Terms of Use

Last Updated: January 2026

These Terms of Use and any terms expressly incorporated herein (the "Terms") govern your access to and use of: (a) the website located at phoenix.trade (the "Site"); (b) the web-based user interface that enables interaction with certain smart contracts on the Solana blockchain (the "Interface"); and (c) any related features, content, tools, and services provided by Solstice Technologies S. de RL. (to be formed / in formation), a company organized under the laws of the Republic of Panama ("Solstice," "Company," "we," "us," or "our") (collectively, the "Services").

BY CONNECTING A WALLET TO THE INTERFACE OR OTHERWISE ACCESSING OR USING THE SERVICES, YOU HEREBY ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTAND THESE TERMS AND HEREBY AGREE TO BE BOUND BY THESE TERMS, THE MATERIAL RISK DISCLOSURE LOCATED AT phoenix.trade/terms-of-service, AND OUR PRIVACY POLICY LOCATED AT phoenix.trade/privacy-policy.

THE SECTIONS TITLED "DISPUTE RESOLUTION AND ARBITRATION" AND "CLASS ACTION WAIVER" CONTAIN A BINDING ARBITRATION AGREEMENT AND CLASS ACTION WAIVER. THEY AFFECT YOUR LEGAL RIGHTS. PLEASE READ THEM CAREFULLY.

1. The Interface and the Protocol

1.1 Protocol. The Interface enables you to interact with on-chain smart contracts that implement a decentralized perpetual futures protocol deployed on the Solana blockchain (the "Protocol"). Transactions are executed by the Protocol on Solana, not by the Company. The Interface is a non-custodial, informational front-end and is not the exclusive means of accessing the Protocol. We do not own, control or operate the Solana network or the Protocol and are not responsible for its functionality, security, or availability.

1.2 Non-Custodial Access. To use the Interface, you must use a non-custodial, Solana-compatible digital wallet. You are solely responsible for safeguarding your private keys and wallet credentials. We do not have custody or control of your wallet, cannot retrieve or transfer assets, and cannot cancel or reverse blockchain transactions.

1.3 No Advice; Sophisticated User. You acknowledge and agree that the Services do not constitute legal, tax, financial, investment, or other professional advice. You further represent and warrant on a continuing basis that you are a sophisticated user with substantial knowledge and experience in blockchain technology, decentralized finance, perpetual futures, leverage and liquidation mechanics, smart contract risks, and the Solana network, and that you are capable of evaluating the merits and risks of using the Services without reliance on us.

1.4 Independent Access. The Protocol may be accessed through other interfaces or by interacting with the underlying smart contracts directly. Market information displayed through the Interface is derived from on-chain activity or third-party sources and is not reviewed, verified, or approved by us.

2. Eligibility; Restricted Persons and Compliance

2.1 Eligibility. By accessing or using the Services, you represent and warrant that you are at least 18 years old and have the legal capacity to enter into these Terms. If you are not at least 18 years old, do not access or use the Services.

2.2 Restricted Persons. The Services are not offered to, and may not be used by any Restricted Person. Each time you access or use the Services, you represent and warrant that you are not a Restricted Person. "Restricted Persons" include any person or entity that: (a) is located in, incorporated in, established in, or a resident or citizen of the United States of America; (b) is located in, incorporated in, established in, or a resident or citizen of any jurisdiction subject to applicable sanctions or export controls, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") or any similar authority (collectively, "Restricted Territories"); or (c) is otherwise identified on any sanctions or denied parties list. Restricted Persons are strictly prohibited from accessing or using the Services. You must not use any technology to circumvent these restrictions, including VPNs, proxies, Tor, or falsifying information about your location or identity.

2.3 Compliance. You are solely responsible for ensuring that your access to and use of the Services comply with the laws and regulations of your jurisdiction, including laws governing derivatives, digital assets, and financial services. By using the Services, you represent and warrant that your use is lawful and that all assets you use are lawfully acquired and under your sole control.

2.4 Monitoring and Enforcement. We may, but are not obligated to, monitor IP addresses, wallet addresses, transaction patterns, and other signals solely to enforce these Terms and comply with law. We may restrict, block, or disable access to the Services by any user or wallet, with or without notice, if we believe such action is necessary or advisable for compliance, legal, security, or risk management reasons.

3. Programs, Fees, and Third-Party Services

3.1 Programs. The Company may, in its sole and absolute discretion and without any obligation, liability, or prior notice (except as required by Applicable Law), from time to time offer, announce, implement, amend, suspend, terminate, or withdraw any programs, promotions, incentives, bonuses, rebates, rewards, referral benefits, trading fee discounts, deposit matches, yield enhancements, leaderboard contests, airdrops, or other benefits (collectively, "Programs") to Users. No Program creates any contractual right, entitlement, legitimate expectation, property interest, or integration into the Protocol's mechanics, trading rights, margin, collateral, leverage, or perpetual futures terms for any User. Nothing in these Terms or any Program constitutes a promise, guarantee, representation of future offerings, benefit amounts, eligibility, availability, or on-chain/off-chain delivery, nor does it constitute investment advice, financial advice, a guarantee of profit, or inducement to trade.

Participation in any Program is strictly voluntary, non-transferable, personal, and subject to these Terms, any separate terms/conditions published for the specific Program (which may be updated or replaced at any time without notice except as required by Applicable Law), and all Company policies (including eligibility restrictions in Section 2, prohibited activities in Section 4, and elsewhere). The Company reserves the unrestricted right to determine, in its sole discretion: eligibility criteria (including verification status, account activity, trading volume, jurisdiction, compliance history, minimum requirements, absence of abusive/prohibited behavior per Section 4, and any other factors); whether conditions are satisfied; the form, timing, amount (if any), and method of delivery; and whether to grant, withhold, reduce, claw back, or forfeit any benefit.

Without limiting the foregoing, the Company may at any time and without prior notice (except where required by Applicable Law):

(a) establish, interpret, amend, waive, or delete rules, conditions, thresholds, metrics, or requirements;
(b) determine or change qualification, calculation, or delivery of any benefit;
(c) suspend, modify, restrict, or terminate a Program in whole or in part, retroactively or prospectively, including for individual Users or categories;
(d) cancel, reverse, reduce, delay, claw back, or forfeit any awarded/accrued benefit for: (i) actual/suspected fraud, manipulation, wash trading, market abuse, breach of these Terms (including prohibited activities in Section 4), circumvention of rules/restrictions (including Section 2), or policy violation; (ii) account suspension, restriction, closure, liquidation, or negative balance events; (iii) regulatory, legal, compliance, or risk concerns; (iv) calculation/award error; or (v) any other good-faith reason; and
(e) offset benefits against amounts owed by the User (including trading losses, fees, funding payments, negative balances).

Unless expressly stated otherwise in specific Program terms:

Eligibility requires an active, fully verified Account in good standing (not a Restricted Person per Section 2) at all relevant times, including calculation, award, and credit/delivery dates.
Suspension, restriction, termination, closure (including voluntary withdrawal), or liquidation results in immediate/automatic forfeiture of all unpaid, unvested, or contingent benefits, with no pro-ration, appeal, or compensation.
Benefits are not earned until actually credited/delivered, and the Company may withhold/revoke pending review/verification.

Programs and benefits do not form part of trading rights, margin availability, collateral, position limits, leverage entitlements, perpetual futures contract terms, or Protocol mechanics. Benefits (e.g., rebates/discounts) apply only as specified and do not modify Company rights (including liquidation, margin calls, funding obligations, auto-deleveraging, or market making operations.

Users bear sole responsibility for any tax, reporting, or compliance obligations arising from Program benefits. The Company may withhold/deduct amounts as required or permitted by Applicable Law. Programs are promotional only and do not constitute investment/financial advice, guarantee profit, or induce trading.

The Company's determinations under this Section 3.1 are final and binding, made in good faith, and not challengeable except for proven fraud or willful misconduct by the Company (where permitted by Applicable Law). In any conflict, the most recent specific Program terms prevail over these general Terms.

3.2 Fees. You are solely responsible for all fees and expenses related to your use of the Services, including Protocol fees, on-chain network fees, and fees charged by third-party services (e.g., wallets, bridges, or oracles). We do not currently charge any interface fees, but we reserve the right to implement or modify interface fees at any time by posting an updated fee schedule on the Site. Any such changes posted on the Site or otherwise communicated through the Interface will become effective immediately upon posting or as otherwise specified. Continued access to or use of the Services after such changes constitutes your acceptance of the new or modified fees. You agree that we are not required to provide advance notice beyond such posting, except as expressly required by Applicable Law. No such fees create any entitlement, guarantee, or modification to the Protocol mechanics, trading rights, or other benefits

3.3 Third-Party Services. Your use of third-party services, products, or tools (including wallets, oracles, and analytics) is at your sole risk and is subject to the terms and policies of those third parties. We do not control or endorse, and are not responsible for, any third-party services or content.

4. Prohibited Activities

4.1 Prohibitions. In connection with your use of the Services, you agree not to, and will not permit any third party to: (a) violate any applicable law; (b) infringe any intellectual property or other proprietary rights; (c) engage in fraud, misrepresentation, or deceptive practices; (d) deploy malware or attempt to compromise the Services or the Protocol; (e) manipulate markets, including through wash trading, spoofing, layering, or pump-and-dump schemes; (f) attempt to circumvent geographic, sanctions, or eligibility restrictions; (g) engage in activity that constitutes or facilitates money laundering, terrorist financing, or sanctions evasion; (h) exploit vulnerabilities in the Services or Protocol, including without limitation by "sandwiching," "front-running," or otherwise abusing the Protocol's mechanics beyond intended use; (i) use automated systems or bots in a manner that imposes an unreasonable load or disrupts the Services or the Protocol; or (j) interfere with, disrupt, or negatively affect other users' access to or use of the Services.

4.2 Remedies. Without limiting other remedies available to us, we may, without notice to you or liability to Company, suspend or terminate your access to the Services, block or restrict wallet addresses, close or liquidate your positions, withhold or reverse rewards or fees, and take any other action we deem appropriate if we believe you have violated these Terms or your use of any of the Services poses legal, regulatory, reputational, or security risks.

5. Protocol Governance; Admin Keys; Upgrades

5.1 Admin Capabilities. Certain Protocol smart contracts may include administrative functions, including upgrade, pause, parameter adjustment, or emergency functions ("Admin Keys"), which may be controlled by the Company or its designees.

5.2 Retention and Use. The Company may retain some or all Admin Keys indefinitely and may, in its sole discretion and without notice, upgrade, modify, pause, or migrate contracts; adjust economic parameters; pause deposits, withdrawals, trading, or settlements; execute emergency withdrawals; or block specific wallet addresses or positions for legal, security, or risk reasons.

5.3 No Duty; Waiver. The Company owes no duty to exercise Admin Keys for your benefit and shall have no liability for any action or inaction related to Admin Keys. You irrevocably waive any claim arising from the existence or exercise of Admin Keys.

6. Intellectual Property; Feedback; Acceptable Use

6.1 Ownership. The Site, the Interface, and any content, software, text, graphics, images, logos, and other materials provided by or on behalf of the Company (collectively, "Content") are owned by the Company or its licensors and are protected by applicable intellectual property and other laws. Except as expressly permitted by these Terms, you may not copy, reproduce, distribute, modify, publicly display, publicly perform, create derivative works of, or otherwise exploit the Content.

6.2 Limited License. Subject to your compliance with these Terms, we grant you a limited, revocable, non-exclusive, non-transferable license to access and use the Site and Interface solely for their intended purposes. Any other use is prohibited.

6.3 Trademarks. All trademarks, service marks, and logos displayed in connection with the Services are the property of the Company or third parties. You may not use any trademarks without the prior written consent of the applicable owner.

6.4 Feedback. If you provide feedback, suggestions, or ideas regarding the Services ("Feedback"), you grant us a non-exclusive, perpetual, irrevocable, transferable, sublicensable, worldwide license to use, copy, modify, sell, distribute, and exploit the Feedback without compensation or attribution.

6.5 Guidelines. You agree not to (a) decompile, reverse engineer, or attempt to derive the source code of any portion of the Services; (b) remove, obscure, or alter any proprietary notices; (c) use any robot, spider, or other automated device to access the Services for any purpose without our express written consent; or (d) take any action that imposes an unreasonable or disproportionately large load on our infrastructure.

7. No Professional Advice; Taxes

7.1 No Advice. Information provided through the Services is for informational purposes only and does not constitute investment, trading, legal, tax, or other professional advice. You should consult your own advisors.

7.2 Taxes. You are solely responsible for determining, reporting, and paying all taxes and assessments that may apply to your use of the Services. You agree to indemnify the Company for any taxes, penalties, or interest assessed against the Company in connection with your use of the Services.

8. Risk Disclosures; Assumption of Risk; Release

8.1 Risk Disclosures. By using the Services, you acknowledge and accept that there are material and significant risks inherent in using blockchain-based protocols and trading leveraged perpetual futures, including the risk of total and immediate loss of all posted collateral; leverage and liquidation risk; smart contract bugs, vulnerabilities, or exploits; Solana network outages or instability; oracle failures or manipulation; irreversibility of on-chain transactions; lack of insurance or custodial safeguards; regulatory and legal risk; extreme volatility, slippage, and market manipulation; third-party service failures; and force majeure events.

8.2 Assumption of Risk. You acknowledge and agree that you have independently evaluated the risks of using the Services and interacting with the Protocol and that you hereby voluntarily and expressly assume all risks associated with your use of the Services and the Protocol, including but not limited to risks associated with (a) coding errors, failures, vulnerabilities, or exploits in the Protocol or any related smart contracts; (b) network delays, disruptions, forks, or unexpected outcomes resulting from decentralized governance, protocol upgrades, or validator actions; (c) volatility, illiquidity, flash crashes, or total loss of digital assets, especially when engaging in leveraged or perpetual futures trading; (d) market manipulation, slippage, front-running, or other market inefficiencies; (e) liquidation risks due to the use of leverage or adverse market movements; (f) unauthorized access, fraud, phishing, or other malicious acts by third parties; (g) any failure of the Protocol, its supporting infrastructure, oracles, cross-chain bridges, or the Solana blockchain itself; (h) regulatory actions, investigations, or legal uncertainties affecting the availability or use of the Protocol, the Interface, or related assets; and (i) any other risk disclosed in these Terms or that is inherent in blockchain-based systems or leveraged trading. The Company cannot and does not guarantee the security, performance, reliability, or availability of the Interface, the Protocol, Solana, or any third-party systems.

8.3 Release. To the maximum extent permitted by law, you irrevocably release the Company and its affiliates, officers, directors, employees, agents, and contractors from any and all claims, liabilities, damages, losses, costs, and expenses (including but not limited to trading losses, or losses arising from liquidations, funding payments, reliance on displayed market data, third-party integrations, or regulatory actions) arising out of or related to: (a) your use of or interaction with the Services or the Protocol, (b) reliance on market data, token values, prices, PnL calculations, margin ratios, or any other information displayed on the Interface (which may be inaccurate, delayed, or manipulated), (c) third-party integrations, tools, wallets, oracles, bridges, or services utilized in connection with the Interface or Protocol, (d) any regulatory, tax, or legal consequences arising from your use of the Interface or participation in activities on the Protocol; (f) the existence or exercise of the Company's proprietary market-making; (e) the existence, retention, or use of any Admin Key or upgrade authority; and (g) any other matter disclosed or contemplated in these Terms.

9. No Warranties; Limitation of Liability

9.1 No Warranties. THE SERVICES, AND THE CONTENT ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, AND NEITHER COMPANY NOR COMPANY'S SUPPLIERS MAKE ANY WARRANTIES WITH RESPECT TO THE SAME OR OTHERWISE IN CONNECTION WITH THIS AGREEMENT, AND COMPANY HEREBY DISCLAIMS ANY AND ALL EXPRESS, IMPLIED, OR STATUTORY WARRANTIES, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AVAILABILITY, ERROR-FREE OR UNINTERRUPTED OPERATION, AND ANY WARRANTIES ARISING FROM A COURSE OF DEALING, COURSE OF PERFORMANCE, OR USAGE OF TRADE. THE SERVICES MAY CONTAIN TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS OR OMISSIONS. WE ARE NOT RESPONSIBLE FOR ANY SUCH TYPOGRAPHICAL, TECHNICAL, OR PRICING ERRORS LISTED ON THE SERVICES. WE RESERVE THE RIGHT TO MAKE CHANGES, CORRECTIONS, AND/OR IMPROVEMENTS TO THE SERVICES AT ANY TIME WITHOUT NOTICE.

9.2 Limitation of Liability. WE SHALL NOT BE LIABLE FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION RESULTING FROM THE USE OR INABILITY TO ACCESS AND USE THE SERVICES, OR ANY RELATED SERVICES, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; AND ANY DIRECT DAMAGES THAT YOU MAY SUFFER AS A RESULT OF YOUR USE OF THE SERVICES, OR ANY RELATED SERVICES SHALL BE LIMITED TO ONE HUNDRED DOLLARS ($100).

9.3 Jurisdictional Limits. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. To the extent such laws apply, our liability shall be limited to the maximum extent permitted by law.

10. Indemnification

You agree to defend, indemnify, and hold harmless the Company and its affiliates, officers, directors, employees, contractors, and agents from and against any and all damages, losses, liabilities, penalties, costs, and expenses (including reasonable attorneys' fees) arising out of any third-party claim, action or proceeding arising out of or related to: (a) your access to or use of the Services; (b) your interaction with the Protocol; (c) your violation of these Terms or any applicable law; (d) any third party's use of the Services via your wallet, devices, or credentials; and (e) your false or misleading statements or your gross negligence or willful misconduct. We may assume the exclusive defense and control of any matter otherwise subject to indemnification, in which case you will cooperate with us in asserting any available defenses.

11. Modifications; Termination

11.1 Modifications. We reserve the right, at our sole discretion, to modify, discontinue, or terminate the Services, or to modify the these Terms or the Privacy Policy, at any time and without prior notice. If we modify these Terms or the Privacy Policy, we will post the modification on the Site. By continuing to access or use the Services after we have posted a modification on the Site, you agree to be bound by the modified Terms and/or Privacy Policy. If any modifications are not acceptable to you, your only recourse is to cease using the Services.

11.2 Suspension or Termination. We may restrict, suspend, or terminate your access to all or any part of the Services at any time and for any reason, with or without notice or liability. Upon termination, all rights granted to you under these Terms will immediately cease.

12. External Sites and Communications

12.1 External Sites. The Services may contain links to third-party websites ("External Sites"). These links are provided solely as a convenience to you and not as an endorsement by us of the content on such External Sites. The content of such External Sites is developed and provided by others. You should contact the services administrator or webmaster for those External Sites if you have any concerns regarding such links or any content located on such External Sites. We are not responsible for the content of any linked External Sites and do not make any representations regarding the content or accuracy of materials on such External Sites. You should take precautions when downloading files from any External Sites to protect your computer from viruses and other destructive programs. If you decide to access linked External Sites, you do so at your own risk.

12.2 Communications. In general, we encourage you to communicate with us via email. However, we do not want you to, and you should not, e-mail us any information or content that contains confidential information at any time. With respect to all email messages and communications you send to us, including, but not limited to, Feedback, questions, comments, suggestions, and the like, we shall be free to use any ideas, concepts, know-how, or techniques contained in your communications for any purpose whatsoever, including but not limited to, the development, production, and marketing of products and services that incorporate such information without compensation or attribution to you.

13. Privacy

Your use of the Services may involve the transmission of personal data. Our collection and use of personal data are governed by our Privacy Policy, which is incorporated by reference into these Terms.

14. Dispute Resolution and Arbitration; Class Action Waiver

14.1 Arbitration Agreement. Any dispute, claim, or controversy arising out of or relating to these Terms or the Services (each, a "Dispute") shall be finally settled by binding arbitration administered by the Centro de Conciliación y Arbitraje de Panamá (CeCAP) in accordance with its rules then in effect. NEITHER PARTY SHALL HAVE THE RIGHT TO LITIGATE SUCH CLAIM IN COURT OR TO HAVE A JURY TRIAL, EXCEPT EITHER PARTY MAY BRING ITS CLAIM IN ITS LOCAL SMALL CLAIMS COURT, IF PERMITTED BY THAT SMALL CLAIMS COURT RULES AND IF WITHIN SUCH COURT'S JURISDICTION. ARBITRATION IS DIFFERENT FROM COURT, AND DISCOVERY AND APPEAL RIGHTS MAY ALSO BE LIMITED IN ARBITRATION. All disputes will be resolved before a neutral arbitrator selected jointly by the parties, whose decision will be final. Each party will be responsible for paying any filing, administrative, and arbitrator fees in accordance with CeCAP rules. Judgment on the arbitrator's award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. The arbitration may be conducted in person, through the submission of documents, by phone, or online. If conducted in person, the arbitration shall take place in Panama City, Panama. The parties may litigate in court to compel arbitration, to stay a proceeding pending arbitration, or to confirm, modify, vacate, or enter judgment on the award entered by the arbitrator. The parties shall cooperate in good faith in the voluntary and informal exchange of all non-privileged documents and other information (including electronically stored information) relevant to the Dispute immediately after commencement of the arbitration. Nothing in these Terms will prevent us from seeking injunctive relief in any court of competent jurisdiction as necessary to protect our proprietary interests.

14.2 Class Action Waiver. You agree that any arbitration or proceeding shall be limited to the Dispute between us and you individually. To the full extent permitted by law, (i) no arbitration or proceeding shall be joined with any other; (ii) there is no right or authority for any Dispute to be arbitrated or resolved on a class action-basis or to utilize class action procedures; and (iii) there is no right or authority for any Dispute to be brought in a purported representative capacity on behalf of the general public or any other persons. YOU AGREE THAT YOU MAY BRING CLAIMS AGAINST US ONLY IN YOUR INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.

14.3 Equitable Relief. You acknowledge and agree that in the event of a breach or threatened violation of our intellectual property rights and confidential and proprietary information by you, we will suffer irreparable harm and will therefore be entitled to injunctive relief to enforce these Terms. We may, without waiving any other remedies under this Agreement, seek from any court having jurisdiction any interim, equitable, provisional, or injunctive relief that is necessary to protect our rights and property pending the outcome of the arbitration referenced above. You hereby irrevocably and unconditionally consent to the personal and subject matter jurisdiction of the federal and state courts in the Republic of Panama (with venue in Panama City) for purposes of any such action by us.

15. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Republic of Panama, without regard to its conflict of law principles.

16. Miscellaneous

16.1 Entire Agreement. These Terms, together with the Privacy Policy and any supplemental terms for specific programs, constitute the entire agreement between you and the Company regarding the Services and supersede all prior or contemporaneous agreements on the subject matter.

16.2 Severability. If any provision of these Terms is held invalid or unenforceable, such provision shall be enforced to the maximum extent permissible, and the remaining provisions shall remain in full force and effect.

16.3 No Waiver. No waiver of any term of these Terms shall be deemed a further or continuing waiver of such term or any other term. Any failure to enforce any provision shall not constitute a waiver.

16.4 Assignment. You may not assign or transfer these Terms or any rights or obligations hereunder without our prior written consent. We may assign or transfer these Terms without restriction.

16.5 Force Majeure. We are not liable for any failure or delay in performance due to causes beyond our reasonable control, including but not limited to Solana network instability or outages, hard forks, cyberattacks, acts of God, labor disputes, regulatory actions, or failures of third-party systems.

16.6 Survival. Sections relating to intellectual property, feedback, prohibited activities, no advice, taxes, risk disclosures, release, no warranties, limitation of liability, indemnification, dispute resolution, governing law, and this Section 17 shall survive any termination of these Terms.

16.6 Contact Us. If you have any questions about these Terms you can contact us at: notices@phoenix.com.

Material Risk Disclosures

By using any of the Services, you hereby acknowledge that you have read and understand that using the Services involves the following material risks (collectively, the "Material Risks") and you hereby agree that you (and not Company) are solely responsible for any losses or damages arising from any of the following Material Risks.

Total Loss of Collateral. Leveraged perpetual futures trading can result in the immediate and total loss of your posted collateral. Liquidations may be automatic and irreversible.
Leverage and Liquidation Risk. Leverage magnifies losses as well as gains. Small adverse price movements can trigger liquidation. There may be no opportunity to add collateral or intervene once liquidation begins.
Smart Contract and Protocol Risk. The Protocol's smart contracts may contain bugs, errors, vulnerabilities, or be subject to exploits that could result in permanent loss of funds.
Solana Network Risk. Congestion, instability, validator outages, forks, attacks, or other disruptions on Solana can prevent execution, delay withdrawals, or cause unexpected behavior.
Oracle and Price Feed Risk. Oracle failures, delays, manipulation, or inaccuracies can cause wrongful liquidations, incorrect PnL, or other adverse outcomes.
Irreversibility. On-chain transactions are final and cannot be reversed. Erroneous transactions cannot be undone.
No Custody or Insurance. The Company does not custody assets. There is no deposit insurance, investor compensation scheme, or guarantee fund.
Regulatory and Legal Risk. Your jurisdiction may restrict or prohibit derivatives or digital asset activities. Regulatory action could affect access to or the value of positions.
Market and Slippage Risk. Extreme volatility, low liquidity, and market manipulation can result in slippage, failed execution, or liquidation at unfavorable prices.
Interface Data Risk. Displayed prices, PnL, margin ratios, and other data may be delayed or inaccurate. On-chain state prevails. You must independently verify information.
Third-Party and Force Majeure Risk. Failures of wallets, bridges, oracles, hosting providers, or other third-party services; cyberattacks; and other events beyond our control may result in losses.
No Expectation of Profit. Past performance is not indicative of future results. The Company makes no representation that you will profit or avoid loss.

YOU UNDERSTAND AND AGREE THAT YOU MAY LOSE YOUR ENTIRE COLLATERAL AND THAT THE COMPANY SHALL HAVE NO LIABILITY WHATSOEVER FOR SUCH LOSS OR ANY OTHER LOSS ARISING FROM THE MATERIAL RISKS OR FROM YOUR USE OF THE INTERFACE OR THE PROTOCOL TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.