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Risk Disclosure

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Trading perpetual futures is highly speculative, and you can lose all the funds in your trading account. This page describes the main risks of trading through NyxGo, a non-custodial interface to a third-party decentralized exchange protocol (the “Exchange Protocol”). It does not list every risk and is not advice. Read it together with our Terms of Use, and only trade with money you can afford to lose.

1. Perpetual futures are complex

Perpetual futures (“perps”) are derivatives. You do not own the underlying asset; you hold a contract whose value follows its price. Perps have no expiry date and are kept close to the underlying price through funding payments. Profit and loss, margin and liquidation are based on prices calculated by the Exchange Protocol, such as the mark price, which may differ from the last traded price or from prices on other venues.

2. Leverage magnifies losses

Leverage lets you open a position larger than your margin. The margin shown in the NyxGo order form is the order value divided by your leverage. A small price move against you can wipe out that margin. In cross margin, losses on one position can use collateral shared with your other cross-margin positions. Higher leverage means a smaller move is needed to lose everything.

3. Liquidation

If your account value falls below the Exchange Protocol’s maintenance margin requirement, the Exchange Protocol may liquidate your positions, in whole or in part, possibly at a worse price than you expected. You can lose your entire margin. Liquidation rules, and mechanisms such as auto-deleveraging, are set and run by the Exchange Protocol, not NyxGo. NyxGo cannot prevent, delay or reverse a liquidation. Liquidation prices shown in NyxGo come from the Exchange Protocol or are calculated by NyxGo, and are estimates that change as prices, funding and your account change.

4. Funding payments

Holders of long and short positions pay each other funding at intervals set by the Exchange Protocol. Rates change with market conditions and can be large. Funding is charged for as long as your position is open, whether or not the price moves, and can reduce your margin and bring you closer to liquidation.

5. Market, liquidity and execution risk

  • Volatility. Crypto prices can move sharply and suddenly, including gaps where no trades happen in between.
  • Liquidity. Order books can be thin, especially in smaller markets, so large orders may move the price or fill slowly.
  • Market orders. The Exchange Protocol has no native market order. NyxGo sends market orders as immediate-or-cancel limit orders priced up to the maximum slippage in your preferences. They may fill at a worse price than the one displayed, fill partially, or not fill at all.
  • Multiple orders. Actions that send several orders at once, such as closing all positions or placing a scale ladder, may succeed for some orders and fail for others.
  • Trigger and take-profit/stop-loss orders. A trigger order is sent only when the Exchange Protocol’s trigger price is reached, and it may then fill at a worse price than the trigger, partially, or not at all, especially in fast markets. Take-profit and stop-loss orders attached to a new position are only placed once the entry order has filled; if the entry fills only partly, the position may be left without them. A stop-loss is not a guarantee against loss or liquidation.
  • TWAP orders. A TWAP order trades in slices over time; slices can fill at worse prices than expected or not at all, and the order keeps running until it finishes or you cancel it.
  • Order rules. The Exchange Protocol may reject orders that break its rules, for example on price ticks, size increments or minimum order value.

6. Dependence on the Exchange Protocol

NyxGo is an independent interface and is not affiliated with the Exchange Protocol, and NyxGo does not control it. The Exchange Protocol, not NyxGo, holds your margin and runs matching, pricing, margining, funding, liquidation and settlement. Your ability to trade, and the safety of your funds, depend entirely on the Exchange Protocol. Risks include:

  • software bugs, exploits or attacks on the Exchange Protocol’s blockchain, validators, smart contracts, bridge or price oracles;
  • outages, congestion, halted markets or delayed data;
  • changes to the Exchange Protocol’s rules, fees, leverage limits, listed markets or governance, which can happen without notice to NyxGo or to you;
  • losses that cannot be recovered. No deposit insurance or investor compensation scheme covers funds on the Exchange Protocol.

Some markets on the Exchange Protocol, including perpetuals that track stocks, stock indices, commodities and currencies, are launched and operated by independent third parties (“deployers”), not by the Exchange Protocol itself or by NyxGo. For these markets:

  • the deployer chooses the price oracle, leverage limits, margin rules and part of the fees, and can change them. Oracle errors or manipulation can trigger liquidations;
  • the underlying assets may trade only during set hours while the perpetual trades continuously, so prices can move sharply or gap when the underlying market reopens;
  • a deployer can halt, settle or delist a market, and the Exchange Protocol can penalise or restrict a deployer, which can affect open positions;
  • many of these markets allow isolated margin only, and each deployer’s exchange may keep a separate margin balance;
  • a perpetual on a stock is a contract on its price. It gives you no ownership of the stock, and no dividends, voting or other shareholder rights.

7. Blockchain, bridge and stablecoin risk

Moving funds to and from the Exchange Protocol involves blockchain transactions and third-party bridging infrastructure: deposits made from NyxGo use Circle’s Cross-Chain Transfer Protocol (CCTP) from Arbitrum, and withdrawals are paid out on Arbitrum by the Exchange Protocol’s bridge. Deposits and withdrawals made from NyxGo are transactions you sign in your own wallet; NyxGo does not hold or route your funds. Transactions are generally irreversible, and funds sent to the wrong address are usually lost for good. Transfer and withdrawal fees are set by these third parties and can change; NyxGo shows the current fee before you confirm and does not control whether or when a transfer completes. Transfers can take much longer than the usual estimate, for example when Circle’s fast-transfer capacity is exhausted, and NyxGo cannot cancel or speed up a transfer once it is sent. Bridges and smart contracts can fail or be exploited. Trading through NyxGo requires USDC in your account on the Exchange Protocol. USDC is a stablecoin that can lose its peg, be frozen by its issuer or face regulatory action.

8. Trading-key (API wallet) risk

To place orders yourself, NyxGo creates an API wallet on the Exchange Protocol (the “trading key”) in your browser, which you approve with your main wallet. It is designed to limit risk, but it is not risk-free:

  • What it can do. The key can place, modify and cancel orders, change leverage and margin settings for your account and move USDC between your own accounts on the Exchange Protocol. It cannot withdraw funds, but it can open large, highly leveraged positions that lose your money.
  • Where it lives. The key is stored in your browser’s local storage, unencrypted, on your device. Unlike the Agents key (see Section 9), it is never sent to NyxGo’s servers, so its security depends on your device. Malware, a malicious browser extension, someone with access to your computer, or malicious code running in the NyxGo app (for example, through a compromised software dependency) could read it and trade on your account.
  • Removing it. The approval expires 30 days after you give it, and signing out of NyxGo revokes it on the Exchange Protocol. “Remove key from this browser” deletes the local copy only. The approval may stay active on the Exchange Protocol until it expires, you sign out, you revoke it there or you approve a new NyxGo trading key, which replaces the old one.
  • Losing it. Clearing your browser data deletes the key. Your funds are not affected, but you will need to approve a new key to trade through NyxGo.

9. Agents key risk

If you use Agents (automated trading tools described in our Terms of Use), you approve a second, separate API wallet on the Exchange Protocol (the “Agents key”) with your main wallet. NyxGo creates and holds this key so that your Agents can trade while your browser is closed. It is designed to limit risk, but it is not risk-free:

  • What it can do. Under the Exchange Protocol’s rules, the Agents key can place, modify and cancel orders and change leverage settings on your account, but it cannot withdraw or transfer funds. NyxGo’s signer, the isolated system that holds the key, uses it only to place, modify and cancel orders, and checks every order against the limits you signed before signing it.
  • Where it lives. The key is stored encrypted and used only inside NyxGo’s signer; it is never sent to your browser. If the signer or the key were compromised, for example through a software flaw or an attack on NyxGo’s systems, someone could use the key to trade on your account outside your limits, including trades designed to lose your margin, until the key expires or its approval is revoked on the Exchange Protocol. They could not use it to withdraw or transfer your funds.
  • Limiting exposure. Each approval expires 30 days after you give it, and renewing means approving a new key. Revoking the key in NyxGo pauses your Agents and deletes NyxGo’s copy of it, and NyxGo also deletes its copy when the key expires or is replaced, or if your account is restricted or deleted. Deleting NyxGo’s copy does not revoke the approval on the Exchange Protocol: it stays active there until it expires, is replaced or you revoke it. NyxGo cannot revoke it on the Exchange Protocol for you. Only a signature from your main wallet can, which the Interface offers to request when you revoke the key, or which you can give directly on the Exchange Protocol. Revoke the Agents key when you stop using Agents.
  • Expiry. Your Agents pause before the Agents key expires and stay paused until you approve a new one. Your funds are not affected.

10. Automated trading risk

Agents trade on your account automatically, including while you are away, and keep placing orders and paying fees until they finish, are paused or stop. Automation does not remove any of the risks described above, and it adds some of its own:

  • Unattended execution. An Agent follows its rules whether or not market conditions still suit them. A mistake in its settings or limits, such as the wrong market, side or size, will be repeated until you notice it. Check what you sign, and monitor your Agents, orders and positions regularly.
  • DCA agents. Buying or selling at regular intervals does not prevent losses. In a falling market, a DCA agent that buys keeps buying as the price falls, adding to a position that may be leveraged. Each run is sent as an immediate-or-cancel order within your maximum slippage, so it may fill at a worse price than displayed, partially or not at all.
  • Grid agents. A grid buys as the price falls and sells as it rises. In a strong trend it can build up a position against the trend, up to the maximum position you signed, and be left holding that position at a loss if the price moves out of the range. Grid orders rest on the order book and may not fill. If you chose to have the grid close its position when it stops, the close is sent as an immediate-or-cancel order that may fill at a worse price, partially or not at all.
  • Trailing stop agents. The stop follows the mark price and can be triggered by a short, sharp move (a “wick”), closing your position just before the price recovers. Once triggered, it may fill at a worse price than the stop, or not fill at all in a fast or thin market. A trailing stop is not a guarantee against loss or liquidation.
  • Orders may not be placed. NyxGo may refuse, delay or skip an Agent’s orders, for example when prices fail its checks, a cap in your limits or a platform cap is reached, a market is unavailable or not liquid enough, or Agents are switched off. The Exchange Protocol may also reject them.
  • Pauses and missed runs. Agents can pause or stop without any action from you, for example when your limits or the Agents key expire, after repeated errors, when a market becomes unavailable, when your account is restricted or when NyxGo or the Exchange Protocol is unavailable. Depending on the strategy, pausing or cancelling an Agent may cancel its orders or leave them on the Exchange Protocol. Runs missed while an Agent is paused, stopped or unavailable are skipped and are not made up later.
  • Fees. Every order an Agent places pays the Exchange Protocol’s trading fees and, where it applies, the NyxGo platform fee. Frequent orders, such as short DCA intervals or a grid with many closely spaced levels, add up and can reduce or outweigh any gains.

11. Wallet security and phishing

Your main wallet controls your funds. If someone obtains its recovery phrase or private key, or tricks you into signing a malicious message or transaction, you can lose everything. NyxGo will never ask for your recovery phrase or private key. The NyxGo sign-in message states that it will not trigger a transaction or cost gas. Always check what you are signing and make sure you are on the official NyxGo site at nyxgo.trade or its trading app at app.nyxgo.trade. Take the same care when you approve an Agents key or sign an Agent’s limits: someone who tricks you into approving their key or signing limits you did not intend could trade on your account.

12. NyxGo platform risk

NyxGo is software and can have bugs, outages or data errors. Prices, positions, fee estimates, liquidation prices and statistics in NyxGo may be delayed or wrong. We may pause trading, Agents or community features, or hide markets, at any time. If NyxGo is unavailable, your positions and resting orders remain on the Exchange Protocol, and you can manage them directly through its own interface or another compatible interface. Your Agents stop while NyxGo is unavailable: they do not place, move or cancel any orders, and runs missed in the meantime are skipped. Orders they have already placed that are resting on the Exchange Protocol stay there and can still fill, and a Trailing stop agent’s last stop stays in place but no longer follows the price. When a NyxGo platform fee (builder fee) is active, it adds to the Exchange Protocol’s own trading fees and increases your costs.

13. Community content is not advice

Posts, comments, sentiment tags, trade calls, “top” rankings, trader profiles and the leaderboard come from other users or are calculated from past trading data. They are not investment advice or recommendations, and NyxGo does not verify them. Keep in mind:

  • posts may be wrong, biased, paid promotion, or part of a scam or market-manipulation scheme;
  • performance statistics and leaderboard rankings are based on realised profit and loss from fills NyxGo has copied since the trader signed in, and they cover only traders who choose to share them. They do not show losses on positions that are still open, and they may be incomplete;
  • a trade call’s entry price and position badge are recorded from the Exchange Protocol only at the moment the call is posted. They do not show the size of the author’s position, whether the author later closed or reversed it, or whether they traded the call at all, and a call that has moved the right way so far says nothing about what happens next;
  • past performance does not predict future results, and copying another trader can lead to large losses.

Make your own decisions and consider independent professional advice.

14. AI-generated information (Moon AI)

Moon AI answers questions with artificial intelligence. Its answers, levels, sizes, plans, warnings and order drafts are generated automatically, and they are not investment advice or recommendations. Keep in mind:

  • AI can be confidently wrong: it can misread data, make calculation errors, leave out important risks or describe a market inaccurately, and it cannot know where prices will go;
  • answers rely on data that may be delayed, incomplete or wrong, including the snapshot of your account the Interface sends with a question, and community posts, which may be misleading or part of a scam or manipulation scheme;
  • an order draft is only a suggestion: it may not suit your account, your risk tolerance or the price by the time you look at it, and once you submit it, it is your order, with every risk described on this page;
  • the warnings Moon AI shows, such as a missing stop loss or a large share of your equity at risk, are not a complete assessment of a trade’s risk, and their absence does not mean a trade is safe.

Check what Moon AI tells you, size positions to what you can afford to lose, and make your own decisions.

The rules on crypto assets and derivatives differ by country and change often. Trading perpetual futures may be restricted or prohibited where you live, and NyxGo is not available to Restricted Persons as defined in our Terms of Use, including persons in the United States of America, Ontario (Canada) and sanctioned territories. You are responsible for complying with the laws that apply to you. New laws or enforcement actions could restrict access to NyxGo or the Exchange Protocol, affect the value of assets, or stop you from trading. Investor protections that apply to regulated brokers or exchanges may not apply. You are responsible for your own taxes.

16. Your acknowledgement

By using NyxGo, you confirm that you understand these risks, that you are solely responsible for your trading decisions, including the Agents you set up and the limits you sign, for the security of your wallet and trading key, and for revoking the Agents key when you no longer need it, and that NyxGo is not liable for trading losses, as set out in our Terms of Use. Questions: [email protected].