# Conditions of use

Perp Reference · End matter · Updated: 24 September 2026

Opening an entry here means taking it on the terms below. They are short, because this reference does
little. It reads what perpetual futures venues publish about themselves, reads their order books
itself, and prints both with the day each reading was taken. No money passes through it, no order is
carried by it and there is nothing on it to sign into, so most of what a trading agreement has to
settle has no application here at all.

Three things do need settling: what standing an entry has, what the instrument behind every entry can
cost a reader, and the point at which the matter stops being this reference's and becomes a venue's.

## What an entry is offered as

An entry is a compilation. It reports figures, it applies one formula published on
[how we rate](/scoring-method) before any venue was read against it, and it stops there. It is not
investment, financial, legal or tax advice. It is not an offer, a solicitation or an inducement to
trade anything. A placing in a table is a result of arithmetic on the figures printed under it, and
nothing more — not a suggestion that a reader open a position, move one, or deal with the venue
holding that place.

Reading here creates no relationship of any kind. There is no account to open, no service to
subscribe to and nobody on this side acting for anyone. Nothing in an entry was written with a
particular reader's means, tax position, experience or purpose in view, for the plain reason that
none of that is known here and none of it is asked for.

## The instrument every entry is about

The venues written up here sell one thing: a perpetual futures contract bought against margin the
trader posts. Two properties of that contract decide the size of a loss, and neither is unusual or
remote.

The first is the multiple. At a cap of 100x the whole of the posted margin stands behind a price
move of roughly one percent, before any fee is counted — arithmetic, not a forecast — and the caps
recorded in these entries run higher than that. Past the liquidation price the venue closes the
position on its own initiative, at whatever the book gives at that moment, and the margin goes with
it. The second is that the contract never settles. Funding passes between the two sides for as long
as a position stays open, so a position carried through a flat fortnight can be worn down by
funding alone while the price sits still.

A reader who cannot afford to lose the whole of what is posted should not post it. That is the
whole of the risk section, and no figure anywhere else on this site softens it.

## How long a figure holds

Three kinds of reading appear in these entries, and they go stale at different speeds. A venue's
own documentation and trading terms — fee tiers, market lists, leverage ladders, what settles
where, which places it turns away — were read on 18 September 2026. Open interest, and the
volume of the preceding twenty-four hours, stand as the venues themselves reported them in the
CoinMarketCap ranking captured on 22 September 2026. Depth, spread and price impact belong to nobody
but this reference: public BTC books, polled on a ten-minute clock across the two days to 20 September 2026, printed as
medians of those readings with the count of readings beside each one.

None of it is live. A venue may retier a fee, delist a market, cut a cap or close a country the
morning after a reading, and it owes this reference no notice that it has. So a number here is
evidence of what a venue published on a stated day, and of nothing after that day. Before acting on
one, open the venue's own page and read the value standing there now. Where an entry and that page
disagree, the page is right and the entry is behind.

## What the placement fee pays for

Publication on this domain is paid for, and a venue described in an entry may be the party that
paid. A reader who does not know that cannot weigh what is in front of them, so it is set out here
rather than left to be worked out.

What the money does not reach is the arithmetic. Six criteria, the weight each one carries and a
scale whose ceiling is 7 were settled on 22 September 2026, before a single one
of the 10 scored venues had been read against them, and they are written out
in words on [how we rate](/scoring-method). Every total is produced from figures printed in the same
entry. An entry decides which venues it covers, which is what makes one entry about large orders
and another about cost, but it never moves what a criterion is worth. Every venue in the tables
carries at least two drawbacks documented from its own papers or from the public record, and no
venue anywhere on this site is marked out by a badge, a colour, a highlight or a row apart.

## Account rules belong to the venue

Whether a venue will deal with a reader at all is decided by that venue's terms and by the law of
the place the reader is sitting in, and by nothing printed here. Every venue in these entries
publishes a list of the places and the persons it will not serve — comprehensively sanctioned
jurisdictions in every case, with named countries beyond them — and each of those lists is
rewritten without warning and usually without a public note.

What this reference does is report what a venue has written down about access. What it does not do
is help anyone past it, and no line in an entry should be read as a view that some particular
reader may lawfully trade somewhere. Residency, tax and whatever reporting applies are the reader's
to settle before a deposit rather than after one. Signing in with a wallet demonstrates that a
wallet signed, and not that the venue is open to the person holding it.

The only agreement that binds a trader is the one the venue publishes and the trader accepts on
that venue's own site, enforceable against that venue and against no one else. An entry here is a
reading of such an agreement and never a substitute for it. This reference is not a party to it,
holds no funds, carries no orders, and can neither undo a fill, free a balance nor reinstate an
account; in a dispute between a trader and a venue it has no standing whatever.

## Copying an entry, and where a complaint goes

Quote from these pages and link to the entry the words were taken from — that is what they are
published for. Republishing an entry whole, or dressing its text up as somebody else's
compilation, is not permitted. Venue names, wordmarks and logos belong to their owners; naming one
here implies no relationship in either direction, and no venue has approved, reviewed or endorsed a
word written about it.

Care goes into an entry; none of it amounts to a warranty that the entry is accurate or that it is
complete, and reading one is at the reader's own risk. Nothing here answers for a trading loss, a
trade not taken, an account refused or a figure that moved after the day it was read. What this reference will answer
for is correcting itself: send the address of the entry and the venue's own page showing the other
value to corrections@thekiddushclubnft.com, and whatever checks out against that venue's documents is
read again and republished under the date of the session that fixed it.

These conditions can be revised. The date under the heading says when they last were, and the
wording on this page is the wording in force.

Prepared by The Perp Reference maintainers for perpetual futures venues and the alternatives to the largest of them, last revised on 24 September 2026. Corrections and disputed figures: corrections@thekiddushclubnft.com.

The maintainers are paid to publish this reference, and a venue with an entry here may be the party that paid for it.