Terms of Use

00 Preamble

BOSCRAE LIMITED (the “Company”, “we”, “us” or “our”) is a business company incorporated under the laws of the British Virgin Islands. The Company develops and makes available certain software, including a web-based and/or mobile user interface known as “Hypro” (the “Interface”) that allows users to access and interact with the Hyperliquid decentralized perpetuals and spot trading protocol (the “Hyperliquid Protocol” or the “Protocol”) via the Hyperliquid Layer 1 blockchain (the “Hyperliquid Network”).

The Interface enables users to: (i) connect a self-custody, third-party cryptocurrency wallet (such as MetaMask, Phantom, Rabby or any other compatible wallet) or generate a self-custodial wallet directly through the Interface using a third-party wallet infrastructure provider (collectively, the “Wallet”); (ii) view market data, prices and account information surfaced by the Hyperliquid Network; (iii) construct, sign and broadcast transactions to the Hyperliquid Network for the purposes of trading perpetual futures and spot markets supported by the Protocol; and (iv) attach a Builder Code (as defined below) to such transactions in accordance with the Hyperliquid Protocol’s builder-code mechanism (collectively, the “Functionality”).

The Interface is provided “as a frontend only.” The Company does not (a) operate, control, or have any administrative rights over the Hyperliquid Network or the Protocol; (b) custody, hold, or have access to any of your Digital Assets, private keys, seed phrases or other Wallet credentials; (c) execute, settle, clear or guarantee any transaction on your behalf; or (d) act as a broker, dealer, exchange, money services business, investment adviser, futures commission merchant, introducing broker, or virtual asset service provider with respect to your activity. All transactions you initiate through the Interface are executed peer-to-peer on the Hyperliquid Network by the decentralized validator set of the Hyperliquid Network and the relevant smart contracts.

01 Definitions

“Builder Code”

means the on-chain attribution mechanism made available by the Hyperliquid Protocol that permits a developer or interface provider to receive a builder fee (in USDC) on fills sent on behalf of a user, subject to the maximum builder fee approved by such user via the Protocol’s ApproveBuilderFee action.

“Digital Assets”

means cryptographic tokens, coins, stablecoins, and other blockchain-based digital assets that are technically capable of being held in your Wallet or used in connection with the Hyperliquid Network, including USDC posted as collateral on the Hyperliquid Network.

“Embedded Wallet”

has the meaning given in Section 4.4.

“Hyperliquid Corp.”

means the entity that operates the official Hyperliquid frontend at app.hyperliquid.xyz, which is a third party unaffiliated with the Company.

“Mobile App”

means any mobile application version of the Interface that is made available through an App Store (as defined in Section 20).

“Restricted Person”

has the meaning given in Section 3.

“User” or “you”

means any natural or legal person accessing or using the Interface or Functionality.

“Wallet”

has the meaning given in the Preamble and includes both third-party Wallets and the Embedded Wallet.

“Wallet Infrastructure Provider”

has the meaning given in Section 4.4.

02 Nature of the Interface; no custody; no brokerage

2.1 The Interface is a software interface only. The Company is solely a developer and supplier of software. The Company is not, and shall not be deemed to be, a broker, dealer, arranger, introducing broker, futures commission merchant, designated contract market, swap execution facility, derivatives clearing organization, alternative trading system, exchange, transfer agent, money transmitter, money services business, virtual asset service provider, custodian, fiduciary, investment adviser, or commodity trading advisor.

2.2 No custody. The Company does not custody, hold, or control your Digital Assets, your Wallet, your private keys, your seed phrase or any other Wallet credential, including in respect of the Embedded Wallet. You retain sole and exclusive control of your Wallet at all times. The Company has no ability to transfer, recover, freeze, cancel, reverse, modify or otherwise affect any transaction or any Digital Asset associated with your Wallet.

2.3 No execution by the Company. All trades, orders, transfers and other transactions are signed by you (or by software you direct, such as an agent wallet you have authorized on the Hyperliquid Network) using your Wallet and are submitted directly to and executed by the Hyperliquid Network. The Company does not execute trades on your behalf and does not facilitate the matching, clearing, settlement or custody of any transaction.

2.4 The Interface is one of several means by which a user may access the Hyperliquid Protocol. The Protocol is operated by a decentralized set of validators and smart contracts and is not owned, operated or controlled by the Company. The Interface is not the only means of accessing the Protocol, and your relationship with, and use of, the Protocol is solely between you and the Protocol.

2.5 No fiduciary duty. Nothing in these Terms shall create any agency, partnership, joint venture, fiduciary, advisory or similar relationship between you and the Company. The Company owes you no duties or obligations other than those expressly set out in these Terms.

2.6 Account configuration; unified account; margin modes. Because all trading occurs on the Hyperliquid Network, your account on that network has an account abstraction (margin) mode that determines how your balances are treated and used as collateral. The Hyperliquid Protocol supports multiple modes, including a “unified account” mode, a “standard” mode in which spot and perpetual balances are kept separate, and other modes. The Interface defaults to, and may prompt you to enable, unified account mode. You acknowledge and agree that:

• under unified account mode, your single balance in a given asset serves both as your spot balance in that asset and as collateral for all cross-margin perpetual positions denominated in or collateralized by that asset, so that your spot holdings of that asset are used as margin and may be reduced, sold or liquidated by the Hyperliquid Protocol to cover losses, funding, fees or liquidation of your perpetual positions;
• the segregation between spot and perpetual balances that exists under standard mode does not apply under unified account mode, and you may select a different mode (such as standard mode), or use isolated margin for individual positions, if you wish to segregate or ring-fence collateral; you are solely responsible for selecting and reviewing the mode and margin settings appropriate for you;
• setting or changing your account abstraction mode is an action recorded on the Hyperliquid Network that you authorize and sign (including, where applicable, through an agent key as described in Section 4.9); the Company does not change your on-chain mode without an action authorized by you;
• unified account mode is subject to limits, constraints and changes imposed by the Hyperliquid Protocol (including, at the date of these Terms, a limit on the number of user actions per day), which are outside the Company’s control and may change; and
• the default selection of unified account mode is a configuration setting only and does not constitute financial, investment, trading or risk-management advice (see Section 6), and the Company shall have no liability arising from or relating to your account abstraction mode or margin settings, including the use of your spot holdings as collateral, in accordance with Sections 12 and 13.

03 Eligibility; Restricted Persons

3.1 By accessing or using the Interface or Functionality and agreeing to these Terms, you represent and warrant that:

• you are of the age of majority in your jurisdiction of residence and are legally able to enter into binding contracts;
• if you are entering into these Terms on behalf of a legal entity, you have the authority to bind that entity;
• you are not a Restricted Person and you are not accessing the Interface on behalf of, or for the benefit of, any Restricted Person; and
• your access to and use of the Interface and Functionality will at all times comply with all laws, rules and regulations applicable to you, including without limitation those of your jurisdiction of residence, citizenship, incorporation and physical presence.

3.2 The Interface is not available to, and may not be accessed or used by, any “Restricted Person.” Restricted Persons include:

• any natural person who is a resident of, located in, or a citizen of: (i) the United States of America (including its territories and possessions); (ii) the Province of Ontario, Canada; (iii) Japan; or (iv) any Sanctioned Jurisdiction (as defined below);
• any legal entity that is incorporated, organized, formed, registered or has its principal place of business in any of the jurisdictions listed in the bullet above;
• any person or entity who is the subject of, or who is owned or controlled by a person who is the subject of, sanctions administered or enforced by the United Nations Security Council, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) (including any person listed on the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identifications List), the U.S. Department of Commerce (including the Entity List, the Denied Persons List and the Unverified List), the European Union or its Member States, the United Kingdom (including HM Treasury’s Consolidated List), the Monetary Authority of Singapore, the British Virgin Islands, or any other competent authority (collectively, “Sanctions Authorities”);
• any person or entity who is a resident of, located in, organized in, incorporated in, or who has a registered office in any country, region or territory that is the subject of comprehensive sanctions administered by any Sanctions Authority, including, as of the Effective Date, Cuba, Iran, North Korea (DPRK), Syria, the Crimea, Donetsk, Luhansk, Zaporizhzhia and Kherson regions of Ukraine, and any other comprehensively sanctioned jurisdiction (each, a “Sanctioned Jurisdiction”); and
• any person or entity prohibited from accessing or using the Hyperliquid Protocol or the official Hyperliquid frontend under the Hyperliquid Corp. Terms of Use, as updated from time to time.

3.3 No solicitation; no registration. The Interface is provided on a passive, “access-only” basis. The Company does not market, advertise, offer, promote or solicit the Interface or the Functionality to, or direct any solicitation activity at, any person in any jurisdiction, including any Restricted Person and any person in any jurisdiction referred to in Section 3.2. The Interface and the Functionality are not registered, licensed, authorized, supervised or approved by, and have not been filed with, any financial regulator, securities authority, commodities authority, monetary authority or other governmental or regulatory body in any jurisdiction, and nothing in the Interface or these Terms constitutes such registration, licensing, authorization or approval, or an offer or solicitation where any such registration, licensing, authorization or approval would be required. The Company does not target users in, and makes no representation that the Interface is appropriate or available for use in, any particular jurisdiction. You are solely responsible for determining whether your access to and use of the Interface is lawful in your jurisdiction.

3.4 User responsibility for compliance. The Company does not, and is not required to, verify the residency, citizenship, location or eligibility of any User. The Company relies on each User’s representations and warranties under this Section 3. If you are a Restricted Person, you must not access or use the Interface; if you do so, you are doing so in breach of these Terms, in your sole responsibility and at your sole risk, and you forfeit any rights or remedies you might otherwise have had under these Terms or applicable law to the maximum extent permitted by law.

3.5 Geofencing and access controls. The Company may, in its sole discretion and without notice, implement geographic, IP-based, wallet-based, or other technical access controls intended to restrict access by Restricted Persons. Any such controls are best-efforts measures and do not constitute a waiver of, or consent to, access by any Restricted Person. The fact that you were able to access the Interface despite any such controls does not mean that you are permitted to do so. Circumventing or attempting to circumvent such controls (including by use of a virtual private network, proxy server, false declarations, or any similar means) is a material breach of these Terms.

3.6 Right to suspend or terminate. The Company reserves the right, in its sole and absolute discretion and without notice or liability, to suspend, restrict or terminate your access to the Interface or Functionality at any time, including (without limitation) where the Company has reason to believe that you are a Restricted Person, have provided false information, are in breach of these Terms, or where the Company determines such action is advisable for legal, regulatory, security or operational reasons.

04 Wallets and authentication

4.1 Third-party Wallets. The Functionality may be used by connecting a self-custodial third-party Wallet of your choice. Third-party Wallets are provided by third parties and are governed by separate terms of service and privacy policy entered into between you and the relevant Wallet provider. The Company is not a party to, and has no responsibility under, those terms.

4.2 Authentication and key security. You are solely responsible for: (i) selecting, installing, configuring and securing your Wallet; (ii) the safekeeping of your private keys, seed phrases, passwords, hardware devices, biometric credentials, email and social-login credentials, passkeys, PIN codes, recovery factors and any other authentication mechanism (collectively, your “Authentication Means”); and (iii) all activity occurring under or through your Wallet, whether authorized by you or not. Anyone who knows, obtains or replicates your Authentication Means can transfer, trade or otherwise dispose of your Digital Assets. The Company cannot recover your Authentication Means or restore access to your Wallet.

4.3 Agent wallets and AI agents. If you authorize an agent wallet, automated trading agent, AI agent or any other software to sign transactions on the Hyperliquid Network on your behalf, you remain solely responsible for all transactions submitted by such agent. You acknowledge that such agents may act autonomously, at high speed, and without your real-time review or approval of each individual transaction, and that all blockchain transactions are irreversible and final. The Company is not responsible for the behavior, malfunction, misconfiguration, or compromise of any such agent.

4.4 Embedded Wallet. In addition to enabling connection of third-party Wallets, the Interface offers users the option to generate a new self-custodial wallet directly through the Interface (an “Embedded Wallet”), in collaboration with one or more third-party wallet infrastructure providers (currently Privy.io, Inc. and/or its affiliates, together with any successor, alternative or additional provider, the “Wallet Infrastructure Provider”). The Embedded Wallet is, at all times, self-custodial. The private keys associated with the Embedded Wallet are generated, encrypted and stored on your device and/or through the Wallet Infrastructure Provider’s systems using mechanisms that may include, without limitation, key sharding, secure enclaves, multi-party computation (MPC), hardware-backed key stores, trusted execution environments, encrypted backups and other cryptographic techniques. The specific architecture of the Embedded Wallet is documented by the Wallet Infrastructure Provider, and is subject to change.

4.5 Embedded Wallet acknowledgements. By generating, using or accessing an Embedded Wallet, you acknowledge and agree that:

• the Embedded Wallet is self-custodial, and you (and not the Company or the Wallet Infrastructure Provider) are the sole owner and controller of the Digital Assets held in it;
• the Company does not custody, hold, store, escrow, replicate or have access to your private keys, seed phrases, key shards, recovery factors or any other Authentication Means associated with the Embedded Wallet, and has no ability to transfer, recover, freeze, restore or otherwise affect any Digital Asset held in the Embedded Wallet;
• your use of the Embedded Wallet is also subject to the terms of service, privacy policy and other policies of the Wallet Infrastructure Provider, which form a separate agreement between you and the Wallet Infrastructure Provider; you should review those terms before generating or using an Embedded Wallet;
• loss, theft, compromise, forgetting or destruction of any Authentication Means (including, without limitation, your email login, social login, passkey, PIN, biometric credentials, device, or any recovery factor) may result in the irreversible and unrecoverable loss of access to the Embedded Wallet and to all Digital Assets held in it;
• you are solely responsible for backing up, securely storing and preserving access to all Authentication Means and recovery factors associated with the Embedded Wallet; the Company strongly recommends that, where the Wallet Infrastructure Provider makes such functionality available, you export and securely back up your private key or seed phrase;
• the Wallet Infrastructure Provider, your device, your device’s operating system, your browser, your network provider, and any cloud or backup service on which the Embedded Wallet depends, may experience bugs, errors, vulnerabilities, defects, downtime, service discontinuation, deprecation, key loss events, supply-chain compromises or security breaches at any time, and the Company has no control over and assumes no responsibility for any of the foregoing; and
• the Company may, at any time and in its sole discretion, change the Wallet Infrastructure Provider, modify, suspend, deprecate or discontinue the Embedded Wallet functionality, or migrate Embedded Wallets to a different provider or architecture, in each case without liability to you.

4.6 Software wallet risk; no liability for wallet software defects. You expressly acknowledge that any wallet software (including the Embedded Wallet, any third-party Wallet, and any related infrastructure) may contain bugs, errors, vulnerabilities, design defects, cryptographic weaknesses, dependency failures, supply-chain compromises, or other flaws that may result in the partial or total loss of access to your Wallet, your Authentication Means, or any Digital Asset held in your Wallet. To the maximum extent permitted by applicable law, the Company shall not be liable for any loss, damage, theft, or unauthorized transfer of Digital Assets arising from or relating to any defect, malfunction, error, vulnerability, exploit, compromise, discontinuation, deprecation or failure of: (i) the Embedded Wallet, the Wallet Infrastructure Provider’s services, or any of their underlying components (including key generation, key sharding, key storage, key recovery, signing, encryption, secure enclave, MPC, biometric or other authentication mechanisms); (ii) any third-party Wallet; or (iii) any device, operating system, browser, application store, push-notification service, cloud-backup service, network, or other third-party software or infrastructure on which any of the foregoing depends. This Section 4.6 applies in addition to, and not in limitation of, the disclaimers and limitations of liability in Sections 12 and 13.

4.7 Embedded Wallet continuity; export; provider discontinuation or insolvency. You acknowledge and agree that your ability to access and control the Embedded Wallet and the Digital Assets held in it may depend on the continued availability of the Interface, the Wallet Infrastructure Provider, your Authentication Means, and the underlying device, operating system, keychain, cloud-backup or passkey infrastructure on which the Embedded Wallet relies. In particular:

• Export and self-recovery. Where the Wallet Infrastructure Provider makes export functionality available, you are strongly advised to export and securely store your Embedded Wallet’s private key and/or seed phrase, so that your access to the Embedded Wallet and the Digital Assets held in it does not depend on the continued availability of the Interface or the Wallet Infrastructure Provider. Once you have exported your private key or seed phrase, you are solely responsible for its safekeeping, and anyone who obtains it can control your Digital Assets. The Company does not retain, escrow or have access to any exported key material.
• Continuity of access. Because the Embedded Wallet is self-custodial, your Digital Assets reside on-chain and remain associated with the Embedded Wallet’s on-chain address regardless of whether the Interface or the Wallet Infrastructure Provider remains available. However, your practical ability to sign transactions and move those Digital Assets may require either (i) continued access through the Interface and the Wallet Infrastructure Provider, or (ii) possession of an exported private key or seed phrase usable in a compatible third-party Wallet. You are solely responsible for maintaining at least one such means of access.
• Provider discontinuation, withdrawal, acquisition or insolvency. The Wallet Infrastructure Provider may, at any time, modify, suspend, deprecate, discontinue or cease to provide its services, be acquired, wind down, become insolvent, suffer a key-loss event, or otherwise cease to support the Embedded Wallet, in each case for reasons outside the Company’s control. In any such event, your continued access to the Embedded Wallet may depend solely upon your having exported and retained your private key or seed phrase. The Company does not guarantee, and shall not be liable for the failure of, any migration, recovery, continuity, hand-over or successor arrangement, and does not guarantee that any replacement provider or mechanism will be available. The Company will, on a best-efforts basis only and consistent with Section 16, endeavour to provide advance notice and/or an export facility where it is reasonably able to do so, but assumes no obligation and no liability in respect thereof.
• Provider terms and changes. Your use of the Embedded Wallet is governed by the Wallet Infrastructure Provider’s own terms of service and privacy policy, which constitute a separate agreement directly between you and the Wallet Infrastructure Provider and which the Wallet Infrastructure Provider may amend from time to time in accordance with their terms. The Company is not a party to that agreement, does not control it, and has no obligation to monitor, notify you of, or be responsible for any change to the Wallet Infrastructure Provider’s terms, policies, fees, features, supported chains, or service availability. You are responsible for reviewing the Wallet Infrastructure Provider’s terms and any changes thereto.
• Allocation of responsibility. As between you and the Company, the security of the Embedded Wallet depends on factors that are within your control (including the security of your device, your email and social-login accounts, your passkeys, your biometric credentials, your PIN, your cloud-backup settings, and your exported key material) and factors that are within the control of the Wallet Infrastructure Provider and other third parties (including the cryptographic architecture, key-management systems, and infrastructure operated by them). The Company does not control either category of factor, and is not responsible for any loss arising from the compromise, failure or unavailability of any of them.

4.8 Imported private keys. Without limiting Sections 2 and 4.2, if you choose to import a private key into the Interface, that key is stored only on your device using your device operating system’s secure storage mechanisms. The Company does not receive, transmit, custody, escrow, back up, or recover imported private keys. If you lose your device, delete the Mobile App, lose access to the device’s secure storage, or fail to maintain your own backup, you may permanently and irreversibly lose access to the Wallet and any Digital Assets controlled by that key.

4.9 Agent keys and trading authorization. Without limiting Section 4.3, to submit, cancel or manage orders more efficiently, the Interface may generate a local agent key and ask you to approve that agent on the Hyperliquid Network. An approved agent may be able to submit trading instructions for the Wallet and network for which it was approved, subject to the permissions and limits supported by the Hyperliquid Protocol. You are responsible for reviewing any approval request before signing it. Logging out of, or deleting the local data of, the Mobile App may remove locally stored agent credentials from your device, but it may not revoke any authorization already recorded on the Hyperliquid Network. You are solely responsible for revoking any on-chain agent authorization if and when you wish to do so.

05 Builder codes and fees

5.1 Builder Code mechanism. The Hyperliquid Protocol provides an on-chain Builder Code mechanism that allows a frontend operator to receive a builder fee, denominated in USDC and collected by the Protocol, on fills sent through that frontend. The Company has registered one or more builder addresses with the Protocol and, by default, attaches its Builder Code to orders you submit through the Interface.

5.2 User approval. To enable the Builder Code, you are required to sign an on-chain ApproveBuilderFee action with your main Wallet, approving a maximum builder fee for the Company’s builder address. The Company will, at its sole discretion, request such approval at the maximum rate permitted by the Protocol (currently up to 0.1% per fill for perpetuals and up to 1% per fill for spot, in each case subject to change by the Protocol) or at a lower rate selected by the Company from time to time. The actual builder fee applied to any given order may be lower than the maximum approved fee.

5.3 Revocation. You may revoke or modify your builder fee approval at any time directly on the Hyperliquid Network. Once revoked, the Builder Code mechanism will no longer apply to subsequent orders. Revocation does not affect builder fees already paid on fills already executed.

5.4 Conflict of interest disclosure. You acknowledge that the Company receives builder fees on fills routed through the Interface and that this constitutes the principal monetization model of the Interface. The Company therefore has an economic interest in your trading activity. The Company does not provide investment advice or recommendations and does not act in a fiduciary capacity. You should take this conflict of interest into account in deciding whether and how to use the Interface.

5.5 Other fees. Your transactions on the Hyperliquid Network will also be subject to Protocol-level trading fees, funding payments, liquidation fees, gas or network fees and other charges that are not collected by, controlled by, or paid to the Company. You are solely responsible for ensuring that your account on the Hyperliquid Network is sufficiently funded to cover all such fees and charges. Estimates of fees, slippage and other transaction parameters displayed in the Interface are indicative only and may differ from amounts actually charged on chain.

5.6 Changes. The Company may change the builder fee rate it requests, or cease applying its Builder Code, at any time, in its sole discretion and without notice.

06 No advice; information provided “as is”

6.1 No information, content, market data, chart, analytic, indicator, label, ranking or other material made available through the Interface constitutes legal, tax, accounting, financial, investment, broker-dealer, or other professional advice, nor a recommendation, offer or solicitation to buy, sell or hold any Digital Asset, derivative or other instrument. All such information is provided for informational purposes only and is general in nature.

6.2 You are solely responsible for evaluating the merits and risks of any transaction, for conducting your own due diligence, and for obtaining your own independent professional advice before making any decision. The Company does not endorse, recommend or guarantee any Digital Asset, market, strategy or counterparty.

6.3 Price, funding rate, mark price, oracle price, liquidation threshold, margin, slippage and similar data displayed in the Interface are sourced from the Hyperliquid Network and/or third parties and may be delayed, inaccurate, incomplete or out-of-date. You should independently verify all such information before relying on it.

07 Acknowledgement of risks

By using the Interface and the Functionality, you expressly acknowledge, understand and accept that:

• Perpetual futures and other leveraged derivatives are highly risky. Leverage magnifies both gains and losses, and you may lose all of the margin and other Digital Assets you have committed to the Hyperliquid Network. In adverse market conditions you may also be exposed to losses in excess of your initial margin through clawbacks, socialized losses, auto-deleveraging, or similar mechanisms applied by the Protocol.
• Spot markets and Digital Assets are volatile. Prices may fluctuate dramatically and you may lose part or all of the value of your Digital Assets.
• Blockchain transactions are irreversible. Once a transaction is signed and broadcast to the Hyperliquid Network or any other blockchain, it cannot be reversed, cancelled, or refunded by the Company.
• Smart contract risk. The Hyperliquid Protocol relies on smart contracts and other code that may contain bugs, errors, vulnerabilities, or design flaws, and which may be exploited or otherwise fail. The Company has no control over the Protocol code base.
• Protocol risk. The Hyperliquid Network and Hyperliquid Protocol are operated by third parties and a decentralized validator set. They may experience downtime, congestion, forks, reorganization, censorship, governance changes, parameter changes, listing or delisting of markets, mark price or oracle malfunctions, liquidation cascades, or unilateral shutdowns. The Company has no control over, and no responsibility for, any of the foregoing.
• Forks, network upgrades, snapshots and airdrops. Blockchain networks, including the Hyperliquid Network and any chain interoperable with the Embedded Wallet or any third-party Wallet, may undergo hard forks, soft forks, protocol upgrades, chain reorganizations, network migrations, asset rebrandings, snapshots, airdrops, governance events and similar occurrences. As further provided in Section 16.3, the Company has no obligation to support, recognize, display, list, distribute, claim, retrieve, redeem, segregate or otherwise process any forked asset, replacement asset, airdropped asset, governance token, or any other resulting Digital Asset, and no such event shall give rise to any right, claim or remedy against the Company.
• Liquidity, slippage and execution risk. Order books may be thin, prices may move adversely between order placement and fill, and the execution price may differ materially from the displayed price.
• Counterparty risk. Trading on the Hyperliquid Network involves exposure to the Protocol’s vaults (including HLP and similar counterparties), the validator set, and the broader Protocol participants. The Company is not a counterparty to your trades.
• Collateral risk. Stablecoins (including USDC) and other Digital Assets used as collateral may de-peg, lose value, be frozen by their issuer, or otherwise become unusable.
• Unified account and cross-collateral risk. The Interface defaults to unified account mode (see Section 2.6). Under unified account mode, your spot holdings of an asset are used as collateral for your cross-margin perpetual positions in that asset, and may be reduced, sold or liquidated by the Hyperliquid Protocol to cover perpetual losses, funding, fees or liquidation. Cross-margin positions share a single collateral balance, so losses on one position can affect others, and the liquidation of a unified account may simultaneously close or liquidate both your spot and perpetual positions. The segregation between spot and perpetual balances available under standard mode does not apply unless you select it.
• Wallet, key and operational security risk. Loss, theft, compromise or destruction of your Wallet, Authentication Means or device, or any defect or compromise in the Embedded Wallet, the Wallet Infrastructure Provider or any third-party Wallet, may result in irreversible loss of your Digital Assets, with no recourse against the Company. See Sections 4 and 16.
• Regulatory risk. The legal and regulatory treatment of Digital Assets, decentralized protocols, perpetual futures and frontend interfaces is uncertain and evolving. New laws, regulations, sanctions, enforcement actions, court decisions or regulator pronouncements may adversely affect your ability to use the Interface, retain your Digital Assets, or recover losses.
• Third-party risk. The Interface may interact with third-party services, including Wallets, the Wallet Infrastructure Provider, RPC providers, oracle providers, data aggregators, on-/off-ramps, application stores, and other infrastructure. The Company does not control such third parties and is not responsible for their acts or omissions.
• Tax risk. You are solely responsible for determining the tax consequences of your use of the Interface and the Functionality, and for filing all applicable tax returns and making all required payments to tax authorities. The Company does not provide tax advice and does not issue tax statements.
• Cybersecurity risk, including phishing, social engineering, fake interfaces, malicious browser extensions, malware and quantum-cryptography developments, may compromise your Wallet or your Digital Assets at any time.

You assume all of the foregoing risks and waive any claim against the Company arising from or relating to them, to the maximum extent permitted by applicable law.

08 Acceptable use

8.1 You agree that you will not, and will not attempt to, directly or indirectly, in connection with your use of the Interface or Functionality:

• violate any applicable law, regulation or sanctions program, or assist or enable others to do so;
• use the Interface for, or in connection with, money laundering, terrorist financing, proliferation financing, fraud, tax evasion, market manipulation, insider trading, or any other criminal or unlawful activity;
• transact in Digital Assets that are the proceeds of criminal, fraudulent or sanctioned activity;
• use the Interface if you are a Restricted Person or on behalf of a Restricted Person;
• use any virtual private network, proxy, false declaration, false identity, or other means to disguise your location, residence, citizenship or identity;
• engage in wash trading, spoofing, layering, ramping, front-running, or other manipulative, deceptive or abusive trading practices;
• exploit any bug, vulnerability, error, oversight or unintended behaviour of the Interface, the Hyperliquid Network or the Protocol;
• interfere with, disrupt, overload, denial-of-service, or attempt to gain unauthorized access to the Interface, any related infrastructure, or the accounts or Wallets of other Users;
• use bots, scripts, scrapers or other automated means to access the Interface in a manner that exceeds reasonable use, breaches rate limits, scrapes data, or circumvents technical access controls;
• reverse engineer, decompile, disassemble, modify, translate, sublicense, sell, resell or otherwise commercially exploit the Interface or any software, code, content or other materials made available through the Interface, except as expressly permitted by these Terms or by applicable law that cannot be derogated from by contract;
• infringe, misappropriate, or violate any intellectual property, privacy, publicity, or other rights of the Company or any third party; or
• hold yourself out as affiliated with, sponsored by, or endorsed by the Company without our prior written consent.

8.2 The Company reserves the right (but is not obligated) to monitor compliance with this Section 8 and to take any action it deems appropriate, including blocking access, terminating these Terms, and cooperating with law enforcement, regulators and other authorities.

09 Intellectual property; limited license

9.1 Ownership. As between you and the Company, the Company and its licensors own all right, title and interest in and to the Interface and all software, code, designs, text, graphics, logos, icons, images, audio, video, content, trademarks, trade dress, service marks and other materials made available through the Interface (collectively, “Company Materials”), including all intellectual property rights therein. Nothing in these Terms grants you any right, title or interest in or to the Company Materials except for the limited license set out in Section 9.2.

9.2 Limited license. Subject to your compliance with these Terms, the Company grants you a limited, personal, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Interface and the Functionality for your personal, non-commercial use. If you have obtained the Mobile App through an App Store, the scope of this license is further described in Section 20. The Company may revoke this license at any time, with or without cause, and with or without notice.

9.3 Feedback. If you provide the Company with any feedback, suggestions, ideas, bug reports or other materials regarding the Interface (collectively, “Feedback”), you hereby grant the Company a worldwide, perpetual, irrevocable, royalty-free, fully paid-up, sublicensable and transferable license to use, copy, modify, distribute, create derivative works of, and otherwise exploit such Feedback for any purpose, without any obligation to compensate, attribute or notify you.

9.4 Reservation. All rights not expressly granted to you under these Terms are reserved by the Company and its licensors.

9.5 Copyright and intellectual property complaints (notice and takedown). The Company respects the intellectual property rights of others and expects Users to do the same. The Company maintains a notice-and-takedown process consistent with the principles of the U.S. Digital Millennium Copyright Act (DMCA) and applicable equivalent laws. If you believe in good faith that any content made available through the Interface infringes your copyright or other intellectual property right, you may submit a written notice to the Company’s designated agent at legal@hypro.one containing: (i) an electronic or physical signature of the person authorized to act on behalf of the owner of the right allegedly infringed; (ii) identification of the copyrighted work or other right claimed to have been infringed; (iii) identification of the material that is claimed to be infringing and information reasonably sufficient to permit the Company to locate it (such as the relevant URL or identifier within the Interface); (iv) your name, address, telephone number and email address; (v) a statement that you have a good-faith belief that the disputed use is not authorized by the rights owner, its agent or the law; and (vi) a statement, made under penalty of perjury, that the information in your notice is accurate and that you are the rights owner or authorized to act on the rights owner’s behalf.

9.6 Counter-notice; repeat infringers. If material you submitted or made available through the Interface has been removed or disabled in response to a complaint, you may submit a written counter-notice to legal@hypro.one containing: (i) your physical or electronic signature; (ii) identification of the material that has been removed or disabled and the location at which it appeared before removal; (iii) a statement, made under penalty of perjury, that you have a good-faith belief that the material was removed or disabled as a result of mistake or misidentification; and (iv) your name, address, telephone number, email address, and a statement that you consent to the jurisdiction of the courts identified in Section 18 (or, where required by applicable law, the courts of the district in which you are located), and that you will accept service of process from the person who provided the original complaint. The Company may, in its sole discretion and without liability, remove or disable access to any allegedly infringing content, terminate the access of any User, and adopt and implement a policy of terminating, in appropriate circumstances, Users who are repeat infringers.

9.7 No conflict with App Store processes. Where you obtained the Mobile App through an App Store, this Section 9.5–9.7 operates in addition to, and not in substitution for, any intellectual-property complaint process operated by the relevant App Store. Section 20.7 governs the allocation of responsibility for intellectual-property claims relating to the Mobile App as between the Company and the App Stores.

10 Third-party services

10.1 The Interface relies on, links to or interoperates with services and infrastructure provided by third parties, including: (i) the Hyperliquid Network and the Hyperliquid Protocol; (ii) third-party Wallet software; (iii) the Wallet Infrastructure Provider; (iv) RPC nodes, indexers, oracle providers and data aggregators; (v) market data, charting and analytics providers; (vi) bridges, on-ramps and off-ramps; (vii) hosting, CDN, anti-abuse and authentication providers; (viii) the App Stores; and (ix) other third-party services from time to time (collectively, “Third-Party Services”).

10.2 Your use of any Third-Party Service is governed solely by the terms and policies of the relevant third party. The Company makes no representations or warranties regarding any Third-Party Service, does not control any Third-Party Service, and is not responsible for any act, omission, failure, downtime, security breach, fee, loss or damage arising from or in connection with any Third-Party Service.

10.3 The Interface may surface, list or route to markets, instruments, tokens or vaults that are deployed permissionlessly on the Hyperliquid Network. Listing or surfacing of any such market or asset does not constitute an endorsement, review, verification or approval by the Company, and you are solely responsible for evaluating any such market or asset before trading.

11 Privacy

Your use of the Interface is subject to the Privacy Policy, which is incorporated into these Terms by reference. By using the Interface, you consent to the collection, processing and disclosure of information as described in the Privacy Policy.

12 Disclaimers

THE INTERFACE, THE FUNCTIONALITY, THE EMBEDDED WALLET, AND ALL COMPANY MATERIALS ARE PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, REPRESENTATIVES, CONTRACTORS, LICENSORS AND SUPPLIERS (COLLECTIVELY, THE “COMPANY PARTIES”) EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, AVAILABILITY, AND ANY WARRANTIES ARISING FROM COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE.

WITHOUT LIMITING THE FOREGOING, THE COMPANY PARTIES MAKE NO REPRESENTATION OR WARRANTY THAT: (A) THE INTERFACE OR FUNCTIONALITY WILL BE UNINTERRUPTED, TIMELY, SECURE, ACCURATE OR ERROR-FREE; (B) THE INTERFACE, THE EMBEDDED WALLET OR FUNCTIONALITY WILL MEET YOUR REQUIREMENTS; (C) ANY INFORMATION DISPLAYED IN THE INTERFACE IS ACCURATE, COMPLETE OR UP-TO-DATE; (D) ANY DEFECT WILL BE CORRECTED; (E) THE HYPERLIQUID NETWORK, THE PROTOCOL, ANY BLOCKCHAIN, ANY WALLET, THE WALLET INFRASTRUCTURE PROVIDER, OR ANY OTHER THIRD-PARTY SERVICE WILL OPERATE WITHOUT INTERRUPTION, DELAY, ERROR OR DEFECT; OR (F) ANY DIGITAL ASSET WILL RETAIN ANY PARTICULAR VALUE OR UTILITY.

THE COMPANY DOES NOT OWN, OPERATE OR CONTROL THE HYPERLIQUID PROTOCOL, THE HYPERLIQUID NETWORK, ANY WALLET, THE WALLET INFRASTRUCTURE PROVIDER, OR ANY OTHER THIRD-PARTY SERVICE, AND ASSUMES NO RESPONSIBILITY FOR ANY OF THE FOREGOING. YOUR USE OF THE INTERFACE AND FUNCTIONALITY IS AT YOUR SOLE RISK.

13 Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL ANY COMPANY PARTY BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, OR FOR ANY LOST PROFITS, LOST REVENUE, LOST DATA, LOSS OF GOODWILL, LOSS OF DIGITAL ASSETS, COSTS OF SUBSTITUTE SERVICES, TRADING LOSSES, LIQUIDATION LOSSES, MARK-TO-MARKET LOSSES, OR DAMAGES OF ANY KIND ARISING FROM OR RELATING TO THESE TERMS, THE INTERFACE, THE FUNCTIONALITY, THE EMBEDDED WALLET, ANY COMPANY MATERIALS, ANY THIRD-PARTY SERVICE, OR THE HYPERLIQUID PROTOCOL, REGARDLESS OF THE FORM OR BASIS OF THE CLAIM (WHETHER IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, STATUTE OR OTHERWISE), AND EVEN IF SUCH COMPANY PARTY HAS BEEN ADVISED OF, KNEW OF OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE AGGREGATE LIABILITY OF THE COMPANY PARTIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS, THE INTERFACE OR THE FUNCTIONALITY SHALL NOT EXCEED THE GREATER OF (I) THE AGGREGATE BUILDER FEES ACTUALLY RETAINED BY THE COMPANY (NET OF AMOUNTS REBATED OR SHARED WITH THIRD PARTIES) ON ORDERS YOU SUBMITTED THROUGH THE INTERFACE DURING THE THREE (3) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM AND (II) ONE HUNDRED U.S. DOLLARS (US$100).

Some jurisdictions do not allow the exclusion or limitation of certain warranties or damages. To the extent applicable law in your jurisdiction does not permit such exclusion or limitation, the relevant exclusion or limitation shall apply only to the maximum extent permitted, and the remaining provisions of this Section 13 shall remain in full force and effect.

The exclusions and limitations of liability in this Section 13 form an essential basis of the bargain between you and the Company, and apply even if any remedy fails of its essential purpose.

Release. To the maximum extent permitted by applicable law, you hereby release, waive and forever discharge the Company Parties from, and covenant not to sue them in respect of, any and all claims, demands, causes of action, damages, losses, costs and expenses, of any nature, whether known or unknown, suspected or unsuspected, arising out of or relating to your use of the Interface, the Functionality, the Embedded Wallet, or the Hyperliquid Protocol.

14 Indemnification

You shall indemnify, defend and hold harmless the Company Parties from and against any and all claims, demands, actions, proceedings, liabilities, damages, losses, judgments, settlements, fines, penalties, costs and expenses (including reasonable attorneys’ fees) arising out of or relating to: (i) your access to or use of the Interface, the Functionality or the Embedded Wallet; (ii) your breach of these Terms, including any representation, warranty or covenant herein; (iii) your violation of any applicable law, regulation or sanctions program; (iv) your violation of any right of any third party, including any intellectual property, privacy or publicity right; (v) any transaction signed or initiated using your Wallet (including by any agent you authorized); (vi) your status as a Restricted Person, if applicable; or (vii) any tax liability arising from your activity. The Company may, at its option, assume exclusive control of the defense and settlement of any matter for which you are required to indemnify the Company, in which case you agree to cooperate fully with the Company at your expense.

15 Modifications; suspension; termination

15.1 Modifications to the Terms. The Company may modify these Terms at any time in its sole discretion. The Company will provide notice of material changes by posting the updated Terms on the Interface and updating the “Last Updated” date, and may also provide notice through other reasonable means. Your continued access to or use of the Interface after the effective date of any modification constitutes your acceptance of the modified Terms. If you do not agree to the modified Terms, you must immediately stop accessing and using the Interface.

15.2 Modifications to the Interface. The Company may add, change, suspend, discontinue or remove any feature, market, functionality or component of the Interface (including the Embedded Wallet) at any time, in its sole discretion, without notice or liability.

15.3 Suspension and termination. The Company may suspend, restrict or terminate your access to the Interface at any time, in its sole and absolute discretion, with or without notice, and for any or no reason. You may stop using the Interface at any time.

15.4 Effect of termination. Upon termination of these Terms or your access to the Interface for any reason: (i) all rights and licenses granted to you under these Terms shall immediately cease; and (ii) the following Sections shall survive: 2, 3.4, 4.5–4.9, 5.4–5.6, 6, 7, 9, 12, 13, 14, 15.4, 16, 17, 18, 19, 20 and any other provision that by its nature is intended to survive.

16 No support obligation; no service levels; forks and airdrops

16.1 No support obligation. The Company is under no obligation to provide any customer support, technical support, help-desk service, dispute mediation, transaction recovery, account-recovery service, response to user inquiries, or other support service of any kind in connection with the Interface, the Functionality, the Embedded Wallet or any User activity. Any support, communications, FAQs, knowledge-base content, chat, email, social-media or community-channel responses, or other assistance that the Company may elect to provide is offered voluntarily, on an “as available” and best-efforts basis only, and may be modified, limited, suspended, discontinued or withdrawn at any time, without notice and without liability.

16.2 No service-level commitments. The Company makes no representation, warranty, covenant, undertaking, service-level agreement (SLA), uptime guarantee, response-time commitment, latency commitment, or other promise of any kind regarding the availability, performance, accuracy, completeness, reliability, error rate, security, scheduling or fitness for purpose of the Interface, the Functionality, the Embedded Wallet, or any support provided by the Company. The Interface, the Functionality, the Embedded Wallet and any support are provided strictly on an “as is” and “as available” basis, consistent with Sections 12 and 13.

16.3 Forks, network upgrades, airdrops and similar events. The Company shall have no obligation to support, recognize, display, list, distribute, claim, retrieve, redeem, segregate, allocate, value or otherwise process any forked Digital Asset, replacement Digital Asset, airdropped Digital Asset, governance token, rebranded Digital Asset, network-migration token, snapshot-derived asset, or any other Digital Asset that may arise as a result of a hard fork, soft fork, protocol upgrade, chain reorganization, network migration, airdrop, rebranding, snapshot, governance event or any similar occurrence affecting the Hyperliquid Network or any other blockchain interoperable with the Interface, the Embedded Wallet or any third-party Wallet. No such event shall give rise to any right, claim or remedy against the Company, and the Company’s decision not to support or surface any such event or asset shall not constitute a breach of these Terms.

16.4 Versions and deprecation. The Company may, at any time and in its sole discretion: (i) release new versions of the Interface or the Mobile App and require you to update to such new versions; (ii) deprecate or end support for prior versions of the Interface or the Mobile App, specific operating systems, browsers, devices, chains, markets, instruments, or features; (iii) impose minimum technical requirements; or (iv) otherwise modify the Interface. Continued use of older or deprecated versions of the Interface is at your own risk.

16.5 Operational controls. The Company may use remote configuration, maintenance flags, read-only mode, minimum-version controls, kill switches or similar operational controls to disable or suspend order submission, restrict or disable any functionality, display maintenance messages, throttle usage, or require an update to the Interface or the Mobile App, at any time, with or without notice and without liability. Such controls may be applied for maintenance, security, legal, regulatory, risk-management or operational reasons.

17 Anti-money laundering, sanctions and compliance

17.1 You represent and warrant that: (i) you are not, and are not acting on behalf of, a Restricted Person; (ii) none of the Digital Assets you use in connection with the Interface have been derived from, or are intended to be used in connection with, any criminal, fraudulent or sanctioned activity; and (iii) your access to and use of the Interface complies with all anti-money laundering, counter-terrorist financing, anti-bribery, anti-corruption and sanctions laws applicable to you.

17.2 The Company may, in its sole discretion, conduct or engage third parties to conduct blockchain analytics, wallet-screening, sanctions screening, IP screening, device fingerprinting and other compliance checks in connection with your use of the Interface. The Company may suspend, restrict or terminate access (including blocking specific Wallet addresses or IP addresses) where it determines that such action is appropriate for compliance, security or risk-management purposes.

17.3 You agree to provide any information reasonably requested by the Company to verify compliance with this Section 17 and applicable law, and you acknowledge that the Company may decline to interact with, and may report to appropriate authorities, any User or Wallet that the Company reasonably believes to be associated with criminal, fraudulent or sanctioned activity.

18 Governing law; dispute resolution; arbitration; class action waiver

18.1 Governing law. These Terms, and any dispute, claim or controversy arising out of or relating to these Terms, the Interface or the Functionality (whether in contract, tort, statute or otherwise) (each, a “Dispute”), shall be governed by and construed in accordance with the laws of the British Virgin Islands, without regard to its conflict of laws principles. The United Nations Convention on Contracts for the International Sale of Goods does not apply.

18.2 Informal resolution. Before commencing any arbitration, the party initiating the Dispute (the “Notifying Party”) shall send a written notice of the Dispute to the other party (a “Notice of Dispute”) setting out (i) the Notifying Party’s name and contact details, (ii) a description of the nature and basis of the Dispute, and (iii) the relief sought. Notices of Dispute to the Company shall be sent to legal@hypro.one. The parties shall attempt in good faith to resolve the Dispute through informal discussions for a period of sixty (60) days following receipt of the Notice of Dispute. If the Dispute is not resolved within such period, either party may commence arbitration in accordance with Section 18.3.

18.3 Mandatory arbitration. Any Dispute that is not resolved pursuant to Section 18.2 shall be referred to and finally resolved by binding arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the SIAC (the “SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference into this Section. The seat of the arbitration shall be Singapore. The tribunal shall consist of one (1) arbitrator appointed in accordance with the SIAC Rules, unless any party is seeking damages in excess of US$1,000,000 (or its equivalent), in which case the tribunal shall consist of three (3) arbitrators. The language of the arbitration shall be English. The arbitration award shall be final and binding upon the parties, and judgment upon the award may be entered in any court of competent jurisdiction. The existence and content of the arbitration, including any award, shall be confidential, except as required by law or to enforce the award.

18.4 Class action waiver. The parties agree that any Dispute shall be resolved on an individual basis only. The parties expressly waive any right to bring or participate in any class, collective, representative, consolidated or coordinated action or arbitration, or to act as a private attorney general. No arbitrator may consolidate the claims of multiple persons or preside over any form of representative proceeding. If a court or arbitrator decides that any part of this Section 18.4 is unenforceable, then the entirety of this arbitration agreement shall be null and void, and the Dispute shall be litigated in accordance with Section 18.6, but the remainder of these Terms shall continue in full force and effect.

18.5 Exceptions. Notwithstanding the foregoing, either party may: (i) seek interim, injunctive, conservatory, provisional or equitable relief in any court of competent jurisdiction, including to prevent the actual or threatened infringement, misappropriation or violation of intellectual property or confidentiality rights; and (ii) bring an action to enforce or confirm an arbitral award in any court of competent jurisdiction.

18.6 Court jurisdiction. To the extent any Dispute is found not to be subject to arbitration under this Section 18, or for any action to enforce an arbitral award or to seek the relief described in Section 18.5, the parties irrevocably submit to the exclusive jurisdiction of the courts of the British Virgin Islands; provided that the Company may, at its option, bring an action against you in any court of competent jurisdiction in your place of residence or principal place of business. You waive any objection to venue or forum non conveniens in such courts.

18.7 Jury trial waiver. To the maximum extent permitted by applicable law, each party irrevocably waives any right to a trial by jury in any action arising out of or relating to these Terms, the Interface or the Functionality.

18.8 Time limit. Any claim arising out of or relating to these Terms, the Interface or the Functionality must be commenced within one (1) year after the cause of action accrues, otherwise such claim is permanently barred. This time limitation does not apply to the extent prohibited by mandatory applicable law.

19 General provisions

19.1 Entire agreement. These Terms, together with the Privacy Policy and any documents or policies referenced or expressly incorporated herein, constitute the entire agreement between you and the Company concerning the Interface, the Functionality and the Embedded Wallet, and supersede all prior or contemporaneous communications, agreements and understandings, whether oral or written, between you and the Company regarding their subject matter. Any supplemental terms presented to you for a specific feature shall apply in addition to, and in the event of conflict shall prevail over, these Terms solely with respect to that feature.

19.2 Severability. If any provision of these Terms is held to be invalid, illegal or unenforceable by a court or arbitrator of competent jurisdiction, the remaining provisions shall remain in full force and effect, and the invalid, illegal or unenforceable provision shall be modified to the minimum extent necessary to make it valid, legal and enforceable while preserving its intent.

19.3 Assignment. You may not assign, transfer or delegate any of your rights or obligations under these Terms without the Company’s prior written consent, and any purported assignment in violation of this Section shall be null and void. The Company may freely assign, transfer or delegate any of its rights or obligations under these Terms, in whole or in part, without notice or consent.

19.4 No waiver. The failure of the Company to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. Any waiver must be in writing and signed by the Company.

19.5 Force majeure. The Company shall not be liable for any failure or delay in performance of its obligations under these Terms to the extent caused by events beyond its reasonable control, including acts of God, war, terrorism, civil unrest, pandemic, natural disaster, governmental action, sanctions, regulatory change, internet, blockchain or network outages, smart contract failures, hacks, exploits, oracle failures, third-party service failures, or App Store policy changes or removals. Without limiting the foregoing, such events expressly include the following blockchain- and DeFi-specific occurrences: (i) 51% attacks, consensus failures, validator collusion, chain halts, chain reorganizations or finality failures affecting the Hyperliquid Network or any other relevant blockchain; (ii) oracle manipulation, oracle failure, stale or incorrect oracle prices, or mark-price manipulation; (iii) maximal extractable value (MEV) activity, including front-running, back-running and sandwich attacks by validators or other third parties; (iv) failure, exploitation, freezing, or insolvency of any cross-chain bridge, messaging protocol or interoperability layer; (v) freezing, blacklisting, blocking, redemption suspension, de-pegging or other action or failure by the issuer of any stablecoin or other Digital Asset (including USDC); (vi) failure, exploitation, governance capture, parameter change, or unilateral shutdown of the Hyperliquid Protocol, its vaults, or its smart contracts; and (vii) failure, discontinuation, insolvency or compromise of the Wallet Infrastructure Provider or any RPC, indexer, relayer or node infrastructure.

19.6 No third-party beneficiaries. Except (i) for the Company Parties (who are intended third-party beneficiaries of the disclaimers, releases, limitations of liability and indemnities herein) and (ii) as expressly provided in Section 20.11 with respect to Apple, these Terms do not confer any rights or remedies on any person other than the parties.

19.7 Electronic communications and notices. You consent to receive communications from the Company electronically. Any notice given by the Company under these Terms may be given by posting on the Interface or by other reasonable electronic means. Notices to the Company shall be given in writing to legal@hypro.one.

19.8 Language. These Terms are written in English. Any translation is provided for convenience only and is not legally binding. In the event of any inconsistency between the English version and any translation, the English version shall prevail.

19.9 Headings. Section headings are for convenience only and do not affect interpretation.

19.10 Relationship. Nothing in these Terms creates any agency, partnership, joint venture, employment or fiduciary relationship between you and the Company.

19.11 Compliance with Hyperliquid Protocol terms. Your use of the Hyperliquid Protocol via the Interface is also subject to any applicable terms and rules of the Hyperliquid Protocol and Hyperliquid Corp. The Company is not responsible for, and assumes no liability under, those terms. You are responsible for reviewing and complying with them.

20 App store and mobile application distribution

20.1 General. This Section 20 applies if you obtained, downloaded, installed or accessed any Mobile App through (i) the Apple App Store operated by Apple Inc. or any of its affiliates (“Apple”) or (ii) Google Play operated by Google LLC or any of its affiliates (“Google”, and together with Apple, each an “App Store”). In the event of any conflict between this Section 20 and any other provision of these Terms with respect to the Mobile App, this Section 20 controls, but only to the extent of such conflict and only with respect to the Mobile App.

20.2 Acknowledgement. You acknowledge and agree that these Terms are concluded between you and the Company only, and not with the relevant App Store, and that the Company, not the App Store, is solely responsible for the Mobile App and the content thereof.

20.3 Scope of license. The license granted to you in Section 9.2 with respect to the Mobile App is a non-transferable license to use the Mobile App on any Apple-branded device that you own or control (in the case of the Apple App Store) or any compatible device that you own or control (in the case of Google Play), in each case as permitted by the Usage Rules set forth in the applicable App Store’s terms of service. With respect to the Apple App Store, the Mobile App may be accessed and used by other accounts associated with you via Family Sharing or volume purchasing, where and to the extent applicable.

20.4 Maintenance and Support. The Company is solely responsible, to the extent the Company elects to provide any maintenance or support services with respect to the Mobile App, for providing such services. Any such maintenance and support is provided subject to Section 16 (No Support Obligation; No Service Levels). You acknowledge that the App Stores have no obligation whatsoever to furnish any maintenance or support services with respect to the Mobile App.

20.5 Warranty. The Company is solely responsible for any product warranties with respect to the Mobile App, whether express or implied by law, to the extent not effectively disclaimed under these Terms. With respect to the Apple App Store, in the event of any failure of the Mobile App to conform to any applicable warranty, you may notify Apple, and Apple will refund the purchase price (if any) paid by you for the Mobile App. To the maximum extent permitted by applicable law, Apple will have no other warranty obligation whatsoever with respect to the Mobile App. Any other claims, losses, liabilities, damages, costs or expenses attributable to any failure to conform to any warranty will be the sole responsibility of the Company, subject to the disclaimers and limitations of liability in these Terms.

20.6 Product Claims. The Company, and not any App Store, is responsible for addressing any claims by you or any third party relating to the Mobile App or your possession and/or use of the Mobile App, including but not limited to: (i) product liability claims; (ii) any claim that the Mobile App fails to conform to any applicable legal or regulatory requirement; and (iii) claims arising under consumer protection, privacy, or similar legislation, including in connection with the Mobile App’s use of any framework. In each case, such liability is subject to the disclaimers and limitations of liability set out in these Terms.

20.7 Intellectual Property Rights. In the event of any third-party claim that the Mobile App, or your possession and use of the Mobile App, infringes that third party’s intellectual property rights, the Company, and not any App Store, will be solely responsible for the investigation, defense, settlement and discharge of any such intellectual property infringement claim, subject to the disclaimers and limitations of liability in these Terms.

20.8 Legal Compliance. You represent and warrant that (i) you are not located in a country that is subject to a U.S. Government embargo, or that has been designated by the U.S. Government as a “terrorist supporting” country, and (ii) you are not listed on any U.S. Government list of prohibited or restricted parties. This representation is in addition to, and not in limitation of, your representations under Section 3.

20.9 Developer Contact. Questions, complaints or claims with respect to the Mobile App should be directed to contact@hypro.one.

20.10 Third Party Terms. When using the Mobile App, you must comply with applicable third-party terms of agreement, including (without limitation) the terms of the applicable App Store, the terms of your wireless data service provider, the terms of the Wallet Infrastructure Provider, the terms of any third-party Wallet you connect, and the Hyperliquid Corp. Terms of Use.

20.11 Apple as Third Party Beneficiary. You and the Company acknowledge and agree that Apple, and Apple’s subsidiaries, are third-party beneficiaries of these Terms with respect to the Mobile App obtained through the Apple App Store, and that, upon your acceptance of these Terms, Apple will have the right (and will be deemed to have accepted the right) to enforce these Terms against you as a third-party beneficiary thereof. Notwithstanding the foregoing, the Company’s right to enter into, rescind or terminate any variation, waiver or settlement under these Terms is not subject to the consent of any third party, including Apple.

20.12 Google Play. With respect to any Mobile App distributed through Google Play, your use of the Mobile App is also subject to the Google Play Terms of Service. To the extent these Terms conflict with the Google Play Terms of Service with respect to your use of a Mobile App obtained through Google Play, the Google Play Terms of Service shall control solely to the extent of such conflict and only with respect to such Mobile App.

21 Contact

If you have any questions about these Terms, you may contact us at: