Risk disclaimer

Perps Fund is a simulated trading evaluation. You trade a simulated account against live market prices; you never trade your own or the firm's real capital, and no order you place is routed to, or executed on, any real exchange or market on your behalf. Order fills, fees, and funding are simulated. You do not own or acquire any position, asset, or financial instrument by using the Service.

Purchasing an evaluation does not guarantee that you will pass it. Passing does not guarantee a funded account beyond what the Terms of service provide, and nothing guarantees any particular profit, payout, or result.

Evaluations are designed to be challenging, and most participants do not pass. Any statistics, leaderboards, or example results reflect simulated activity and are not a promise of your outcome.

Because trading is simulated, you cannot lose money in the market through the Service. The financial amount at risk to you is the evaluation fee, which is a real, one-time charge and, per the Terms of service, fully non-refundable. Treat the fee as money you may not get back, and only purchase what you can afford to lose.

The minimum payout is $50 and the profit share is 80%, but no payout is ever guaranteed.

Nothing on the Service — including the Rules, educational content, the trading terminal, leaderboards, or any communication from us — is financial, investment, legal, or tax advice, a recommendation, or a solicitation to buy, sell, or trade any instrument. You are solely responsible for your decisions and for any tax consequences of any profit share you receive.

Simulated and hypothetical performance has inherent limitations. It does not represent actual trading, may not account for all real-market factors, and is not a reliable indicator of future results.

Results achieved on a simulated account — yours or anyone else's — should not be relied on as an indication of what you or any other participant will achieve.

The Service simulates leveraged derivatives, which are volatile. Prices can move sharply and gap, and a position can be liquidated when a risk floor is breached. The simulation reflects these real-market dynamics using live prices, so a simulated account can be breached quickly.

The risk limits, the position and exposure caps (including a $10 minimum order and the caps described on the Rules page), and the leverage limits reduce — but do not eliminate — the chance of a breach.

The Service is not available to US persons and residents of OFAC-sanctioned jurisdictions (Iran, North Korea, Syria, Cuba) and sanctioned regions (the Crimea region, and the sanctioned regions of Russia and Belarus). You are responsible for ensuring that participating is lawful where you live, and we may decline or close accounts that are not eligible. See the Terms of service for the full eligibility terms.

Live prices and funding rates are sourced from Hyperliquid, a third-party venue. We do not control that venue, its data, or its availability, and delays, outages, or errors in third-party data or infrastructure can affect the simulation, including fills and breach evaluation. We are not responsible for third-party data or infrastructure failures.

Using the Service does not create a brokerage, fiduciary, advisory, partnership, employment, or agency relationship between you and Perps Fund. Any profit share is paid as compensation for performance on a simulated account under the Terms of service; it is not a return on an investment, and no funds you pay are invested or traded on your behalf.

Risk parameters — limits, caps, and leverage — may be adjusted, and this notice may be updated, with changes communicated as described in the Terms of service. The values the system actually enforces are always shown on the Rules page.