Risk Disclosure

Last updated 1 November 2026.

This page is drawn from the Terms of Service, which govern if the two ever differ.

Trading perpetual contracts

A perpetual contract is a derivative that tracks the price of an underlying asset and has no expiry date. You do not own the underlying asset. Every market on the Service is margined and settled in USDT.

Margin. Positions are margined in cross margin: your whole perpetual balance backs every open position you hold. A loss on one position therefore reduces the margin available to all of them.

Leverage. You choose leverage per market, up to the maximum that market allows. Higher leverage means a smaller price move can liquidate you.

Mark price. We value positions, calculate unrealized profit and loss, and trigger take-profit, stop-loss and liquidation using a mark price that we determine from market data. The mark price can differ from the last traded price and from prices on other venues.

Orders. We may reject an order that is outside the price band for its market (currently 20% from the mark price), that exceeds your available margin, or that breaks a market's minimum size or price step. A market order fills against the order book at whatever prices are available and may fill at a worse price than you expected. A take-profit or stop-loss becomes a market order when triggered and is not guaranteed to fill at its trigger price, or at all.

Liquidation. If your perpetual balance, including unrealized losses, falls below the maintenance margin your positions require, some or all of your positions will be closed automatically, without notice, at the prevailing price, and you may lose your entire perpetual balance. Liquidation prices shown by the Service are estimates and can move as prices, your balance and your other positions change.

Erroneous trades. If a trade is executed at a price that is clearly wrong because of a system error, a data error or a market disruption, we may cancel it or adjust it to a fair price, and will tell you if we do.

Risks you accept

Using the Service involves serious risks, including these:

• Leverage and liquidation. Small price moves can wipe out your perpetual balance, and liquidation happens automatically.
• Volatility. Crypto-asset prices can move very sharply, at any hour, including in ways that skip past your stop-loss.
• Stablecoin risk. USDT is issued by a third party. It can lose its peg, be frozen by its issuer, or become unavailable on a network.
• Custody and counterparty risk. Your balance depends on our ability to meet our obligations, on our security and on our operations, and no compensation scheme stands behind it (section 4).
• Blockchain risk. Networks can congest, fork, halt or be attacked, and transactions on them are irreversible.
• Technology risk. Software, data feeds, wallets and browsers can fail, be attacked or be compromised, including the device that holds your agent.
• Regulatory risk. Laws on crypto-assets and derivatives change, and a change could restrict or end your access to the Service.

Only trade with money you can afford to lose.