Last updated and effective as of: September 27, 2026

These Terms of Use govern your use of the Perped website and trading app (the "Services"). By connecting a wallet or using the Services you agree to them. If you do not agree, do not use Perped.

WHAT PERPED IS

Perped lets you open synthetic perpetual positions, long or short, on tokens that trade on Solana. Positions are not the tokens themselves. They are contracts settled in USDC against the liquidity pool for that token, marked to the price of its deepest DEX pool on Solana.

ELIGIBILITY

You must be at least 18 and legally allowed to use leveraged trading products where you live. You may not use Perped from any jurisdiction where doing so is prohibited, or if you are subject to sanctions.

YOUR WALLET AND BALANCE

  • You are responsible for your wallet, its keys and every transaction you sign.
  • Deposits are USDC on Solana, credited after they confirm on chain and only when sent from the wallet you connected.
  • Withdrawals are paid to the connected wallet and are limited to what you deposited plus realised results, minus what you have already withdrawn.

LIQUIDITY AND TRADING

  • A token can only be traded once its pool holds liquidity. Without it you will see a No liquidity message and no trade is opened.
  • Each pool must cover every open position on it at full size times leverage, so a trade can be refused for size even when the pool is funded.
  • Leverage is capped at 5x. A position is liquidated, and its margin goes to the pool, when price moves against it by one divided by its leverage.
  • Profits are paid from the pool and are capped at what the pool holds.

PROVIDING LIQUIDITY

USDC you send to a pool backs every trade on that token. It grows when traders lose and shrinks when they win. Liquidity is committed to the pool and you can lose some or all of it.

RISK

Leveraged trading on volatile tokens is high risk. Prices can move sharply, data sources can lag or fail, and you can lose your whole margin quickly. Nothing on Perped is financial, legal or tax advice. Trade only what you can afford to lose.

PROHIBITED USE

  • Manipulating the price of a token to profit from a Perped position.
  • Exploiting bugs, pricing errors or delays instead of reporting them.
  • Interfering with, overloading or scraping the Services.

We may cancel or reverse results that come from prohibited use or clear system errors.

AVAILABILITY

The Services are provided as is. Trading can be paused, limited or changed at any time, including when a price source is unavailable.

LIABILITY

To the extent the law allows, Perped is not liable for indirect or consequential losses, or for losses caused by blockchain networks, wallets, price sources or events outside our control.

CHANGES

We may update these terms. Continuing to use Perped after an update means you accept the new version.