is under no obligation to complete a Pool Rehydration Event. For further information, see the Risk Warnings. You acknowledge and accept that Bullish shall have no liability to you in connection with any Pool Dehydration Event, any determination made by Bullish in accordance with these Liquidity Provider Terms in connection therewith, or any loss you may suffer as a result thereof. You agree that you shall be bound by Bullish’s determinations in connection with any Pool Dehydration Event and bear all risk of loss resulting therefrom, and you shall have no recourse against Bullish or any of Bullish’s assets in respect thereof. If you do not wish to accept this provision, you should not become a Liquidity Provider to a Range Bound Pool or participate in the Liquidity Services in respect of a Range Bound Pool. Furthermore, you understand and acknowledge that, in connection with your Contribution to a Range Bound Pool, you have no right to and shall not receive any fees from Margin Users. 

4.5 You also hereby acknowledge, accept and assume the risk that there may be circumstances under which Bullish is unable to process a withdrawal of your assets or where such a withdrawal is delayed or where the amount of such withdrawal is reduced including: (i) circumstances described in the Terms; (ii) circumstances described in these Liquidity Provider Terms; (iii) where there is a shortfall in the relevant Standard Pool due to the failure of one or more Margin Users to fully repay loans made to them by Bullish or the liquidation value of any collateral received by Bullish is insufficient to cover such shortfall and (iv) where we are prevented from doing so under Applicable Law or pursuant to an order or request from any competent regulatory, governmental or law enforcement authority.  You also hereby acknowledge and accept and assume the risk of loss which may result from the use of a sub-custodian or sub-custodians in the event of insolvency, default or error on the part of the sub-custodian or sub-custodians.  You acknowledge and accept that Bullish shall have no responsibility in the foregoing circumstances for being unable to process a withdrawal of your assets or if such withdrawal is delayed as a result thereof, or for any losses resulting therefrom.  You agree that you assume and shall bear all risk of loss resulting from the matters described in this clause 4.5.

4.6 By accepting these Liquidity Provider Terms and providing Liquidity Services, you acknowledge, accept and agree that Bullish’s liability, and your recourse against Bullish, is limited as provided in these Liquidity Provider Terms, the Risk Warnings, and the Terms, and you acknowledge, accept and agree to assume the risks described in these Liquidity Provider Terms, the Risk Warnings, and the Terms, and you hereby waive any recourse in respect of such risks, to the maximum extent permitted by Applicable Law.  Furthermore, you shall be responsible, and you shall assume and bear all risk of loss, for, arising from or relating to the assets in the Liquidity Pool, your Contribution and your use of the Liquidity Services, to the maximum extent permitted by Applicable Law.  If you do not wish to accept such risks, you should not become a Liquidity Provider or participate in the Liquidity Services.

5. Eligibility

5.1 In order to provide Liquidity Services to Bullish, you must satisfy the eligibility criteria to act as a Liquidity Provider as determined by Bullish from time to time (the “Eligibility Criteria“).  You hereby represent and warrant that you are authorised and/or permitted to provide Liquidity Services for the Purpose, including the loans to be made to Bullish described in clause 3.1(b), and such activity is not unlawful under the laws of any jurisdiction to which you are subject.  You agree to advise us should there be any law change that would prevent you from providing the Liquidity Services.

5.2 We may change our Eligibility Criteria relating to the provision of Liquidity Services at any time, including by introducing additional requirements.  We reserve the right at any time to impose restrictions on Liquidity Providers located in any jurisdiction, on Liquidity Providers in relation to any Standard Pool or Range Bound Pool, and on the number of Contributions, or aggregate Contribution Value (as defined in clause 8.2) contributed by, such Liquidity Providers in relation to any Liquidity Pool, or on the Relevant Proportion of a Contribution to a Range Bound Pool.

5.3 If there is any change to your circumstances or if any personal particular which you have provided to us is no longer true, complete or accurate at any time after you have agreed to these Liquidity Provider Terms, you must inform us immediately and we may terminate or suspend your rights under these Liquidity Provider Terms as set forth in clause 12.

6. Liquidity Pool Wallets

6.1 Each Liquidity Pool shall consist of a specific Permitted Trading Pair and there shall be a separate Liquidity Pool for each Permitted Trading Pair, and such assets shall be segregated from Bullish’s own assets.  Bullish shall establish a separate wallet for each Liquidity Pool into which Contributions may be transferred in connection with the provision of Liquidity Services (collectively “Liquidity Pool Wallets” and each a “Liquidity Pool Wallet“).  Each Liquidity Pool Wallet shall have a designated title bearing the name of the Permitted Trading Pair to which it relates.

7. Liquidity Fee

7.1 In consideration for making a Contribution to a Liquidity Pool and providing the Liquidity Services, you shall earn a fee (“Liquidity Fee“) in accordance with this clause 7.  For the avoidance of doubt, no interest shall accrue on your Contribution, and all Liquidity Fee accruals will be processed net of any Taxes.  Bullish will determine and inform you of the calculation method, timing and payment method of the Liquidity Fee from time to time.

7.2 The Liquidity Fee shall accrue on a daily basis (with effect from the day your Contribution is received into the relevant Liquidity Pool) based on the utilization of the relevant Liquidity Pool Wallet for the Purpose plus additional amounts from spot Transaction Fees for Trades between Platform users which do not involve assets from the relevant Liquidity Pool (“Non-Liquidity Pool Spot Transaction Fees“) for the same Permitted Trading Pair to which your Contribution relates.  You understand and acknowledge that the Liquidity Fee earned in connection with your Contribution to a Range Bound Pool shall not include any fees from Margin Users, because margin trading is not available for a Range Bound Pool. Depending on the time of the processing of your Contribution, you may or may not receive the accrued Liquidity Fee for the initial day your Contribution is received.

7.3 The Liquidity Fee shall consist of a portion (as determined by us from time to time) of the following: (a) for both Standard Pools and Range Bound Pools, Transaction Fees relating to Trades made using assets from the relevant Liquidity Pool for the Permitted Trading Pair; (b) for Standard Pools, Margin Fees (as defined in the Margin Service Terms) on loans made to Margin Users as referred to in clause 3.1(b); and (c) for both Standard Pools and Range Bound Pools, Non-Liquidity Pool Spot Transaction Fees.  Bullish may change the Transaction Fees, Margin Fees and Non-Liquidity Pool Spot Transaction Fees from time to time and such changes may affect the Liquidity Fee.  Bullish will retain the remaining portion of the Transaction Fees, Margin Fees and Non-Liquidity Pool Spot Transaction Fees.

7.4 There is a different Liquidity Fee for each Liquidity Pool depending on the volume of trading and, for Standard Pools only, margin-borrowing usage of the assets in each Liquidity Pool.  A non-binding indicative estimated annualised percentage rate of the then current Liquidity Fee for each Liquidity Pool will be published on the Platform Site from time to time.  The Liquidity Fee for each Liquidity Pool shall accrue in the relevant Permitted Trading Pair to the benefit of all Liquidity Providers who have a current Contribution to that specific Liquidity Pool.  Your proportion of the Liquidity Fee is based on your “Contribution Ratio,” which is the pro-rata value that your Contribution Value and your accrued Liquidity Fees, if any, represent relative to the total value of the aggregate assets in the relevant Liquidity Pool at the relevant time.  As the amount of assets in the Liquidity Pool fluctuates due to (i) transfers in and out of the Liquidity Pool in accordance with the Purpose, and (ii) withdrawals by Liquidity Providers, your Contribution Ratio will change and your Liquidity Fee will continue to accrue proportionately based on your new Contribution Ratio.

8. Making your Contribution

8.1 Once we have confirmed to you that you meet the Eligibility Criteria described in clause 5 and you have accepted these Liquidity Provider Terms and the Terms, you shall be authorised to make a Contribution. Bullish will not process new Contributions in respect of, and you shall not be authorised to make a Contribution to, a Range Bound Pool if Bullish has declared a Pool Dehydration Event in respect of such Range Bound Pool. For any Range Bound Pool, if a Boundary Violation Event has occurred, or if Bullish perceives a Boundary Violation Event is pending, imminent, or threatened, Bullish shall in its sole discretion have the option to determine whether to stop processing new Contributions to such Range Bound Pool.  

8.2 To make a Contribution to a Liquidity Pool, you will be required to submit an instruction to Bullish in the prescribed form via the Platform Site.  Such instruction shall require you (amongst other things) to include a value amount for your Contribution (“Contribution Value“) in one of the two assets comprising the relevant Permitted Trading Pair to which your Contribution relates.  Bullish will then process the Contribution instruction by debiting the Permitted Trading Pair from your Spot Account in an aggregate value equivalent to the Contribution Value and make a corresponding credit in the relevant Liquidity Pool Wallet on your behalf.  The amount of each asset comprising the Permitted Trading Pair to be debited from your Spot Account will be proportional to the ratio of such assets in the applicable Liquidity Pool Wallet (the “Relevant Proportion“) at the time that we process your Contribution instruction, as determined by Bullish. The initial Relevant Proportion for a Liquidity Pool shall be determined by Bullish in its discretion. In the event Bullish determines to complete a Pool Rehydration Event with respect to a Permitted Trading Pair, you will have the option to make a Contribution at the Relevant Proportion in effect at the time of the Pool Rehydration Event. If at the time of processing your Contribution instruction, you have insufficient assets of either asset comprising the relevant Permitted Trading Pair in your Spot Account for your Contribution to be made, Bullish will not process your Contribution instruction and will advise you accordingly.  The processing time for your Contribution instruction will be determined by us.

8.3 Following receipt of your Contribution into the relevant Liquidity Pool Wallet, Bullish shall send you a Notice confirming receipt of your Contribution and the applicable Contribution Ratio at that time.  Your proportionate entitlement in respect of each Liquidity Pool is personal to you and you undertake, covenant and agree not to assign, novate, declare a trust over the benefit of or otherwise transfer or encumber your proportionate entitlement in respect of each Liquidity Pool or any other interest you may have in relation to assets in a Liquidity Pool.  Any attempted or actual assignment, novation, declaration, transfer or encumbrance by you in whole or in part shall be null and void.

8.4 Once a Contribution is made, you have beneficial ownership of a proportionate amount of the assets in the relevant Liquidity Pool andin addition,, for Standard Pools only, beneficial ownership of a proportionate amount of the loans made from such Liquidity Pool to Bullish as described in clause 3.1(b), subject to these Liquidity Provider Terms.  Your proportion of such assets and loans is based on the percentage that your Contribution (and any Liquidity Fees accrued thereon) represent as a proportion of all other outstanding (not withdrawn) Contributions (and accrued Liquidity Fees) in the relevant Liquidity Pool for and on behalf of other Liquidity Providers.

9. Contribution Limits

9.1 We reserve the right to impose minimum and/or maximum limits on the amount that you or others may contribute to a Liquidity Pool at any time, or, for a Range Bound Pool, on the Relevant Proportion in which your Contribution is made  (“Contribution Limits“).  Contribution Limits may vary depending on the Permitted Trading Pair to which your Contribution relates.  Contribution Limits shall be notified to you from time to time.

9.2 We may change the minimum and/or maximum Contribution Limits relating to one or more Permitted Trading Pairs at any time.  We will not process your Contribution instruction if it is below the minimum Contribution Limit or above the maximum Contribution Limit applicable at the time of the processing.

10. Reporting on Contributions

10.1 At any time after making a Contribution, you may request information from Bullish about: (a) your Contribution Ratio; (b) the amount of Liquidity Fees that have accrued on your Contribution; and/or (c) the Relevant Proportion in which your Contribution (and any Liquidity Fees that have accrued thereon) will be paid to you should you request a withdrawal.  For the avoidance of doubt, Bullish will not provide any information to you related to any other Liquidity Provider.

10.2 We will exercise reasonable care to ensure that any information reported to you in relation to your Contribution is accurate and complete, but we give no warranties or assurances as to the accuracy or completeness of such information.  If you discover or have reasonable grounds to suspect that there is an inaccuracy or omission in any information that we provide to you in relation to your Contribution, please contact us so that we may investigate the alleged inaccuracy or omission and update the information if necessary.

10.3 You acknowledge and accept that we may not be able to provide information to you in relation to your Contribution during any period when the Platform is unavailable for whatever reason.

11. Withdrawal of your Contribution

11.1 Subject to the provisions of these Liquidity Provider Terms, your Contribution, together with any Liquidity Fees that accrue on your Contribution, shall be repaid: (a) in full on termination of these Liquidity Provider Terms pursuant to clauses 12 and 13; (b) in whole or in part in the event that you request a withdrawal of the Contribution (either in whole or in part) pursuant to this clause 11; or (c) for a Range Bound Pool, in full upon the occurrence of a Pool Dehydration Event, as provided in clause 3.3; in each case, after deduction or withholding of such Taxes or duties as may be required to be made by Bullish under Applicable Law and any fees or expenses owed to Bullish.

11.2 You may request a withdrawal of your Contribution (in whole or in part) from Bullish at any time, provided that you give us prior written Notice requesting a withdrawal.  Following our receipt of your withdrawal request, your Contribution, together with any Liquidity Fees that have accrued on the portion of your Contribution being withdrawn, after deduction or withholding of such Taxes or duties as may be required to be made by Bullish under Applicable Law and any fees or expenses owed to Bullish, shall be transferred by Bullish from the relevant Liquidity Pool Wallet to your Spot Account in instalments (or, in the case of withdrawals conducted from a Range Bound Pool following a Pool Dehydration Event, in its entirety) according to the applicable withdrawal period and frequency published on the Platform Site.  In the event that you request a partial withdrawal of your Contribution, the Liquidity Fee shall be pro-rated accordingly and paid out to you along with the partial withdrawal of your Contribution, and your original Contribution Value shall be reduced accordingly.  The value of your Contribution may change during the withdrawal period, due to trading activity and, for Standard Pools only, margin usage involving the relevant Liquidity Pool, and therefore the aggregate value of the withdrawn amount may differ from when the withdrawal request was initiated.

11.3 We reserve the right to impose minimum withdrawal limits or temporary withdrawal suspensions on Liquidity Providers in relation to any Liquidity Pool, or to temporarily suspend the operations of any Liquidity Pool (including, a temporary suspension on transfers of assets into or out of the relevant Liquidity Pool Wallet; a temporary suspension on the use of the Liquidity Pool’s assets in accordance with clauses 3.1(a) or (if applicable) 3.1(b); a temporary suspension in the event of a Fork (as set out in clause 15); or a temporary suspension on new Contributions by new or existing Liquidity Providers), from time to time, for any reason, and your right to withdraw your Contribution and accrued Liquidity Fees may therefore be subject to such suspension or limits.  Bullish shall endeavour to advise you of such suspension or limits prior to any withdrawal of your Contribution and accrued Liquidity Fees.

11.4 The withdrawal of your Contribution (including accrued Liquidity Fees) will be in the same asset pair comprising the Permitted Trading Pair in respect of which your Contribution was made and will be determined by us based on the Relevant Proportion and your Contribution Ratio applicable at the time of the processing of your withdrawal instruction.  Accordingly, you may therefore receive different amounts of each asset comprising the Permitted Trading Pair compared to the amount of your original Contribution.

12. Termination or Suspension

12.1 We reserve the right to terminate or suspend these Liquidity Provider Terms, with respect to all Liquidity Pools or in respect of any Liquidity Pool, at any time.  If we decide to terminate or suspend these Liquidity Provider Terms, we will give you prior Notice.  Notwithstanding the foregoing, we shall be entitled to immediately terminate or suspend these Liquidity Provider Terms without Notice if: we consider you have violated or threaten to violate any provisions of these Liquidity Provider Terms or the Terms; we determine that your right to access and use the Platform pursuant to the Terms is suspended or terminated for whatever reason; we consider that you no longer meet the Eligibility Criteria to provide the Liquidity Services; or we believe that the provision of the Liquidity Services to you or your use of the Liquidity Services violates or threatens to violate Applicable Law, an order or request from any competent regulatory, governmental, tax or law enforcement authority or our internal policies.

12.2 We also have the right to terminate or suspend the Liquidity Services, the operations of a single Liquidity Pool or multiple Liquidity Pools, or your use of the Liquidity Services in respect of one or more Liquidity Pools.  If we decide to terminate or suspend the Liquidity Services, the operations of a Liquidity Pool or Liquidity Pools, or your use of such services in respect of a specific Liquidity Pool, we will endeavour to give you prior Notice except in circumstances where we are unable or it is impracticable to do so.  In such a case, your rights and interests in respect of other Liquidity Pools where you act as Liquidity Provider will remain unchanged.

12.3 You may terminate these Liquidity Provider Terms at any time by giving us written Notice, subject to clause 16.  For the avoidance of doubt, a termination under these Liquidity Provider Terms is independent of the Terms, which may continue in force even after the termination of these Liquidity Provider Terms.

13. Consequences of Termination or Suspension

13.1 On termination of these Liquidity Provider Terms or the operations of a Liquidity Pool (including, without limitation, for a Range Bound Pool, upon a Pool Dehydration Event), your right to provide new Contributions to the Liquidity Pool or Liquidity Pools to which such termination applies shall immediately cease and Bullish shall procure the transfer of your Contribution (together with any Liquidity Fees that have accrued thereon) from the relevant Liquidity Pool Wallet(s) to your Spot Account, in instalments (or, in the case of withdrawals conducted from a Range Bound Pool following a Pool Dehydration Event, in its entirety) according to the applicable withdrawal period and frequency published on the Platform Site subject to these Liquidity Provider Terms.  The value of your Contribution may change during the withdrawal period, due to trading activity and margin usage involving the relevant Liquidity Pool, and therefore the aggregate value of the withdrawn amount may differ from when the withdrawal was initiated.

13.2 You acknowledge and accept that, on termination of these Liquidity Provider Terms or the operations of a Liquidity Pool, there may be circumstances where we are unable to return your Contribution or pay out Liquidity Fees to which you are entitled under these Liquidity Provider Terms.  This may include circumstances where we are prevented from doing so under Applicable Law or pursuant to an order or request from any competent regulatory, governmental or law enforcement authority, as well as the circumstances described elsewhere in these Liquidity Provider Terms.

13.3 The transfer of your Contribution (including accrued Liquidity Fees) will be in the same asset pair comprising the Permitted Trading Pair in respect of which your Contribution was made and will be determined by us based on the Relevant Proportion and your Contribution Ratio applicable at the time of the processing of your withdrawal instruction.  Accordingly, you may therefore receive different amounts of each asset comprising the Permitted Trading Pair compared to the amount of your original Contribution.

13.4 In the event of a Pool Dehydration Event, the operations of such Range Bound Pool shall terminate, but these Liquidity Provider Terms shall remain in effect unless otherwise terminated pursuant to clause 12. If Bullish determines to cause a Pool Dehydration Event in respect of a Range Bound Pool, Bullish shall have sole discretion to determine whether to complete a Pool Rehydration Event.  

13.5 If we decide to suspend these Liquidity Provider Terms, you will not be able to make new Contributions during the time of such suspension.  Such a suspension may be applied to one or more Liquidity Pools as determined by us.  A suspension of these Liquidity Provider Terms will not affect your rights and interests in respect of Contributions made prior to such suspension.

14. Disputes, Governing Law, Jurisdiction and Arbitration

These Liquidity Provider Terms shall be governed by Gibraltar law, and clause 40 (Disputes, Governing Law, Jurisdiction and Arbitration) of the Terms shall apply to any disputes or claims relating to, arising out of or in connection with these Liquidity Provider Terms, including your assent to these Liquidity Provider Terms, or your activities as a Liquidity Provider.

15. Forks

You acknowledge and accept that clause 28 of the Terms (Forks of Blockchain Protocol for Digital Currencies) shall apply to your use of the Liquidity Services, including in relation to any Permitted Digital Currencies in the relevant Liquidity Pool.  Notwithstanding any other provision hereof, you understand and agree that, with respect to a Fork affecting Permitted Digital Currencies, Bullish shall have no responsibility to claim, collect, accept, take delivery of, or otherwise procure any new digital assets or new tokens (the “New Tokens“) generated as a result of such Fork on your behalf or for your benefit, or to make such New Tokens available to you, pursuant to these Liquidity Provider Terms, the Terms, or any other agreement which may be in effect between you and Bullish.  You acknowledge and agree that you have no ownership or other rights of any kind in such New Tokens arising from or in relation to your Contribution or your activities as a Liquidity Provider, and you agree that you shall have no recourse whatsoever against Bullish if Bullish chooses not to claim such New Tokens on your behalf or chooses not to make such New Tokens available to you for any reason.  However, notwithstanding the foregoing, Bullish may decide to use reasonable endeavours to claim such New Tokens and make them available to you, and if it does attempt to claim such New Tokens, you acknowledge and agree that (i) Bullish may make them available to you subject to any terms and conditions which Bullish chooses to impose, and (ii) Bullish shall have no liability to you whatsoever in connection with such New Tokens.

16. Survival

Notwithstanding any termination of your provision of Liquidity Services to Bullish, these Liquidity Provider Terms shall continue to apply to you to the extent there are any obligations or liabilities which remain to be performed or discharged by you under these Liquidity Provider Terms or otherwise under Applicable Law.

17. Electronic Signatures

These Liquidity Provider Terms may be entered into by signing electronically (in whatever form), including by using a secure digital signature protocol, service or process, and shall be deemed as valid and effectual as if it had been signed physically in manuscript.