These Terms and Conditions (“Terms”) govern the PF_SPCXXUSD Trading Competition (the “Competition”). By participating, you agree to be bound by these Terms and Kraken’s Terms of Service.

Section 1 — Sponsor

The Competition is sponsored by Tulip HoldCo Ltd., 2nd Floor, Water’s Edge Building, Wickhams Cay II, Road Town, Tortola, British Virgin Islands (“Sponsor,” “Kraken,” “we,” or “us”).

Section 2 — Eligible Areas

The Competition is open to eligible customers residing in jurisdictions where Kraken Futures trading is available, excluding the United Kingdom, the European Economic Area, the United States, Canada, and Australia. Void where prohibited.

Section 3 — Competition Period

The Competition begins on 12 June 2026 at 00:00 UTC and ends on 3 July 2026 at 23:59 UTC (the “Competition Period”). Kraken’s systems are the official timekeeping authority for all purposes under these Terms.

Section 4 — How to Participate

To participate in the Competition, you must:

1. have a Kraken account in good standing during the Competition Period;
2. have completed at least Intermediate KYC verification before the end of the Competition Period;
3. trade the PF_SPCXXUSD (SpaceX Perpetual Future) contract on the Kraken platform during the Competition Period; and
4. achieve a minimum of USD 1.00 in absolute realised profit-and-loss (“Realised PnL”) on PF_SPCXXUSD during the Competition Period to appear on the Competition leaderboard and be eligible for a Prize.

Participation in the Competition constitutes trading in futures contracts, which involves a high degree of risk. See the risk disclosure in Section 12.

Section 5 — Winner Determination and Leaderboard

Winners are determined by ranking all eligible participants by their absolute Realised PnL on PF_SPCXXUSD during the Competition Period, from highest to lowest. In the event of a tie in Realised PnL between two or more participants at any rank, the participant who first achieved that Realised PnL level during the Competition Period will be ranked higher.

The leaderboard will be updated periodically during the Competition Period and is for indicative purposes only. Final rankings are determined after the Competition Period closes and all trades have been settled. Kraken’s determination of final rankings is final and binding.

Section 6 — Prize Pool and Distribution

The total prize pool is USD 15,000, to be distributed in USDG, as follows:

The maximum number of prize recipients in the proportional pool (Ranks 21–120) is 100 participants. If fewer than 120 eligible participants qualify (i.e., achieve at least USD 1.00 Realised PnL during the Competition Period), the proportional pool will be distributed among all qualifying participants ranked 21 and above, up to the available maximum.

Prizes are non-transferable and non-exchangeable. Kraken reserves the right to substitute a prize of equal or greater value if the stated prize becomes unavailable for reasons outside Kraken’s control. The approximate retail value of the total prize pool is USD 15,000.

USDG prizes will be credited to the winner’s Kraken account within a reasonable time after final rankings are confirmed, subject to completion of any applicable verification requirements.

Section 7 — Kraken Account and KYC Requirement

To receive a Prize, a participant must, before the end of the Competition Period and before prize fulfilment:

5. have a Kraken account in good standing; and
6. have completed at least Intermediate KYC verification, plus any additional verification required by Kraken or applicable law in the participant’s jurisdiction.

Kraken reserves the right to withhold prize fulfilment pending satisfactory completion of any required verification. If a prize winner fails to satisfy the KYC requirement within a reasonable time of being notified, the prize may be forfeited and reallocated at Kraken’s discretion.

Section 8 — Eligibility

The Competition is open only to individuals who:

7. reside in an Eligible Area as defined in Section 2;
8. are at least 18 years of age (or the age of majority in their jurisdiction, if higher);
9. have a Kraken account in good standing; and
10. are not subject to any restriction under applicable law that would prohibit their participation.

Employees of Kraken and its affiliates, and their immediate family members, are not eligible to participate.

By participating, you represent and warrant that you meet all eligibility requirements and that your participation does not violate any applicable law or regulation.

Section 9 — Disqualification

Kraken reserves the right to disqualify any participant who:

11. provides false or misleading information;
12. uses multiple accounts, bots, automated trading tools designed to manipulate the leaderboard, wash trading, or any other method intended to circumvent the spirit of the Competition;
13. engages in any conduct that Kraken reasonably determines to be fraudulent, abusive, or harmful to the integrity of the Competition; or
14. violates these Terms or Kraken’s Terms of Service.

Disqualified participants forfeit any prizes. Kraken’s determination on disqualification matters is final.

Section 10 — Winner Notification and Prize Fulfillment

Final rankings will be published on the Kraken platform within a reasonable time after the end of the Competition Period. Winners will be notified via their registered Kraken account email address. Prizes will be credited to the winner’s Kraken account in accordance with Section 6. If a winner cannot be contacted or does not satisfy the requirements in Section 7 within a reasonable time of notification, Kraken reserves the right to forfeit that prize and reallocate it at its discretion.

Section 11 — Data and Privacy

By participating, you consent to Kraken using your Kraken Account ID and Competition performance data for the purposes of administering the Competition, publishing leaderboard rankings, and announcing winners. Your personal data will be processed in accordance with Kraken’s Privacy Policy, available at https://www.kraken.com/legal/privacy. Kraken will not share your personal data with third parties except as required for Competition administration or as required by law.

Section 12 — Risk Disclosure and Disclaimers

Futures and derivatives trading involves a high degree of risk and is not suitable for all investors. Leverage can work against you. You may lose more than your initial deposit. Ensure you fully understand the risks before trading. Futures products are not available in all jurisdictions.

Kraken is not responsible for:

15. any failure or malfunction of the Kraken platform, network, or infrastructure during the Competition Period;
16. any inaccurate, delayed, or incomplete data on the leaderboard during the Competition Period;
17. any trading losses incurred during the Competition Period; or
18. any event outside Kraken’s reasonable control (including exchange outages, network disruptions, regulatory changes, or force majeure events) that affects the Competition or prize fulfillment.

Section 13 — Limitation of Liability, Disputes, and Governing Law

By participating in the Competition you agree to and hereby do release and hold Kraken harmless from any damage, injury, death, loss, claim, action, demand, or other liability (collectively, “Claims”) that may arise from your acceptance, possession and/or use of any prize or your participation in this Competition, regardless of whether such Claims, or knowledge of the facts constituting such Claims, exist at the time of entry or arise at any time thereafter.

BY PARTICIPATING IN THE COMPETITION, YOU AGREE THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW: (1) ANY AND ALL DISPUTES, CLAIMS AND CAUSES OF ACTION THAT CANNOT BE RESOLVED BETWEEN YOU AND KRAKEN ARISING OUT OF OR CONNECTED WITH THE COMPETITION WILL BE RESOLVED INDIVIDUALLY, WITHOUT RESORT TO ANY FORM OF CLASS ACTION; (2) ANY AND ALL CLAIMS, JUDGMENTS AND AWARDS WILL BE LIMITED TO ACTUAL THIRD-PARTY, OUT-OF-POCKET COSTS INCURRED, (IF ANY), NOT TO EXCEED TWENTY FIVE DOLLARS ($25.00), BUT IN NO EVENT WILL ATTORNEYS’ FEES BE AWARDED OR RECOVERABLE; (3) UNDER NO CIRCUMSTANCES WILL YOU BE PERMITTED TO OBTAIN ANY AWARD FOR, AND YOU HEREBY KNOWINGLY AND EXPRESSLY WAIVE ALL RIGHTS TO SEEK, PUNITIVE, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, LOST PROFITS AND/OR ANY OTHER DAMAGES, OTHER THAN ACTUAL OUT-OF-POCKET EXPENSES NOT TO EXCEED TWENTY FIVE DOLLARS ($25.00), AND/OR ANY RIGHTS TO HAVE DAMAGES MULTIPLIED OR OTHERWISE INCREASED; (4) YOUR REMEDIES ARE LIMITED TO A CLAIM FOR MONEY DAMAGES (IF ANY) AND YOU IRREVOCABLY WAIVE ANY RIGHT TO SEEK INJUNCTIVE OR EQUITABLE RELIEF.

Dispute resolution and governing law are governed by the Kraken Terms of Service applicable to you, available at https://www.kraken.com/legal/global-terms.

Section 14 — Taxes

Participants are solely responsible for any taxes, duties, or levies arising from their receipt of a prize. Kraken does not provide tax advice. Participants should consult their own tax advisers regarding the tax treatment of any prize received.

Section 15 — General Terms

Kraken reserves the right to modify, suspend, or terminate the Competition at any time if circumstances beyond its reasonable control so require, or if Kraken determines that the integrity of the Competition has been compromised. Kraken’s decisions on all Competition matters are final and binding. If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect.