Risk disclosure
Draft for review. Not legal advice; the final text must come from counsel before mainnet.
Leverage
Perpetual futures are leveraged. A small price move can cause a large loss, and positions can be liquidated, losing the margin behind them.
Margin modes
Isolated margin limits a position's loss to the margin you put into it. Cross margin shares your whole trading balance across positions, so one losing position can use margin from the others.
Funding
Positions pay or receive funding every hour. Funding can be significant during volatile periods.
Smart contract and protocol risk
Hyperliquid, its bridge and USDC are operated by third parties. Bugs, outages, oracle errors or governance decisions can cause losses that BitFX cannot reverse.
Only trade what you can afford to lose
Move into your trading balance only the amount you are prepared to lose, and move it back to your wallet when you are done.