Hypercall Terms of Use

1. These Terms

1.1 The Application, Foundation, and service providers

Synapse Foundation, or its applicable successor or designee, makes available, sponsors, administers, or coordinates access to the website-hosted application, APIs, interfaces, market data services, RFQ systems, order-entry systems, account interfaces, and related infrastructure made available under the Hypercall name, including at hypercall.xyz, app.hypercall.xyz, api.hypercall.xyz, and any other website, application, subdomain, API, or service that links to these Terms, collectively, the Application.

Distributed Systems LTD (DSML) and other vendors, contractors, contributors, delegates, affiliates, or service providers may provide software development, hosting, infrastructure, operations, market-operations support, risk-system support, API support, oracle or settlement support, compliance tooling, data processing, documentation, administrative, or other services to Synapse Foundation, $SYN token governance, governance-authorized parties, or other persons involved in making the Application or Protocol available. Except where expressly stated otherwise, DSML acts as a vendor or service provider and not as the contracting principal under these Terms.

The Hypercall Protocol or Protocol means the smart contracts, off-chain systems, risk systems, settlement processes, account infrastructure, market data systems, and related technology that may be used in connection with the Application to support option-like derivative contracts and related functionality referencing crypto assets, perpetual futures markets, indices, rates, or other reference markets.

The Protocol may be governed, administered, upgraded, parameterized, operated, serviced, or otherwise affected by one or more of Synapse Foundation, $SYN token governance, smart contract administrators, governance processes, risk administrators, oracle administrators, sequencers, validators, DSML, other service providers, or other parties described in the Trading Rules. These Terms govern your access to and use of the Application and your interactions with the Protocol through or in connection with the Application.

1.2 Current centralization and evolution

The Application and Protocol may include both decentralized or smart-contract-based components and centralized, foundation-administered, governance-administered, or service-provider-administered components. Such components may include, without limitation, the user interface, APIs, order submission systems, off-chain orderbook, RFQ systems, quote-provider systems, pre-trade margin checks, market data, risk calculations, account views, oracle computation, settlement administration, liquidation monitoring, liquidation orchestration, screening tools, compliance controls, and infrastructure services.

Hypercall may evolve over time. Certain components may be modified, replaced, discontinued, decentralized, transferred to governance, transferred to third-party service providers, or made available through other access points. Nothing in these Terms commits Synapse Foundation, $SYN token holders, DSML, any service provider, or any other person to decentralize, maintain, operate, upgrade, or continue any component of the Application or Protocol.

1.3 Acceptance

By accessing, browsing, connecting a wallet to, clicking to accept, signing a message for, submitting an order through, using an API key or session key with, or otherwise using any part of the Application, you agree to be bound by these Terms and the Trading Rules. If you do not agree, you must not access or use the Application.

If you access or use the Application on behalf of a company, fund, trading firm, DAO, partnership, trust, or other legal entity, you represent and warrant that you have authority to bind that entity. In that case, you and your refer to that entity and to the individual accessing or using the Application on its behalf.

1.4 Trading Rules incorporated by reference

Your access to and use of the Application, and any interaction with the Protocol through or in connection with the Application, are subject to these Terms and the following rules, policies, schedules, notices, and operational materials, each as amended or supplemented from time to time, collectively, the Trading Rules:

  1. Trading Rules and Market Integrity Policy;
  2. Order Priority, Execution, RFQ, RPI, and Block Trading Rules;
  3. API, Automated Trading, Bot, Agent Authorization, and Session Key Policy;
  4. Data Usage Policy;
  5. Oracle, Reference Market, Mark Price, Expiry, and Settlement Policy;
  6. Margin, Liquidation, Auto-Deleveraging, and Loss Allocation Rules;
  7. Fee, Rebate, Reward, Builder Code, Incentive, and Points Schedule;
  8. Market Parameters and Controls Schedule;
  9. Market Maker, Quote Provider, and Liquidity Provider Supplement;
  10. Privacy Policy;
  11. any market notice, product schedule, parameter table, risk framework, support article, API documentation, developer documentation, or other operating standard published or made available in connection with the Application or Protocol.

The Trading Rules form part of these Terms. If there is an inconsistency among documents, the following order of precedence applies unless expressly stated otherwise: first, any separate written agreement signed by Synapse Foundation or an authorized contracting party and you, but only for the specific commercial matters expressly addressed in that agreement; second, these Terms; third, the Trading Rules; fourth, product schedules, market notices, API documentation, parameter schedules, and other operating materials; and fifth, live values displayed in the Application, API, risk dashboard, governance dashboard, admin interface, smart contract, or other live parameter source for operational parameters.

For live or frequently changing operational parameters, live values, API responses, smart contract state, governance-approved values, or risk-engine values may prevail over static documentation to the extent the static documentation is outdated or inconsistent with the live operational value.

1.5 Actions by us, governance, and service providers

Where these Terms or the Trading Rules refer to an action that may be taken by us in relation to the Application or Protocol, such action may be taken by Synapse Foundation directly, by $SYN token governance or another governance-approved process, or by DSML or another authorized vendor, contractor, delegate, affiliate, administrator, service provider, or other authorized party acting for or in connection with Synapse Foundation, governance, the Application, or the Protocol.

Such action may be taken through the Application, APIs, off-chain systems, hosted infrastructure, smart contract functionality, risk parameters, market parameters, oracle processes, governance-approved processes, administrator functions, security processes, or other functionality available to Synapse Foundation, DSML, other service providers, governance participants, or other authorized parties.

Nothing in these Terms guarantees that any cancellation, correction, restriction, liquidation, settlement, oracle fallback, risk-control action, withdrawal action, access restriction, emergency action, or other process will be technically, operationally, legally, or commercially possible in every circumstance.

1.6 Modifications

We may modify these Terms or any Trading Rules from time to time. Modifications are effective when posted, made available through the Application, or otherwise communicated by us, unless a later effective date is stated. Your continued access to or use of the Application after modification constitutes your acceptance of the modified terms. If you do not agree to any modification, you must stop using the Application.

2. Eligibility and restricted access

2.1 Eligibility requirements

To access or use the Application, you must:

  1. be at least 18 years old and the age of majority in your jurisdiction;
  2. be legally capable of entering into binding contracts;
  3. have full power and authority to comply with these Terms and the Trading Rules;
  4. not have been suspended, removed, restricted, blocked, or prohibited from using the Application;
  5. not be a Restricted Person;
  6. not be a Sanctioned Person;
  7. not access or use the Application on behalf of a Restricted Person or Sanctioned Person;
  8. not intend to transact with, for the benefit of, or on behalf of a Restricted Person or Sanctioned Person;
  9. not be located, incorporated, organized, resident, ordinarily resident, citizen, tax resident, or otherwise subject to the laws of any jurisdiction where your access to or use of the Application, Protocol, Covered Products, options, derivatives, margin, liquidation, crypto assets, or related services would be unlawful or would create legal, compliance, sanctions, eligibility, authorization, reporting, or operational concerns not expressly accepted in the Trading Rules;
  10. have working knowledge of wallets, blockchain transactions, crypto assets, derivatives, options, perpetual futures, margin, liquidation, settlement, APIs, automated trading, and the risks of using the Application and Protocol;
  11. access and use the Application only for your own account or for an entity for which you have authority;
  12. comply with all Applicable Law and all Trading Rules.

2.2 Restricted Persons

A Restricted Person includes any person or entity that is:

  1. a United States person, United States citizen, United States resident, United States tax resident, or person located in the United States;
  2. a person located, incorporated, organized, resident, ordinarily resident, citizen, tax resident, or otherwise subject to the laws of Australia, Canada, Ontario, the United Kingdom, the European Economic Area, the Cayman Islands, Panama, or any other jurisdiction listed in the Restricted Jurisdictions Schedule;
  3. a person located, incorporated, organized, resident, ordinarily resident, citizen, tax resident, or otherwise subject to the laws of a jurisdiction subject to comprehensive sanctions, embargoes, or similar restrictions administered or enforced by the United States, United Kingdom, European Union, United Nations, Cayman Islands, or any other relevant authority;
  4. a person who is prohibited from accessing or using the Application or Protocol under Applicable Law;
  5. a person who would cause Synapse Foundation, DSML, our affiliates, the Application, the Protocol, governance participants, market makers, quote providers, liquidity providers, or service providers to violate Applicable Law or become subject to legal, compliance, sanctions, authorization, reporting, or operational obligations that have not been expressly accepted in the Trading Rules;
  6. any person we determine, in our sole discretion, should be restricted for legal, compliance, sanctions, risk, security, market integrity, or operational reasons.

2.3 Sanctioned Persons

A Sanctioned Person includes any person or entity that is:

  1. the subject or target of any sanctions, trade restrictions, export controls, blocking rules, asset-freeze rules, or similar measures administered or enforced by any relevant sanctions authority;
  2. owned or controlled by, acting for, acting on behalf of, or providing benefit to any such person;
  3. listed on any sanctions, denied-party, blocked-person, specially designated national, restricted-party, or similar list maintained by the United States, United Kingdom, European Union, United Nations, Cayman Islands, or any other relevant authority.

2.4 No evasion

You must not use any virtual private network, proxy, relay, remote desktop, false location information, misleading onboarding information, anonymization service, privacy tool, privacy coin, mixer, tumbler, chain-hopping technique, sanctioned address, third-party wallet, intermediary, agent, nominee, or other method to circumvent or attempt to circumvent any geolocation, jurisdictional, sanctions, wallet-screening, eligibility, compliance, risk, market-integrity, or access restriction.

2.5 Continuing representations

Each time you access or use the Application, connect a wallet, submit an order, request or accept a quote, place or cancel an order, use an API key, authorize an agent, deposit collateral, withdraw collateral, transfer positions, settle positions, or otherwise interact with the Application or Protocol, you represent and warrant on a continuing basis that you satisfy all eligibility requirements and that all information you provide is true, complete, accurate, and current.

3. Your access to the Application

3.1 Application access is discretionary

We may change, restrict, suspend, discontinue, geoblock, throttle, disable, terminate, or refuse access to any part of the Application, Protocol access point, API, market, product, instrument, account view, order type, RFQ process, quote-provider process, market-data feed, session key, agent authorization, wallet, address, jurisdiction, user, or functionality at any time, with or without notice, for any legal, compliance, sanctions, market integrity, risk, technical, security, operational, commercial, governance, or other reason.

3.2 No custody by the Application

The Application is intended to be non-custodial. We do not ask for, and you must not provide, your private keys or seed phrases. You are solely responsible for securing your wallet, keys, devices, credentials, API keys, session keys, agents, bots, and signing infrastructure.

Crypto assets, collateral, positions, or other value may be held in, controlled by, or affected by smart contracts, accounts, wallets, market rules, protocol rules, margin rules, liquidation rules, settlement rules, or other systems. We do not take title to your assets merely because you access the Application, deposit collateral into a smart contract, open a position, or interact with the Protocol. However, assets and positions may be locked, transferred, reduced, liquidated, settled, debited, credited, delayed, or otherwise affected in accordance with the smart contracts and Trading Rules.

Restricting access to the Application, API, account interface, or hosted withdrawal flow does not, by itself, constitute seizure, custody, ownership, lien, charge, or control over assets held in your wallet or in smart contracts. Withdrawals, transfers, and other actions may nevertheless be subject to risk checks, smart contract functionality, signatures, margin requirements, settlement processes, liquidation processes, operational availability, market integrity review, compliance review, and the Trading Rules.

3.3 No broker, adviser, fiduciary, custodian, or best-execution duty

To the maximum extent permitted by Applicable Law:

  1. we do not act as your broker, agent, introducing broker, futures commission merchant, commodity trading advisor, commodity pool operator, investment adviser, portfolio manager, clearing broker, clearing organization, securities broker, securities dealer, fiduciary, trustee, custodian, escrow agent, money transmitter, bank, payment processor, settlement agent, or best-execution provider;
  2. we do not undertake to provide best execution, best price, routing to the most favorable venue, price improvement, suitability review, appropriateness review, risk-management advice, portfolio-management advice, financial advice, investment advice, trading advice, legal advice, tax advice, accounting advice, or regulatory advice;
  3. our operation of the Application does not constitute an offer, recommendation, solicitation, invitation, endorsement, or advice to enter into any transaction, hold any position, use any strategy, use any bot, authorize any agent, deposit collateral, withdraw collateral, exercise, settle, liquidate, or hedge;
  4. you waive and eliminate any fiduciary duty or similar duty that may otherwise be alleged to be owed by us, our affiliates, our personnel, our service providers, market makers, quote providers, liquidity providers, or governance participants.

3.4 Your responsibility

You are solely responsible for:

  1. determining whether any transaction, order, quote, RFQ, strategy, position, hedge, liquidation, settlement, withdrawal, bot, API integration, or other interaction is appropriate for you;
  2. understanding all Covered Products, payoff formulas, reference markets, margin models, liquidation rules, settlement rules, oracle rules, and API behavior before use;
  3. monitoring your positions, collateral, margin, account health, liquidation risk, expiry risk, settlement risk, oracle risk, market risk, API risk, bot risk, and compliance obligations;
  4. obtaining independent legal, tax, accounting, regulatory, technical, trading, and financial advice;
  5. complying with Applicable Law;
  6. securing your wallet, devices, keys, signatures, API keys, session keys, agents, bots, and operational systems;
  7. all actions taken through or associated with your wallet, account, subaccount, API key, session key, authorized agent, bot, algorithm, device, or credentials, whether or not authorized by you.

4. Covered Products and reference markets

4.1 Covered Products

Covered Products means the option-like derivative contracts, packaged transactions, RFQs, orderbook instruments, spreads, strategies, margin products, settlement processes, collateral arrangements, market data products, risk tools, API functionality, and related products or services made available through the Application or Protocol from time to time.

Covered Products may include European-style, cash-settled option-like instruments referencing crypto assets, perpetual futures markets, indices, oracle prices, settlement prices, funding rates, volatility inputs, or other reference markets. Covered Products may also include multi-leg packages, RFQ transactions, orderbook transactions, market-maker quotes, hedging directives, account-level risk calculations, and related functionality.

4.2 Options on reference markets and perpetual futures

A Covered Product may reference a perpetual futures market, perpetual futures oracle, index price, mark price, settlement price, or other reference market. Such a Covered Product may be economically similar to an option on a perpetual futures reference market or an option on a reference price derived from a perpetual futures market.

Unless the applicable Product Schedule or Trading Rules expressly state otherwise:

  1. Covered Products are cash-settled and do not provide physical delivery;
  2. Covered Products do not represent ownership of, or a claim to, any underlying crypto asset, spot asset, index constituent, perpetual futures contract, commodity, security, currency, or other reference item;
  3. Covered Products do not give you a right to receive, deliver, purchase, sell, borrow, lend, or hold any underlying crypto asset, spot asset, index constituent, perpetual futures contract, commodity, security, currency, or other reference item;
  4. Covered Products settle according to the payoff formulas, reference prices, settlement prices, expiries, multipliers, collateral rules, and other specifications in the Trading Rules;
  5. references to an “underlying,” “asset,” “coin,” “token,” “perp,” “index,” “mark,” “spot,” “forward,” or similar term are references to the applicable Reference Market or calculation input, not a representation that you own or will receive the referenced item.

4.3 Product specifications

The applicable Trading Rules or Product Schedule may define, among other things:

  1. contract type;
  2. underlying reference market;
  3. strike format;
  4. multiplier;
  5. tick size;
  6. lot size;
  7. expiry time;
  8. exercise style;
  9. settlement style;
  10. settlement price methodology;
  11. oracle source;
  12. collateral assets;
  13. margin model;
  14. liquidation model;
  15. trading hours;
  16. supported order types;
  17. API behavior;
  18. fee schedule;
  19. market-maker or quote-provider eligibility;
  20. risk limits;
  21. fallback procedures.

We may list, delist, suspend, modify, restrict, expire, cash-settle, force-settle, or otherwise change any Covered Product, market, instrument, expiry, strike, collateral type, parameter, or feature in accordance with these Terms and the Trading Rules.

5. Risk disclosures

5.1 General risk

You acknowledge, understand, and agree that Covered Products, crypto assets, smart contracts, blockchain networks, perpetual futures, derivatives, options, RFQs, orderbooks, margin systems, liquidation systems, settlement systems, oracle systems, APIs, bots, automated trading systems, account systems, and related technologies are experimental, volatile, complex, and risky. You may lose all premiums, collateral, margin, settlement proceeds, rewards, fees, positions, or other value associated with your wallet, account, subaccount, positions, or transactions.

Losses may occur because of market movement, volatility, liquidity, slippage, partial fills, failed fills, stale quotes, failed cancels, mark-price changes, oracle errors, oracle manipulation, reference-market manipulation, funding-rate movement, spread movement, basis movement, margin calls, liquidation, partial liquidation, auction, insolvency, insurance fund depletion, auto-deleveraging, socialized loss, clawback, settlement delay, settlement error, chain reorganization, network congestion, sequencer failure, validator failure, bridge failure, third-party failure, security incident, governance action, parameter change, smart contract error, backend error, API error, bot error, user error, market-maker error, or any other cause.

5.2 Options and derivatives risk

Options and option-like derivatives are complex instruments. Option prices may change non-linearly and may be affected by the reference price, implied volatility, realized volatility, time to expiry, interest rates, funding rates, borrow rates, liquidity, market depth, margin rules, settlement rules, oracle values, and other factors.

Buyers of options may lose the full premium and fees paid. Sellers or writers of options may incur losses that are large, nonlinear, and potentially greater than the premium received or collateral posted, depending on the applicable margin, liquidation, settlement, and loss-allocation rules. Spreads, covered strategies, cash-secured strategies, delta-neutral strategies, market-maker strategies, portfolio-margin strategies, and hedged strategies are not risk-free.

Near-expiry Covered Products may be especially volatile and sensitive to small movements in reference prices, oracle values, settlement prices, implied volatility, theoretical value, liquidity, put-call parity, funding, and basis. Displayed Greeks, marks, theoretical values, payoff diagrams, risk metrics, liquidation estimates, margin estimates, probability metrics, strategy names, or estimated returns may be inaccurate, delayed, incomplete, stale, or misleading.

5.3 Margin, cross-margin, and portfolio-margin risk

The Application or Protocol may support standard margin, isolated margin, cross-margin, portfolio margin, market-maker margin, risk-based margin, or other margin systems. Margin requirements may change at any time and may be calculated using models, scenarios, stress inputs, floors, add-ons, marks, reference prices, oracle prices, volatility inputs, correlation assumptions, liquidity assumptions, concentration assumptions, and other parameters.

Margin models may be wrong, incomplete, stale, delayed, incorrectly configured, or inappropriate in extreme market conditions. Portfolio margin, cross-margin, offsets, hedges, collateral credits, and risk reductions may be reduced, removed, recalculated, delayed, or unavailable. A hedge may not protect you from loss, liquidation, settlement obligations, or auto-deleveraging.

5.4 Liquidation and loss allocation risk

Your positions, collateral, account, subaccount, or portfolio may be subject to liquidation, partial liquidation, full liquidation, auction, forced transfer, forced close-out, forced reduction, reduce-only trading, withdrawal restriction, auto-deleveraging, insurance-fund usage, clawback, socialized loss, delayed settlement, adjusted settlement, or other loss-allocation processes under the Trading Rules.

Liquidation prices, auction prices, close-out prices, settlement prices, and loss-allocation values may differ from marks, theoretical values, last-traded prices, oracle prices, index prices, comparable-venue prices, or prices displayed in the Application. Liquidation may occur earlier, later, or differently than expected. No risk control, margin buffer, alert, stop-loss, market-maker protection, price band, liquidation process, auction process, insurance fund, or auto-deleveraging process is guaranteed to prevent loss.

5.5 Oracle, reference-market, and settlement risk

Covered Products may depend on reference markets, oracle prices, mark prices, index prices, settlement prices, volatility inputs, funding-rate inputs, API data, third-party data, or fallback values. Any such input may be unavailable, stale, delayed, manipulated, erroneous, disputed, inconsistent across venues, or unsuitable for a particular use.

Settlement may be delayed, adjusted, suspended, recalculated, force-settled, cash-settled, or subject to fallback procedures under the Trading Rules. If an oracle, reference market, underlying market, index, API, blockchain, validator, sequencer, network, or other dependency fails, the applicable Trading Rules may permit fallback prices, alternative data sources, delayed settlement, emergency settlement, manual review, governance action, or other processes.

5.6 API, bot, and automation risk

Automated trading is expressly supported only to the extent permitted by the API and Automated Trading Policy. You are solely responsible for all bots, algorithms, scripts, trading systems, quote engines, API keys, session keys, agent wallets, delegated signers, and automated tools that you use or authorize.

Automation may produce unintended orders, duplicate orders, stale orders, excessive orders, crossed orders, self-trades, failed cancellations, unintended RFQs, unintended quote accepts, excessive leverage, liquidation, account lockouts, rate-limit violations, or other losses. We are not responsible for losses caused by your systems, third-party systems, API behavior, latency, outage, stale data, WebSocket issues, order-entry errors, or automation errors.

5.7 Regulatory risk

The legal and regulatory status of crypto assets, derivatives, options, perpetual futures, cash-settled contracts, margin trading, smart contracts, DeFi protocols, DAOs, token governance, and related activities is uncertain and may change. Regulatory developments may affect the availability, legality, operation, pricing, settlement, margin treatment, collateral treatment, tax treatment, or enforceability of the Application, Protocol, Covered Products, or your transactions.

6. Orders, RFQs, execution, and trade review

6.1 Order authorization

Orders, RFQs, quotes, cancels, amendments, acceptances, agent authorizations, session-key authorizations, withdrawals, transfers, deposits, settlements, and other actions may require signatures, API credentials, wallet confirmations, smart contract interactions, or other authorization methods. You are responsible for reviewing all terms before signing or submitting any action.

A signature, API request, session-key action, agent action, wallet confirmation, or other authenticated action associated with your wallet, account, subaccount, API key, session key, authorized agent, bot, or credentials may be treated as authorized by you, whether or not you intended the action.

6.2 Matching, RFQs, and order priority

Orderbook transactions, RFQ transactions, RPI auctions, package trades, quote-provider processes, manual accept flows, auto-execute flows, time-in-force instructions, cancellations, partial fills, and order priority are governed by the Trading Rules.

No order, quote, RFQ response, displayed price, mark, reference price, or API response is guaranteed to be available, accurate, executable, current, complete, continuous, or appropriate. We may reject, cancel, throttle, pause, suspend, expire, reprioritize, or otherwise restrict any order, RFQ, quote, cancel, API request, market-data request, or market interaction in accordance with these Terms and the Trading Rules.

6.3 No best execution or price guarantee

We do not guarantee that any order or RFQ will receive the best available price, price improvement, lowest fees, highest liquidity, fastest execution, complete execution, or execution at all. You are responsible for all limit prices, auto-accept limits, slippage tolerance, time-in-force settings, RFQ parameters, package construction, order size, order direction, strategy selection, and other order instructions.

6.4 Finality and correction rights

Transactions are intended to be final when executed, filled, settled, liquidated, or otherwise completed according to the Trading Rules. However, to the maximum extent permitted by Applicable Law and to the extent technically and operationally possible, we may review, pause, suspend, cancel, reverse, reprice, cash-settle, force-settle, adjust, disregard, claw back, or otherwise correct any order, RFQ, quote, fill, execution, transfer, settlement, liquidation, reward, fee, rebate, data point, or other action if we determine that it involves or may involve:

  1. obvious error, mistrade, erroneous transaction, stale quote, stale data, incorrect parameter, or incorrectly configured system;
  2. oracle issue, reference-market issue, settlement issue, liquidation issue, margin issue, risk-engine issue, API issue, backend issue, smart contract issue, or market-data issue;
  3. manipulation, market abuse, wash trading, self-trading, artificial volume, RFQ abuse, quote abuse, settlement manipulation, oracle manipulation, liquidation manipulation, rewards abuse, sanctions evasion, eligibility breach, security incident, or violation of these Terms or Trading Rules;
  4. abnormal market conditions, market disruption, technical disruption, chain disruption, legal requirement, regulatory concern, governance action, or emergency condition.

We are not obligated to take any corrective action, and no corrective action is guaranteed to make any user whole or avoid loss.

7. Margin, liquidation, settlement, and risk controls

7.1 Margin

Margin rules, margin modes, collateral rules, collateral haircuts, account equity, margin requirements, open-order treatment, portfolio-margin methodology, scenario grids, stress assumptions, floors, add-ons, offsets, concentration charges, and related risk calculations are governed by the Trading Rules.

We may change margin requirements, collateral treatment, risk parameters, and market parameters at any time, including during volatile market conditions, near expiry, during outages, during market disruptions, or for particular products, users, accounts, subaccounts, market makers, quote providers, strategies, or jurisdictions.

7.2 Liquidation

If your account, subaccount, or portfolio fails to satisfy applicable margin requirements or other risk requirements, it may be subject to liquidation, partial liquidation, full liquidation, forced transfer, auction, forced close-out, forced settlement, withdrawal restriction, reduce-only mode, order cancellation, account lock, auto-deleveraging, insurance-fund usage, clawback, socialized loss, or other processes under the Trading Rules.

You authorize the Application, Protocol, smart contracts, risk systems, liquidation systems, keepers, administrators, liquidators, market makers, governance processes, or other authorized parties to take actions permitted by the Trading Rules with respect to your account, collateral, positions, settlement proceeds, and transactions.

7.3 Settlement

Expiry, exercise style, settlement style, settlement price, settlement time, payoff calculation, automatic exercise, cash settlement, fallback settlement, delayed settlement, adjusted settlement, and disputed settlement are governed by the Trading Rules.

Unless the applicable Product Schedule or Trading Rules state otherwise, Covered Products are European-style and cash-settled at expiry by reference to a settlement price derived from the applicable Reference Market. No Covered Product gives you a right to physical delivery or to receive the referenced asset or perpetual futures position.

7.4 Risk controls may fail

Any risk control, price band, circuit breaker, market-maker protection, quote-provider protection, margin check, liquidation check, oracle check, settlement check, API rate limit, self-trade prevention mechanism, validation rule, or monitoring system may be unavailable, delayed, incorrectly configured, disabled, bypassed, or ineffective. No risk control is a guarantee that erroneous, unintended, excessive, loss-making, or disorderly activity will be prevented, cancelled, adjusted, or reversed.

8. Market makers, liquidity providers, affiliates, and conflicts

8.1 Affiliate and internal liquidity

You acknowledge that we, our affiliates, employees, contractors, founders, investors, service providers, related entities, internal trading desks, or designated liquidity vehicles may trade Covered Products or related instruments for their own account, provide liquidity, respond to RFQs, act as quote providers, act as market makers, act as principal counterparties, participate in auctions, liquidate accounts, hedge positions on or off the Protocol, trade in reference markets, trade on third-party venues, receive fees, receive rebates, receive incentives, participate in market-maker programs, or otherwise engage in trading or liquidity activity.

Any such activity may be conducted through firewalled or separately operated teams, systems, wallets, entities, or service providers, but no information barrier, policy, or control is guaranteed to prevent conflicts, errors, misuse, information leakage, or loss.

8.2 Conflicts

You may face an affiliated or unaffiliated market maker, quote provider, liquidity provider, liquidator, auction participant, employee, contractor, founder, investor, or other participant acting as principal and not as your agent, broker, fiduciary, adviser, or best-execution provider. Such participants may:

  1. trade the same Covered Products, reference markets, or related instruments as you;
  2. enter into transactions opposite to, or economically inconsistent with, your positions;
  3. hedge, reduce, increase, transfer, close, or otherwise manage exposure on or off the Protocol;
  4. receive fees, rebates, incentives, grants, points, builder-code economics, market-maker protections, API access, lower fees, different margin treatment, or other benefits;
  5. profit when you incur losses and incur losses when you profit;
  6. have access to different tools, infrastructure, latency, endpoints, data, capital, risk limits, market-maker protections, or operational arrangements.

Neither we nor any affiliated or unaffiliated market maker, quote provider, liquidity provider, liquidator, auction participant, employee, contractor, founder, investor, or other participant owes you any fiduciary duty, best-execution duty, advisory duty, disclosure duty, or duty to disclose positions, strategies, inventory, hedging decisions, risk limits, quote logic, pricing models, API usage, PnL, or other confidential or proprietary information.

8.3 Permitted liquidity activity

Bona fide proprietary trading, hedging, quoting, RFQ activity, orderbook activity, block trading, principal trading, liquidation, auction participation, or liquidity provision by affiliated or unaffiliated participants in accordance with these Terms, the Trading Rules, disclosed conflicts, Applicable Law, and ordinary operation of the Application or Protocol is not, by itself, a prohibited pre-arranged transaction, non-competitive transaction, spoofing, manipulation, or abusive trading practice. Nothing in this section permits fraudulent, deceptive, manipulative, or otherwise unlawful conduct.

9. Prohibited conduct and market integrity

You must not, and must not attempt to, assist, facilitate, or encourage any person to:

  1. violate Applicable Law, these Terms, or the Trading Rules;
  2. access or use the Application if you are a Restricted Person or Sanctioned Person;
  3. evade geolocation, jurisdictional, sanctions, eligibility, access, wallet-screening, compliance, risk, or market-integrity controls;
  4. engage in spoofing, layering, wash trading, self-trading, circular trading, artificial volume, quote stuffing, order stuffing, non-bona fide orders, non-bona fide RFQs, non-bona fide quotes, manipulative cancellations, marking the close, banging the settlement, front-running, sandwiching, oracle manipulation, settlement manipulation, reference-market manipulation, liquidation manipulation, auction manipulation, or other abusive trading conduct;
  5. exploit, manipulate, or interfere with any market, oracle, reference price, settlement process, liquidation process, margin process, API, smart contract, backend, database, validator, sequencer, user interface, wallet, market-data feed, or governance process;
  6. abuse, farm, Sybil, manipulate, or artificially generate eligibility for fees, rebates, rewards, points, airdrops, incentives, builder codes, referral programs, trading competitions, market-maker programs, or other benefits;
  7. submit excessive, abusive, malformed, misleading, or disruptive API requests, WebSocket messages, orders, cancels, RFQs, quotes, or market-data requests;
  8. scrape, copy, redistribute, commercialize, benchmark, index, or use Hypercall data except as permitted by the Data Usage Policy;
  9. introduce malware, viruses, worms, backdoors, exploits, denial-of-service attacks, spam, malicious code, or other harmful material;
  10. attempt to gain unauthorized access to the Application, Protocol, accounts, wallets, systems, data, APIs, infrastructure, service providers, or other users;
  11. use the Application or Protocol in connection with stolen funds, ransomware, fraud, terrorist financing, money laundering, sanctions evasion, child exploitation, human trafficking, illegal gambling, illegal securities or derivatives activity, or any other illegal activity;
  12. misrepresent your identity, location, jurisdiction, authority, ownership, source of funds, wallet control, trading purpose, or eligibility;
  13. infringe intellectual property, privacy, publicity, contractual, or other rights;
  14. interfere with or disrupt the Application, Protocol, markets, smart contracts, APIs, or users.

We may investigate suspected violations and may restrict access, suspend API keys, disable session keys, revoke agent permissions, cancel orders, reject RFQs, withhold rewards, claw back incentives, adjust fees, block wallets, block jurisdictions, report activity, share information with service providers or authorities, publish wallet-level abuse findings, or take other actions available to us under these Terms and Trading Rules.

10. APIs, bots, agents, and automated trading

10.1 Automated trading permitted subject to rules

Automated trading, bots, scripts, quote engines, agent wallets, delegated signers, API keys, session keys, bulk endpoints, WebSocket connections, market-maker integrations, and similar tools are permitted only in accordance with these Terms and the API and Automated Trading Policy.

10.2 Your responsibility for automation

You are solely responsible for all activity associated with your API keys, session keys, agents, bots, scripts, algorithms, quote engines, trading systems, and delegated signing arrangements. You must monitor your systems, maintain appropriate risk controls, test your systems, secure your credentials, revoke compromised keys, and comply with all rate limits, order limits, quote limits, cancellation limits, message limits, and other technical or market-integrity requirements.

10.3 Controls

We may monitor, throttle, reject, delay, disconnect, suspend, restrict, or terminate API, WebSocket, bot, agent, session-key, or automated trading activity for any legal, compliance, security, market-integrity, risk, technical, operational, or commercial reason.

11. Data and intellectual property

11.1 Hypercall data

Market data, orderbook data, RFQ data, quotes, trades, marks, Greeks, theoretical values, implied volatility data, settlement values, liquidation data, margin data, account views, API responses, analytics, documentation, and other data made available through or generated by the Application or Protocol, collectively, Hypercall Data, may be used only as permitted by these Terms and the Data Usage Policy.

Unless expressly permitted by the Data Usage Policy or a written agreement with us, you must not redistribute, resell, commercialize, scrape, bulk download, benchmark, index, create derived data products from, use to operate a competing venue, use to provide valuation or settlement services, or train AI or machine-learning models on Hypercall Data.

11.2 Intellectual property

We and our licensors own all rights, title, and interest in and to the Application, Hypercall Data, documentation, content, software, interfaces, designs, logos, names, marks, text, images, graphics, videos, APIs, code, databases, and other materials, except for open-source software, third-party materials, user content, smart contracts, or blockchain data that are expressly identified as owned or licensed by others.

Subject to your compliance with these Terms and the Trading Rules, we grant you a limited, revocable, non-exclusive, non-transferable, non-sublicensable license to access and use the Application for your own lawful internal trading, risk-management, account-management, and informational purposes.

12. Fees, rebates, rewards, and incentives

Fees, rebates, charges, gas costs, keeper costs, liquidation fees, settlement fees, withdrawal fees, builder-code economics, referral rewards, market-maker incentives, points, trading competitions, grants, campaigns, token-related rewards, and other economics are governed by the applicable Trading Rules and schedules.

We may introduce, change, suspend, remove, reverse, claw back, correct, withhold, adjust, or disqualify any fee, rebate, reward, point, incentive, grant, competition result, allocation, eligibility, or other benefit at any time, including for error, abuse, manipulation, wash trading, artificial volume, Sybil activity, sanctions concerns, eligibility breach, market-integrity concerns, technical issue, legal requirement, or violation of these Terms or Trading Rules.

Rewards, points, incentives, or similar benefits are discretionary unless expressly stated otherwise. No points, rewards, incentives, or campaign materials create a right to receive tokens, money, property, securities, commodities, derivatives, governance rights, protocol rights, or any other benefit.

13. Monitoring, compliance, and wallet screening

We may use geolocation tools, IP analysis, device analysis, VPN/proxy detection, blockchain analytics, wallet screening, sanctions screening, transaction monitoring, market surveillance, risk scoring, account monitoring, API logs, RFQ records, order history, quote history, trade history, counterparty information, support records, and third-party providers to assess eligibility, enforce restrictions, comply with law, prevent sanctions evasion, prevent fraud, prevent market abuse, protect security, conduct investigations, and enforce these Terms and Trading Rules.

We are not obligated to screen every user, wallet, transaction, order, quote, RFQ, or activity. Screening and restrictions may be incomplete, delayed, inaccurate, overinclusive, underinclusive, or unavailable. We are not obligated to disclose screening methods, results, thresholds, providers, alerts, or reasons for restriction.

14. Privacy

Our Privacy Policy describes how we collect, use, disclose, store, and otherwise process information. By using the Application, you acknowledge our Privacy Policy. Public blockchain activity may be visible to anyone and may be analyzed, copied, indexed, linked, or used by third parties without our involvement.

15. Third-party services and dependencies

The Application and Protocol may depend on or interoperate with third-party wallets, chains, RPC providers, indexers, bridges, Hyperliquid or other trading venues, oracle providers, data providers, cloud providers, analytics providers, compliance providers, wallet-screening providers, infrastructure providers, market makers, quote providers, liquidity providers, custodians, payment providers, and other third parties.

We do not control and are not responsible for third-party services, products, content, data, actions, omissions, outages, errors, security incidents, fees, terms, privacy practices, or legal compliance. Your use of third-party services may be subject to separate terms and policies.

16. Disclaimers

THE APPLICATION, PROTOCOL ACCESS POINTS, COVERED PRODUCTS, HYPERCALL DATA, TRADING RULES, DOCUMENTATION, APIS, INTERFACES, SMART CONTRACTS, MARKET DATA, RISK DATA, ORACLE DATA, SETTLEMENT DATA, LIQUIDATION DATA, AND ALL RELATED CONTENT AND SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE DISCLAIM ALL WARRANTIES AND REPRESENTATIONS, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, QUIET ENJOYMENT, ACCURACY, COMPLETENESS, TIMELINESS, AVAILABILITY, SECURITY, RELIABILITY, PROFITABILITY, SUITABILITY, REGULATORY COMPLIANCE, AND ERROR-FREE OPERATION.

We do not warrant that the Application, Protocol, Covered Products, smart contracts, APIs, market data, orders, RFQs, quotes, fills, cancellations, margin calculations, liquidation processes, oracle values, settlement values, marks, Greeks, theoretical values, account data, documentation, or other materials will be accurate, complete, current, continuous, secure, uninterrupted, or free from errors, bugs, vulnerabilities, manipulation, attacks, outages, or harmful components.

17. Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE AND OUR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, SERVICE PROVIDERS, LICENSORS, GOVERNANCE PARTICIPANTS, MARKET MAKERS, QUOTE PROVIDERS, LIQUIDITY PROVIDERS, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE, OR ENHANCED DAMAGES; LOSS OF PROFITS; TRADING LOSSES; LOSS OF REVENUE; LOSS OF GOODWILL; LOSS OF DATA; LOSS OF DIGITAL ASSETS; LOSS OF COLLATERAL; LOSS OF BUSINESS; LOSS OF USE; COST OF SUBSTITUTE SERVICES; OR OTHER INTANGIBLE LOSSES ARISING OUT OF OR RELATING TO THESE TERMS, THE TRADING RULES, THE APPLICATION, THE PROTOCOL, COVERED PRODUCTS, SMART CONTRACTS, APIS, MARKET DATA, MARGIN, LIQUIDATION, SETTLEMENT, ORACLE VALUES, THIRD-PARTY SERVICES, OR YOUR ACCESS TO OR USE OF, OR INABILITY TO ACCESS OR USE, ANY OF THE FOREGOING.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, OUR TOTAL LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS, THE TRADING RULES, THE APPLICATION, THE PROTOCOL, OR COVERED PRODUCTS WILL NOT EXCEED THE GREATER OF: (A) THE AMOUNT OF FEES YOU PAID DIRECTLY TO US FOR ACCESS TO OR USE OF THE APPLICATION DURING THE SIX MONTHS BEFORE THE EVENT GIVING RISE TO LIABILITY; OR (B) USD $50.

The limitations in this section apply regardless of the legal theory, whether based in contract, tort, negligence, strict liability, warranty, statute, or otherwise, even if we have been advised of the possibility of such damages and even if a remedy fails of its essential purpose.

18. Release and indemnity

To the maximum extent permitted by Applicable Law, you release us and our affiliates, officers, directors, employees, contractors, agents, service providers, licensors, governance participants, market makers, quote providers, liquidity providers, and representatives from all claims, demands, causes of action, damages, losses, liabilities, costs, and expenses arising out of or relating to your access to or use of the Application, Protocol, Covered Products, smart contracts, APIs, wallets, bots, agents, session keys, transactions, orders, RFQs, quotes, fills, positions, margin, liquidation, settlement, or third-party services.

You agree to defend, indemnify, and hold harmless us and our affiliates, officers, directors, employees, contractors, agents, service providers, licensors, governance participants, market makers, quote providers, liquidity providers, and representatives from and against all claims, damages, obligations, losses, liabilities, costs, and expenses, including reasonable attorneys’ fees, arising out of or relating to:

  1. your access to or use of the Application, Protocol, Covered Products, smart contracts, APIs, bots, agents, session keys, or third-party services;
  2. your transactions, orders, RFQs, quotes, fills, positions, margin, liquidation, settlement, wallet activity, or blockchain activity;
  3. your violation of these Terms, the Trading Rules, Applicable Law, or third-party rights;
  4. your misuse of Hypercall Data;
  5. any activity associated with your wallet, account, subaccount, API key, session key, agent, bot, device, credentials, or authorized person;
  6. any dispute between you and another user, market maker, quote provider, liquidity provider, liquidator, builder, counterparty, service provider, or third party.

19. Dispute resolution; class action waiver; governing law

19.1 Informal resolution

If a dispute arises, you must first contact us at and attempt to resolve the dispute informally. If we are unable to resolve the dispute within 60 days after your email, either party may proceed as set out below.

19.2 Arbitration

Any claim or controversy arising out of or relating to the Application, Protocol, Covered Products, these Terms, the Trading Rules, or any act or omission for which you contend we are liable, including any question regarding arbitrability, will be finally and exclusively settled by confidential binding arbitration before a single arbitrator under the JAMS Comprehensive Arbitration Rules and Procedures or such other rules as counsel may specify.

The arbitration will be held in the Cayman Islands unless you and we agree otherwise. The arbitrator may not consolidate your claims with those of any other person unless we agree. Judgment on the award may be entered in any court of competent jurisdiction.

19.3 Class action and jury trial waiver

You and we agree that all disputes must be brought only in an individual capacity and not as a plaintiff, claimant, class member, or representative in any class action, collective action, private attorney general action, representative action, or class arbitration. You and we waive any right to a jury trial to the maximum extent permitted by Applicable Law.

19.4 Governing law

These Terms, the Trading Rules, and any dispute are governed by the laws of the Cayman Islands, without regard to conflict-of-law principles. For purposes of venue, the Application will be deemed to be based solely in the Cayman Islands. The availability of the Application in any jurisdiction does not give rise to general or specific personal jurisdiction in any forum outside the Cayman Islands.

20. General

These Terms, together with the Trading Rules and Privacy Policy, constitute the entire agreement between you and us regarding the Application and supersede prior or contemporaneous understandings regarding the Application.

If any provision is held invalid or unenforceable, the remaining provisions will remain in effect, and the invalid or unenforceable provision will be enforced to the maximum extent permitted by law or replaced by a valid provision that most closely reflects the original intent.

You may not assign or transfer these Terms without our prior written consent. We may assign, transfer, or delegate these Terms or any rights or obligations under them without notice or consent.

Our failure to enforce any provision is not a waiver. Headings are for convenience only. The word “including” means “including without limitation.”

21. Definitions

Applicable Law means all laws, statutes, regulations, rules, orders, judgments, directives, sanctions, export controls, regulatory guidance, and legal requirements applicable to you, us, the Application, the Protocol, or the relevant activity.

Application has the meaning given in Section 1.1.

Covered Products has the meaning given in Section 4.1.

DSML or Distributed Systems LTD means the Cayman Islands entity that may act as a vendor, contractor, contributor, delegate, affiliate, infrastructure provider, development provider, operations provider, data processor, or other service provider to Synapse Foundation, $SYN token governance, governance-authorized parties, the Application, or the Protocol.

Hypercall Data has the meaning given in Section 11.1.

Protocol or Hypercall Protocol has the meaning given in Section 1.1.

Reference Market means any crypto asset, perpetual futures market, index, oracle price, mark price, settlement price, funding rate, volatility input, rate, benchmark, market, venue, or other value or source referenced by a Covered Product or used for pricing, margin, liquidation, settlement, risk, or market data.

Restricted Person has the meaning given in Section 2.2.

Sanctioned Person has the meaning given in Section 2.3.

Synapse Foundation means the entity identified in Section 1.1, together with its applicable successors or designees.

Trading Rules has the meaning given in Section 1.4.

we, us, and our mean Synapse Foundation and, where the context requires for operational, protective, or beneficiary purposes, its affiliates, successors, designees, governance-authorized parties, DSML, service providers, or other persons involved in making available, servicing, administering, or operating the Application or Protocol.

you and your mean any person or entity that accesses or uses the Application.