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名词解释 · 操作指南 · 规则说明 · 常见问题

版本：v5.0 | 更新日期：2026年5月

目录

一、名词解释

二、产品概述与核心参数

三、快速入门指南

四、做市合约机制

五、交易操作详解

六、仓位管理

七、风控与清算机制

八、存入与提取

九、费用说明

十、价格数据来源

十一、安全与授权

十二、常见问题 (FAQ)

十三、相关法律协议

一、名词解释

以下是您在使用AOU永续合约产品时会遇到的核心术语。建议您在开始交易前仔细阅读。

术语	解释
永续合约	没有到期日的衍生品合约。用USDC作保证金，通过预判价格涨跌获利。通过资金费率机制使合约价格贴近现货价格。
做多	判断价格上涨。涨了赚钱，跌了亏钱。
做空	判断价格下跌。跌了赚钱，涨了亏钱。
杠杆	用少量保证金控制更大仓位的机制。如10×杠杆，投入1 USDC可控制10 USDC的仓位。盈亏同比例放大。
保证金	开仓时投入的USDC资金，用于维持仓位，也是该笔交易中可能承担的最大损失金额。
逐仓保证金	每个仓位单独分配保证金，风险完全隔离。某仓位清算不影响其他仓位和账户余额。
做市合约（MM合约）	所有交易的链上对手方。用户下单后与MM合约成交，而非与其他用户撮合。开仓前验证覆盖率≥100%，确保盈利时有足额资金支付。
清算（强制平仓）	仓位净资产跌至维持保证金以下时，系统强制关闭整个仓位。剩余保证金全部没收并注入保险基金。
清算价格	触发强制清算的价格。杠杆越高，清算价格离开仓价越近。
维持保证金	系统要求的最低保证金水平。净资产低于此值即触发清算。
清算距离	当前价格与清算价格之间的百分比差距，数值越高越安全。
标记价格	基于外部数据源（主要是币安）计算的公允价格，用于计算盈亏和触发清算。
最新价格	本平台最近一笔成交的实时价格。
未实现盈亏	当前仓位的浮动盈亏，按标记价格计算。平仓后才变为已实现盈亏并计入余额。
累计资金费用	每8小时计算一次的费用，由智能合约累计记录，平仓时一次性结算。持仓期间不影响保证金，不触发清算。
止盈	预设目标价格，盈利达标时自动平仓锁定利润。
止损	预设保护价格，亏损达限时自动平仓控制损失。
反转仓位	一键操作：先平掉当前仓位，然后立即开一个等额的反方向仓位。
保险基金（国库）	平台专项储备资金，用于覆盖穿仓时的超额亏损，确保盈利方足额获赔。
智能合约	部署在Arbitrum区块链上的自动执行程序。交易逻辑由合约管理，无需信任第三方。
网络费 (Gas)	链上交易的矿工手续费，以ETH支付，由区块链网络收取，非平台费用。
授权请求 (Approve)	允许智能合约在指定额度内操作USDC的标准安全机制。不会直接转走资产。

💡 提示： 建议收藏本页，操作中随时查阅不熟悉的术语。

二、产品概述与核心参数

2.1 什么是AOU永续合约

AOU永续合约是基于智能合约的去中心化永续合约交易平台，部署在Arbitrum网络上。您可以使用USDC作为保证金，对加密货币价格进行杠杆化的双向（做多/做空）交易。平台采用做市合约作为对手方，确保100%保证金覆盖。所有交易链上执行，完全去中心化、非托管。

2.2 核心参数一览

参数	数值	说明
保证金币种	USDC	仅支持USDC
保证金模式	逐仓	每个仓位保证金独立隔离
杠杆范围	2× - 40×	高波动币种上限可能更低
最低开仓名义价值	20 USDC	保证金 × 杠杆 ≥ 20
单币种持仓数	1个	同币种加仓在原仓位上叠加
开仓手续费	0.01%	按仓位名义价值计算
平仓手续费	0.02%	按仓位名义价值计算
清算费用	没收全部剩余保证金	注入保险基金（国库）
资金费率结算	每8小时计算	平仓时一次性结算
清算方式	一次性全额	不做分批或阶梯清算
ADL机制	无	盈利仓位永远不被强制缩减
对手方模式	做市合约（MM合约）	开仓前100%覆盖验证
价格来源	币安	标记价格+最新价格
部署网络	Arbitrum	Gas费以ETH支付

🚨 重要： 手续费率可能根据市场情况调整，具体以DApp内实时显示为准。

三、快速入门指南

第一次使用AOU永续合约的完整步骤：

1. 打开支持的钱包，访问AOU生态DApp，点击「永续合约」。

2. 点击「存入」将USDC从钱包转入合约账户（首次存入需部署智能合约，需额外支付ETH Gas费）。

3. 选择交易对（如BTC-USDC），选择做多或做空方向。

4. 输入金额（名义价值须≥20 USDC），设置杠杆倍数。

5. 建议设置止盈止损。

6. 确认下单，完成授权后仓位即时建立。

💡 提示： 第一次交易建议小额尝试，杠杆从2×-5×起步，熟悉机制后再调整。

四、做市合约机制

4.1 什么是做市合约

做市合约（MM合约）是所有交易的链上对手方。您下单后是和MM合约成交，不是和其他用户撮合。这是「用户对合约」模式。

4.2 100%覆盖机制

每次开仓前，系统验证MM合约资金是否≥您开仓保证金的100%。不够就拒单。赔给您的钱在交易开始前就已经锁在链上。

4.3 盈亏结算

盈利平仓：MM合约将利润直接转入您的合约账户。亏损平仓：亏损金额从您的保证金划到MM合约。清算时：剩余保证金经由MM合约转入保险基金。所有结算链上执行，完全透明可查。

4.4 平台中立性

平台不与用户做对手交易，不持有方向性头寸，对用户盈亏没有任何经济利益。MM合约是完全由智能合约代码管控的中立自动化对手方。

🚨 重要： 极端行情下，MM合约可能暂时无力支撑新开仓。这是保护机制，防止无担保交易。已有仓位不受影响。

五、交易操作详解

5.1 做多与做空

做多：判断价格上涨，涨了赚跌了亏。做空：判断价格下跌，跌了赚涨了亏。方向选反了可以随时平仓或用「反转仓位」一键翻转。

5.2 杠杆选择

支持2×到40×（高波动币种上限可能更低）。杠杆越高，保证金越少，但清算价越近。使用高倍杠杆时，价格仅需反向波动很小的幅度即可触发清算，保证金将全部损失。

⚠ 警告： 新手建议从2×-5×起步。切勿在不了解风险的情况下使用高杠杆。

5.3 订单类型

市价单：按当前价格立刻成交，可能有滑点。限价单：只在指定价格或更优价格成交，但不一定能成交。限价单部分成交后，未成交部分继续挂着直到全部成交或手动取消。

5.4 止盈止损

下单页面点「自动平仓」设置。选百分比或手动输入触发价格。做多时止盈须高于开仓价、止损须低于；做空反过来。设好后弹出确认提示，随时可在仓位详情修改。

5.5 反转仓位

一键先平后开：先按市价平掉当前仓位，然后立即开等额反方向仓位。操作过程中页面显示「正在反转...」。会产生两笔手续费（平仓+开仓）。

5.6 平仓

手动平仓：仓位详情点「平仓」，选比例（25%/50%/75%/100%），确认。自动平仓：止盈止损触发时自动执行。全部平仓：总览页点「全部平仓」，显示结算明细。平仓后资金回到可用永续合约余额。

六、仓位管理

6.1 追加保证金

仓位详情 →「调整保证金」→「追加保证金」。输入金额或拖滑块，系统实时显示新的清算价格和距离。追加后等效于降杠杆，清算距离拉大。

6.2 移除保证金

从仓位取出多余USDC回到可用永续合约余额。移除后杠杆升高、清算价更近、风险加大。

⚠ 警告： 移除保证金会显著增加清算风险。请确认移除后清算距离仍在安全范围内。

6.3 当前委托

仓位详情页底部的「当前委托」区域显示您在该交易对上的未成交限价单。每条委托显示方向、规模、限价和状态。点击某条委托可查看详情或取消该订单。取消后被冻结的保证金将释放回可用永续合约余额。

6.4 当前杠杆说明

页面显示的「当前杠杆」是您最后一次手动设置的值，实际有效杠杆会随未实现盈亏和保证金变动而浮动。这是正常现象。

七、风控与清算机制

7.1 清算条件

当仓位净资产（保证金 + 未实现盈亏 - 累计资金费用）跌破维持保证金要求时，系统自动清算。

7.2 清算流程

1. 系统检测到净资产低于维持保证金。

2. 立即以市价一次性关闭整个仓位（不做分批清算）。

3. 全部剩余保证金没收，经由MM合约转入保险基金（国库）。

4. 清算的仓位在活动记录中显示为「平多 已清算」或「平空 已清算」。

🚨 重要： 清算不可逆。清算后保证金全部损失。平台绝不向您追缴任何差额——您的最大亏损就是该仓位分配的保证金。

7.3 如何避免清算

• 每笔交易都设止损，这是最基本的保护。

• 使用较低杠杆（2×-5×），让清算价远离当前价。

• 收到「清算距离仅差X%」提示时，立即追加保证金或部分平仓。

• 定期查看仓位详情，尤其在市场剧烈波动时。

• 不要满仓操作，保留可用永续合约余额以备追加保证金。

7.4 保险基金

保险基金用于覆盖穿仓（清算执行价差于破产价）时的超额亏损。资金来源：清算没收的保证金、清算盈余、平台注入的专项储备。

平台不设ADL机制——您的盈利仓位绝不会因其他用户清算被强制缩减。极端行情风险由平台通过保险基金自行承担。

⚠ 警告： 平台不对保险基金的规模或偿付能力做任何保证。

八、存入与提取

8.1 存入资产

点击「存入」，选支付钱包和账户，输入金额，确认交易。

首次存入：系统部署专属智能合约，需支付额外ETH Gas费。请确保钱包有足够ETH。

也可通过扫码存入页面复制地址从其他平台转入，Arbitrum链上转账通常1-10分钟到账。

8.2 提取资产

点击「提取」，选币种和收款钱包，输入金额。系统显示网络费和预计到账时间（约5分钟）。

提取时扣除网络费，实际到账 = 提取金额 - 网络费。

🚨 重要： 仓位占用的保证金和限价单冻结的资金无法提取，需先平仓或取消订单。

九、费用说明

费用类型	说明	比例/金额	收取方
开仓手续费	开仓时按名义价值收取	0.01%	平台
平仓手续费	平仓时按名义价值收取	0.02%	平台
清算费用	清算时没收全部剩余保证金	全额	保险基金
累计资金费用	每8小时计算，平仓时一次性结算	动态费率	多空之间
网络费 (Gas)	链上操作的矿工费	动态	区块链
合约部署费	首次存入时部署智能合约的一次性费用	一次性	区块链

💡 提示： 手续费率可能根据市场情况调整，具体以DApp内实时显示为准。

十、价格数据来源

10.1 标记价格与最新价格

本平台的标记价格和最新价格数据来源于币安交易所。标记价格基于指数价格计算（综合多个现货交易所按交易量加权平均），用于计算盈亏和触发清算。最新价格是本平台最近一笔成交价。

10.2 滑点机制

实际成交价会在标记价格基础上根据订单规模自动加/减模拟滑点。订单越大滑点越明显，模拟真实市场深度。

💡 提示： 不同平台标记价格计算方式不同，可能产生小幅偏差。如认为清算异常，请联系客服核查。

十一、安全与授权

11.1 智能合约安全

您的资产由部署在Arbitrum链上的智能合约管理，合约代码公开可查。平台无法任意动用您的资产，所有操作需钱包签名确认。

11.2 授权机制

首次使用时需授权智能合约操作USDC（ERC-20 Approve）。这是区块链标准安全机制，不会直接转走资产，可随时在钱包授权管理中撤销。

11.3 网络选择安全

🚨 重要： 存入和提取时请确保选择正确的网络（Arbitrum）。向错误网络发送资产可能导致永久丢失。

十二、常见问题 (FAQ)

交易类

Q: 我能同时做多和做空同一个币吗？

A: 不能。同一交易对同时只能持有一个仓位。如果已有做多仓位再下做空单，可以用「反转仓位」功能一键切换方向。

Q: 开仓失败是怎么回事？

A: 可能原因：1) 名义价值低于20 USDC；2) MM合约覆盖验证未通过（资金不足）；3) Gas费不足；4) 网络拥堵。失败后您的资金不会被扣除，已消耗的Gas费不退还。

Q: 为什么可用永续合约余额为0但总余额不为0？

A: 全部资金被占用：仓位保证金 + 限价单冻结 + 未实现亏损。平掉部分仓位或取消挂单可释放资金。

清算类

Q: 被清算后保证金还能拿回来吗？

A: 清算后剩余保证金全部没收并注入保险基金。大多数情况下（尤其高杠杆）保证金全部损失。

Q: 账户余额会变成负数吗？

A: 不会。逐仓模式下最大亏损就是仓位保证金。即使穿仓，保险基金兜底，绝不倒欠平台。

Q: 我被清算了但别的平台还没到那个价——为什么？

A: 不同平台标记价格计算方式不同（数据源、权重、算法），可能存在小幅偏差。如认为异常请联系客服核查。

费用类

Q: 为什么平仓到手金额比预期少？

A: 到手 = 保证金 + 盈亏 - 开仓手续费 - 平仓手续费 - 累计资金费用。最容易忽略的是累计资金费用，因为持仓期间不实时扣款。

Q: 合约部署费是什么？

A: 首次存入时部署专属智能合约的一次性网络费（ETH），后续不再收取。

做市合约类

Q: 我赢了钱从哪来？

A: 从做市合约。开仓前系统已验证MM合约持有≥100%保证金覆盖，您的利润在交易开始前就锁定在链上了。

Q: 平台会和我对赌吗？

A: 不会。平台没有方向性头寸，对您的盈亏没有任何经济利益。MM合约是由智能合约代码管控的中立对手方。

操作类

Q: 授权安全吗？

A: 安全。授权是区块链标准机制，不会直接转走资产。可以拒绝（但无法完成交易），也可随时在钱包中撤销。

Q: 选错网络资产能找回吗？

A: 资产可能无法找回。请反复确认网络为Arbitrum后再操作。如遇此情况请立即联系客服。

Q: 在哪看交易历史？

A: DApp内点「最近活动」→「查看全部」，分四个标签：交易、订单、资金费、资产总览。

十三、相关法律协议

关于服务条款、风险披露及隐私政策的详细内容，请查阅平台独立发布的《永续合约用户服务协议》《风险披露声明》《隐私政策》三份法律文件。使用本服务即表示您已阅读并同意上述全部协议。

如有任何问题，请联系AOU客服团队 support@aoulink.com

AOU生态团队 | v5.0

AOU Ecosystem · Perpetual Contracts

Help Center

Glossary · User Guide · Rules · FAQ

Version: v5.0 | Updated: May 2026

Table of Contents

1. Glossary

2. Product Overview & Key Parameters

3. Quick Start Guide

4. Market Maker Contract

5. Trading Guide

6. Position Management

7. Risk Control & Liquidation

8. Deposits & Withdrawals

9. Fees

10. Price Data Sources

11. Security & Authorization

12. FAQ

13. Legal Agreements

1. Glossary

Key terms you'll encounter when using AOU perpetual contracts. We recommend reading through these before you start trading.

Term	Definition
Perpetual Contract	A derivative contract with no expiry date. Use USDC as margin to profit from price movements. Stays close to spot price through funding fees.
Long	Betting price goes up. Profit if it rises, lose if it falls.
Short	Betting price goes down. Profit if it falls, lose if it rises.
Leverage	Controlling a larger position with less margin. E.g., 10× leverage means 1 USDC controls a 10 USDC position. Amplifies both gains and losses.
Margin	The USDC you put up to open a position. Also the maximum you can lose on that trade.
Isolated Margin	Each position has its own separate margin pool. A liquidation on one position cannot affect others.
Market Maker Contract (MM Contract)	The on-chain counterparty to every trade. Verified to hold ≥100% of your margin before opening. Ensures funds to pay your profit are locked on-chain before your trade begins.
Liquidation	When your position's net equity falls below maintenance margin, the system force-closes the entire position. Remaining margin is forfeited to the Insurance Fund.
Liquidation Price	The price that triggers forced liquidation. Higher leverage = closer to entry price.
Maintenance Margin	Minimum margin level required. Net equity below this triggers liquidation.
Liquidation Distance	Percentage gap between current price and liquidation price. Higher = safer.
Mark Price	Fair-value price from external sources (primarily Binance), used for P&L and liquidation. Protects against single-platform anomalies.
Last Price	Most recent trade price on this platform.
Unrealized P&L	Floating profit/loss on an open position, calculated using Mark Price. Only becomes real when you close.
Accumulated Funding Fees	Calculated every 8 hours, recorded by smart contract, settled in one lump sum when you close. Does not affect margin or trigger liquidation while holding.
Take-Profit	Preset price that auto-closes your position to lock in profit.
Stop-Loss	Preset price that auto-closes your position to limit loss.
Reverse Position	One-tap: close current position, immediately open equal-size opposite position.
Insurance Fund (Treasury)	Platform reserve that covers losses when liquidation execution is worse than bankruptcy price. Ensures winners get paid.
Smart Contract	Self-executing program on the Arbitrum blockchain. Manages all trading logic without trusting a third party.
Network Fee (Gas)	Blockchain transaction fee paid in ETH. Charged by the network, not by us.
Approval (Approve)	Standard blockchain mechanism that lets the smart contract move your USDC within a set limit. Does not transfer funds directly.

💡 Tip: Bookmark this page for quick reference while trading.

2. Product Overview & Key Parameters

2.1 What Is AOU Perpetual Contracts

A decentralized perpetual contract trading platform on Arbitrum. Trade crypto price movements with leverage using USDC as margin. The MM Contract acts as counterparty with 100% coverage. Fully on-chain, non-custodial.

2.2 Key Parameters

Parameter	Value	Notes
Margin Asset	USDC	USDC only
Margin Mode	Isolated	Each position ring-fenced
Leverage	2× – 40×	Max may be lower for volatile pairs
Min Notional Value	20 USDC	Margin × Leverage ≥ 20
Positions per Pair	1	New orders stack onto existing position
Opening Fee	0.01%	Of notional value
Closing Fee	0.02%	Of notional value
Liquidation Cost	All remaining margin	Forfeited to Insurance Fund
Funding Settlement	Every 8 hours	Settled on close
Liquidation Type	One-shot, full	No partial/staged liquidation
ADL	None	Winners never forcibly reduced
Counterparty	MM Contract	100% coverage verified at opening
Price Source	Binance	Mark Price + Last Price
Network	Arbitrum	Gas paid in ETH

3. Quick Start Guide

1. Open a supported wallet, visit the AOU DApp, tap "Perpetual Contracts."

2. Tap "Deposit" to move USDC into your contract account (first deposit deploys your smart contract — extra ETH gas required).

3. Pick a pair (e.g., BTC-USDC), choose long or short.

4. Enter amount (notional ≥ 20 USDC), set leverage.

5. Set stop-loss/take-profit (recommended).

6. Confirm. Position opens instantly after approval.

💡 Tip: Start small, leverage 2×–5×. Learn the mechanics before going bigger.

4. Market Maker Contract

4.1 What It Is

The MM Contract is the on-chain counterparty to every trade. User-to-contract model — you never trade against other users.

4.2 100% Coverage

Before any position opens, the system verifies the MM Contract holds ≥ 100% of your margin. Fails? Order rejected. The money to pay your profit is locked on-chain before your trade begins.

4.3 Settlement

Win: MM Contract sends profit to your account. Lose: loss deducted from your margin to MM Contract. Liquidation: remaining margin goes to Insurance Fund via MM Contract. All on-chain, fully transparent.

4.4 Platform Neutrality

We don't trade against you. No directional exposure. No financial interest in your outcomes. The MM Contract is a neutral, automated counterparty.

🚨 Important: In extreme conditions, the MM Contract may temporarily lack balance for new openings. This is a safety mechanism. Existing positions unaffected.

5. Trading Guide

Long = bet price goes up. Short = bet price goes down. Wrong direction? Close anytime or tap "Reverse." Leverage: 2×–40×. Higher leverage = less margin needed but liquidation price closer. At high leverage, even a small adverse move can wipe out your margin.

⚠ Warning: Beginners: start at 2×–5×. Never use high leverage without understanding the risk.

Order types: Market (instant, may slip) and Limit (your price or better, may not fill). Partial fills stay open until filled or cancelled. Stop-loss/take-profit: set via "Auto Close." Reverse Position: one-tap close-and-flip (two fees). Closing: manual (pick %), auto (SL/TP), or Close All.

6. Position Management

Add Margin: lowers effective leverage, pushes liquidation price away. Remove Margin: raises leverage, pulls liquidation price closer — use with caution.

⚠ Warning: Removing margin significantly increases liquidation risk. Confirm the new liquidation distance before proceeding.

Current Orders: the bottom of the position details page shows your pending limit orders for that pair. Each entry displays direction, size, limit price, and status. Tap any order to view details or cancel it. Cancelled orders release their frozen margin back to your available perpetual contract balance.

Current Leverage: the leverage shown on screen is whatever you last set manually. Your effective leverage changes in real time as P&L and margin shift — this is normal.

7. Risk Control & Liquidation

Trigger: net equity (margin + unrealized P&L − funding fees) below maintenance margin. Process: one-shot full close at market → all remaining margin forfeited → sent to Insurance Fund via MM Contract. Liquidated positions appear in your activity log as 'Close Long - Liquidated' or 'Close Short - Liquidated.' Your max loss = position margin. Account never goes negative.

🚨 Important: Liquidation is irreversible. Always set a stop-loss. Don't max out leverage. Keep available perpetual contract balance for margin top-ups.

7.1 Insurance Fund

Covers shortfalls from liquidations executing worse than bankruptcy price. Funded by forfeited margins + surplus + Platform reserves. No ADL — your wins are never forcibly reduced.

8. Deposits & Withdrawals

Deposit: tap "Deposit," pick wallet, enter amount. First deposit deploys your smart contract (one-time ETH gas). QR-code deposit also available — Arbitrum transfers arrive in 1–10 min.

Withdraw: tap "Withdraw," enter amount, pick receiving wallet. Network fee deducted, ~5 min arrival. Margin locked in positions and pending orders cannot be withdrawn.

9. Fees

Fee Type	Description	Rate/Amount	Collected By
Opening Fee	Charged on notional value at opening	0.01%	Platform
Closing Fee	Charged on notional value at closing	0.02%	Platform
Liquidation	All remaining margin forfeited	Full amount	Insurance Fund
Funding Fees	Calculated every 8h, settled on close	Dynamic	Long ↔ Short
Network Gas	Blockchain transaction fee	Dynamic	Blockchain
Contract Deploy	One-time fee on first deposit	One-time	Blockchain

10. Price Data Sources

Mark Price and Last Price are sourced from Binance. Mark Price uses a volume-weighted index across major spot exchanges — protects against manipulation on any single exchange. Slippage is simulated based on order size to model real market depth.

11. Security & Authorization

Your assets are managed by smart contracts on Arbitrum — code is public and verifiable. We can't move your funds without your wallet signature. USDC approval (ERC-20 Approve) is standard blockchain security — does not transfer funds, revocable anytime.

🚨 Important: Always confirm you're on the Arbitrum network before depositing or withdrawing. Sending to the wrong network may result in permanent loss.

12. FAQ

Trading

Q: Can I long and short the same coin simultaneously?

A: No. One position per pair. Use "Reverse Position" to flip direction.

Q: Why did my order fail?

A: Possible causes: notional < 20 USDC; MM Contract coverage check failed; insufficient gas; network congestion. Your funds are safe — only gas is consumed on failure.

Liquidation

Q: Can I get my margin back after liquidation?

A: No. All remaining margin is forfeited to the Insurance Fund.

Q: Can my balance go negative?

A: No. Isolated margin caps your loss. Insurance Fund covers any overshoot.

Fees

Q: Why is my closing payout less than expected?

A: Payout = margin + P&L − opening fee − closing fee − accumulated funding fees. Funding fees are the most commonly overlooked since they don't deduct in real time.

MM Contract

Q: Where does my profit come from?

A: The MM Contract. Coverage is verified before your trade opens — your profit money is already locked on-chain.

Q: Does the Platform bet against me?

A: No. Zero directional exposure. The MM Contract is a neutral, code-governed counterparty.

13. Legal Agreements

For full terms, risk disclosures, and privacy details, please refer to the separately published User Service Agreement, Risk Disclosure Statement, and Privacy Policy. By using this service, you confirm that you have read and accepted all three documents.

Questions? Contact us at support@aoulink.com.

AOU Ecosystem Team | v5.0

AOU生态 永续合约

用户服务协议

版本 1.0 ｜ 生效日期：2026年5月1日

【联系邮箱：support@aoulink.com】

本协议同时提供英文版本，如中英文存在不一致，以英文版为准。

第一条 总则

1.1 本协议由 AOU TRADING LIMITED（依美国加利福尼亚州法律设立，以下简称「平台」或「我们」）与使用AOU生态永续合约服务的用户（以下简称「您」）共同签署，对双方均具有法律约束力。

1.2 使用永续合约服务前，请您务必仔细阅读本协议全部内容。点击「同意」、勾选确认框或以任何方式使用本服务，即视为您已阅读、理解并接受本协议的约束。

1.3 平台有权不时修订本协议。修订内容将通过DApp内公告或推送通知提前告知您，修订后的条款自公告载明之日起生效。您在修订生效后继续使用服务，即视为接受修订后的条款。

1.4 如本协议与平台发布的其他规则或公告存在冲突，以最新发布的版本为准。

第二条 用户资格

2.1 您声明并保证自己年满18周岁（或达到所在地法定成年年龄），具备完全民事行为能力。

2.2 您声明并保证并非以下受限地区的居民、公民或税务居民：美国及其海外领土（包括波多黎各、美属维尔京群岛、关岛、美属萨摩亚、北马里亚纳群岛）、中国大陆、英国、加拿大安大略省、朝鲜、伊朗、叙利亚、古巴、克里米亚/顿涅茨克/卢甘斯克地区、缅甸，以及任何法律禁止或要求持牌经营加密杠杆衍生品而平台未取得相应牌照的司法管辖区。

2.3 特别提示：本服务不面向美国《商品交易法》或《1933年证券法》所定义的美国人士。平台未在美国商品期货交易委员会（CFTC）或美国证券交易委员会（SEC）注册，所提供的产品不属于受监管的期货合约、期权或掉期合约。

2.4 您对钱包安全承担全部责任，包括私钥和助记词的妥善保管。平台无法找回遗失的凭证，因您未妥善保管导致的未授权访问，平台不承担任何责任。

2.5 首次存入资金时，系统将为您部署专属智能合约并要求USDC授权。您知悉上述操作的必要性，并同意承担由此产生的Gas费用（通过Arbitrum网络以ETH支付）。

第三条 服务内容

3.1 平台提供以USDC为保证金的永续合约交易服务，支持对加密货币价格变动进行杠杆化的双向（做多/做空）交易。

3.2 平台采用完全去中心化的非托管架构，所有交易均通过部署在Arbitrum网络上的链上智能合约结算。平台在任何时候都不托管用户资金。

3.3 所有仓位均采用逐仓保证金模式——每个仓位的保证金独立隔离，某一仓位的清算不会影响其他仓位或您的账户余额。

第四条 做市合约机制

4.1 您的每一笔交易都以做市合约（Market Maker Contract，简称「MM合约」）作为对手方，而非与其他用户撮合。这是「用户对合约」模式。

4.2 每次开仓前，系统会验证MM合约中的资金是否不低于您的开仓保证金的100%。如果资金不足，订单将被拒绝并通知您。未通过覆盖验证的仓位无法开立。

4.3 核心保障：支付您盈利所需的资金在您交易开始之前就已经锁定在可验证的链上合约中。您无需信赖另一个交易者或平台来兑付——资金已预先链上承诺。

4.4 盈利平仓时，MM合约将利润直接转入您的合约账户；亏损平仓时，亏损金额从您的保证金划转至MM合约。所有结算均在链上执行并记录，完全透明可查。

4.5 仓位被清算时，剩余保证金经由MM合约转入保险基金（国库），平台本身不保留任何清算资金。

4.6 平台不与用户做对手交易，不持有任何方向性头寸，对用户的盈亏没有任何经济利益。MM合约是由不可篡改的智能合约代码管控的中立、全自动化对手方。

第五条 交易规则

5.1 开仓：仓位名义价值（保证金 × 杠杆）不得低于20 USDC。同一交易对同时仅可持有一个仓位，同币种新订单将叠加至现有仓位。仅当MM合约通过100%覆盖验证时方可开仓。

5.2 平仓：支持全部平仓和部分平仓。部分平仓后剩余仓位名义价值须不低于20 USDC，否则须全部平仓。平仓时一次性扣除累计资金费用。

5.3 杠杆倍数：最低2×，最高40×。高波动币种的最高杠杆可能更低。

5.4 订单类型：市价单（按当前价格即时成交，可能产生滑点）和限价单（仅在指定价格或更优价格成交）。

5.5 资金费用每8小时根据市场多空比例重新计算一次。与中心化交易所实时结算不同，本平台的智能合约会逐期累计应付/应收金额，在您平仓时一次性扣除。持仓期间，累计资金费用不减少可用保证金，也不会触发清算。

第六条 清算机制

6.1 当仓位净资产（保证金 + 未实现盈亏 - 累计资金费用）跌破维持保证金要求时，系统将自动清算该仓位。

6.2 清算为一次性全额清算——整个仓位按市价一次性关闭，不进行分批或阶梯清算。

6.3 全部剩余保证金被没收，经由MM合约划入保险基金。平台绝不向您追缴任何差额——您的最大亏损就是该仓位分配的保证金。

6.4 清算基于标记价格触发，标记价格数据来源于币安。

第七条 保险基金

7.1 保险基金（国库）用于弥补清算执行价差于破产价格时产生的穿仓亏损。

7.2 资金来源：清算没收的保证金（主要来源）、清算盈余以及平台注入的专项储备。

7.3 平台不实行自动减仓（ADL）机制。您的盈利仓位绝不会因为其他用户的清算而被强制缩减。

7.4 平台不对保险基金的规模或偿付能力做任何保证。

第八条 费用

8.1 开仓手续费：名义价值的0.01%，开仓时收取。平仓手续费：名义价值的0.02%，平仓时收取。清算时没收全部剩余保证金，不另收手续费。资金费用于平仓时结算。Gas费通过Arbitrum网络以ETH支付，由区块链网络收取，非平台收入。

8.2 平台可通过DApp内公告提前调整费率。

第九条 风险披露

9.1 您确认已阅读并理解《风险披露声明》，该声明构成本协议不可分割的组成部分。

9.2 杠杆交易可能导致全部保证金损失。

9.3 您承诺仅使用亏完也不影响正常生活的闲余资金进行交易。

第十条 免责与责任限制

10.1 服务按「现状」提供，平台不做任何明示或暗示的保证。

10.2 因市场行情变动、您的操作失误、区块链网络延迟、预言机数据偏差或不可抗力事件所造成的损失，平台均不承担责任。

10.3 平台的累计最高赔偿责任以争议发生前12个月内您向平台支付的手续费总额为限。

10.4 平台未在CFTC、SEC、FINRA或任何美国联邦/州监管机构注册。本平台所提供的产品不构成美国法律下的受监管金融产品。

第十一条 争议解决

11.1 本协议适用美国加利福尼亚州法律（不适用冲突法规则）。

11.2 任何争议应先友好协商；协商未果的，提交JAMS按其《综合仲裁规则》进行有约束力的仲裁。仲裁地：加利福尼亚州洛杉矶；仲裁语言：英文。

11.3 集体诉讼弃权：您同意仅以个人名义解决与平台的争议，并放弃参与集体诉讼、集体仲裁或代表人诉讼的权利。

第十二条 其他

条款的可分割性；不因不行使权利而构成弃权；本协议构成完整协议。英文版与中文版不一致时，以英文版为准。

AOU Ecosystem Perpetual Contracts

User Service Agreement

Version 1.0 | Effective Date: May 1, 2026

【Contact: support@aoulink.com】

1. General

1.1 This User Service Agreement ("Agreement") is a binding contract between AOU TRADING LIMITED, a California corporation ("we," "us," or "the Platform"), and any individual who accesses or uses our perpetual contract trading services ("you" or "User").

1.2 By clicking "I Agree," checking the acceptance box, or using the services in any way, you confirm that you have read, understood, and accepted this Agreement in its entirety.

1.3 We may amend this Agreement from time to time. Any changes will be posted through in-dApp announcements or push notifications and will take effect on the date stated in the notice. If you continue to use the services after a change takes effect, you are deemed to have accepted the updated terms.

1.4 If there is a conflict between this Agreement and any other Platform rule or announcement, the most recent version will control.

2. Eligibility

2.1 You represent that you are at least 18 years old (or the age of majority in your jurisdiction) and are legally capable of entering into binding agreements.

2.2 You represent that you are not a resident, citizen, national, or tax resident of any Restricted Jurisdiction. Restricted Jurisdictions currently include: the United States and its territories (Puerto Rico, U.S. Virgin Islands, Guam, American Samoa, Northern Mariana Islands); mainland China; the United Kingdom; Ontario, Canada; North Korea; Iran; Syria; Cuba; the Crimea, Donetsk, and Luhansk regions; Myanmar; and any other jurisdiction where leveraged cryptocurrency derivatives trading is prohibited or requires a license that the Platform does not hold.

2.3 NOTICE TO U.S. PERSONS: Our services are not offered to, and may not be used by, "U.S. persons" as that term is defined under the Commodity Exchange Act, the Securities Act of 1933, and any rules thereunder. We are not registered with, and are not supervised by, the CFTC or the SEC. Nothing we offer constitutes a regulated futures contract, option, or swap.

2.4 You are solely responsible for the security of your wallet, including your private keys and seed phrase. We have no ability to recover lost credentials, and we are not liable for unauthorized access resulting from your failure to safeguard them.

2.5 The first time you deposit funds, the system will deploy a personal smart contract and request USDC approval. You acknowledge that this is required and that you will bear the associated gas costs (paid in ETH on the Arbitrum network).

3. The Services

3.1 We provide a USDC-margined perpetual contract trading platform that lets you take leveraged long or short positions on cryptocurrency price movements.

3.2 The Platform is fully decentralized and non-custodial. Every trade settles through on-chain smart contracts deployed on the Arbitrum network. We never take custody of your funds.

3.3 All positions use isolated margin — each position's margin is ring-fenced, so a liquidation on one position cannot affect your other positions or your account balance.

4. The Market Maker Contract

4.1 Every trade you place is matched against a Market Maker Contract ("MM Contract"), not against another user. This is a user-to-contract model.

4.2 Before your position can open, the system checks that the MM Contract holds at least 100% of your opening margin. If it does not, the order is rejected and you are notified. No position can open without this check passing.

4.3 What this means for you: the money to pay your profit already sits in a verifiable on-chain contract before your trade even begins. You do not need to trust another trader, or the Platform, to pay you — the funds are pre-committed on-chain.

4.4 When you close at a profit, the MM Contract sends your profit directly to your contract account. When you close at a loss, the loss is debited from your margin and credited to the MM Contract. Every settlement is executed and recorded on-chain.

4.5 When a position is liquidated, the remaining margin flows through the MM Contract into the Insurance Fund (Treasury). The Platform does not keep it.

4.6 We do not trade against you. We do not hold any directional exposure. We have no economic interest in whether you win or lose. The MM Contract is a neutral, fully automated counterparty governed by immutable smart-contract code.

5. Trading Rules

5.1 Minimum position size: the notional value of your position (margin × leverage) must be at least 20 USDC. You may hold only one position per trading pair at a time; any new order on the same pair will be added to your existing position. A position will only open if the MM Contract passes the 100% coverage check.

5.2 Closing: you may close all or part of a position. If you close partially, the remaining notional value must still be at least 20 USDC; otherwise you must close in full. Accumulated funding fees are deducted when you close.

5.3 Leverage ranges from 2× to 40×. The maximum may be lower for more volatile pairs.

5.4 You may place market orders (filled immediately at the current price, subject to slippage) or limit orders (filled only at your specified price or better).

5.5 Funding fees are recalculated every eight hours based on the market's long/short ratio. Unlike centralized exchanges that settle funding in real time, our smart contract accumulates the amounts owed and settles them in a single deduction when you close. While a position is open, accumulated funding fees do not reduce your available margin and cannot trigger a liquidation.

6. Liquidation

6.1 If your position's net equity (margin + unrealized P&L − accumulated funding fees) drops below the maintenance-margin requirement, the system will liquidate the position automatically.

6.2 Liquidation is all-or-nothing: the entire position is closed at market price in a single action. There is no partial or staged liquidation.

6.3 All remaining margin is forfeited and routed through the MM Contract to the Insurance Fund. We will never ask you to cover a deficit — your maximum loss is the margin allocated to that position.

6.4 Liquidation is based on the Mark Price, which is derived from Binance data.

7. Insurance Fund

7.1 The Insurance Fund (Treasury) exists to absorb shortfalls when a liquidation executes at a price worse than the bankruptcy price.

7.2 It is funded by forfeited margins from liquidations, any surplus from better-than-expected liquidation fills, and reserves contributed by the Platform.

7.3 We do not use Auto-Deleveraging (ADL). Your profitable positions will never be forcibly reduced because of someone else's liquidation.

7.4 We make no guarantee as to the size or solvency of the Insurance Fund.

8. Fees

8.1 Opening fee: 0.01% of notional value, charged when you open. Closing fee: 0.02% of notional value, charged when you close. On liquidation, your entire remaining margin is forfeited (no separate fee). Accumulated funding fees are settled on close. Network gas (paid in ETH on Arbitrum) goes to the blockchain, not to us.

8.2 We may adjust fee rates with prior notice via in-dApp announcement.

9. Risks

9.1 You confirm that you have read the separate Risk Disclosure Statement, which forms part of this Agreement.

9.2 Leveraged trading can result in the total loss of your margin.

9.3 You will trade only with money you can afford to lose entirely.

10. Disclaimers

10.1 THE SERVICES ARE PROVIDED "AS IS." WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED.

10.2 We are not liable for trading losses, your own mistakes, blockchain delays, oracle errors, or force majeure.

10.3 OUR MAXIMUM AGGREGATE LIABILITY IS CAPPED AT THE TOTAL FEES YOU PAID US IN THE 12 MONTHS BEFORE THE CLAIM AROSE.

10.4 We are not registered with the CFTC, SEC, FINRA, or any U.S. regulator. Nothing we offer is a regulated financial product under U.S. law.

11. Disputes

11.1 This Agreement is governed by California law (without regard to conflict-of-law rules).

11.2 Any dispute will be resolved by binding arbitration administered by JAMS under its Comprehensive Rules, seated in Los Angeles, California, conducted in English.

11.3 CLASS-ACTION WAIVER: You agree to resolve disputes with us only on an individual basis. You waive any right to participate in a class action, class arbitration, or representative proceeding.

12. General Provisions

Severability; no waiver by inaction; entire agreement. Where both English and Chinese versions exist, the English version controls.

AOU生态 永续合约

隐私政策

版本 1.0 ｜ 生效日期：2026年5月1日

【联系邮箱：support@aoulink.com】

本政策同时提供英文版本，如中英文存在不一致，以英文版为准。

一、我们是谁

AOU TRADING LIMITED（加利福尼亚州注册公司）运营部署在Arbitrum网络上的AOU生态永续合约平台。本政策说明我们收集哪些数据、为什么收集，以及如何使用。

二、我们收集什么

您提供的信息：钱包地址；您下达的每一笔指令（开仓、平仓、止盈止损设置、保证金调整、反转仓位）；以及您与客服的沟通内容。

交易产生的数据：完整交易记录；持仓详情（交易对、方向、杠杆、保证金、清算价格）；盈亏数据；累计资金费用明细（智能合约每8小时自动计算）；限价单状态和成交比例。

智能合约数据：首次存入时为您部署的专属合约地址；USDC授权记录（额度、状态）；MM合约交互日志（每次开仓前的覆盖率验证结果）。

账户数据：总余额和可用余额；存入与提取记录（金额、网络、时间、交易哈希）。

自动收集的数据：设备型号及系统版本；IP地址；页面浏览、功能使用和点击行为；风险提示交互（如清算距离告警出现次数）。

区块链公开信息：您的钱包地址和链上交易对任何人可见——这是区块链的固有特性，并非我们主动披露。

三、我们怎么用

提供核心服务：执行交易；开仓前验证MM合约覆盖率≥100%；计算盈亏和资金费用；监控仓位风险并触发清算；维护保险基金记录；展示您的交易历史。

安全风控：检测异常交易行为；监控资金池水位；审计清算执行。

通知您：交易确认、清算预警、保证金提醒、费率变更公告。

改进产品：仅使用匿名化、汇总后的统计数据——绝不使用可识别您个人身份的交易数据。

法律合规：依法回应司法机关或监管机构的合法信息请求。

四、自动化处理

以下操作由系统自动执行：强制清算（标记价格触发）、资金费用累计（智能合约每8小时计算）、止盈止损执行、MM合约覆盖率验证。这些处理是合约运行所必需的，不属于用户画像分析。

五、哪些数据删不掉

写入Arbitrum区块链的所有数据——交易记录、清算记录、资金费用结算——公开且永久存在。我们删不了，您也删不了。如果您申请删除数据，我们会清除链下数据库中的所有内容（使用行为分析、通知偏好、客服工单），但链上记录不受影响。

六、保留多久

链上数据：永久（区块链特性）。交易和盈亏记录：账户注销后至少保留5年（法律和税务要求）。使用行为数据：最长2年后删除或匿名化。客服记录：最长3年。

七、跟谁共享

我们不出售您的数据。以下情况可能共享：法律要求时向执法或监管机构提供；与服务供应商（云主机、数据分析）共享，均签有保密协议；如公司被收购或合并，信息可能作为交易资产转让。我们从币安获取价格数据，但不向币安发送任何用户信息。您的交易会广播至Arbitrum网络节点，这是链上交易的正常流程。

八、您的权利

您可以在DApp的活动记录中查看完整交易历史。可以随时在钱包的授权管理中撤销USDC授权。可以要求我们删除链下数据（链上数据限制见第五条）。加州居民享有CCPA项下的额外权利——知情权、删除权和拒绝出售权。我们不出售数据。

九、联系我们

【support@aoulink.com】

请在邮件主题注明「隐私请求」，我们将优先处理。

十、政策变更

我们可能更新本政策。变更前会通过DApp内通知告知您。变更生效后继续使用服务即视为接受更新后的政策。

AOU Ecosystem Perpetual Contracts

Privacy Policy

Version 1.0 | Effective Date: May 1, 2026

【Contact: support@aoulink.com】

1. Who We Are

AOU TRADING LIMITED, a California corporation, operates the AOU Ecosystem perpetual contract platform on the Arbitrum network. This policy explains what data we collect, why, and what we do with it.

2. What We Collect

Things you give us: your wallet address; every order you place (opens, closes, stop-loss/take-profit settings, margin adjustments, reversals); and any messages you send to support.

Things we generate from your trading: full trade history; position details (pair, direction, leverage, margin, liquidation price); P&L figures; accumulated funding-fee ledger (calculated every 8 hours by the smart contract); limit-order status and fill rates.

Smart-contract data: the address of the personal contract deployed for you on first deposit; your USDC approval records (amount, status); and MM Contract interaction logs (coverage-check results at each opening).

Account data: total and available balances; deposit and withdrawal history (amounts, networks, timestamps, transaction hashes).

Automatically collected: device type and OS; IP address; pages viewed, features used, and click patterns; how you interact with risk alerts (e.g., liquidation warnings).

Blockchain data: your wallet address and on-chain transactions are publicly visible to anyone. That is how blockchains work — it is not something we choose to disclose.

3. How We Use It

To run the service: executing your trades; verifying that the MM Contract has ≥ 100% coverage before opening a position; calculating your P&L and accumulated funding fees; monitoring positions for liquidation; maintaining Insurance Fund records; showing you your trade history.

To keep things safe: spotting unusual trading patterns; monitoring fund-pool levels; auditing liquidation execution.

To keep you informed: sending trade confirmations, liquidation warnings, margin alerts, and fee-schedule updates.

To improve the product: aggregated, anonymized analytics only — never your individual trading data.

To comply with the law: responding to lawful requests from courts or regulators.

4. Automated Processing

Several things happen automatically: liquidation (triggered by Mark Price when your equity drops below maintenance margin); funding-fee accrual (every 8 hours, settled on close); stop-loss/take-profit execution; and MM Contract coverage checks. These are all necessary to run the contract — they are not optional profiling.

5. What You Can't Delete

Anything written to the Arbitrum blockchain — trades, liquidations, funding settlements — is public and permanent. We cannot erase it, and neither can you. If you ask us to delete your data, we will remove everything in our off-chain databases (usage analytics, notification preferences, support tickets) but the on-chain record stays.

6. How Long We Keep It

On-chain data: forever (blockchain). Trade and P&L records: at least 5 years after you close your account (legal and tax requirements). Usage analytics: up to 2 years, then deleted or anonymized. Support tickets: up to 3 years.

7. Who We Share With

We do not sell your data. We may share it with: law enforcement or regulators when legally required; service providers who help us run the platform (cloud hosting, analytics), all under confidentiality agreements; a buyer if we are acquired or merged. We pull price data from Binance but send them nothing about you. Your transactions are broadcast to Arbitrum network nodes as part of normal network operation.

8. Your Rights

You can view your full trade history in the DApp. You can revoke your USDC approval at any time through your wallet's approval manager. You can ask us to delete off-chain data (see Section 5 for the blockchain caveat). California residents have additional rights under the CCPA — right to know, right to delete, and right to opt out of data sales. We do not sell data.

9. Contact

【support@aoulink.com】

Put "Privacy Request" in the subject line and we will prioritize it.

10. Changes

We may update this policy. We will notify you in the DApp before changes take effect. Continued use after that means you accept the update.

AOU生态 永续合约

风险披露声明

版本 1.0 ｜ 生效日期：2026年5月1日

请在使用永续合约服务前仔细阅读本声明。本声明构成《用户服务协议》不可分割的组成部分。

本声明同时提供英文版本，如中英文存在不一致，以英文版为准。

一、核心警示

永续合约杠杆交易风险极高。您可能在极短时间内、毫无预警地损失全部保证金。请勿使用亏不起的钱进行交易。

二、杠杆风险

杠杆让您用少量保证金控制大额仓位，盈亏同比例放大。使用高倍杠杆时，价格仅需反向波动很小的幅度即可触发清算，保证金将全部损失。过去赚钱不代表以后也能赚钱。

三、清算风险

亏损触及维持保证金线时，系统会在一瞬间强制关闭整个仓位，没有分步缓冲。您可能来不及做任何操作。止损单能降低风险，但遇到价格跳空时也可能「兜不住」。

四、市场风险

加密货币市场全年无休、24小时交易。价格可能因新闻、监管、黑客事件或市场情绪剧烈波动。历史上曾出现过单日跌幅超30%的极端行情，未来仍可能重演。重大行情随时可能发生——包括您入睡或无法操作的时候。

五、做市合约风险

开仓前，MM合约会验证自身资金不低于您保证金的100%——也就是说，赔给您的钱在交易开始前就已经锁在链上了。但请注意：(a) 该验证只在开仓瞬间进行，并非持续监测；(b) 极端行情下MM合约可能暂时无力支撑新开仓，这是保护机制而非故障；(c) 智能合约代码仍可能存在未被发现的漏洞。

六、资金费用风险

资金费用每8小时累计一次，平仓时一次性扣除。如果长期持仓，累计金额可能相当可观，足以侵蚀利润甚至加剧亏损。请养成定期查看累计资金费用的习惯。

七、技术风险

智能合约可能有漏洞、区块链可能拥堵、预言机可能推送错误价格、服务器可能宕机。以上任何一项都可能影响您的交易，而我们无法完全杜绝。

八、监管风险

全球加密衍生品监管正处于快速变化期。新法规可能要求平台调整服务范围、限制特定地区用户或被迫停止运营。平台未在CFTC、SEC或任何美国监管机构注册。您有责任自行了解并遵守所在地的法律法规。

九、保险基金风险

保险基金用于应对极端穿仓，但规模有限。我们不对其充足性做任何承诺。

十、其他风险

USDC存在脱锚风险。私钥一旦丢失，资金将永久无法找回。以上清单无法穷尽所有风险，新的风险类型随时可能出现。

十一、确认声明

使用本服务即表示您确认：

(a) 已仔细阅读并理解以上全部内容；(b) 清楚知道可能亏掉全部保证金；(c) 具备足够的金融知识和交易经验来评估风险；(d) 仅使用亏完也不影响正常生活的闲余资金；(e) 自愿承担全部风险和后果；(f) 理解MM合约的100%覆盖机制不等于保证盈利。

AOU Ecosystem Perpetual Contracts

Risk Disclosure Statement

Version 1.0 | Effective Date: May 1, 2026

READ THIS CAREFULLY. THIS DOCUMENT IS PART OF YOUR USER SERVICE AGREEMENT.

1. The Bottom Line

LEVERAGED TRADING IN PERPETUAL CONTRACTS IS HIGH-RISK. YOU CAN LOSE EVERYTHING YOU PUT IN — QUICKLY AND WITHOUT WARNING. DO NOT TRADE WITH MONEY YOU CANNOT AFFORD TO LOSE.

2. Leverage

Leverage lets you control a large position with a small deposit. It magnifies gains and losses equally. At high leverage, even a small adverse price movement can trigger liquidation and wipe out your entire margin. Past profits are no guarantee of future results.

3. Liquidation

When your losses eat through enough of your margin, the system will force-close your entire position in one shot. This can happen in a fraction of a second — faster than you can react. Stop-loss orders help, but they cannot protect you against price gaps or flash crashes.

4. Market Volatility

Crypto markets trade around the clock, 365 days a year. Prices can swing wildly on news, regulation, hacks, or pure sentiment. Single-day drops of 30%+ have happened before and will happen again. Major moves can occur while you sleep.

5. Market Maker Contract

The MM Contract checks that it holds at least 100% of your margin before your position opens — so there is always money on-chain to pay you if you win. However: (a) this check happens at opening, not continuously; (b) in extreme conditions the MM Contract may not have enough to open new positions — that is a safety feature, not a bug; (c) the smart contract code could contain undiscovered vulnerabilities.

6. Funding Fees

Funding fees accrue every eight hours while you hold a position, but they are not deducted until you close. If you hold for a long time, these can add up to a meaningful sum that eats into — or even exceeds — your profit. Check your accumulated fees regularly.

7. Technology

Smart contracts can have bugs. Blockchains can get congested. Oracles can feed bad prices. Our servers can go down. Any of these can affect your trades, and none of them are things we can fully prevent.

8. Regulation

Laws around crypto derivatives are changing fast in almost every country. New rules could force us to restrict services, block certain users, or shut down altogether. We are not regulated by the CFTC, SEC, or any U.S. agency. You are responsible for knowing the rules in your own jurisdiction.

9. Insurance Fund

The Insurance Fund is there to cover extreme losses, but it is not unlimited. We make no promises about its size.

10. Other Risks

USDC could lose its peg. You could lose your private key — permanently. This list is not exhaustive; new risks emerge all the time.

11. Your Acknowledgment

By using our services you confirm that:

(a) You have read and understood everything above. (b) You know you can lose all your margin. (c) You have enough knowledge and experience to evaluate these risks. (d) You are only trading with money you can afford to lose. (e) You accept all risks voluntarily. (f) You understand the MM Contract's 100% coverage does not guarantee a profit.