Terms of Use

Overview

These Terms of Use ("Terms") govern your access to and use of the OBSDN web interface, APIs, and any related tools (collectively, the "Interface"). The Interface provides a front-end through which users may interact with OBSDN's perpetual exchange contracts and related on-chain infrastructure.

OBSDN's matching engine runs off-chain and settles on-chain. The underlying smart contracts are permissionless. The Interface is a separate product layer subject to these Terms.

Eligibility

To access the Interface, you represent that you:

• Are of legal age in your jurisdiction to enter into a binding contract.
• Are not a Restricted Person and do not access the Interface from a Restricted Jurisdiction.
• Are not subject to sanctions administered or enforced by any government, including the UN, US OFAC, EU, or UK HM Treasury, and are not listed on any prohibited parties list.
• Have the technical knowledge necessary to evaluate the risks of self-custodial trading and to safeguard your own keys.
• Are not accessing the Interface on behalf of a person who fails any of the above.

OBSDN may verify eligibility at any time and may suspend or terminate access without notice if verification fails.

Nature of the Service

Non-Custodial Interface

The Interface is a non-custodial software product. OBSDN does not take custody of your assets, hold private keys on your behalf, or operate as a broker, dealer, custodian, money transmitter, investment adviser, or fiduciary. Settlement occurs on-chain between you and the protocol's smart contracts.

No Advice

Nothing on the Interface, in OBSDN documentation, or in any communication from OBSDN constitutes financial, investment, legal, tax, or accounting advice. Market data, mark prices, funding rates, and other information are provided for informational purposes only. You are responsible for your own due diligence and trading decisions.

Self-Custody Responsibility

You are solely responsible for securing your wallet, seed phrase, signing keys, and any session credentials. OBSDN cannot recover lost keys or reverse transactions signed by your wallet. Loss of keys means permanent loss of access to associated assets.

Trading and Settlement

Order Submission

When you submit an order through the Interface, you authorize OBSDN's off-chain matching engine to accept, sequence, and match that order under the rules described in the Orders and Market Lifecycle documentation. Fills settle on-chain through the deployed contracts.

Irreversibility

On-chain settlement is final. Confirmed trades, deposits, withdrawals, liquidations, and ADL events cannot be reversed by OBSDN, including in cases of user error, faulty parameters, or interface misconfiguration.

Liquidations and ADL

You acknowledge the Margin System, Liquidations, and ADL and Insurance Fund mechanics. Positions that fall below maintenance margin may be liquidated; insolvent positions may trigger auto-deleveraging against profitable counterparties. You bear all losses from these processes.

Fees

Trading fees, taker sequencer fees, and any other charges are described in Fees and may be updated. The fee schedule in effect at the time of execution applies to that execution. Order matching is off-chain and does not incur gas; on-chain interactions such as deposits, withdrawals, and signer registration require gas paid to the underlying network and are outside OBSDN's control.

Risk Disclosures

Trading perpetual futures carries substantial risk. By using the Interface, you acknowledge and accept the following risks, among others:

• Market risk. Prices are volatile and may move against your position rapidly.
• Leverage risk. Leveraged exposure magnifies both gains and losses; you may lose the full amount of your collateral.
• Liquidation risk. Maintenance margin breaches result in forced position closure.
• Funding risk. Funding payments may accrue against your position and erode collateral over time.
• Oracle and mark price risk. Mark and oracle prices are derived from external sources and may deviate from venue prices; see Mark Price and Oracle Price.
• Smart contract risk. The underlying contracts may contain bugs or be exploited despite security audits.
• Off-chain infrastructure risk. The matching engine, APIs, and Interface may experience downtime, latency, or errors. Orders may be delayed, rejected, or not matched as expected.
• Counterparty and ADL risk. Insurance fund depletion can trigger auto-deleveraging of profitable positions.
• Bridge and deposit risk. Cross-chain transfers and contract interactions are novel and may fail or be exploited.
• Regulatory risk. Changes in law or regulation may restrict or terminate your access.

This list is not exhaustive. You should not trade with funds you cannot afford to lose.

Prohibited Conduct

You agree not to:

• Access the Interface from a Restricted Jurisdiction or use a VPN, proxy, or other technique to disguise your location or residency.
• Engage in market manipulation, including wash trading, spoofing, layering, pump-and-dump schemes, front-running, or coordinated manipulation across accounts.
• Use the Interface to launder proceeds of unlawful activity, finance terrorism, evade sanctions, or violate export-control laws.
• Reverse engineer, decompile, scrape at abusive volumes, or otherwise interfere with the Interface or its infrastructure.
• Use bots, automated tools, or APIs in ways that violate published rate limits or fair-use policies.
• Exploit bugs, undisclosed behavior, or oracle/mark price anomalies for unintended gain. You agree to report such issues responsibly.
• Impersonate another person or misrepresent your identity, eligibility, or source of funds.
• Use the Interface in any manner that disrupts service for other users.

OBSDN may suspend, restrict, or terminate access for any account or address suspected of violating these rules, with or without notice.

Geographic Restrictions

The Interface is not offered to Restricted Persons. The current list of restricted regions is published at Restricted Jurisdictions and may be updated at any time. Geographic restrictions are enforced at the Interface level; the underlying contracts are permissionless, but your access to the Interface is not.

Account Suspension and Termination

OBSDN reserves the right to suspend or terminate your access to the Interface at its sole discretion, including where:

• Eligibility cannot be verified.
• You breach these Terms or any applicable law.
• Your activity poses a risk to other users, the protocol, or OBSDN.
• A court, regulator, or law enforcement authority requires it.

Termination of Interface access does not affect your on-chain positions or your ability to interact with the smart contracts directly, subject to the contracts' own logic.

Intellectual Property

The Interface, including its design, code, content, trademarks, and documentation (collectively, "OBSDN Materials"), is owned by OBSDN or its licensors and is protected by intellectual property laws. You receive a limited, revocable, non-exclusive, non-transferable license to use the Interface for its intended purpose. You may not copy, modify, redistribute, or create derivative works of OBSDN Materials except as expressly permitted.

Open-source components are governed by their respective licenses.

Disclaimer of Warranties

The Interface is provided on an "as is" and "as available" basis, without warranties of any kind, whether express, implied, or statutory. OBSDN disclaims all warranties of merchantability, fitness for a particular purpose, title, non-infringement, accuracy, and uninterrupted operation.

OBSDN does not warrant that the Interface will be error-free, secure, or continuously available, that defects will be corrected, or that displayed data is accurate or complete.

Limitation of Liability

To the maximum extent permitted by law, OBSDN, its affiliates, contributors, and service providers will not be liable for any indirect, incidental, special, consequential, punitive, or exemplary damages, including loss of profits, loss of collateral, loss of data, loss of goodwill, or trading losses, arising out of or in connection with your use of the Interface, even if advised of the possibility of such damages.

OBSDN's aggregate liability for any claim arising from these Terms or your use of the Interface is limited to the fees you paid to OBSDN through the Interface in the thirty (30) days preceding the event giving rise to the claim.

Indemnification

You agree to indemnify and hold harmless OBSDN, its affiliates, contributors, and service providers from any claim, demand, loss, or expense (including reasonable legal fees) arising out of your use of the Interface, your breach of these Terms, your violation of any law, or your infringement of any third-party right.

Changes to the Terms

OBSDN may update these Terms from time to time. Material changes will be announced through the Interface or other reasonable means. Continued use of the Interface after changes take effect constitutes acceptance of the revised Terms. If you do not agree to the changes, you must stop using the Interface.

Governing Law and Disputes

These Terms are governed by the laws applicable to the entity operating the Interface, without regard to conflict-of-laws principles. Any dispute arising from or relating to these Terms or the Interface will be resolved exclusively in the courts of competent jurisdiction designated by OBSDN, except where applicable law mandates otherwise.

Miscellaneous

• Severability. If any provision of these Terms is found unenforceable, the remaining provisions remain in full force.
• No waiver. OBSDN's failure to enforce any provision is not a waiver of its right to do so later.
• Assignment. You may not assign these Terms without OBSDN's prior written consent. OBSDN may assign these Terms freely.
• Entire agreement. These Terms, together with documents referenced herein, constitute the entire agreement between you and OBSDN regarding the Interface.
• Contact. Questions about these Terms may be directed to OBSDN through the support channels listed on the Interface.

Related

• Restricted Jurisdictions
• Fees
• Security Audits
• FAQ