Risk Disclosure

1.Perpetual futures

A perpetual future (“perp”) is a derivative contract that tracks the price of an asset without an expiry date. You do not own the underlying asset. Prices of crypto assets and other markets on the venue can move sharply, including within seconds, and can be driven by thin liquidity, news, outages or manipulation.

2.Leverage

Leverage multiplies both gains and losses. At 10x leverage, a 10% move against you wipes out your margin; at 50x, a 2% move does. Higher leverage also puts your liquidation price closer to the entry price.

3.Liquidation

If your margin falls below the venue's maintenance requirement, the venue can close your position automatically, in full or in part, and you lose the margin used. With cross margin, losses on one position can use up margin from your other positions and lead to several liquidations at once. Liquidation happens at the venue's mark price under its own rules, may happen at a worse price than shown, and may include extra fees. Prow's liquidation price estimates and risk alerts are approximations and can be late or wrong.

4.Funding payments

Perps pay or charge funding, usually every hour, depending on the gap between the perp price and the underlying price. Funding can be large during volatile periods and reduces your margin even if the price does not move.

5.Orders and execution

• Market orders can fill at a worse price than expected (slippage), especially in thin or fast markets.
• Limit, take-profit and stop-loss orders may not fill, may fill partially, or may trigger and fill at a much worse price.
• Orders can be rejected, delayed or cancelled by the venue, for example because of price bands, rate limits or open-interest caps.
• Prices, balances and positions shown in Prow can be delayed or wrong. The venue's records are what count.

6.Venue, blockchain and technology risk

• Venues such as Hyperliquid are independent. They can suffer outages, bugs, exploits, oracle failures, governance decisions or rule changes, delist markets, force-close positions, or become insolvent. Prow cannot reverse or compensate for any of this.
• Blockchains, bridges (such as Circle CCTP) and wallets can be congested, forked, attacked or fail; transactions can be delayed, fail or cost more than expected, and on-chain transactions cannot be reversed.
• Prow itself can have bugs, be unavailable or show incorrect data, which may stop you from closing or changing a position in time.
• Push notifications and alerts can be late, missing or wrong. Do not rely on them to manage risk.

7.Keys and security

Anyone who can use your unlocked device or wallet may be able to trade with your account. If you lose your wallet or seed phrase, you lose your funds, and nobody, including Prow, can recover them. Scammers may pretend to be Prow; we will never ask for your seed phrase or private key.

8.Legal, regulatory and tax risk

Laws on crypto assets and derivatives differ between countries and change often. New rules could make Prow or a venue unavailable to you, or restrict the markets you can trade. You are responsible for knowing and following the rules that apply to you and for any taxes on your trading.

9.No guarantee

Past performance does not predict future results. Nothing in Prow is advice or a recommendation. There is no deposit insurance or investor compensation scheme for your funds on a venue.