Substantial Risk of Loss
Crypto perpetual futures are leveraged derivatives. Prices and collateral values can change rapidly, and losses can exhaust the collateral supporting a position. Further liabilities depend on the applicable contract and account arrangements. Past performance is not a reliable guide to future results.
Consider whether you understand the product, can monitor the exposure, and can bear the potential loss. Website information is not a personal recommendation or a guarantee of suitability.
Market and Collateral Volatility
Digital-asset prices can move sharply following changes in confidence, liquidity, regulation, network behavior, security incidents, or market structure. An asset can lose much or all of its value. BTC collateral introduces collateral-price risk as well as position risk.
Stablecoins can lose their peg, face redemption restrictions, or become illiquid. The asset used to value a position and the asset used to settle it may differ. Collateral haircuts, conversion, and transfer costs can affect available margin.
Leverage and Liquidation
Leverage increases exposure relative to committed collateral. Maintenance requirements, mark prices, funding charges, and other positions can change liquidation risk. Cross margin can expose shared collateral; isolated margin separates an allocation under the relevant exchange’s rules. A unified account does not make margin transferable or offsetting across every exchange.
Liquidation may occur before you can add collateral or close a position. An estimated liquidation price can move and is not a guaranteed exit level. An exchange may apply insurance-fund, auto-deleveraging, or other loss-allocation procedures under its rules during extreme conditions.
Execution, Liquidity, and Exit Orders
A displayed quote is not a commitment to fill an entire order. Orders may fill partly, at different prices, or not at all. Routing to several exchanges adds separate acknowledgement, settlement, and failure paths.
A stop-loss or take-profit order is triggered by a specified price reference; its trigger is not a guaranteed fill price. A stop-market order can suffer slippage, while a stop-limit order can remain unfilled. A cancellation request does not undo fills that occurred while it was pending.
Funding and Other Charges
Perpetual funding payments can change direction and size over time. Trading fees, service charges, conversion, settlement, network costs, and funding affect returns. A favorable execution fee does not establish a low total holding cost. Annualized rates are extrapolations, not promised returns or fixed costs.
Exchange and Custody Exposure
Exchanges and custodians can suffer cyber incidents, operational failures, withdrawal restrictions, insolvency, or legal disputes. Off-exchange settlement changes where collateral is held and how obligations are settled; it does not eliminate counterparty, ownership, settlement, or access risk.
Insurance, where applicable, is limited by the actual policy, eligible claimant, covered events, exclusions, and limits. It should not be assumed to cover trading losses, every asset, or every exchange default. A provider’s public insurance statement is not proof that a particular account is covered.
Decentralized Infrastructure
Smart contracts, bridges, validators, sequencers, oracles, and network governance can fail or be exploited. Congestion, reorganizations, forks, and outages can delay transactions or affect pricing and settlement. Some actions are irreversible. An upgrade or governance action can change the way a protocol operates.
API and Connectivity Risk
Network delays, rate limits, credential compromise, clock differences, duplicated messages, and lost connections can leave order state uncertain. Co-location and dedicated connectivity do not guarantee a fill or remove exchange matching delays. Reconcile outstanding orders and positions after an interruption before issuing replacements.
A stale quote should not be treated as live. Maintain records of requests, acknowledgements, child orders, fills, and cancellations so that discrepancies can be investigated.
Legal and Access Risk
Rules, customer restrictions, sanctions, and exchange policies can change. Access may be suspended or limited, including while positions remain open. Do not assume immediate withdrawal, transfer, or execution will always be possible.
This disclosure is not exhaustive. Review the account, exchange, custody, and settlement agreements that apply to your activity. For product questions, Contact Us. For compliance questions, Contact Us.