Risk Disclosure

Leverage and liquidation

Perpetual futures let you control a position larger than the money you commit. If the market moves against you, your loss is measured on the whole position, not just your margin. When your margin can no longer cover the loss, the venue liquidates the position and you lose the margin backing it. On fast markets, liquidation can happen at a worse price than the liquidation price shown.

The margin and liquidation figures Levra shows are estimates calculated before you confirm an order. The venue's own calculation is what applies.

Volatility and gaps

Crypto and other assets available through Hyperliquid can move sharply in minutes, and markets trade around the clock, including weekends and holidays when liquidity can be thin and news is hard to react to. Prices can jump past your stop-loss or take-profit level, so an exit order may fill far from the price you set.

Liquidity, slippage and partial fills

You may not be able to trade the size you want at the price you see. Large or market orders can move the price against you (slippage), fill only in part, or fail. Market orders in Levra include a slippage limit, which can cause an order not to fill instead of filling at a bad price. That protects you from one risk and exposes you to another: you may stay in a position you meant to leave.

Funding

Perpetual futures have no expiry. Holders pay or receive a periodic funding rate that depends on market conditions. Funding can be significant when you hold a position for a long time or use high leverage, and it can turn against you without your placing any new order.

TradFi-style and HIP-3 markets

Some markets, such as equities, commodities, FX and indices, are deployed by independent third parties on Hyperliquid (HIP-3). They are synthetic perpetual contracts, not shares or the underlying asset: you own no shares, get no dividends or voting rights, and the price may not track the reference price exactly. They may have less liquidity, different trading hours, wider spreads and tighter risk limits, and can be delisted or halted at short notice. Deployers set their own rules and may depend on their own oracles and settlement processes, which can fail or be disputed.

Venue, smart contract and technology risk

Real trades execute on Hyperliquid, which Levra does not own or control. The venue, its blockchain, bridges, oracles, validators and smart contracts can suffer outages, bugs, exploits, congestion, governance changes or regulatory action, any of which could delay orders, freeze funds or cause loss. Levra can also have outages or defects. If the app is unavailable you may be unable to adjust or close a position while the market moves, so do not rely on Levra being available.

Wallet and security risk

You control your wallet. If your credentials, device or exported private key are stolen, lost or shared, assets can be taken and blockchain transactions cannot be reversed. Levra cannot recover lost keys or refund stolen funds. Beware phishing and fake support accounts. We will never ask for your private key.

Paper trading is not real trading

Paper results are simulated. They do not reflect real fills, latency, liquidity, outages or the pressure of risking real money. Success on paper does not mean success with real funds, and results in competitions such as Genesis carry no promise of future performance.

Regulatory and tax risk

Rules for crypto and derivatives differ by country and are changing. Some products may not be lawful for you to trade where you live, and rules can change and affect your access. Profits, losses and funding may have tax consequences. You are responsible for your own tax and legal compliance, and Levra does not give tax or legal advice.

No advice, no guarantees

Levra does not give investment advice and does not recommend any trade. Information in the app, including market data, charts and any ranking or performance figures, is not a guarantee of anything. Past performance does not predict future results.

Before you trade real money

• Only risk money you can afford to lose entirely.
• Practise on paper first, and start with small size and low leverage.
• Understand margin, liquidation price and funding for each position.
• Use stop-losses, knowing they are not guaranteed to fill at your price.
• Keep your keys and devices secure, and never share your private key.
• Get independent advice if you are unsure whether this is right for you.

By trading real funds on Levra you confirm you have read and understood this disclosure and the Terms of Service.