Terms of Service — Perpetual Futures Trading

1. Acceptance of Terms

By accessing the third party platforms through the interface, you agree to these Terms. If you do not agree, do not use the Interface. If you use the Interface on behalf of an entity, you confirm you have authority to bind it, and "you" includes that entity. These Terms are published in English and Spanish; in case of discrepancy, the Spanish version prevails.

2. Eligibility and Restricted Jurisdictions

The Interface is available only to residents of the jurisdictions we list as supported from time to time. You may use it to access third party platforms if all of the following are true:

• You are at least 18 years old, or the age of majority where you live if higher.
• You are not a resident of, located in, or incorporated in a Restricted Jurisdiction. Restricted Jurisdictions are: the United States of America and its territories; the United Kingdom; Canada (Ontario); and any other jurisdiction currently prohibited by the third party platforms.
• You are not on, or owned or controlled by anyone on, any sanctions list, including, but not limited to, those kept by OFAC, Mexico, the UN, the EU, the UK, or Gibraltar. We reserve the right to verify these lists at any time and in case of any matches to take any legal or compliance measures consequently.
• Using the third party platform and trading perpetual futures is lawful for you where you are.

You must not use a VPN or other tool to hide your location or get around these restrictions. We may use geoblocking, wallet screening and other tools to enforce this Section. We may restrict or end your access at any time if we believe you are not eligible.

Some third party platforms, such as the Hyperliquid Corp.’s HIP-3 markets, use on-chain allowlists set by their deployers. Being able to use the third party platform does not mean you are allowed to trade on every market it displays.

3. Nature of the Interface

The Interface constitutes a software front-end only. It displays public data from the third party platform and helps you create and sign messages that your wallet sends to the third party platform and related protocol.

We are not any of the following:

• An exchange, trading venue, broker, dealer, futures commission merchant, clearing house or counterparty to any trade.
• The deployer or operator of any HIP-3 market, unless a market is expressly labelled as deployed by us.
• A custodian. We never hold, control or have access to your assets or private keys.
• The developer or operator of the Protocol, HyperCore or HyperEVM, or a Hyperliquid validator.

Order matching, margin, funding, liquidation and settlement all happen on the third party platform. We do not control them and cannot cancel, reverse or change any transaction once submitted.

Other interfaces to the third party platform exist, and you can interact with it directly without using our Interface.

4. Hyperliquid Corporation’s HIP-3 Markets and Third-Party Deployers

HIP-3 markets are perpetual futures markets created and run by independent third parties ("Deployers") who stake HYPE under the third party platform’s rules. Each Deployer, not us, chooses and may change at any time:

• Which assets are listed and how each contract is specified.
• The oracle and price sources used for mark and index prices.
• Leverage limits, margin requirements, open interest caps and funding settings.
• Trading fees, the collateral (quote) asset and whether cross margin is enabled.
• Whether to halt trading, delist a market or settle it at a final price.
• Whether a market is open to all or restricted to an allowlist.

We do not vet, endorse or guarantee any Deployer or market. Showing a market in the Interface is not a recommendation. You are responsible for reading each market's specifications and Deployer disclosures before you trade.

A Deployer's staked HYPE may be slashed under the third party platform’s rules, but slashing does not compensate traders. You may have no recourse against a Deployer for losses caused by its decisions, errors or misconduct.

We may choose which markets the Interface shows, and may hide or stop supporting any market at any time without notice. Markets referencing stocks, indices, commodities, currencies or other non-crypto reference assets may not be available in your jurisdiction and may be added or removed for legal or regulatory reasons. If a market in which you hold a position is removed from the Interface, you may continue to manage that position by other means.

5. Perpetual Futures Risk Disclosures

Trading leveraged perpetual futures is highly risky. You can lose all the collateral you deposit, quickly. A perpetual future gives you leveraged exposure to the price of a reference asset without owning it and without an expiry date; your gains and losses are calculated on the full notional size of your position, which may be many times your collateral. Trade only with funds you can afford to lose. By accepting these Terms you confirm that you understand how leverage, margin, funding and liquidation work and that you have not relied on us to assess whether this product is suitable for you. We may require you to complete an educational module before enabling access and may set default or maximum leverage lower than the third party platform permits. You accept the following risks, among others:

• Leverage and liquidation. Small price moves can trigger liquidation of your position and loss of your margin. Liquidations happen automatically on the third party platform.
• Auto-deleveraging. In stressed markets, the third party platform may close profitable positions against you to keep markets solvent.
• Funding. You may pay funding continuously while a position is open. Rates can change sharply.
• Oracle risk. Mark and index prices come from oracles chosen by Deployers. Oracles can be wrong, delayed, manipulated or stop working, which can cause unfair liquidations or settlement prices.
• Liquidity risk. HIP-3 markets may be thin. Spreads can be wide and you may not be able to close a position at the price you expect, or at all.
• Deployer risk. A Deployer can change parameters, halt trading or settle a market early, as described in Section 4.
• Synthetic exposure. Markets referencing stocks, commodities, indices, FX or other real-world assets give price exposure only. You do not own the underlying asset and have no shareholder, voting, dividend or delivery rights. Prices may diverge from the reference asset, especially when its home market is closed.
• Collateral risk. A market's quote asset, including any stablecoin, may lose value or its peg, or lose quote-asset status under the third party platform’s rules.
• Technology risk. The third party platform’s smart contracts, bridges, and wallets may contain bugs, suffer exploits, outages or network congestion, or be changed by governance or validators.
• Regulatory risk. Laws may change and may restrict or prohibit your access to these markets or the Interface.

This list is not complete. Information shown in the Interface, including prices, P&L, liquidation prices and funding estimates, may be delayed or inaccurate. The third party platform’s on-chain state is the only authoritative record.

6. Self-Custody and Wallets

You use your own wallet to access the third party platform. The Interface lets you create one through a third-party embedded-wallet provider; the same wallet may be used for other integrations we offer. You alone control your private keys, seed phrase and any API or agent wallets you authorise.

We cannot access, recover, freeze or move your assets. If you lose your keys or someone else gains access to them, your assets may be lost permanently.

You are responsible for checking every transaction before you sign it. Signed transactions are final. Your wallet provider's own terms govern your use of that wallet.

7. Fees

Trades placed through the Interface carry fees. All fees are final and non-refundable. You are responsible for any taxes on your trading activity.

8. Prohibited Conduct

You must not use the Interface to:

• Manipulate markets, including spoofing, layering, wash trading or attempting to manipulate oracle prices.
• Trade on inside information or break any law, including sanctions, anti-money-laundering and tax laws.
• Launder money or finance terrorism or other crime.
• Exploit bugs or vulnerabilities, or attack, overload or interfere with the Interface, the wallet provider or the third party platform.
• Scrape, copy or reverse-engineer the Interface except as open-source licences allow.
• Get around geoblocking, allowlists or other access restrictions.
• Impersonate anyone or misrepresent your identity or location.

We may block your wallet's access to the Interface if we believe you have breached this Section. This does not affect your ability to use the third party platform by other means.

9. No Advice; Third-Party Content

Nothing in the Interface constitutes investment, financial, legal or tax advice, or a recommendation to trade any market. We are not your fiduciary. You make your own trading decisions and should get independent advice where needed.

The Interface may show data, charts, links or tools from third parties, including Deployers, oracle providers and analytics services. We do not control or guarantee them, and your use of them may be subject to their own terms.

10. Availability and Changes

Availability. We may change, suspend or discontinue all or part of your access to the Interface and third party platform at any time, with or without notice. We do not guarantee it will be available, uninterrupted or error-free.

Changes to these Terms. We may update these Terms by posting a new version with a new "Last updated" date. Changes take effect when posted, unless the law requires otherwise. Continuing to use the Interface after a change means you accept it.

11. Disclaimers, Limitation of Liability and Indemnity

Disclaimer. THE INTERFACE, YOUR WALLET AND ACCESS TO THIRD PARTY PLATFORMS ARE PROVIDED "AS IS" AND "AS AVAILABLE". TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. WE MAKE NO WARRANTY ABOUT THE THIRD PARTY PLATFORM, ANY DEPLOYER, ANY MARKET OR ANY ORACLE.

Limitation of liability. TO THE FULLEST EXTENT PERMITTED BY LAW, WE AND OUR AFFILIATES, OFFICERS, EMPLOYEES AND CONTRACTORS ARE NOT LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, DATA OR DIGITAL ASSETS, INCLUDING LOSSES FROM LIQUIDATION, AUTO-DELEVERAGING, ORACLE FAILURE, DEPLOYER ACTIONS, THIRD PARTY PLATFORM FAILURE OR WALLET COMPROMISE.

OUR TOTAL LIABILITY FOR ALL CLAIMS RELATING TO THE INTERFACE IS LIMITED TO THE FEES YOU PAID US IN THE 12 MONTHS BEFORE THE CLAIM AROSE.

Some jurisdictions do not allow certain exclusions, so some of the above may not apply to you.

Indemnity. You will indemnify and hold us harmless from any claims, losses and costs, including reasonable legal fees, arising from your use of the Interface, your trades, your breach of these Terms, or your breach of any law or third-party right.

12. Disputes, Arbitration and Governing Law

Informal resolution first. Before starting any claim, you agree to contact us and try to resolve the dispute informally for at least 30 days.

Binding arbitration. Any dispute that is not resolved informally will be settled by final and binding arbitration governed by the law of El Salvador.

Class action and jury waiver. You and we may bring claims only in an individual capacity, not as a plaintiff or class member in any class, collective or representative action. You and we waive any right to a jury trial.

Exceptions. Either party may seek urgent injunctive relief in a court of competent jurisdiction, or bring an eligible claim in small-claims court.

Time limit. Any claim must be brought within one year after it arises, or it is permanently barred, to the extent permitted by law.

Governing law. These Terms are governed by the laws of El Salvador, without regard to its conflict-of-law rules.

13. General Provisions and Contact

Severability. If any provision is found unenforceable, the rest stays in effect, and that provision is enforced to the fullest extent allowed.

No waiver. Our failure to enforce a provision is not a waiver of it.

Assignment. You may not transfer your rights under these Terms. We may assign ours without restriction.

Force majeure. We are not liable for delays or failures caused by events beyond our reasonable control, including Protocol, validator, oracle or network failures, hacks, or government action.

Survival. Sections 4 to 6 and 9 to 13 survive any termination of your access. Termination does not affect your ownership or control of your wallet or any position on the third party platform.