Derive Data Usage Policy
Updated: 9 May 2026
Table of Contents
1. Status of this policy
1.1 This Derive Data Usage Policy forms part of the Trading Rules incorporated into the Terms of Use.
1.2 Capitalised terms used but not defined in this policy have the meaning given in the Terms of Use.
1.3 This policy applies to Derive Data accessed, received, displayed, downloaded, transmitted, cached, stored, or otherwise made available through the Application, the Derive Protocol, APIs, WebSocket streams, RFQ feeds, orderbook feeds, market data feeds, account feeds, dashboards, downloads, reports, or any other related service.
2. Permitted uses
2.1 Unless otherwise agreed in writing, you may use Derive Data only for:
a. viewing markets through the Application;
b. your own personal or internal trading;
c. your own internal risk management;
d. your own internal account, portfolio, collateral, margin, settlement, and profit and loss monitoring;
e. internal research that is not published, redistributed, commercialised, or made available to third parties; and
f. API use solely in connection with your own trading, account monitoring, or internal risk systems.
3. Prohibited uses
3.1 Without our prior written consent, you must not use Derive Data to:
a. operate, support, or provide any exchange, broker, trading venue, liquidity venue, RFQ venue, OTC desk, market making service, portfolio platform, analytics platform, index product, benchmark, pricing service, valuation service, risk product, data product, API, signals product, bot, model, terminal, dashboard, research product, or commercial service;
b. redistribute, resell, sublicense, publish, broadcast, transmit, forward, share, or otherwise make Derive Data available to any third party;
c. create or maintain any benchmark, index, fixing, reference price, valuation, settlement value, volatility surface, curve, fair value price, mark price, oracle, risk model, settlement service, or financial product;
d. train, fine-tune, ground, evaluate, benchmark, or otherwise develop any artificial intelligence, machine learning, statistical, quantitative, or similar model;
e. create a substitute for the Application, Derive Protocol, Derive API, Derive markets, or any Derive-provided data service;
f. scrape, harvest, cache, store, mirror, bulk download, systematically extract, reconstruct, or attempt to reconstruct Derive Data except as expressly permitted; or
g. use Derive Data in a way that competes with, substitutes for, or replicates any service provided by us.
4. Commercial and derived data licensing
4.1 If you wish to use Derive Data for any commercial, external, redistributed, derived, benchmark, index, valuation, pricing, oracle, analytics, research, model, dashboard, product, service, or third-party use, you must obtain our prior written consent.
4.2 We may require you to enter into a separate data licence, API agreement, market data agreement, commercial agreement, or other written agreement. We may approve, reject, condition, suspend, terminate, charge fees for, or modify any permitted use at our discretion.
4.3 Any permitted derived data use may be subject to conditions, including that:
a. the derived output must involve material calculation, transformation, aggregation, or modification;
b. the original Derive Data must not be readily discernible from the derived output;
c. the derived output must not be usable as a substitute for Derive Data or the Application;
d. the derived output must not allow reverse engineering or reconstruction of Derive Data;
e. the use must comply with attribution, audit, reporting, technical, commercial, and security requirements notified by us; and
f. the use must comply with any applicable third-party data licence, oracle licence, index licence, reference data restriction, exchange data restriction, or other data-provider requirement.
5. Third-party data
5.1 Derive Data may include, reference, incorporate, or be derived from data supplied by third-party venues, oracle providers, index providers, market data providers, infrastructure providers, or other sources.
5.2 Your right to use Derive Data does not include any separate right to use third-party data except as made available through the Application for the limited purposes permitted by the Terms and this policy.
5.3 You must comply with any third-party data restrictions, notices, licences, or terms that apply to such data.
5.4 Derive Data may in some cases be derived from or depend on a limited number of third-party data sources. Where a significant pricing input or market data source has limited alternative providers, disruption to that source may affect the availability, accuracy, or continuity of Derive Data for extended periods. We are not responsible for such disruptions and may apply fallback methodologies in accordance with the Oracle, Mark Price and Settlement Policy where applicable.
6. No data warranty or benchmark reliance
6.1 Derive Data is provided as is and as available. We do not guarantee that Derive Data is accurate, complete, current, continuous, uninterrupted, manipulation-resistant, suitable for valuation, suitable for settlement, suitable for benchmark use, or appropriate for any particular purpose.
6.2 You must not rely on Derive Data as a benchmark, index, fixing, settlement source, valuation source, accounting source, tax source, audit source, or regulatory reporting source unless we have expressly agreed to that use in writing.
6.3 Without limiting section 6.1, oracle-sourced data, index-sourced data, and externally referenced pricing inputs included in Derive Data are subject to the risks described in the Oracle, Mark Price and Settlement Policy, including the risk of manipulation, dislocation, or unavailability. You must not rely on such data for any purpose that requires manipulation-resistant or guaranteed-accurate pricing without independent verification.
7. API, WebSocket and feed access
7.1 Access to any public or authenticated API endpoint, WebSocket stream, RFQ feed, orderbook feed, market data feed, account feed, or other data feed is subject to the Terms, the Trading Rules, and this policy.
7.2 API or feed access does not create any right to redistribute, commercialise, store, scrape, resell, publish, benchmark, index, or create derived products from Derive Data unless expressly agreed in writing.
7.3 We may impose rate limits, throttles, authentication requirements, reporting requirements, attribution requirements, audit requirements, contractual requirements, technical requirements, or other conditions on access to Derive Data.
7.4 Access to public API endpoints, public WebSocket streams, public market data feeds, public RFQ feeds, public orderbook feeds, public account-independent data feeds, and any other public data endpoint is subject to this policy. We may display or provide notice of this policy at or before the point of access, including through API response headers, API documentation, robots.txt, developer documentation, website notices, or other technical or written means.
If you access any public endpoint without having accepted the Terms of Use through a click-through acceptance process, you are required to review and comply with this policy before using any Derive Data obtained through that access. Commercial, external, redistributed, benchmark, index, valuation, pricing, oracle, analytics, research, model, dashboard, product, service, AI/ML, or third-party use of Derive Data obtained through public endpoints without our prior written consent is prohibited regardless of the method of access and regardless of whether formal click-through acceptance has been completed.
7.5 We may require API key registration, authentication, rate limiting, throttling, IP allowlisting, technical access controls, contractual requirements, or other conditions for access to any endpoint, stream, feed, API, or data service at any time. Circumventing or attempting to circumvent any technical access control, authentication requirement, rate limit, IP restriction, access restriction, robots.txt instruction, or other data access control constitutes unauthorised access and may give rise to liability under Applicable Law in addition to breach of these Terms and this policy.
8. Enforcement
8.1 We may monitor use of Derive Data and may restrict, throttle, suspend, terminate, condition, or require separate licensing for access to Derive Data where we reasonably consider this necessary to protect the Application, the Derive Protocol, users, market integrity, infrastructure, data rights, third-party data rights, or commercial data licensing arrangements.
8.2 Nothing in this policy requires us to provide, continue providing, license, approve, or support any access to Derive Data.
