1. Loan Rules
Users need to top-up collateral to ensure that LTV is lower than the initial LTV. Otherwise, the Loan cannot be initiated. However, if the user’s LTV will still be lower than the initial LTV after the Loan is successfully applied, no additional top-up is required.
2. Interest Settlement Rules
a. Interest will be settled hourly and on each hour after borrowing, which will appear in your real-time loan value.
b. One hour of loan interest will be charged for repayments made within an hour of borrowing.
3. Collateral Rules
For cross margins on WhaleFin, we calculate LTV based on the sum of Loan and Collateral value of all orders, instead of independently calculating each order (LTV = Loan Value / Collateral Value).
4. Top-up Rules
When LTV≥Margin Call, Margin Call Notice/auto top-up will be triggered.
a. When "Auto top-up" is enabled, WhaleFin will automatically top-up according to your set preference until LTV equals the initial LTV.
b. When "Auto top-up" is disabled, or the LTV ratio is still higher than the initial LTV, WhaleFin will send you a Margin Call Notice.
5. Liquidation Rules
When LTV≥Liquidation call, automatic liquidation will be triggered. WhaleFin will sell a portion of your collateral in USD and convert them to your loan currency to repay your Loan. This will stop when LTV equals the Margin Call.
6. Excess Collateral Redemption Rules
a. When LTV<Redemption LTV, you can manually set up an Excess Collateral Redemption to redeem a certain amount of collateral. This will stop when LTV equals Redemption LTV.
b. When "Excess collateral redemption" is enabled, WhaleFin will redeem a certain amount of your collateral as: 1) LTV<Redemption LTV, and 2) Total Redeemable Amount exceeds 1,000 USD or 3% of Total Collateral Amount. This will stop when LTV equals Redemption LTV.
7. Repayment Rules
a. You can repay manually in "Repayment order". Otherwise, repayments will be made automatically after 16:00 (UTC+8) on maturity.
b. Interest repayment comes before the principal repayment.
c. Service fee will be charged for early repayment of closed-term Loans.
8. Collateral Repayment Rules
a. You may choose collateral repayment when repaying manually. Based on the repayment amount you enter, WhaleFin will automatically redeem the collateralized currency you choose and trade them at market price to repay.
b. If there are remaining balances for currencies sold, an auto top-up will be made.
c. Check your corresponding trade records in the Trade section; check your redemption, repayment, and top-up records in the Loan section.
9. Late Repayment Rules
If principal and interest are not fully repaid by maturity, the interest of the unpaid amount will become the principal of a new open-term Loan with an open-term interest rate.
Note: If you have not repaid in a long period, liquidation may be triggered due to your LTV surpassing the liquidation call. Please pay close attention to repay in time.
10. Loan Period Rules
Loan and interest discount days are calculated using the "T+1" rule. The time between the next two 16:00 will be calculated as one day.
E.g. If a Loan is made at 12:10 on October 1st with a 10-day tenor, by 16:00 on October 2nd, the loan period will be counted as 1 day, and the maturity will be at 16:00 on October 11th.
E.g. If a Loan is made at 20:10 on October 1st with a 10-day tenor, by 16:00 on October 3rd the loan period will be counted as 1 day, and the maturity will be at 16:00 on October 12th.