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This rider adds terms specific to the Exchange orderbook terminal. It is incorporated into the Terms of Service.
The Exchange is an orderbook: you may place limit, market, and stop orders in the listed pairs. There is no guarantee of execution, price, or liquidity. Market orders cross whatever is resting on the book within the limit implied by your inputs, and the price you receive may be materially worse than the last displayed price when the book is thin. Stop triggers are monitored off-chain on a best-effort basis and may fire late or not at all; a stop is not a guaranteed exit.
Trading requires approvals you grant to the exchange contract (including via Permit2). These remain valid until revoked, and you are responsible for managing them. Settlement transactions are submitted from your own wallet, so you pay the network gas for your settlements, and you are responsible for what your wallet signs.
Anyone may submit a matched settlement on-chain, including third parties. Cancellation in the terminal is an off-chain soft cancel that stops new matching but cannot undo a settlement already submitted on-chain; the authoritative cancel is the on-chain nonce operation described in the terminal, which costs gas.
Taker fees and maker rebates are disclosed in the terminal before you sign an order and are capped by the ceilings you sign. Fee tiers are based on rolling 30-day volume. The schedule, tiers, and thresholds may change. See Section 7 of the Terms.
The exchange contract holds no custodial balances and no U.CASH key can move your funds. An admin role can pause new settlements but is not needed to trade or settle. The contract's verified source, once published, is the authoritative description of its behavior.
Nothing in the Exchange is financial, investment, or trading advice, and nothing in the interface is a recommendation to buy or sell anything. Digital assets are volatile and you can lose your entire investment. Descriptions of tiers, features, and plans are forward-looking and may change.