Risk Disclosure

Trading perpetual contracts involves a high level of risk and is not suitable for everyone. You may lose all of the funds you deposit as margin. Only trade with money you can afford to lose, and make sure you understand the risks below before you start.

Leverage and liquidation

Leverage magnifies both gains and losses, because profit and loss are calculated on the full position value rather than on your margin. At 10x leverage, a 10% move against you can wipe out your margin. When your account equity falls below the maintenance margin requirement, your position is liquidated automatically, and you may lose the entire margin of that position.

• In cross margin, all positions share your account balance, so a loss on one position can lead to liquidation of others.
• In isolated margin, losses are limited to the margin assigned to that position, but it is liquidated sooner.
• The liquidation price shown in the app is an estimate and may differ from the actual liquidation price.

Market volatility and price gaps

Prices can move very quickly. Stop-loss and take-profit orders are not guaranteed to fill at your chosen price, and in fast markets they may fill at a significantly worse price or not at all.

Contracts are not the underlying asset

Perpetual contracts only track price. They do not represent ownership of shares, commodities or currencies, and carry no dividends, voting rights or physical delivery. Contract prices may differ from the price of the underlying asset.

Contracts on stocks, indices, commodities and forex keep trading when their underlying markets are closed, such as nights, weekends and holidays. During these hours prices may be driven by limited information and thin liquidity, and can jump sharply when the underlying market reopens.

Liquidity and slippage

Some markets have limited depth. Large orders, or orders placed during volatile periods, may be filled at prices worse than expected. Market orders in Vanda Trade are protected by a maximum slippage setting; the part of an order beyond that limit will not be filled.

Funding payments

While a position is open, longs and shorts pay funding to each other every hour. The rate changes with market conditions and can be high. Holding a position for a long time can add up to a significant cost, even if the price does not move.

Third-party deployed markets

Markets for stocks, indices, commodities and forex are deployed by third parties, not by Vanda Trade. Their deployers control the price oracle, leverage limits, fees, open interest caps and other rules, and may change, halt or delist a market. An incorrect or manipulated oracle price could cause unexpected liquidations.

Auto-deleveraging and exchange risk

In extreme conditions the underlying exchange (currently Hyperliquid) may automatically reduce profitable positions, halt trading, or apply other emergency measures. Its smart contracts, validators and infrastructure may have bugs, outages or security incidents.

Stablecoin, bridge and network risk

Your margin is held in USDC. USDC may lose its peg to the US dollar or be frozen by its issuer. Deposits and withdrawals rely on the Arbitrum network and a cross-chain bridge, which may be delayed, congested or compromised.

Key and device security

• Never share your recovery phrase. Vanda Trade will never ask for it.
• The trading key on this device cannot withdraw funds, but anyone who controls your device could use it to place trades against your interests. If your device is lost or compromised, revoke the authorization from the Me page right away.
• Beware of phishing sites and fake apps. Always check that you are on the official website.

Regulatory and tax risk

Laws on derivatives and digital assets differ between countries and may change. Access to the Service or to certain markets may be restricted in the future. You are responsible for complying with local laws and for any taxes on your trading.

Not investment advice

Nothing in Vanda Trade, including prices, charts, market sentiment indicators or any other content, is investment advice or a recommendation to buy or sell. Past performance does not indicate future results. You are solely responsible for your trading decisions and their results.