Pairpetuals Terms of Use

The Site is a user interface and information layer. We do not operate an exchange, order book, clearing house, or custodian. Matching, execution, margin, liquidation, funding, and settlement happen on Hyperliquid. We do not hold your private keys and cannot withdraw, transfer, or otherwise move funds from your wallet.

We attach a Hyperliquid builder code to orders sent through certain features of the Site. That adds a builder fee on top of Hyperliquid’s own fees, at per-feature rates disclosed in the interface before you commit and always within the fee cap your wallet signed. See Section 8 (Fees).

We are not, and the Site is not:

• a broker-dealer, futures commission merchant, introducing broker, or commodity trading advisor;
• an exchange, multilateral trading facility, or organised trading facility;
• an investment adviser, portfolio manager, or fund;
• a bank, e-money firm, payment institution, money transmitter, VASP, or CASP;
• a counterparty to your trades.

Nothing on the Site is an offer of securities, derivatives, or investment advice. Displaying two markets as a pair is a way of presenting data and shaping orders. It is not a recommendation, and it is not a claim that pair trading is safe. A pair is two leveraged perpetual positions; both legs can lose money at the same time.

We are not authorised to offer a derivatives or crypto-asset trading service to the public in countries where that activity requires a financial licence. Using the Site from those places can put both you and us in breach of local law.

You must not access or use the Site if you are a citizen, resident, tax resident, or person located in, or an entity organised in, any of the following (“Restricted Jurisdictions”):

• United States, including all states and territories. U.S. Persons — defined broadly, including U.S. citizens anywhere in the world, green-card holders, U.S.-organised entities, and persons otherwise subject to U.S. taxation — are prohibited from using the Site for perpetual futures.
• United Kingdom
• Every EU and EEA member state, including Ireland, France, Germany, the Netherlands, Spain, Italy, Sweden, Norway, Iceland, and Liechtenstein
• Switzerland
• Australia
• Canada, including Ontario and Quebec
• Singapore
• Hong Kong
• Japan
• Republic of Korea
• People’s Republic of China
• India
• New Zealand
• United Arab Emirates, unless you are lawfully in a free zone where this activity is permitted to you and does not require us to be licensed
• South Africa
• Brazil
• Israel
• Taiwan
• Türkiye

This list is illustrative of high-risk licensing venues. It is not an opinion that the product is legal anywhere else.

Sanctions and embargoes

You also must not use the Site if you are in, ordinarily resident in, or organised under the laws of:

• Iran, North Korea, Syria, Cuba, or Belarus;
• Russia, to the extent prohibited by applicable sanctions;
• the Crimea, Donetsk, Luhansk, Kherson, or Zaporizhzhia regions of Ukraine;
• any other country, region, or territory sanctioned or embargoed by the United States, United Kingdom, European Union, United Nations, or Switzerland.

You must not use the Site if you are named on any sanctions list maintained by OFAC, the UN, the UK, the EU, Canada, Singapore, or Switzerland, or if you act for anyone who is.

Other jurisdictions

The Site is also restricted in any other jurisdiction where:

• offering or using the Site would require us to obtain a local financial, derivatives, or virtual-asset licence; or
• holding or trading virtual assets or perpetual futures is unlawful for you.

You represent that you are not using a VPN, proxy, or similar method to appear to be outside a Restricted Jurisdiction, and that you will not help anyone else do so.

Specific notices: we are not authorised or regulated by the UK FCA and no FOS or FSCS protection applies; we are not a MiFID investment firm or a MiCA crypto-asset service provider; we do not hold an Australian financial services licence and no Australian statutory protections apply.

You must be at least 18 years old, able to enter a binding contract, and acting for yourself and not for a person in a Restricted Jurisdiction. You alone are responsible for whether the Site is legal for you where you are.

We do not run KYC at wallet connect. That does not make the Site available where it is not. We may geo-block, drop transactions, refuse, suspend, or terminate service at any time with no notice. Technical access is not permission.

You connect a self-custodial wallet you control. You are responsible for the wallet, its seed and keys, your devices, and every approval you sign.

Signing in is a cryptographic signature proving you control the address. It transfers nothing and grants us nothing beyond a session.

If you enable order placement, your wallet signs approvals on Hyperliquid itself:

• Agent approval. You approve an agent credential that we generate. It can only place orders on your account. It cannot withdraw, transfer, or move funds, and it expires on its own schedule. We store the credential encrypted and use it solely to place orders you construct or arm through the Site. You can revoke it at any time through your wallet or Hyperliquid, and revocation kills it.
• Builder-fee approval. You approve a maximum builder fee (currently 0.04%). No fee we attach exceeds the cap you signed. You can revoke this approval at any time through Hyperliquid’s usual mechanism.

Nothing is signed without a prompt your wallet shows you. Every approval is your act. If your wallet, seed, or device is compromised, the resulting orders and losses are yours.

The Site lets you “arm” entries and exits: you set the conditions, size, and limits, and our software monitors markets and submits the order through your approved agent credential when your conditions trigger — including while you are offline.

You acknowledge and agree that:

• an armed order is your standing instruction, executed mechanically on parameters you set; it is not discretionary management, advice, or a managed account;
• we do not choose your markets, direction, thresholds, or size;
• triggers may fire in fast or gapping markets at prices materially worse than you anticipated, and may fail to fire at all due to outages, connectivity, protocol behaviour, rate limits, or errors;
• there is no guarantee of execution, monitoring continuity, or notification, and no obligation on us to intervene in, amend, or close any position;
• you are responsible for disarming any instruction you no longer want live, and for monitoring your own positions;
• we may pause, refuse, or cancel armed instructions and pending orders at any time, including for caps, maintenance, kill-switches, or suspected breach of these Terms. Doing so does not close positions already on Hyperliquid, which remain yours to manage.

Transactions are irreversible once accepted by Hyperliquid. We cannot reverse fills, liquidations, or funding payments.

The Site may display perpetual futures, including pair or relative-value layouts, on crypto and, where listed on Hyperliquid, other underlyings. These contracts are leveraged. You can lose the entire value of any position, and depending on margin mode, more than the collateral you thought you had isolated. Liquidation can happen faster than you can react and faster than any armed exit can fire.

A pair layout does not reduce risk. Both legs are leveraged perpetuals; correlation can break; both legs can lose simultaneously; funding can run against both legs.

Oracle behaviour, funding, liquidity, smart-contract and chain risk sit with Hyperliquid and with you, not with us. Statistics, signals, backtests, tracked performance, and thresholds shown on the Site are historical or model outputs, not predictions and not advice.

You pay Hyperliquid’s protocol fees on every fill. Certain features of the Site attach a builder fee on top, at per-feature rates shown in the interface before you commit. Pair features charge per leg, per fill. Armed entries and exits carry the armed rate per leg, disclosed on the arm ticket before you arm.

Every builder fee is bounded by the maximum you approved with your own wallet signature (currently 0.04%) and by the protocol’s own maximum. You can revoke the builder-fee approval at any time. We do not control Hyperliquid’s own fee schedule. Gas or bridging costs, if any, are extra. There are no success fees or hidden charges.

The Site applies caps — including per-position, aggregate, and count limits — and may include kill-switches that pause order placement. These are operational risk controls for the Site. They are not investor protection, insurance, segregation, or a guarantee of any kind, and we may change or remove them at any time.

You will not use the Site to:

• evade sanctions or launder money;
• access the Site from, or on behalf of anyone in, a Restricted Jurisdiction, including via VPN or proxy;
• manipulate markets or violate Hyperliquid’s own terms;
• attack, probe, overload, or interfere with the Site or the protocol;
• scrape in a way that degrades the service;
• resell, wrap, or rebrand the Site as if you were the operator or a licensed firm;
• misrepresent your identity, location, or authority to trade.

We and our licensors own the Site’s software, design, and content, excluding data originating from Hyperliquid and other public sources. You get a personal, revocable, non-transferable licence to use the Site under these Terms and nothing more.

The Site is provided “as is” and “as available.” We do not warrant uptime, data accuracy or timeliness, oracle quality, that a pair layout will execute the way you expect, that armed instructions will fire, or that the Site is error-free. Data can be delayed, wrong, or missing.

To the maximum extent permitted by law, we are not liable for lost profits, lost positions, liquidation, slippage, missed or mistimed triggers, display errors, downtime, third-party protocol failure, revoked or expired approvals, or unauthorised use of your wallet or agent credential.

Our aggregate liability for all claims relating to the Site is capped at the greater of USD 100 or the builder fees you paid us in the three months before the event giving rise to the claim.

Nothing in these Terms excludes or limits liability for fraud, or any other liability that cannot be excluded or limited under applicable law.

You will indemnify us and our officers, contractors, and affiliates against claims, losses, and costs arising from your use of the Site, your breach of these Terms, your armed instructions, or your use of the Site from a Restricted Jurisdiction.

We store your public wallet address, session records, the watches and armed instructions you save, and — if you enable order placement — the encrypted agent credential described in Section 5. We log your acceptance of these Terms (timestamp, wallet address, terms version, IP address). We never store your wallet keys.

We may change the Site or these Terms at any time. The current version and its date are shown at the top; continued use after a change is acceptance. We may suspend or shut down the Site at any time. That does not affect positions already on Hyperliquid — you can manage them through Hyperliquid’s own interface or another frontend. Sections 3, 10, and 13–17 survive termination.

These Terms are governed by the laws of England and Wales, without regard to conflict-of-law rules. The courts of England and Wales have exclusive jurisdiction, except that we may seek injunctive relief in any court of competent jurisdiction. This choice of law does not displace mandatory laws of the place where you are.

If a court finds any clause unenforceable, the rest remains in force.