Terms of service

These Terms of Service (“Terms”) form a binding agreement between you and Perps Fund (“Perps Fund,” “we,” “us”) governing your access to and use of the Perps Fund platform, including evaluations, funded accounts, and related services (the “Service”). By creating an account, purchasing an evaluation, or otherwise using the Service, you confirm that you have read, understood, and agree to be bound by these Terms and by the policies incorporated into them by reference, including the Privacy policy, the Risk disclaimer, and the Rules.

You may use the Service only if you can form a legally binding contract with us. If you use the Service on behalf of an entity, you represent that you are authorized to bind that entity. If you do not agree to these Terms, do not use the Service. We record your acceptance at account creation and at each purchase.

You must be at least 18 years old, or the age of majority in your place of residence if higher, and able to enter into a binding agreement.

The Service is not offered to, and may not be used by, 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). We maintain this restricted list in a single place and may update it to reflect sanctions and regulatory changes.

You are responsible for ensuring that your use of the Service is lawful where you live. We may use identity, location, and device information to assess eligibility, and we may refuse, suspend, or close any account we believe is ineligible or accessed from a restricted region, including voiding any evaluation or funded status obtained while ineligible.

The Service is a skills-based trading evaluation. You purchase access to a simulated account and attempt to reach a profit target without breaching the risk limits. If you pass, you progress to a funded simulated account on which you may earn a profit share, subject to these Terms. The specific profit targets, drawdown limits, position and exposure caps, leverage limits, and account sizes for each evaluation are set out on the Rules page, which is incorporated into these Terms by reference and reflects the limits the system actually enforces.

Participation does not create an employment, agency, partnership, joint-venture, brokerage, or investment-advisory relationship between you and Perps Fund. Passing an evaluation is a condition of receiving a funded account; it is not a guarantee of one. We may decline to fund, or may discontinue a funded account, in accordance with these Terms.

All trading on the Service is simulated. You trade a simulated account against live market prices sourced from a third-party venue. You never trade real personal capital or the firm's capital; no order you place is routed to, or executed on, any exchange or real market on your behalf; and you acquire no position, asset, security, or interest in any instrument. Order fills, fees, and funding charges are simulated.

Any profit share we pay you is paid by Perps Fund as compensation for performance on a simulated account under these Terms. It is not the return of an investment, the proceeds of real trading, or a distribution of trading profits, and no money you pay is held, invested, or traded on your behalf.

Access to an evaluation requires a one-time fee, shown at checkout before you purchase. All fees are final and fully non-refundable, with no exceptions — including where an account is breached, closed, found ineligible, or left unused, and regardless of outcome.

You are responsible for any taxes associated with your purchase. Fees are charged in the currency and through the payment methods shown at checkout. If you initiate a chargeback or payment dispute, we may suspend or close your accounts and withhold or void any pending or earned profit share pending resolution. We may change pricing prospectively; a change does not affect an evaluation already purchased.

On a funded account you may withdraw your share of realized profit above your high-water mark, so the same profit is never paid twice. The profit share is 80% to you. The minimum payout is $50, paid in USDC to a withdrawal address you have whitelisted, on a network you select (currently Arbitrum, Base, Ethereum, Polygon, Solana).

Payout requests are processed the same day, subject to security and compliance holds. Identity verification (see the Privacy policy) is required before your first payout and once your lifetime unverified payouts would exceed $1,000; two-factor authentication is required to manage withdrawal addresses and to request a payout; and a newly added withdrawal address is locked for 48 hours before it can receive a payout. We may hold a payout for manual review where reasonably necessary to prevent fraud or abuse or to meet a legal obligation.

Sending to an incorrect address or on the wrong network is irreversible and is your responsibility. You are responsible for any taxes on amounts you receive.

The Service may offer a points program and a referral program. Points and referral rewards have no cash value except as expressly provided, are not transferable, and may be modified or discontinued at any time. A referred user receives a one-time 10% discount on their first evaluation; referral commissions accrue on a referred user’s purchase, are subject to a 7-day hold before becoming available, and are paid through the same payout process and controls as profit share (including identity verification and the $50 minimum).

Self-referral and other manipulation of the points or referral programs — including creating or coordinating multiple accounts to generate rewards — are prohibited (see the next section) and may result in forfeiture of rewards and closure of the accounts involved.

You agree not to exploit the Service or undermine the integrity of the evaluation. Prohibited conduct includes, without limitation: exploiting simulation, pricing, latency, or settlement behavior, including trading on a price you know to be stale; coordinating, hedging, or offsetting positions across multiple accounts — your own or operated with others — to manufacture a passing result or a payout; wash or self-trading; creating multiple accounts to evade limits, eligibility, or detection, or to farm rewards; sharing, selling, or buying accounts; using bots or automated methods except as expressly permitted; and providing false information or circumventing identity verification or geographic restrictions.

We enforce position, exposure, and risk limits programmatically, and we operate fraud- and abuse-detection systems that may link related accounts and review trading and payout activity. We do not interrupt your trading on suspicion alone; where conduct is under review we may hold an affected payout pending the outcome, and determinations may involve human review. Where prohibited conduct is confirmed, we may void evaluation or funded status, withhold or reverse profit share, and suspend or close the accounts involved.

Breaching a risk limit — touching or crossing a daily-loss or maximum-drawdown floor, as defined on the Rules page — ends the current evaluation or funded phase: open positions are closed and the account is locked. A breach is a normal outcome of the evaluation and is not, by itself, a violation of these Terms.

We may suspend or terminate your access to the Service, with or without notice, if you breach these Terms, if we are required to by law, if your account is ineligible, or to protect the Service, other users, or the firm from fraud, abuse, or risk. On termination your right to use the Service ends. Provisions that by their nature should survive — including fees paid, disclaimers, limitation of liability, and the dispute terms — survive termination.

The Service — including its software, design, text, the Perps Fund name and marks, and all related intellectual property — is owned by Perps Fund or its licensors and is protected by law. We grant you a limited, personal, non-exclusive, non-transferable, revocable license to use the Service for its intended purpose.

You may not copy, modify, reverse-engineer, scrape, resell, or create derivative works from the Service except to the extent the law permits. If you send us feedback or suggestions, we may use them without any obligation to you.

The Service is provided “as is” and “as available,” without warranties of any kind, express or implied, including merchantability, fitness for a particular purpose, and non-infringement, to the fullest extent permitted by law. We do not warrant that the Service will be uninterrupted, error-free, or secure, or that prices, data, or simulations will be accurate or available.

Nothing on the Service — including the Rules, educational material, the trading terminal, leaderboards, or any communication — is financial, investment, legal, or tax advice, or a solicitation or recommendation to trade any instrument. See the Risk disclaimer. You are solely responsible for your decisions.

To the fullest extent permitted by law, Perps Fund and its officers, employees, and suppliers will not be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or for any loss of profits, data, goodwill, or opportunity, arising out of or relating to the Service, even if advised of the possibility.

To the fullest extent permitted by law, our aggregate liability for all claims relating to the Service will not exceed the total fees you paid us in the twelve (12) months before the event giving rise to the claim. Some jurisdictions do not allow certain limitations; in those places, these limitations apply to the maximum extent permitted.

These Terms are governed by the laws of the jurisdiction in which Perps Fund is established, without regard to its conflict-of-laws principles. You agree to resolve any dispute arising out of or relating to these Terms or the Service in the courts or dispute-resolution forum of that jurisdiction, subject to any binding arbitration agreement provided to you at the time of purchase.

Before bringing a formal claim, you agree to contact us to seek a good-faith resolution. Any claim must be brought within the time allowed by applicable law.

We may update these Terms from time to time. If we make a material change, we will take reasonable steps to notify you — for example, by posting the updated Terms with a new effective date or notifying you in-app or by email. Changes are not applied retroactively in a way that unfairly affects an evaluation or funded account you have already purchased.

Your continued use of the Service after a change takes effect means you accept the updated Terms. If you do not accept a change, stop using the Service.

Questions about these Terms can be directed to our team through the channels listed in the site footer, including our community. We will publish a dedicated legal contact address as the company is finalized.