> For the complete documentation index, see [llms.txt](https://perps.gitbook.io/perps./llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perps.gitbook.io/perps./risk-and-disclosures.md).

# Risk & Disclosures

This page is informational only. It is not legal, tax, investment, or financial advice.

## Public Testnet Disclosure

The current public release is a testnet/demo environment. Features, markets, XP rules, parameters, contract addresses, and user flows may change.

Testnet assets have no real-world value. Testnet activity should not be treated as a promise of future rewards, token allocation, compensation, or production access.

## Trading Risk

Trading social tokens and perpetuals involves risk, including:

* Volatility risk.
* Liquidity and slippage risk.
* Smart contract and integration risk.
* Oracle and data dependency risk.
* Liquidation risk for leveraged positions.
* User error, wallet, and network-selection risk.

Users can lose part or all of the value they deploy in production environments. In testnet, users can lose testnet balances or testnet positions.

## Perpetual Risk

Perpetual trading uses margin, leverage, funding, and liquidation mechanics. A position can be liquidated if margin becomes insufficient.

Higher leverage increases risk.

## User Responsibility

Users are responsible for:

* Wallet security and key management.
* Reviewing wallet prompts before signing.
* Confirming network and transaction details.
* Understanding product mechanics before trading.
* Treating testnet links, faucets, and third-party wallets carefully.

## Availability

No guarantee is made that the app, markets, indexing, or testnet infrastructure will be uninterrupted or error-free.

## Limitation of Liability

To the maximum extent permitted under applicable law:

* The platform and software are provided "as is" and "as available".
* No guarantee is made for profitability, availability, or error-free operation.
* Platform operators, contributors, and affiliates are not responsible for user trading losses, missed opportunities, or indirect damages arising from use of the platform.


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