Terms of Service | Polyester DEX

1. Acceptance of these Terms

These Polyester Exchange Terms of Service (these "Terms") are a binding agreement between you and Polyester Panama S.A., a sociedad anónima organized under the laws of the Republic of Panama, with its registered office at Suite 673, 317 PH The Century Tower, Betania, Republic of Panama (the "Company", "we", "us", or "our").

These Terms govern your access to and use of the Polyester exchange, including the websites at polyester.com and its subdomains (the "Website"), the Polyester web application and any mobile or desktop application we publish (the "Platform"), the Polyester application programming interfaces, software development kits, and hosted integrations (the "APIs"), the PolyEngine order books and the private Trading ledger, the Funding Account, the lending and borrowing markets, Quick Swap, Subaccounts, the Referral Program, and all related content, features, and services (collectively, the "Services").

The Services work together with two related services that are governed by their own terms, each of which you also accept when you use the corresponding feature:

Zipper. Deposits of external Digital Assets, the issuance and redemption of Zipped Assets, custody of native backing, and external withdrawals are provided by Zipper Trade S.A. under the Zipper Terms of Service (the "Zipper Terms"). By initiating any deposit, withdrawal, or Quick Swap, you agree to the Zipper Terms.
Polyester Scan. The public Polyester Chain explorer is provided under the Polyester Scan Terms of Service. Browsing Polyester Scan does not by itself make you a party to these Terms.

Polyester Chain is a public blockchain network associated with Polyester Foundation, a foundation company organized under the laws of the Cayman Islands (the "Foundation"). Software used by the Services was developed in part by Fabric Blockchain Labs, Inc., a Delaware corporation ("Fabric Labs"). The Foundation and Fabric Labs are affiliates of the Company and are Indemnified Parties under these Terms, but neither is a party to these Terms and neither provides any service to you under them.

By connecting an Owner Wallet, creating a Master Account, generating or using an API key, or otherwise accessing or using the Services, you accept and agree to be bound by these Terms and by the documents they incorporate by reference: the Privacy Policy at polyester.com/privacy-policy, the Zipper Terms, the Fee Schedule, and the Schedules attached to these Terms. If you do not agree, you must not use the Services. We may require you to affirmatively re-accept these Terms, including before you use any production deployment of the Services.

If you use the Services on behalf of an entity or another person, "you" refers to that entity or person, you represent that you have authority to bind them, and you are responsible for the acts and omissions of everyone who uses the Services through your accounts, Subaccounts, members, or API keys as if they were your own.

These Terms replace the Polyester Terms of Service last updated 18 March 2025. Claims arising from use of the Services before the Effective Date remain subject to the terms in effect at the time of the relevant use.

2. Definitions

Capitalized terms have the meanings given below or where they first appear. Terms defined in the Zipper Terms have the same meaning here.

"Digital Asset" means any cryptocurrency, token, stablecoin, or other digital representation of value recorded on a blockchain that the Services support, including Native Assets, Zipped Assets, and Unified Assets.
"Native Asset" means a Digital Asset in its original form on its source blockchain, for example BTC on the Bitcoin network or USDT on Ethereum.
"Polyester Chain" means the public blockchain network on which Zipped Assets are issued and on which Smart Accounts and Funding contracts are deployed.
"Zipper" means the asset-wrapping and transfer service operated by Zipper Trade S.A. under the Zipper Terms.
"Zipped Asset" means a Digital Asset issued on Polyester Chain by Zipper for a specific Route and designed to be backed one-to-one by the corresponding Native Asset held in a Zipper vault for that Route.
"Unified Asset" means the consolidated balance in your Funding Account or Trading Account that represents equivalent Zipped Assets from one or more Routes as a single balance that can be traded, transferred, lent, borrowed, or withdrawn.
"Route" means a supported combination of a Native Asset and a source or destination blockchain through which a deposit or withdrawal may be made.
"Owner Wallet" means the non-custodial credential that controls your Master Account and its Subaccounts, being either an external wallet you control (for example MetaMask, Rabby, Phantom, or a wallet connected through WalletConnect) or an embedded wallet created through Google or email sign-in and secured by Turnkey.
"Smart Account" means the Safe smart account on Polyester Chain that represents a Master Account or Subaccount and that is authorized by the Owner Wallet.
"Master Account" means the account created on your first sign-in with an Owner Wallet, and "Subaccount" means an additional account created beneath a Master Account.
"Funding Account" means the on-chain balance area, recorded by Funding contracts on Polyester Chain, that holds route-specific Zipped Assets and records your Unified Asset balances and movements.
"Trading Account" or "Unified Trading Account" means the private, off-chain balance area maintained on the Company's Trading ledger in which Unified Asset balances are made available for orders, fills, lending, borrowing, collateral, and transfers.
"PolyEngine" means the order admission, matching, and settlement engine that operates the spot order books.
"Fee Schedule" means the fees, VIP tiers, minimums, and limits published in the Polyester documentation on the pages titled "Trading Fees", "VIP Tiers", and "Deposit & Withdrawal Fees", as in effect at the time of the relevant transaction, together with the fee terms of Schedule B.
"Schedules" means Schedule A (Trading Rules and API Use), Schedule B (Fees and Routes), Schedule C (Lending and Liquidation), Schedule D (Referral Rewards), and Schedule E (Testnet and Competition Rules), each of which forms part of these Terms.
"Testnet" means any test, staging, or non-production deployment of the Services, including any deployment labeled "Testnet" or operating on test networks.
"Indemnified Parties" means the Company, Zipper Trade S.A., the Foundation, Fabric Labs, and each of their respective affiliates, licensors, service providers, shareholders, members, officers, directors, employees, contractors, agents, successors, and assigns.
"Losses" means damages, losses, liabilities, costs, and expenses, including reasonable attorneys' fees.

3. Eligibility and Restricted Persons

You may use the Services only if you are at least 18 years old (or the age of majority in your jurisdiction, if higher) and have the legal capacity to enter into a binding contract with the Company.

THE SERVICES ARE NOT OFFERED TO, AND MUST NOT BE USED BY, ANY PERSON OR ENTITY THAT (A) IS LOCATED IN, RESIDENT IN, ORGANIZED UNDER THE LAWS OF, OR HAS ITS PRINCIPAL PLACE OF BUSINESS IN ANY COUNTRY OR TERRITORY THAT IS THE SUBJECT OF COMPREHENSIVE SANCTIONS OR EMBARGOES ADMINISTERED BY THE UNITED STATES (INCLUDING THE OFFICE OF FOREIGN ASSETS CONTROL), THE UNITED KINGDOM, THE EUROPEAN UNION, THE UNITED NATIONS, OR THE CAYMAN ISLANDS, WHICH AS OF THE EFFECTIVE DATE INCLUDE CUBA, IRAN, NORTH KOREA, AND THE CRIMEA, DONETSK, AND LUHANSK REGIONS OF UKRAINE, TOGETHER WITH ANY JURISDICTION ADDED TO SUCH PROGRAMS FROM TIME TO TIME (EACH, A "RESTRICTED JURISDICTION"); (B) IS LISTED ON, OR IS 50% OR MORE OWNED OR CONTROLLED BY ONE OR MORE PERSONS LISTED ON, ANY SANCTIONS LIST MAINTAINED BY ANY OF THOSE AUTHORITIES, INCLUDING THE OFAC SPECIALLY DESIGNATED NATIONALS AND BLOCKED PERSONS LIST; (C) IS ACTING ON BEHALF OF, OR FOR THE BENEFIT OF, ANY PERSON DESCRIBED IN (A) OR (B); OR (D) IS LOCATED IN A JURISDICTION WHERE THE USE OF THE SERVICES OR THE TRANSACTING OF DIGITAL ASSETS IS UNLAWFUL FOR THAT PERSON (EACH, A "RESTRICTED PERSON").

You may not use a virtual private network, proxy, or any other technology to disguise your location for the purpose of accessing the Services from a Restricted Jurisdiction. You may not modify, adapt, or redistribute the Services to make them available to Restricted Persons or in Restricted Jurisdictions.

Each time you use the Services you represent and warrant that: (a) you are not a Restricted Person and are not located in a Restricted Jurisdiction; (b) none of your Subaccount members, API key holders, or persons on whose behalf you act is a Restricted Person; (c) the Digital Assets you use with the Services were not obtained through theft, fraud, or other unlawful means; (d) you are not using the Services to transact in any asset that constitutes a security under the laws applicable to you; and (e) your use of the Services does not violate any law applicable to you.

The Services do not require identity verification. The absence of identity verification does not relieve you of any representation or obligation in these Terms, and you are solely responsible for determining whether your use of the Services is lawful in your jurisdiction. We may, but are not obliged to, request information from you where we reasonably believe it is required to comply with law or to investigate suspected misuse, and we may restrict your access until it is provided.

4. Screening and Access Restrictions

Every deposit and withdrawal processed through the Services is screened by Zipper against sanctions exposure, illicit-activity indicators, and wallet and transaction risk using a third-party blockchain analytics provider (currently Blockaid), as described in the Zipper Terms. We may also screen Owner Wallets, Smart Accounts, and destination addresses at any time, restrict access from IP addresses associated with Restricted Jurisdictions or with location-masking tools, and block or restrict any wallet, account, or identifier that we reasonably believe presents a legal, sanctions, security, or fraud risk.

A screening result is a risk indicator produced by a third-party provider. Where a result indicates a match against a sanctions list, we and Zipper will act in accordance with applicable sanctions law, which may include declining a transaction, restricting an account, or transferring deposited assets to an independent escrow agent under the Digital Asset Escrow process described in the Zipper Terms. Where a result indicates elevated risk but not a sanctions match, we may request information from you, apply additional review, or decline the transaction. You may contact legal@polyester.com to request a review of a decision that you believe is based on an incorrect screening result, and we will respond within a reasonable time.

Because blockchain networks are permissionless, we do not guarantee that every high-risk user or wallet will be identified or excluded, and we are not liable to you for the presence of any other user on the Services. You will not hold the Indemnified Parties liable for any Losses arising from a screening decision, an access restriction, or the exercise or non-exercise of any right in this Section, except to the extent caused by our fraud, willful misconduct, or gross negligence.

5. Accounts, Owner Wallets, and Security

Owner Wallets and Smart Accounts

Your Master Account is created on your first successful sign-in with an Owner Wallet, and the same Owner Wallet opens it on future visits. Each Master Account and Subaccount is represented on Polyester Chain by its own Smart Account. The Owner Wallet is the credential that authorizes Smart Account actions; the Smart Account executes them. A Smart Account address may be calculated and used for account records and deposit attribution before the Smart Account contract is deployed, and the first eligible on-chain action deploys it.

If you sign in with Google or email, an embedded Owner Wallet is created for you through Turnkey. Turnkey stores the embedded wallet's private key in encrypted form and uses it only inside secure enclaves for signing that you authorize. The Company does not receive the private key. You may export the private key through the Platform; once exported, anyone who holds the key can control the wallet and the accounts it owns, and you assume all responsibility for its safekeeping. Your Google identity or email mailbox, and its own recovery methods, are what allow you to return to an embedded wallet; the Company cannot recover an embedded wallet for you if you lose access to that identity.

The Company does not hold, store, or have access to the private keys or seed phrase of any Owner Wallet, does not become an owner of your Smart Account by sponsoring gas or operating infrastructure, and does not currently provide a means to replace, unlink, or add an Owner Wallet to an existing Master Account or to close or delete a Master Account.

Where your assets are held

Your balances are held in different places depending on where they are in the system, and you should understand the difference:

Native Assets you deposit are held in Zipper vaults controlled by Zipper Trade S.A. under the Zipper Terms, and are represented on Polyester Chain by Zipped Assets.
Your Funding Account balance is recorded by Funding contracts on Polyester Chain. Movements from the Funding Account, including withdrawals, transfers, deposit-routing changes, and whitelist changes, require authorization by your Owner Wallet through your Smart Account. The Company cannot move your Funding Account balance without that authorization.
Your Trading Account balance is recorded on the Company's private Trading ledger, not on a blockchain. Orders, fills, fees, reservations, loans, collateral, and liquidations are recorded on that ledger. Trading Account balances are backed by Zipped Assets held in Funding contracts, and you may move an available Trading balance back to your Funding Account at any time through an internal transfer, subject to Section 20. The Trading ledger is operated by the Company, and your ability to move a Trading balance depends on the Company's systems being available.

The Company maintains the Trading ledger as a record of your entitlement to the Unified Assets credited to your Trading Account. Unified Assets credited to your Trading Account are yours; the Company does not treat them as its own property and does not lend, pledge, or use them for its own purposes. Assets you supply to a lending market or post as collateral are subject to Schedule C.

Security features

The Platform offers multi-factor authentication ("MFA"), recovery codes, session management and alerts, an address book, external and internal withdrawal whitelists, per-account permissions and policies, IP-restricted API keys, and an optional Company-managed Guard Signer that provides a second authorization for certain Funding Account actions. These features protect actions taken through the Platform and APIs. They do not replace the Owner Wallet, and Polyester MFA recovery codes restore access to Polyester MFA only; they do not restore access to an Owner Wallet.

The Guard Signer is a key managed by the Company that co-signs specified protected actions after MFA step-up. It is not an independently user-held factor. If you export the Guard Signer key, anyone holding it can produce Guard Signer approvals without the Company, the managed protection no longer applies exclusively, and you assume responsibility for its custody until you rotate to a new managed signer.

YOU ARE SOLELY RESPONSIBLE FOR SAFEGUARDING YOUR OWNER WALLET AND ITS RECOVERY METHOD, YOUR EMBEDDED-WALLET SIGN-IN IDENTITY, YOUR MFA DEVICES AND RECOVERY CODES, YOUR API KEYS, AND ANY EXPORTED KEYS. LOSS OF YOUR OWNER WALLET AND ITS RECOVERY METHOD RESULTS IN PERMANENT LOSS OF ACCESS TO YOUR MASTER ACCOUNT, ITS SUBACCOUNTS, AND ALL ASSOCIATED DIGITAL ASSETS. THE COMPANY CANNOT RESTORE ACCESS, RESET AN OWNER WALLET, OR RECOVER DIGITAL ASSETS IN THAT EVENT. THE COMPANY WILL NEVER ASK YOU FOR A SEED PHRASE, PRIVATE KEY, EMAIL VERIFICATION CODE, OR MFA RECOVERY CODE.

You must notify us promptly at legal@polyester.com if you become aware of any unauthorized access to your account. Until we have received that notice and had a reasonable opportunity to act on it, activity conducted through your accounts, Subaccounts, members, or API keys is attributed to you.

6. Subaccounts, Members, and API Keys

A Master Account may create Subaccounts, each with its own deposit addresses, Funding and Trading balances, orders, members, roles, permissions, policies, API keys, audit logs, and history. Subaccounts do not share balances with one another or with the Master Account unless you move assets between them by internal transfer. A person who has access to one Subaccount does not thereby gain access to the Master Account or to other Subaccounts.

You may invite members to a Subaccount and assign roles and permissions, and you may generate API keys scoped to a Master Account or a Subaccount for programmatic access. Schedule A sets out the rules that apply to API use.

AS THE HOLDER OF THE OWNER WALLET CONTROLLING A MASTER ACCOUNT, YOU ARE RESPONSIBLE FOR ALL ACTIVITY CONDUCTED THROUGH THAT MASTER ACCOUNT AND EVERY SUBACCOUNT BENEATH IT, WHETHER BY YOU, BY A MEMBER, BY A PERSON USING AN API KEY GENERATED FOR THE ACCOUNT, OR BY ANY AUTOMATED SYSTEM OR AI AGENT OPERATING UNDER YOUR CREDENTIALS, AND WHETHER OR NOT YOU AUTHORIZED THE SPECIFIC ACTIVITY. YOU ARE RESPONSIBLE FOR SELECTING MEMBERS APPROPRIATELY, FOR SCOPING PERMISSIONS AND API KEYS NARROWLY, FOR REVIEWING AUDIT LOGS, AND FOR PROMPTLY REVOKING ACCESS THAT IS NO LONGER NEEDED OR THAT YOU SUSPECT HAS BEEN COMPROMISED.

7. The Services

Deposits

Each Master Account and Subaccount is assigned chain-specific deposit addresses for supported Routes. When a deposit is confirmed, screened, and validated by Zipper, the corresponding Zipped Asset is issued and your Funding Account or Trading Account (according to your default deposit destination) is credited with the matching Unified Asset, net of the Route fee. Deposits are provided by Zipper and are governed by the Zipper Terms, including the treatment of deposits sent in the wrong asset, on the wrong network, below the Route minimum, or without a required destination tag.

Internal transfers

You may move available balances between your Funding Account and Trading Account and between your own accounts, and to other eligible Polyester accounts where permitted by your permissions and whitelists. Internal transfers do not create a Zipper request and do not incur a Route fee. A transfer to another Polyester account is final once completed.

Spot trading

The Services provide spot trading of supported trading pairs on dedicated central limit order books operated by PolyEngine. Each trading pair is a separate market with its own order book and price. The Services do not offer perpetual, futures, options, or other derivative products. Orders are admitted, matched, and settled in accordance with Schedule A. Each fill is settled to the Trading ledger individually and is final when settled; cancellation applies only to the unfilled part of an order.

Quick Swap

Quick Swap converts one supported Digital Asset into another and delivers the output to a wallet you choose. A Quick Swap is a single request combining a deposit governed by the Zipper Terms, a market order executed on the Company's order books within the price protection shown in your quote, and a withdrawal governed by the Zipper Terms. The quote shows the exchange rate, the protected minimum output, itemized fees, the destination, any required memo or tag, and an expiration. If you send the input asset after the quote has expired, in the wrong asset or on the wrong chain, or in an amount outside the quoted limits, the transfer may be returned to the recovery address you provided, net of applicable network and Route fees, or may be held pending your instructions, and we will not be responsible for any change in value in the interim. The completed output will not be lower than the protected amount in your quote, but may be lower than the indicative amount displayed.

Lending and borrowing

The Services allow you to supply eligible Unified Assets to a lending market and to borrow eligible Unified Assets against collateral held in your Trading Account, on the terms set out in Schedule C. Borrowing exposes you to liquidation, including a liquidation penalty and fee, and may result in the loss of all of your collateral.

Withdrawals

You may withdraw an available Funding Account or Trading Account balance to an external address on a supported Route. A withdrawal from the Trading Account reserves the amount and moves it through the Funding Account to Zipper automatically. External delivery is provided by Zipper under the Zipper Terms, which describe the withdrawal lifecycle, the point at which a withdrawal can no longer be cancelled, Route inventory, and the return of eligible principal if a request ends before external delivery.

Gas sponsorship

Polyester Chain actions that you take through the Services are currently sponsored: the Company pays the underlying Polyester Chain gas through ERC-4337 infrastructure, and you are not required to hold the native gas token of Polyester Chain. Sponsorship covers eligible Funding Account movements, withdrawals, internal transfers, deposit-routing changes, account-control updates, and the first action of a not-yet-deployed Smart Account. It does not cover gas paid by your external wallet when sending a deposit, Zipper Route fees, trading fees, or activity on external chains. The paymaster and bundler do not become owners of your Smart Account and cannot bypass your Owner Wallet or account controls.

Gas sponsorship is provided at our discretion and may be limited, modified, or withdrawn on notice. If sponsorship is withdrawn for any action, we will make available a documented method by which you can fund gas for that action, and we will not withdraw sponsorship for withdrawals or Funding-to-external transfers without giving you at least 30 days' notice and a documented alternative. The native gas token of Polyester Chain is not offered, sold, or made available to you by the Company through the Services, and nothing in these Terms confers any right to receive it.

Changes to the Services

We may add, modify, suspend, or discontinue any feature, trading pair, lending market, Route, order type, or integration at any time. Where a change removes your ability to hold or withdraw a Digital Asset, Section 20 applies.

8. Finality of Transactions

Different transactions become final at different points:

A spot fill is final when it is settled to the Trading ledger. Cancellation applies only to the unfilled remainder of an order.
An internal transfer between your own accounts or to another Polyester account is final when it is recorded on the Trading ledger or the Funding contracts, as applicable.
A withdrawal or Quick Swap output becomes irreversible when the external transaction is broadcast to the destination chain. Before that point, a withdrawal may be cancelled by you where the Platform offers cancellation, or may end because it fails validation, in which case eligible principal is returned to your account as described in the Zipper Terms.
A deposit is credited only after the source-chain transaction reaches the confirmations required for the Route and passes screening and validation; a deposit that never reaches that state is not credited.

Once a transaction is final, neither the Company nor Zipper can reverse it. You are not entitled to any credit, refund, or reversal of a final transaction except as expressly provided in Section 9 or the Zipper Terms. You are solely responsible for verifying every address, network, asset, amount, and destination tag before you submit a transaction.

9. Market Operations, Error Correction, Halts, and Delistings

The Company may take the following actions in the operation of the markets. Where the Company exercises a right in this Section, it will act in good faith, apply the criteria in this Section and Schedule A consistently, and record the reasons for its decision.

Clearly erroneous fills

The Company may cancel or adjust a fill on the Trading ledger, by reversing the fill or by making compensating ledger entries, where the fill (a) executed at a price that deviates from the reference price for the market at the time of execution by more than the threshold published in Schedule A; (b) resulted from a malfunction of PolyEngine, the Platform, the APIs, or a price feed; (c) resulted from the exploitation of a vulnerability or a manifest error; or (d) resulted from conduct prohibited by Section 14. The Company will make its determination within the review window published in Schedule A, will notify affected accounts through the Platform, and will reverse any trading fee charged on a cancelled fill. A ledger adjustment under this Section affects only the Trading ledger; it does not and cannot alter a transaction that has been recorded on an external blockchain.

Halts and suspensions

The Company may halt or suspend trading in any market, deposits or withdrawals on any Route, lending or borrowing in any market, or the Services as a whole, with or without notice, for scheduled or emergency maintenance, in response to a security incident, network failure, oracle failure, extreme volatility, or a legal or regulatory requirement, or where continued operation would in the Company's reasonable judgment expose users or the Company to material risk. Open orders in a halted market may be cancelled. The Company will restore the Services as soon as it is reasonably able to do so and will publish status information through the Platform.

Delistings and Route removals

The Company may delist a trading pair, lending market, or Digital Asset, and Zipper may discontinue a Route, in each case on at least 14 days' notice published on the Platform, except where a shorter period is required by law, a security incident, or the failure of the underlying network. Section 20 describes how your existing balances are handled after a delisting.

Parameter changes

The Company may change trading parameters, including tick sizes, lot sizes, price bands, order limits, and reference-price methodology, and lending parameters, including collateral factors, borrow limits, interest-rate models, and liquidation thresholds and penalties, on the notice set out in Schedules A and C.

10. No Financial, Investment, Tax, or Legal Advice

The Company is not your broker, investment adviser, commodity trading adviser, market maker, or fiduciary and does not provide financial, investment, tax, legal, or securities advice. Charts, market data, index prices, indicators, analytics, documentation, and third-party content available through the Services are provided for information only and are not recommendations. You are solely responsible for your trading, lending, and borrowing decisions, for understanding the Digital Assets and markets in which you transact, and for obtaining any professional advice you require.

11. Risk Disclosures

Using the Services involves significant risk. You acknowledge and accept the following risks, and you agree that the Indemnified Parties are not liable for Losses resulting from them except to the extent caused by their fraud, willful misconduct, or gross negligence:

Market risk. Digital Assets are highly volatile. You may lose the entire value of any Digital Asset. Past performance is not indicative of future results.
Execution risk. Order-book liquidity may be thin. Orders may execute partially, at prices different from those displayed, or not at all. Stop, trigger, trailing, TWAP, ladder, and iceberg orders behave as described in Schedule A and are not guaranteed to execute at any particular price. Market data may be delayed.
Software and infrastructure risk. PolyEngine, the Trading ledger, the risk engine, the Platform, the APIs, the Smart Account contracts, and the Funding contracts may contain bugs or vulnerabilities, including ones not identified by any audit. The Trading ledger is operated by the Company and is not decentralized; your ability to use Trading balances depends on the Company's systems.
Blockchain and network risk. Polyester Chain and each external chain may experience downtime, congestion, forks, reorganizations, or consensus failures that prevent deposits, withdrawals, or settlement.
Wrapping and backing risk. Zipped Assets and Unified Assets are not the Native Assets they represent. Their redeemability depends on the continued security and operation of Zipper vaults, validators, and key-management infrastructure, as described in the Zipper Terms.
Lending and liquidation risk. Interest rates are variable. Supplied assets may be temporarily unwithdrawable. Borrowed positions may be liquidated automatically and without notice, with a penalty and fee, and you may lose all of your collateral. See Schedule C.
Key and credential risk. Loss or theft of your Owner Wallet, sign-in identity, MFA devices, recovery codes, API keys, or exported keys can result in permanent loss of access and of all associated Digital Assets.
Third-party and cyber risk. The Services rely on third-party providers, including Turnkey, Cubist, Blockaid, TradingView, wallet software, RPC providers, and price sources. Malicious actors may attempt phishing, denial-of-service, spoofing, front-running, or wallet compromise.
Regulatory risk. The regulatory treatment of Digital Assets, exchanges, wrapped assets, and lending is uncertain and changing. Changes in law or enforcement may require us to restrict or discontinue Services in some or all jurisdictions, and may affect the value or transferability of Digital Assets.
Absence of regulated-market protections. The Company is not licensed as a bank, broker-dealer, exchange, or custodian by any financial regulator. Digital Assets held through the Services are not deposits, are not insured by any government deposit-insurance or investor-compensation scheme, and are not protected by the rules that apply to regulated financial institutions. Your rights are those set out in these Terms and under applicable law.
Information risk. Information on the Services may be inaccurate, incomplete, or out of date. Verify information before relying on it.

12. Fees and Taxes

You agree to pay the fees set out in the Fee Schedule and Schedule B, including trading fees determined by your VIP tier and maker or taker classification, Zipper Route fees on deposits and withdrawals, Quick Swap fees, lending and borrowing charges, and liquidation penalties and fees. Fees are calculated and deducted as described in Schedule B. The Fee Schedule in effect when a fill is executed or a request is accepted is the fee that applies to it.

We may introduce new fees or change existing fees, VIP tiers, minimums, or limits by updating the Fee Schedule. Fee increases take effect no earlier than 7 days after they are published, except that Zipper Route fees may change without notice to reflect external network costs. Fee decreases may take effect immediately.

You are solely responsible for determining and paying any taxes arising from your use of the Services, including from trading, lending, borrowing, referral rewards, and reward conversions. We do not withhold, collect, report, or remit taxes on your behalf and do not provide tax advice. Account statements and ledger exports are provided for your convenience and are not tax documents. We may disclose information about your use of the Services to a tax authority where we are legally required to do so, and we may do so voluntarily in response to a lawful request.

13. Referral Program

The Company may offer a referral program under which a referred user receives a discount on eligible trading fees and the referrer receives a share of the fees the referred user pays, at the rates and on the terms in Schedule D. We may change the rates, eligibility, or mechanics of the program, or suspend or end it, in accordance with Schedule D. Rewards obtained through self-referral, multiple accounts, artificial volume, or other abuse described in Schedule D may be withheld or reversed.

14. Prohibited Conduct

You may use the Services only for lawful purposes and in accordance with these Terms. You must not:

use the Services in violation of any applicable law, including sanctions, anti-money-laundering, counter-terrorist-financing, securities, commodities, tax, or export-control law
use the Services to transact in Digital Assets obtained through theft, fraud, ransomware, exploits, or other unlawful means, or to launder the proceeds of crime
engage in market manipulation of any kind, including wash trading, self-matching intended to create artificial volume, spoofing, layering, quote stuffing, painting the tape, pump-and-dump schemes, or trading on the basis of a manifest error or exploited vulnerability
exploit, or attempt to exploit, any bug, vulnerability, or error in the Services, PolyEngine, the risk engine, the Smart Account or Funding contracts, any oracle or price feed, or Zipper, or retain any Digital Assets obtained by doing so
create or use multiple accounts, automation, or Sybil techniques to circumvent limits, evade a restriction or suspension, or obtain rewards, referral earnings, or competition prizes to which you are not entitled (operating multiple Subaccounts for legitimate strategy separation, and using bots or automated strategies through the APIs in accordance with Schedule A, are permitted)
circumvent, or assist a Restricted Person in circumventing, any geographic, sanctions, or screening restriction
impersonate the Company, an employee, another user, or any other person, or misrepresent your affiliation with any person
interfere with the proper working of the Services, including by exceeding published rate limits, abusing connections, introducing malicious code, attempting unauthorized access to any system, account, or data, or conducting denial-of-service attacks
scrape, mirror, frame, or copy the Services or their content other than through the APIs in accordance with Schedule A
use the Services to harm minors or to send unsolicited commercial communications.

15. Monitoring, Enforcement, and Suspension

We monitor activity on the Services, including trading patterns, wallet activity, and API usage, to detect violations of these Terms, market manipulation, security threats, and unlawful activity. We may, acting reasonably and in accordance with this Section:

suspend or restrict your access to all or part of the Services, cancel open orders, and restrict withdrawals or transfers while we investigate suspected violations of these Terms, suspected unlawful activity, a security incident, or a legal or regulatory requirement
withhold, void, or reverse rewards, referral earnings, competition prizes, or fee rebates obtained in violation of these Terms
terminate your access to the Services for a material or repeated violation of these Terms
disclose information about you and your activity to law enforcement, regulators, courts, and our screening and compliance providers where required or permitted by law, and to a third party who asserts a claim against you where we reasonably conclude that the claim is credible and disclosure is necessary to protect that party's rights.

Where we suspend or restrict an account, we will notify you through the Platform or by email unless notice is prohibited by law or would compromise an investigation, will tell you what you must do to resolve the restriction where that is possible, and will lift the restriction when the reason for it has been resolved. Except where prohibited by law or where the assets are subject to a Digital Asset Escrow under the Zipper Terms, a restriction does not affect your ownership of your Digital Assets, and we will permit you to withdraw them when the investigation is complete. Because your Funding Account is recorded on Polyester Chain and controlled by your Owner Wallet, a restriction of your access to the Platform does not by itself prevent you from interacting with the Funding contracts directly; it does, however, prevent movements out of the Trading ledger, which are processed only by the Company's systems.

16. Third-Party Services and Content

The Services depend on third-party services that we do not control, including Turnkey (embedded wallets), Cubist (Zipper vault key management), Blockaid (screening), TradingView (charting), wallet providers, RPC and node providers, external blockchains and their validators, and price sources. We may change providers at any time. We are not responsible for the acts or omissions of third-party providers except to the extent required by law or expressly stated in these Terms, and your use of any third-party service is subject to that provider's terms.

Security audits referenced on the Services describe the scope, version, and findings of the auditor at the time of the engagement. Published audits of the Zipper protocol are not audits of the Platform, PolyEngine, the Trading ledger, the risk engine, the APIs, or any later deployment, and no audit is a warranty that any component is free of vulnerabilities.

17. Privacy

The Privacy Policy at polyester.com/privacy-policy describes how the Company, Zipper Trade S.A., and their service providers collect, use, share, and retain information about you, including wallet and Smart Account addresses, IP addresses, sign-in identities, MFA and session data, API key metadata, audit logs, support records, and referral records. The Privacy Policy is a separate document. Where applicable law requires your consent to a particular processing purpose, we will obtain that consent separately rather than by your acceptance of these Terms.

Deposits, withdrawals, Zipped Asset mints and burns, Smart Account actions, and other Polyester Chain transactions are public and permanent. Your Trading Account balances, orders, fills, permissions, and sessions are not published on-chain. We are not responsible for information that you or others make public on a blockchain.

18. Intellectual Property and License

The Services and their content, including software, smart contracts, the matching and risk engines, text, graphics, design, and documentation, are owned by the Company, its affiliates, or its licensors and are protected by intellectual property laws. Components of the Services that are released under an open-source license may be used under that license, which governs those components to the extent of any conflict with these Terms.

Subject to these Terms, the Company grants you a limited, non-exclusive, non-transferable, revocable license to access and use the Platform and, in accordance with Schedule A, the APIs, for your own trading and account management, including through software you build or license, and to store and use API responses and exports for your internal purposes. You may not resell or redistribute the Services or their data, or remove any proprietary notice.

POLYESTER, POLYESTER CHAIN, POLYENGINE, POLYESTER SCAN, ZIPPER, and the associated logos are trademarks of the Company or its affiliates. You may not use them without prior written permission, except to accurately refer to the Services. All other marks are the property of their respective owners.

19. Testnet

The Services are currently made available on a Testnet basis. Schedule E governs Testnet deployments and any competitions or reward programs conducted on them. Testnet balances, positions, and rewards have no monetary value and are not redeemable, except for prizes that we separately and expressly promise under the rules of a specific competition. All other provisions of these Terms apply to Testnet use.

20. Withdrawal of Assets, Delisting, and Termination

You may stop using the Services at any time. You may withdraw your available Digital Assets at any time through a supported Route, subject to the Zipper Terms, Route inventory, and any restriction under Section 15 or the Digital Asset Escrow process.

If we delist a trading pair, we will cancel open orders in that pair on the effective date. If we delist a Digital Asset or Zipper discontinues the last supported Route for an asset, we will publish notice in accordance with Section 9, will keep withdrawals available for at least 30 days after the notice (the "Withdrawal Window"), and will close open lending and borrowing positions in the asset on the terms in Schedule C. If you have not withdrawn the asset by the end of the Withdrawal Window, we may, at our election and on further notice, continue to hold it for withdrawal on request, or convert it at the prevailing market price on our order books or a reference price and credit the proceeds, net of reasonable conversion costs, to your Funding Account in a supported asset. We will not treat unclaimed assets as our own.

If we terminate your access under Section 15, or discontinue the Services entirely, we will give you a reasonable opportunity, and in the case of discontinuance at least 30 days, to withdraw your Digital Assets, except where withdrawal is prohibited by law or the assets are subject to a Digital Asset Escrow. Termination does not affect final transactions or amounts owed by either party.

21. Changes to these Terms

We may revise and update these Terms from time to time in our sole discretion. We will post the revised Terms on the Polyester website with a new "Last updated" date, and where a change materially reduces your rights we will use reasonable efforts to give advance notice through the Services or by email where we hold one for you. All changes are effective when posted unless a later effective date is stated, and apply to all use of the Services thereafter. Changes to the Governing Law or Arbitration sections do not apply to any dispute of which both parties had actual notice before the change was posted.

Your continued use of the Services after revised Terms take effect means that you accept and agree to the changes. If you do not agree to the revised Terms, you must stop using the Services and withdraw your Digital Assets in accordance with Section 20. Prior versions of these Terms are retained and are available on request to legal@polyester.com.

22. Feedback and Support Submissions

You may from time to time provide us with feedback, feature requests, bug reports, or suggestions about the Services ("Feedback"). Feedback does not include personal data, private support-ticket contents, or security vulnerability reports, which are handled under the Privacy Policy and our security disclosure process and are not licensed under this Section. By providing Feedback, you grant the Company, its affiliates, and their respective successors and assigns a perpetual, irrevocable, worldwide, transferable, sublicensable, royalty-free license to use, reproduce, modify, and commercialize the Feedback for any purpose connected with the Services, without attribution or compensation to you. You represent that you have the right to grant this license and that the Feedback does not contain credentials, private keys, or malicious code.

23. Disclaimer of Warranties

YOUR USE OF THE SERVICES IS AT YOUR OWN RISK. THE SERVICES, THEIR CONTENT, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMITTED BY LAW, THE COMPANY DISCLAIMS ALL WARRANTIES, EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, AND UNINTERRUPTED OR ERROR-FREE OPERATION, AND ANY WARRANTY REGARDING THE BACKING, VALUE, LIQUIDITY, OR REDEEMABILITY OF ANY DIGITAL ASSET, THE AVAILABILITY OF ANY ROUTE OR WITHDRAWAL, THE EXECUTION OF ANY ORDER, OR THE AVAILABILITY OR SUFFICIENCY OF ANY INSURANCE FUND. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED FROM THE COMPANY OR THROUGH THE SERVICES CREATES ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS.

We cannot and do not guarantee that the Services or any materials available through them will be free of viruses or other destructive code. You are responsible for implementing sufficient procedures and safeguards to satisfy your requirements for anti-virus protection and for maintaining a means external to the Services for reconstruction of any lost data.

Nothing in these Terms excludes or limits any warranty, right, or remedy that cannot be excluded or limited under applicable law.

24. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL THE COMPANY OR ANY OF THE INDEMNIFIED PARTIES BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, BUSINESS, GOODWILL, DATA, OR ANTICIPATED SAVINGS, OR FOR ANY LOSS OF OR DIMINUTION IN THE VALUE OF DIGITAL ASSETS, ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR YOUR USE OF OR INABILITY TO USE THE SERVICES, WHETHER BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER LEGAL THEORY, AND EVEN IF FORESEEABLE OR IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TO THE FULLEST EXTENT PERMITTED BY LAW, THE TOTAL AGGREGATE LIABILITY OF THE COMPANY AND THE INDEMNIFIED PARTIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICES IN ANY TWELVE-MONTH PERIOD SHALL NOT EXCEED THE GREATER OF (A) ONE HUNDRED US DOLLARS (USD 100) AND (B) THE TOTAL TRADING FEES YOU PAID TO THE COMPANY IN THE TWELVE MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM. THIS CAP DOES NOT LIMIT THE COMPANY'S OBLIGATION TO RETURN DIGITAL ASSETS THAT ARE CREDITED TO YOUR ACCOUNTS AND THAT YOU ARE ENTITLED TO WITHDRAW UNDER THESE TERMS.

The limitations in this Section do not apply to liability arising from the Company's fraud, willful misconduct, or gross negligence, or to any liability that cannot be excluded or limited under applicable law. Each provision of this Section is severable and is intended to be enforced to the maximum extent permitted by law.

25. Indemnification

You agree to defend, indemnify, and hold harmless the Indemnified Parties from and against any claims, demands, actions, or proceedings brought by a third party, and any resulting Losses, to the extent arising out of or relating to: (a) your breach of these Terms or of any representation or warranty in them; (b) your violation of any law or of the rights of any third party; (c) activity conducted through your Master Account, Subaccounts, members, or API keys; (d) any tax obligation arising from your use of the Services; and (e) your Feedback. We will notify you promptly of any claim for which we seek indemnification and will permit you to control the defense and settlement of the claim with counsel reasonably acceptable to us, provided that you may not settle any claim in a manner that imposes obligations on, or admits fault by, any Indemnified Party without our prior written consent, and we may participate in the defense at our own expense.

26. Governing Law

These Terms, and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with them, their subject matter, or the Services, are governed by and construed in accordance with the laws of the Cayman Islands, without regard to any choice-of-law or conflict-of-laws rules that would result in the application of the laws of any other jurisdiction.

27. Arbitration and Class Action Waiver

Any dispute, controversy, or claim arising out of, relating to, or in connection with these Terms or the Services, including any question regarding their existence, validity, interpretation, performance, breach, or termination, shall be referred to and finally resolved by arbitration administered by the Cayman International Mediation and Arbitration Centre ("CI-MAC") in accordance with the CI-MAC Arbitration Rules in force at the time the arbitration is commenced, which Rules are deemed incorporated by reference into this Section. The seat of the arbitration shall be George Town, Grand Cayman, Cayman Islands. The tribunal shall consist of one arbitrator appointed in accordance with the Rules. The language of the arbitration shall be English. Judgment on the award may be entered in any court having jurisdiction.

Each party will bear its own costs and its share of the arbitrator's and CI-MAC's fees unless the tribunal orders otherwise, except that where you are an individual using the Services for personal purposes and your claim is for less than USD 10,000, we will reimburse your filing fee upon the tribunal's request unless the tribunal determines that your claim was frivolous.

YOU AND THE COMPANY AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, CONSOLIDATED, OR REPRESENTATIVE PROCEEDING. THE TRIBUNAL MAY NOT CONSOLIDATE THE CLAIMS OF MORE THAN ONE PERSON AND MAY NOT PRESIDE OVER ANY FORM OF CLASS OR REPRESENTATIVE PROCEEDING. TO THE FULLEST EXTENT PERMITTED BY LAW, YOU AND THE COMPANY EACH WAIVE ANY RIGHT TO A TRIAL BY JURY.

Notwithstanding the foregoing, either party may seek interim, provisional, or injunctive relief from any court of competent jurisdiction to protect its intellectual property, to prevent misuse of the Services, or to preserve the status quo pending arbitration, and the Company may bring an action to collect amounts owed to it in any court of competent jurisdiction in your place of residence or business. To the extent a claim is found not to be subject to arbitration, it shall be brought exclusively in the courts of the Cayman Islands, and you submit to the jurisdiction of those courts.

If you are a consumer resident in a jurisdiction whose mandatory law grants you the right to bring proceedings in the courts of your residence or prohibits pre-dispute arbitration agreements, nothing in this Section deprives you of that right.

28. Time Limit for Claims

TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM OR CAUSE OF ACTION YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICES MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CLAIM OR CAUSE OF ACTION IS PERMANENTLY BARRED.

29. General Provisions

Waiver and Severability

No waiver by the Company of any term of these Terms shall be deemed a further or continuing waiver of that term or of any other term, and any failure by the Company to assert a right or provision under these Terms shall not constitute a waiver of that right or provision. If any provision of these Terms is held by a court or tribunal of competent jurisdiction to be invalid, illegal, or unenforceable for any reason, that provision shall be eliminated or limited to the minimum extent necessary so that the remaining provisions continue in full force and effect.

Assignment

You may not assign or transfer these Terms or any of your rights or obligations under them without our prior written consent, and any attempted assignment in breach of this Section is void. The Company may assign or transfer these Terms, in whole or in part, to an affiliate or to a successor in interest in connection with a merger, reorganization, or transfer of all or substantially all of the relevant business, and will give notice of any such assignment through the Services.

Force Majeure

The Company will not be liable for any failure or delay in performance resulting from causes beyond its reasonable control, including acts of God, war, terrorism, civil unrest, labor disputes, governmental action, epidemic, failure of the internet or of any blockchain network, failure or unavailability of any third-party service provider, cyber-attack, or power or telecommunications failure.

Relationship of the Parties

Nothing in these Terms creates any agency, partnership, joint venture, fiduciary, employment, or (except as expressly stated in these Terms) custodial relationship between you and any Indemnified Party.

Survival

All provisions of these Terms that by their nature should survive termination shall survive, including provisions relating to intellectual property, disclaimers, limitations of liability, indemnification, governing law, arbitration, and the time limit for claims.

Notices

We may give notice to you by posting on the Services, by in-app notification, or by email to any address associated with your account. Notices to the Company must be sent by email to legal@polyester.com or by post to the address in the Contact section and are effective on receipt.

Language

These Terms are written in English. Any translation is provided for convenience only, and the English version prevails in the event of any conflict.

Entire Agreement

These Terms, together with the documents expressly incorporated by reference, constitute the sole and entire agreement between you and the Company regarding the Services and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Services, including the Polyester Terms of Service last updated 18 March 2025. Where these Terms conflict with an incorporated document, these Terms prevail, except that a Fee Schedule prevails as to the amount of any fee, minimum, or limit.

30. Contact

The Services are operated by Polyester Panama S.A., Suite 673, 317 PH The Century Tower, Betania, Republic of Panama. Legal notices, complaints, and questions about these Terms: legal@polyester.com. Technical support and feature requests: through the support channels described in the Polyester documentation.

Schedule A — Trading Rules and API Use

A1. Order lifecycle

An order passes through admission, matching, and settlement. Admission checks the order against market parameters and your account, and reserves the balance the order may spend. Matching gives eligible orders priority according to the price-time rules published in the PolyEngine documentation and produces one or more fills. Settlement records each fill on the Trading ledger, applies the fee or rebate, and converts the required part of the reservation into the completed trade. A full fill uses the required amount and releases any excess reservation; a partial fill keeps the remaining order amount reserved; cancellation releases only the unfilled remainder; an order with no fills releases its reservation when it ends.

A2. Order types

The order types available in a market are described in the Order Types documentation and may include limit, market, post-only, time-in-force variants, iceberg, TWAP, ladder, stop-loss market, stop-loss limit, and trailing stop. You are responsible for understanding their behavior. In particular: a market order executes against available liquidity within the price protection applied to it and may not fully execute; a stop or trigger order becomes a market or limit order when its trigger condition is met and is not guaranteed to execute at the trigger price; a TWAP or ladder order is a series of child orders executed over time or at multiple prices and may execute only partly; an iceberg order displays only part of its quantity; and a post-only order is rejected if it would execute immediately.

A3. Reference prices and clearly erroneous fills

The reference price for a market is the Index Price published for the base asset, being a volume-weighted reference built from normalized prices across leading centralized and decentralized exchanges, or, where no Index Price is available, the last fill on the Company's order book before the fill under review. A fill is eligible for cancellation or adjustment under Section 9 of the Terms if it executed at a price more than 10% away from the reference price at the time of execution, or if one of the other conditions in Section 9 applies. The Company will complete its review of a fill within 24 hours of the fill or of a report from an affected account, whichever is later, and will not cancel or adjust a fill after that window except where the fill resulted from prohibited conduct or exploitation of a vulnerability.

A4. Market parameters

Tick sizes, lot sizes, minimum and maximum order sizes, price bands, and the set of order types available in each market are published in the Platform and the APIs. The Company may change these parameters on 24 hours' notice, or immediately where required to protect the integrity of a market.

A5. API use

The APIs, including REST, WebSocket, FIX, and SBE interfaces, are made available for your own trading and account management, including through automated strategies, bots, and software agents that you operate or license. You may store API responses and use them for your internal purposes. You may not resell raw market data or account data to third parties or provide the APIs as a service to others without our written agreement.

API keys are scoped to the account for which they are created and may be restricted by permission and by IP allowlist. Requests are authenticated by signature and are subject to replay protection and freshness windows described in the developer documentation. Movements initiated through the APIs are authorized by the API key's permissions and do not use interactive MFA; you must protect API keys accordingly. Interactive owner workflows, including Guard Signer approvals, rotations, and key exports, are not available to API-key callers.

You are responsible for using client order identifiers and the idempotency features described in the developer documentation. If your connection is lost or an API key is revoked, orders already accepted by PolyEngine remain active until they fill, expire, or are cancelled, unless a cancel-on-disconnect feature is enabled for your session. The Company may publish, version, deprecate, and retire API endpoints on at least 30 days' notice for breaking changes, except where a shorter period is required to address a security issue.

Rate limits and connection limits are published in the developer documentation. We may throttle, suspend, or revoke API access where usage exceeds those limits, degrades the Services, or violates the Terms.

The hosted Polyester MCP server provides read-only access to documentation and market configuration. It does not access your account, place orders, or move funds. An AI agent that you connect to the Services using your API keys is acting on your behalf and its activity is attributed to you.

Schedule B — Fees and Routes

The authoritative source for fee amounts, VIP tiers, Route fees, minimums, and confirmation requirements is the Fee Schedule published in the Polyester documentation. This Schedule sets out how those fees are applied.

Trading fees are charged only when an order fills. There is no fee to place or cancel an order that does not fill. The fee rate is determined by your VIP tier and by whether each fill is a maker fill (your order rested on the book) or a taker fill (your order executed against resting liquidity) at the time of the fill. A single order can generate both maker and taker fills.
Fees are calculated separately for each fill from the value of that fill. For a sell order, the fee is deducted from the quote asset received. For an eligible buy order, you may choose whether the fee is paid from the quote asset spent ("Quote") or deducted from the base asset received ("Received"); the choice does not change the rate. Maker rebates, where offered, are credited as part of the same fill.
Your VIP tier is determined by rolling spot volume or average account equity as described in the VIP Tiers documentation and is recalculated on the schedule published there. Symbol-specific adjustments, promotions, and referral discounts may reduce your effective rate.
Zipper Route fees are charged in the asset being deposited or withdrawn, are the same in both directions for a given Route, and may change without notice to reflect external network costs. A deposit fee is deducted from the amount credited. A withdrawal fee is shown before you confirm and is deducted either from the amount you enter or added to it, according to the fee source you select. A deposit below the Route minimum, or in an unsupported form, is handled under the Zipper Terms.
Quick Swap fees are itemized in the quote and comprise the trading fee, the Route fees on input and output, and any service or partner charge shown. The quoted fees are fixed for the life of the quote.
Lending and borrowing charges, liquidation penalties, and liquidation fees are described in Schedule C and the lending documentation.
Polyester Chain gas for supported actions is sponsored as described in Section 7 of the Terms and is not a fee charged to you. Gas paid by your external wallet on an external chain is not controlled by the Company.
If an operation does not complete, no trading fee is charged for the uncompleted part. Route fees for a withdrawal that ends before external delivery are returned with the eligible principal, as described in the Zipper Terms.

Schedule C — Lending and Liquidation

C1. Markets and counterparties

Each lending market pools supplied Unified Assets for a single asset across all Routes. When you supply an asset, it is made available to borrowers in that market and you receive interest at the market's supply rate. When you borrow, you draw from the pool and owe the borrowed amount plus interest at the market's borrow rate. Loans are pooled; you do not contract with an identified individual lender or borrower. The Company operates the markets and the risk engine and is not itself your lender or borrower. Native Assets held in Zipper vaults as backing for Zipped Assets are not lent, and lending markets operate only on Unified Asset balances in Trading Accounts.

C2. Interest

Supply and borrow rates are variable, are determined algorithmically from each market's utilization according to the interest-rate model published for that market, accrue continuously on the schedule published in the lending documentation, and may change at any time. Rates shown in the Platform are current rates, not guarantees.

C3. Supplying and withdrawing

You may withdraw a supplied balance at any time to the extent that the market has unborrowed liquidity. When a market is highly utilized, your withdrawal may be delayed until liquidity is available. Supplied balances are not guaranteed against borrower default beyond the protections in C6.

C4. Collateral and borrowing capacity

Eligible Unified Assets in your Trading Account, including eligible assets committed to open orders where the risk engine permits, serve as collateral for your borrowings. The assets that are eligible, their collateral factors, borrow limits, and the price sources used to value them are published in the lending documentation and the Platform. Your borrowing capacity and account health are determined by the risk engine from those parameters. Each Master Account and Subaccount has its own Trading Account, collateral, and borrowings; collateral is not shared between accounts unless the Company offers a collateral-sharing arrangement and you expressly opt the relevant accounts into it, in which case the terms of that arrangement will be presented to you before you opt in.

C5. Liquidation

It is your sole responsibility to monitor your account health and maintain sufficient collateral. If your account health falls below the liquidation threshold published in the lending documentation, the risk engine may liquidate your position automatically, without prior notice, by selling collateral on the Company's order books or transferring it to the market, in whole or in part and in such order and amounts as the risk engine determines are necessary to restore health or repay the borrowing. A liquidation penalty, calculated on the liquidated amount at the rate published in the lending documentation, and a liquidation fee are deducted from your collateral on liquidation. Any collateral remaining after repayment, penalty, and fee stays in your Trading Account. Liquidation may occur during extreme volatility, network congestion, oracle delay, or unavailability of the Platform, and may be executed at prices materially different from prices available elsewhere.

C6. Shortfalls and the insurance fund

If a liquidation does not recover the full amount owed, the shortfall is met in the following order: first, from any other assets in the borrower's Trading Account; second, from the Polyester insurance fund, which the Company funds and administers at its discretion from a share of liquidation penalties and other contributions and whose balance is published in the Platform; and third, to the extent the insurance fund is insufficient, by reducing the supplied balances of lenders in the affected market pro rata. The insurance fund is finite and is not a guarantee. A borrower remains liable for any amount not recovered, and the Company may pursue recovery of it, and will credit any amount recovered back to the insurance fund or to affected lenders as applicable, so that no amount is recovered twice.

C7. Oracles, outages, and parameter changes

Collateral is valued using the Index Price for each asset. If an Index Price is unavailable or stale, the risk engine will use the fallback price source published in the lending documentation. The Company may pause new borrowing or liquidations in a market during an oracle failure or Platform outage. The Company may change collateral factors, borrow limits, interest-rate models, and liquidation thresholds and penalties on 7 days' notice, or immediately where required to protect the solvency of a market, and will not apply an increased liquidation penalty to a liquidation that occurred before the change.

C8. Delisting of a lending market or collateral asset

If the Company delists a lending market, new borrowing and supply will stop on the effective date, borrowers must repay within the Withdrawal Window, and any position not repaid by the end of the Withdrawal Window may be closed by liquidation. If an asset ceases to be eligible collateral, its collateral factor will be reduced to zero on the notice period in C7, after which positions that no longer meet requirements are subject to liquidation.

Schedule D — Referral Rewards

The referral program allows you to share a referral link or code. A user who joins through your referral (a "referred user") receives a discount on eligible positive spot trading fees, and you receive a share of the discounted fees the referred user actually pays. As of the Effective Date, the discount is 4% and the referrer share is 15%; the current rates are published on the Referrals page of the documentation and may change under D5.

Accrual. Rewards accrue only on eligible fills that carry a positive trading fee. A fill with a zero fee or a maker rebate does not generate a reward. Rewards are recorded in the Reward Ledger in the asset in which the fee was paid.
Payout. You may claim available rewards manually to your Trading Account, keeping the original assets or converting them into a payout asset you select, or enable automatic collection at an interval and in a payout asset you choose. By selecting a payout asset that differs from the reward asset, you authorize the Company to convert the rewards at the prevailing market price on its order books at the time of the claim or automatic payout, with the applicable trading fee, and to record both sides of the conversion in the Reward Ledger.
Eligibility. You may not refer yourself, your own Subaccounts, or accounts you control; create or use multiple accounts or Sybil techniques to generate referrals; generate wash, circular, or otherwise artificial volume to inflate rewards; or use spam, deceptive advertising, or misrepresentation of the Services to solicit referrals.
Reversal. The Company may withhold or reverse rewards, and reverse the corresponding discount, where the fill that generated them is cancelled under Section 9 of the Terms or where the Company reasonably determines, on the basis of recorded evidence, that the rewards were obtained in breach of this Schedule. The Company will notify you of any reversal and the reason for it, and you may request a review at legal@polyester.com.
Changes. The Company may change the discount rate, the referrer share, eligibility, or the payout mechanics on 14 days' notice published on the Referrals page, and may suspend or end the program on 30 days' notice. Changes apply to fills executed after they take effect. Rewards already recorded in the Reward Ledger remain claimable for at least 90 days after the program ends.

Schedule E — Testnet and Competition Rules

A Testnet deployment is provided for testing, evaluation, and demonstration. On a Testnet: balances, positions, rewards, points, and leaderboard standings ("Testnet Items") have no monetary value, are not redeemable, and do not represent any claim against any Indemnified Party; the Company may reset, wipe, modify, suspend, or discontinue the deployment or any Testnet Item at any time without notice or liability; features, fees, and risk parameters may differ from any production deployment and may be incomplete or simulated; and Zipper operates on test networks whose assets have no value.

Where the Company runs a competition, paper-trading event, or reward program on a Testnet, the rules published for that event (including eligibility, duration, scoring, verification requirements, prize amounts and assets, and payout method) form part of these Terms for that event. Prizes that the Company expressly promises in the rules of a specific event are the only Testnet Items that carry any entitlement, and are paid in the asset and manner stated in those rules. Nothing on a Testnet implies any entitlement to a future token, airdrop, or allocation. The Company may disqualify any participant and void any Testnet Items or prizes where it reasonably determines that the participant used multiple accounts, automation not permitted by the event rules, or other means to gain an unfair advantage, and will state the reason on request.