Brownian legal
Risk disclosure
Perpetual futures trading can cause rapid and substantial losses. This disclosure summarizes common risks, but it cannot describe every possible event. Trade only after you understand the product and can bear the loss.
Last updated July 12, 2026
Leverage and liquidation
Leverage increases both gains and losses. A small price move can reduce your margin quickly and trigger partial or full liquidation. Liquidation may occur at an unfavorable price and may include fees. Monitoring a position does not guarantee that you can close it in time.
Market and liquidity risk
Prices can move sharply because of news, market stress, low liquidity, large orders, or activity on other venues. Slippage may make an execution price worse than expected. Orders may fill partly, late, or not at all.
Funding and fees
Funding payments, trading fees, liquidation charges, network costs, and other charges can reduce returns. Funding rates can change and may remain unfavorable for long periods.
Price and oracle risk
Mark prices, index prices, and oracle data may differ from prices shown elsewhere. Delayed, unavailable, incorrect, or manipulated data can affect margin, funding, order execution, and liquidation.
Protocol and service risk
Trading depends on Orderly, smart contracts, APIs, market-data systems, blockchain networks, and other infrastructure. Software defects, upgrades, congestion, outages, attacks, governance decisions, or provider failures may delay access or cause loss.
Wallet and network risk
Compromised keys, malicious wallet software, phishing, incorrect addresses, unsupported networks, and user error can cause permanent loss. Transactions may fail, remain pending, or become final before the interface updates.
Legal and access risk
Laws, sanctions, taxes, provider policies, and access controls can change. A market or feature may become unavailable, and you may be unable to open, manage, or close a position through the interface at a particular time.
Points risk
Points have no guaranteed token conversion, cash value, allocation, or claim right. Data may be recalculated or corrected, and program rules may change. Do not trade solely to obtain Points.
Your decision
You are responsible for deciding whether perpetual futures are suitable for you. Nothing on Brownian is a recommendation or a promise of performance. Past activity, rankings, and Points do not predict future results.