# Overview
Imperial is the first perps terminal on Solana that offers a CEX like experience for our traders. We offer the best execution for perps on Solana by routing users to the venue that offers them the best BEST parameters to execute said trade. Our aggregation system along with our Smart Router makes execution seamless and reduces the complexity of managing multiple venues for our traders. The current venues we route users to are: * Jupiter * Flash Trade * Phoenix * GMTrade # Security & Trust ## How Imperial Works Imperial's core infrastructure includes: * Frontend terminal to trade from * Backend infrastructure to execute sophisticated orders * Smart contract that is position owner so the backend infra can execute trades {% hint style="info" %} Imperial's smart contracts only give Imperial's bots authority to trade on a user's behalf, not to deposit/withdraw funds. {% endhint %} ## Mobile/One Click Trading Imperial enables one click trading (no wallet signing). Imperial never exposes your private keys. Imperial's mobile experience & one click trading experience are powered by[ JWTs](https://www.jwt.io/introduction#when-to-use-json-web-tokens), a standard of security across the web. Imperial issues a JWT with an expiry of a month, that can be cancelled at any time if the user is concerned in any way.\ \ Moreover, JWTs do not have the authority to deposit/withdraw funds. They only have the authority to place trades on the user's behalf. An exposed JWT would have the ability to place bad trades on the user's behalf, but not to withdraw their funds.
# Imperial Prime Imperial's native lending platform to boost trades Imperial Prime is our novel liquidity layer on top of all the venues we aggregate that allows traders to borrow extra collateral for their perp trades, giving them access to higher effective leverage and most flexible liquidation levels onchain. The reason for building out Imperial Prime is to allow traders a one stop shop to access the most pairs and most leverage through one application. ## Whitepaper {% file src="/files/MeMgB5QZf72wVf3D2TZh" %} ## How Does It Work? A trader wants a $5,000 position using only $100 as collateral.\ The venues we route to only support up to 10x, which would give you a max position size of $1,000.\ However, with access to Prime Imperial can provide an additional $400 of collateral behind the trade.\ The underlying venue we route your trade to now sees:\ $500 collateral x 10x = $5,000 position ## Why is this better than the underlying venue offering that additional leverage? Users can access larger positions with the same amount of their own collateral instead of having to have additional collateral.\ In addition, Prime can offer more flexible liquidation levels because of how it calculates risk differently from the underlying venue.\ Moreover, the venues we route to manage the risk of the entire market, including liquidity, volatility, directional exposure, and bad debt. Prime only manages the risk of its loan. So the only question our risk model needs to assess: Can we liquidate the position before the loaned collateral is at risk? ## What you should understand Prime is not free money.\ Prime does not remove liquidation risk.\ Higher leverage is still very risky.\ Prime gives users more capital efficiency, not risk-free upside.\ Your points will determine the amount of collateral you can access via Prime (more on this soon). ## Closing Prime is a game changer for traders using Imperial because you can now access more buying power, better capital efficiency and a more flexible trading experience all through one terminal.
# Routing One order. The best venue. Automatically. Imperial isn't a single exchange — it's a router that sits on top of several perp venues (Jupiter, Flash, Phoenix, GMX, and more). When you place a trade, Imperial compares those venues in real time and sends your order to whichever one gives you the best all-in deal. You get one clean trading experience and never have to shop around yourself. ### What routing does When you open or close a position, Imperial looks at every venue that can trade your asset and picks the single best one for **that specific trade**. The decision is based on what you're actually doing: * The **asset** you're trading * Your **direction** (long or short) * Your **size** * Your **leverage** The same asset can route to different venues depending on these inputs — a small long might be cheapest on one venue while a large short is cheapest on another. ### How Imperial picks a venue Imperial estimates the **total cost of the round trip** on each venue and chooses the cheapest. That estimate accounts for more than just the headline fee: * **Open and close fees** — what the venue charges to enter and exit. * **Price impact and slippage** — how much your size moves the price on that venue. A venue that can't fill your size at a good price is skipped. * **Borrow and funding rates** — the ongoing cost of holding the position, based on how long you expect to hold it. Side-specific where a venue prices longs and shorts differently. * **Liquidation risk** — how likely the position is to get liquidated at your chosen leverage, and how much you'd lose if it does. Venues with more forgiving liquidation mechanics score better here. The venue with the lowest total estimated cost wins. In the trade screen, Imperial tells you *why* it chose a venue — usually either "lowest fees" or "tighter pricing / less slippage." The estimate is a quote to help you choose. Your final execution price is always confirmed on-chain at the moment the trade lands. ### Staying on your position If you already have an open position on an asset, Imperial keeps new orders for that asset on the **same venue**. Splitting a single position across venues would fragment it and usually costs you more, so once you're in, you stay put until you close. ### Choosing your own venue Auto-routing is the default, but you're never locked into it. Imperial shows a side-by-side comparison of every eligible venue — fees, pricing, and max leverage — so you can override the router and pick one yourself. To avoid your route flickering between near-identical venues on every price tick, Imperial only switches venues when a challenger is meaningfully cheaper. ### Boosting leverage with the Imperial Lending Pool Some trades want more leverage than a venue allows on its own. Imperial can attach a loan from the **Imperial Lending Pool** to the trade so you reach your target leverage even when the venue's own cap is lower. The loan and your own collateral fund the same single position on one venue — nothing is split across exchanges. Loans are used in two situations: * **Reaching higher leverage** — when you ask for more than the venue's cap, the loan bridges the gap. * **Safer liquidations** — even within a venue's cap, borrowing can move your liquidation point to Imperial's more protective trigger. Imperial only does this when the reduced liquidation risk is worth the loan's carrying cost. The size of the loan is chosen to hit your target leverage while keeping the position within the pool's safety limits. If the lending pool is paused or can't safely back the trade, Imperial simply routes the order without a loan. ### Venue limits Not every venue can take every trade. Routing automatically respects each venue's: * **Maximum leverage** for the asset * **Available liquidity** — a venue is skipped if it can't fill your size well * **Supported assets** — each venue lists its own markets * **Live status** — paused or one-sided markets are excluded If no venue can reach your requested leverage, Imperial routes to the highest available and clearly flags that your leverage was capped, rather than silently changing your trade or letting it fail. # Season 1 Points Trading, Referrals, and Clans Points help track Season 1 participation and may be used to determine eligibility for future rewards, benefits, or campaigns. Points are not a guarantee of any payout. Each week we distribute 20k points. 15k of those points go towards trading activity while 5k goes towards referrals. ## Eras Season 1 is divided into different growth stages called Eras. Each Era marks a new phase of Imperial’s growth. Your Era is based on when you joined Imperial. The earlier the Era, the higher the multiplier. Be early. The Romulus era was our earliest phase before we announced our points system. Traders who joined during this period claimed the highest Era multiplier. We are now in the Remus Era, the first active points era. Future Eras may introduce new multipliers, campaigns, point allocations, and ways to compete. ## Trade Trading activity through Imperial contributes to your weekly points allocation. Not all activity is weighted the same, and scoring may evolve week to week. We may adjust how different types of activity are weighted as the system evolves. ## Referrals When you refer traders, you can earn: 1. USDC rewards — You earn a share of the fees generated by traders in your referral network. 2. Imperial Points — You also compete for a pro-rata share of the 5,000 referral points distributed every week. #### Referral fee breakdown Direct referrals: 20%\ 2nd-order indirect referrals: 10%\ 3rd-order indirect referrals: 5% So if you refer someone directly, you earn the highest share. If your referral refers to someone else, you can still earn indirectly. #### Referral Qualification Rules A referral only counts once the referred trader becomes active. To qualify, a referred trader must complete: * $1,000+ weekly volume * 2+ completed trades Once they qualify, referral points count for their first 4 qualifying active weeks. This keeps the referral system focused on real traders, not empty signups. #### Referred Trader Bonus New referred traders also get a bonus. When someone joins through a referral, they receive a +0.25x trading multiplier for 7 days after their first trade. This gives new users an extra boost when they start trading. ## Clan Clans are a social way to trade perps with your friends while trading up for a chance to earn a points multiplier week to week. Each week, the top 3 clans earn extra multipliers for every member: 1. +0.50x 2. +0.30x 3. +0.20x So clans help traders earn more points while competing as a group. Clans are invite-only teams inside Imperial. ## Social Links and Notifications Users can connect Telegram and X in order to earn additional multipliers for a limited time. {% hint style="info" %} There is a fixed supply of points. Our early supporters mean the world to us, so be early and stay active. {% endhint %}
# Pairs Markets ### What is a pairs market? A pairs market lets you trade the **relationship between two assets** instead of either asset outright. SOL/BTC is the first one: long means "SOL outperforms BTC," short means "BTC outperforms SOL." You have no net exposure to the overall market going up or down — if SOL and BTC both pump 10%, a SOL/BTC position is roughly flat. It trades like any other perp on Imperial: one position, one price, USDC collateral, leverage, TP/SL, funding, liquidations. Under the hood there is no spot pair being traded anywhere — the price is a **synthetic index** composed from the two assets' USD oracle prices, and your counterparty is the pairs liquidity pool. ### Beta Weighting The obvious way to build SOL/BTC is the raw price ratio (what TradingView shows for SOLBTC). We don't use that, on purpose. **The problem with the raw ratio:** SOL is much more volatile than BTC (roughly 79% vs 46% annualized). A 1:1 ratio is dominated by whatever SOL does — it's mostly just a leveraged SOL bet with extra steps, not a bet on relative performance. **What we do instead — beta weighting:** we scale each leg so both contribute proportionally to their volatility. From two years of daily data, SOL's beta to BTC is \~1.40 — so the index is built as if every $1 of SOL exposure is hedged with $1.40 of BTC. Normalized, that's: * **SOL weight: 41.7%** * **BTC weight: 58.3%** This makes the index genuinely market-neutral: its residual correlation to BTC is \~zero (the naive 1:1 ratio still carries about +0.19 BTC beta). The result is an index that isolates "is SOL winning or losing vs BTC" — about a third as volatile as BTC itself (\~0.7–0.9% daily moves). **The formula.** The index is geometric (built from log returns), so it moves symmetrically and can never go negative: ``` index = anchor × exp(0.417 × ln(SOL / SOL_anchor) − 0.583 × ln(BTC / BTC_anchor)) ``` The anchors are the leg prices captured when the market was listed; the index started at an arbitrary reference value and compounds relative performance from there. **So versus TradingView SOLBTC:** 1. **Different weights.** TV's ratio is effectively 1:1 in log terms; ours is 0.417 / 0.583. Direction usually agrees, magnitude doesn't — our index moves less when SOL moves and more when BTC moves. 2. **Different level.** The index value is anchored to a reference at listing, not to the raw SOL-per-BTC ratio, so the absolute number is different. Only returns are comparable. 3. If you overlay `SOL − 1.4×BTC` style beta-weighted spreads on TV you'll get close; the raw SOLBTC symbol will not match and isn't supposed to. The chart on Imperial shows the index plus optional raw SOL/USD and BTC/USD leg overlays (rebased to 100) so you can see which leg is driving a move. ### Where prices come from * Both legs price off **Pyth oracle feeds** (SOL/USD and BTC/USD) — never any exchange's orderbook mid. * If either leg's oracle is stale, the market treats the whole index as stale and halts pricing rather than quoting off one live leg. ### Fill price: skew impact instead of spread There is no orderbook, so instead of a bid/ask spread the execution price carries a **skew impact premium** (the Synthetix v2 model). The book's *skew* is total long OI minus total short OI. Your fill is: ``` fill = index × (1 + (skew_before + skew_after) / (2 × impact_scale)) ``` clamped to a max impact *(current: ±30 bps on SOL/BTC)*. What this means in practice: * **Trades that increase the imbalance pay a premium; trades that reduce it get a discount.** If the book is long-heavy, new longs buy above index and new shorts sell above index (they're paid for balancing). * Because the premium is averaged over the skew your trade traverses, the mechanism is **path-independent** — an instant open-and-close round trip fills at the same price both ways and costs only the flat fees. There is no rebate pot to farm. * The premium/discount goes to the liquidity pool, compensating it for warehousing the imbalance. Opens, closes, **and liquidations** all price at the fill, not the raw index — your liquidation health is computed against the price you could actually exit at. ### Funding Funding is proportional to skew: the heavy side pays the light side continuously. ``` rate per day = k × net_skew / skew_scale (clamped at a max) ``` Positive skew (long-heavy) means longs pay, shorts receive; funding accrues per second against your notional and settles when you close (it's included live in your PnL and liquidation health). A balanced book pays nothing. On the portion of skew that no trader balances, the pool itself collects the funding — it's paid to warehouse the residual risk. ### PnL Positions are fixed-notional. For a long: ``` pnl = notional × (index_now − entry_fill) / entry_fill ``` (mirror-image for shorts). Example: $1,000 long SOL/BTC; SOL +2%, BTC +1% → index moves ≈ 0.417×2% − 0.583×1% = **+0.25%** → **+$2.50**. Note that your PnL is measured from your **entry fill** (which includes any skew impact), not the raw index at the moment you clicked. #### Per-position basket locking Your position locks its exact basket (the SOL/BTC weights and leg anchor prices) at open. If we ever re-estimate beta and reweight the market index, existing positions are untouched — they keep tracking the basket they actually bought, and the new weights apply only to positions opened afterward. Adding to a position blends the tranches (notional-weighted entry, delta-preserving weights). # Touch Markets #### What is a touch market? A touch market lets you trade **whether a price is touched**. You pick a target price and a time window. **Touch** pays if the price reaches your target at any point before the window closes. **No Touch** pays if it never does. Prices are quoted in cents per $1 of payout, so **the price is the probability**. A contract at 35¢ is the pool saying "about a 35% chance" — pay $35, win $100 if it touches. A contract at 5¢ is a 20x return on a target the market thinks is a long shot. #### The contract Every position is four things, frozen at the moment you buy: * **Asset** — SOL or BTC today. * **Target price** — any price you type, or a preset off the chart. It doesn't move after you buy. * **Window** — 5 minutes, 1 hour, or 24 hours. * **Payout** — the fixed dollar amount you receive if you win. Example: SOL is at $76. You buy **Touch $78, 1 hour, $100 payout** at 22¢. You pay $22. If SOL trades $78 at any point in the next hour, $100 credits to your balance — the instant it happens, not at expiry. If it never gets there, the contract expires worthless and you're out the $22. The mirror trade is No Touch: same target, same window, priced at roughly $1 minus the Touch price. You're betting the market stays away. #### Windows and expiry Windows run on a shared grid so everyone buying in the same period gets the exact same start and end. Your buy snaps **down** to the current grid boundary: | Window | Grid | What you get | | --------- | ----------- | -------------------------------------------------- | | 5 minutes | every 5 min | Buy at 14:07 → window 14:05 → 14:10 | | 1 hour | every hour | Buy at 14:07 → window 14:00 → 15:00 | | 24 hours | every hour | Buy at 14:07 → window 14:00 today → 14:00 tomorrow | If you buy in the final **75 seconds** of a window, you roll forward into the next one instead of getting a stub contract. That next window hasn't started yet, so nothing that happened before it counts toward your trade. #### What counts as a touch "Did it touch?" is settled by evidence, never by discretion. Prices arrive from Pyth Lazer as **signed, timestamped messages** — anyone can verify them, forever — and the on-chain rule is deliberately strict: ``` touched ⟺ 3 consecutive signed price frames, each with bid ≥ target (upside) or ask ≤ target (downside) ``` Two design choices are doing the work there: * **Three consecutive frames**, not one. A single glitched print can't settle a whole ladder of targets, and a real move has no trouble producing three. * **The book side, not the mid.** An upside touch needs the *bid* through your target — meaning you could genuinely have sold there. A one-tick wick that never posted a real bid doesn't count. The same rule runs in all three places it matters: live detection while your position is open, the quote check that refuses already-swept targets, and the retroactive proof at settlement. When a window closes there's a short on-chain finalization period during which anyone holding contrary signed evidence can still correct the record — after which the result is final and permanent. #### Selling back before expiry You don't have to hold to settlement. The pool will buy your position back at its live quote: ``` bid = $1.00 − ask on the opposite side ``` Hit **Sell back to pool** and the refund credits to your balance immediately; the contract is cancelled. Because the bid re-quotes continuously, you set a minimum refund when you confirm — if the price moves before the fill lands, the order is refused rather than filled below it. Sell-back needs a live, healthy market. If volatility data is stale or the market is paused, sell-back is temporarily unavailable — but the position still settles automatically, so nothing is stuck. #### Fees **There is no separate open or close fee on a touch trade.** The cost is the spread inside the quoted price — Touch and No Touch on the same level sum to slightly more than $1, and that excess is the house edge. Typical two-way overround runs around 8–10%, wider on the 5-minute market and during volatile stretches. Imperial takes 25% of that edge as protocol revenue, and only on edge the book has actually banked. The remainder accrues to the liquidity pool that underwrites the contracts. # Fees Imperial saves you money Imperial's fees are simple and transparent. There's one Imperial fee, and it's charged on your **collateral** — not your position size — so at leverage it's a tiny fraction of the trade. ### The Imperial fee **10 bps (0.10%) on collateral**, charged on both opening and closing a position. Because the fee is on collateral rather than notional, it stays small even on large leveraged positions: | Collateral | Leverage | Position size | Imperial fee (open) | | ---------- | -------- | ------------- | ------------------- | | $1,000 | 10x | $10,000 | $1.00 | | $1,000 | 25x | $25,000 | $1.00 | | $5,000 | 5x | $25,000 | $5.00 | A full round trip (open + close) is charged the fee on each leg. ### Partner discount Trade through a partner or referral code and your Imperial fee is cut in half, to **5 bps (0.05%)** on collateral. ### Underlying venue fees Imperial routes your trade to an underlying venue (Jupiter, Flash, Phoenix, GMX, and others). You still pay that venue's own fees — the same fees you'd pay trading there directly. These can include: * The venue's open/close fee * Borrow / funding costs while the position is open * Spread and price impact at execution Imperial doesn't mark these up. You pay the venue exactly what the venue charges, plus the flat 10 bps Imperial fee on your collateral. # Terms of Service ## Imperial Terms of Use **Effective Date: September 25, 2025** **Version: 1.0** These Terms of Use ("Terms") constitute a binding agreement between you ("User," "you," or "your") and Imperial Labs Pte. Ltd. ("Imperial," "we," "us," or "our") regarding your access to and use of our decentralized exchange services, including any websites, applications, protocols, APIs, and related features (collectively, the "Services"). By accessing or using any part of the Services, you acknowledge that you have read, understood, and agree to be bound by these Terms in their entirety. If you do not agree to these Terms, you are not authorized to access or use the Services. We reserve the right to update or modify these Terms at any time at our sole discretion. Changes are effective immediately upon posting. Your continued use of the Services constitutes acceptance of the revised Terms. In addition to these Terms, your access to and use of the Services for trading perpetual futures is subject to the rules, procedures, risk disclosures, and other information set forth in Imperial Gitbook, available at . The Gitbook is hereby incorporated by reference into these Terms and forms an integral part of your agreement with us. You acknowledge and agree that you have read, understood, and will comply with the Gitbook as updated from time to time. In the event of any conflict between these Terms and the Gitbook, these Terms shall prevail unless expressly stated otherwise in the Gitbook. It is your responsibility to review the Gitbook regularly to ensure you understand the terms and conditions that apply to your use of the Services for trading perpetual futures. ### Disclaimer This website-hosted user interface (the "Interface") is a frontend software portal provided by Imperial for communicating with the Protocol (as defined below). The Interface is one of several means by which users may access the Protocol; other third-party web and mobile interfaces may also facilitate interaction with the Protocol. The Protocol itself is permissionless, autonomous, and operates independently of Imperial or any other entity, with all transactions executed directly on the blockchain via self-executing smart contracts. **THE INTERFACE AND THE PROTOCOL ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT WARRANTIES OR REPRESENTATIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY. YOUR USE OF THE INTERFACE AND THE PROTOCOL IS ENTIRELY AT YOUR OWN RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IMPERIAL, ITS DEVELOPERS, CONTRIBUTORS, AFFILIATES, AND ANY OTHER PERSON OR ENTITY INVOLVED IN THE CREATION, DEPLOYMENT, OPERATION, OR MAINTENANCE OF THE INTERFACE OR THE PROTOCOL (COLLECTIVELY, THE "IMPERIAL PARTIES") EXPRESSLY DISCLAIM ALL WARRANTIES, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, SECURITY, AVAILABILITY, RELIABILITY, ACCURACY, OR NON-INFRINGEMENT.** You acknowledge and agree that: • Imperial does not control, operate, or assume responsibility for the Protocol or any transactions conducted via the protocol or related smart contracts. • All transactions are executed automatically by smart contracts on the blockchain, which are irreversible and may be subject to errors, bugs, vulnerabilities, cyberattacks, forks, or other technological risks. • Imperial Parties do not and cannot guarantee the functionality, security, or availability of the Interface, the Protocol, or any related smart contracts, and do not have custody or control over your digital assets, private keys, or wallet credentials. • You are solely responsible for securing your wallet, private keys, and for verifying the legitimacy, authenticity, and suitability of any digital assets or transactions you engage in using the Interface or the Protocol. • Imperial Parties do not provide investment, legal, tax, or other professional advice. You should consult with qualified professionals before making any financial, legal, or technical decisions related to your use of the Interface or the Protocol. The Protocol and this Interface are not intended for, and may not be accessed or used by, any person or entity located, incorporated, established in, or a citizen or resident of the Prohibited Jurisdictions (as defined below). By proceeding to use the Services, you confirm that you have read, understood, and accept all of the risks specified in Clause 10 (Risk Disclosures and Assumption of Risk), and that you are willing and able to bear the financial and other consequences of such risks, including the risk of total loss. If you do not agree to these terms, do not understand or accept these risk, or are not able to make the above representations, you must not access or use the Interface, the Protocol, or any related smart contracts. "Wallet" means a non-custodial digital wallet that allows you to store, send, and receive Digital Assets. "Website" means the website located at . 1.2. Clause headings are for ease of reference only. 1.3. A person who is not a party to these Terms has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of these Terms. ### 2. DESCRIPTION OF SERVICES 2.1. Imperial provides a non-custodial platform enabling users to interact with blockchain-based protocols for trading, providing liquidity, staking, and other related activities. The Services are provided solely as a user interface to the Protocol and do not constitute brokerage, custody, or financial advisory services. All transactions are executed by smart contracts on public blockchains, and Imperial does not have custody or control over your Digital Assets at any time. ### 3. ACCESS AND USE OF SERVICES 3.1. To access the Services, you must use a compatible Wallet. You are solely responsible for securing your Wallet and private keys. Imperial does not have access to or control over your Wallet or Digital Assets and cannot recover lost or stolen assets. 3.2. The Services may integrate with or provide access to third-party services, platforms, or content. Your use of such third-party services is subject to their respective terms and policies, and Imperial disclaims all liability arising from your use of or reliance on any third-party services. 3.3. The Services are not available to residents of the Prohibited Jurisdictions or in any other jurisdictions in which use of the Services or the Protocol may be restricted under applicable laws. ### 4. REPRESENTATIONS 4.1. You make the representations and warranties in this Clause 4 on the date of your first access or use of any part of the Services and on each date on which these Terms remain in force, in each case, by reference to the facts and circumstances then existing. 4.2. You represent and warrant that: 4.2.1. you have the power to enter into these Terms and to perform your obligations hereunder; 4.2.2. you have taken all necessary action to authorize such entry and performance; 4.2.3. these Terms constitute a legal, valid, and binding obligation enforceable against you in accordance with its terms; 4.2.4. you have the power to own your assets and carry on your business as it is being conducted; 4.2.5. the transactions contemplated in these Terms are not prohibited by law or other authority in your jurisdiction of residence; 4.2.6. you are not bankrupt, insolvent and are not subject to any bankruptcy or insolvency proceedings under any applicable laws; 4.2.7. you understand the nature of the obligations assumed or to be assumed by you under these Terms and the commercial and legal implications of entering into the transactions contemplated by these Terms and are entering or will enter into such transactions without being unduly influenced by any other party; 4.2.8. you are not a minor; 4.2.9. you have entered into these Terms voluntarily and without duress or undue influence; 4.2.10. you are acting as principal for your own account and not as agent or trustee or in any other capacity on behalf of any third party; 4.2.11. you are not, by reason of illness or incapacity (whether mental or physical), incapable of managing your own affairs; 4.2.12. no court in any relevant jurisdiction has made an order or appointment in respect of your mental capacity; 4.2.13. you have not breached any law or regulation; 4.2.14. you have all necessary rights to grant the license specified under Clause 7.1 (User Consent and Feedback) and that your User Content does not infringe any third-party rights or violate any law; 4.2.15. you: (a) are not a Sanctioned Person; (b) are not located, organised or resident in a Sanctioned Country; or (c) have not received notice of or are aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions. 4.2.16. no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving you with respect to the Anti-Money Laundering Laws is pending or, to the best of your knowledge, threatened; 4.2.17. you have conducted and are conducting your business in compliance with applicable Anti-Bribery and Corruption Laws; 4.2.18. you are not located in, incorporated or established in, or a citizen of any Prohibited Jurisdiction; 4.2.19. you are not required to make any deduction for or on account of Tax from any payment you may make under these Terms to Imperial; and 4.2.20. your access and use of the Services will comply with all applicable laws and regulations. ### 5. NEGATIVE UNDERTAKINGS 5.1. You hereby covenant and undertake that, throughout the term of these Terms, you shall not, and shall not permit any third party to, directly or indirectly: 5.1.1. violate any applicable law, regulation, or third-party rights; 5.1.2. use the Services for illegal activities, including (without limitation): (a) terrorist financing; (b) tax evasion or fraud; (c) the purchase or sale of illegal drugs, contraband, counterfeit goods or illegal weapons; (d) in violation of any Sanctions; (e) in violation of any Anti-Money Laundering Laws; or (f) in violation of any Anti Bribery and Corruption Laws; 5.1.3. engage in, or attempt to engage in, any form of market manipulation, including (without limitation) pump and dump schemes, wash trading, self-trading, front running, quote stuffing, spoofing, layering, or any other conduct designed to control or artificially affect the price or trading volume of any Digital Asset; 5.1.4. engage in any false, deceptive, misleading, derogatory, or defamatory marketing or create or publish any content that is unlawful, harmful, or inaccurate; 5.1.5. upload, transmit, or introduce any viruses, worms, Trojan horses, time bombs, cancel bots, spiders, malware, or any other type of malicious code or software that may affect the functionality, security, or operation of the Services, any blockchain, or any third party's systems or networks; nor attempt to hack, gain unauthorized access to, interfere with, disrupt, or circumvent the security or integrity of the Services, any user account, or any related systems, networks, or data; nor use any deep linking, web crawlers, bots, spiders, or other automatic devices, programs, scripts, algorithms, or similar manual processes to access, obtain, copy, or monitor any part of the Services, except as expressly permitted by Imperial; 5.1.6. circumvent or attempt to circumvent any restrictions or security measures; 5.1.7. use any technology or mechanism, such as a virtual private network (VPN), to circumvent the undertakings specified in this Clause 5. 8.4. You are solely responsible for all costs and expenses associated with your use of the Services, including but not limited to blockchain network fees (e.g., gas fees), third-party service fees, bank charges, and any other costs incurred in connection with your transactions or use of the Services. We are not responsible for, and shall have no liability with respect to, any such third-party fees or costs. 8.5. Our failure to enforce any provision of this Clause 8 shall not be deemed a waiver of our right to do so at any time. 8.6. The terms of this Clause 8 shall survive the termination or expiration of your use of the Services. ### 9. TAXES 9.1. All payments to be made, or amounts to be satisfied, by you to Imperial shall be made or satisfied (as applicable) free and clear of and without deduction or withholding for or on account of tax. 9.2. If you are required to make a deduction or withholding for or on account of tax from a payment under these Terms (a "Tax Deduction"), the sum payable by you (in respect of which such Tax Deduction is required to be made) shall be increased to the extent necessary to ensure that Imperial receives a sum net of any deduction or withholding equal to the sum which it would have received had no such Tax Deduction been made or required to be made. 9.3. Without prejudice to Clause 9.2, if Imperial is required to make any payment of or on account of tax on or in relation to any sum received or receivable under these Terms (including any sum deemed for the purposes of tax to be received or receivable by Imperial whether or not actually received or receivable) or if any liability in respect of any such payment is asserted, imposed, levied or assessed against Imperial, you shall promptly indemnify Imperial against such payment or liability, together with any interest, penalties, costs and expenses payable or incurred in connection therewith. 9.4. You are solely responsible for determining, collecting, reporting, and remitting all applicable taxes, duties, levies, tariffs, and other governmental charges arising from the use of the Services. 9.5. Company shall have no responsibility or liability for determining whether any taxes apply to your activities or for collecting, reporting, or remitting any taxes arising from any transaction or use of the Services. 9.6. Company reserves the right to withhold or deduct at source any taxes due under applicable law and to report any activity to relevant tax authorities as required. ### 10. RISK DISCLOSURES AND ASSUMPTION OF RISK 10.1. By accessing or using decentralized exchange services, you acknowledge and accept that such services are experimental, highly technical, and subject to significant risks. Decentralized exchanges ("DEXs") operate using blockchain-based smart contracts and protocols, which are not controlled or operated by any single entity. The following risks, among others, are inherent in the use of DEXs: 10.1.1. **Smart Contract and Technology Risks.** DEXs rely on smart contracts, which are self-executing code deployed on public blockchains. These contracts may contain vulnerabilities, bugs, or errors that could be exploited by malicious actors, resulting in the loss, theft, or irretrievability of your digital assets. While some protocols undergo security audits, no audit can guarantee the absence of vulnerabilities. You are solely responsible for conducting your own due diligence and understanding the technical risks before interacting with any smart contract or protocol. 10.1.2. **Irreversibility of Transactions.** Transactions executed on blockchains are immutable and irreversible. Once a transaction is confirmed, it cannot be modified, reversed, or deleted. If you send assets to an incorrect address or engage in a fraudulent or erroneous transaction, it may not be possible to recover your funds. 10.1.3. **Wallet Security.** You are solely responsible for the security of your digital asset wallets and private keys. Loss or compromise of your private keys may result in the permanent loss of access to your assets. Imperial does not have access to your private keys and cannot recover lost assets. 10.1.4. **Third-Party Risks.** DEXs may integrate with or rely on third-party services, such as wallet providers, oracles, or data feeds. The failure, malfunction, or compromise of any third-party service may result in loss of assets or disruption of services. Imperial disclaims all liability for losses arising from third-party services. 10.1.5. **Network and Protocol Risks.** The underlying blockchain networks are open source and subject to sudden changes, including forks, upgrades, or attacks (such as 51% attacks, Sybil attacks, or denial-of-service attacks). Such events may disrupt the operation of the DEX, result in loss of assets, or render assets inaccessible. 10.1.6. **Regulatory Risks.** The regulatory environment for digital assets, decentralized finance, and related activities is rapidly evolving and uncertain. Changes in laws, regulations, or enforcement actions may impact your ability to use DEX services, result in restrictions, or require the suspension or discontinuation of services. 10.1.7. **Market and Liquidity Risks.** Digital assets and tokens traded on DEXs are subject to extreme price volatility and may experience rapid and substantial fluctuations in value. Some tokens may be illiquid or subject to manipulation, including but not limited to "rug pulls," wash trading, or pump-and-dump schemes. There is no guarantee of the availability of buyers or sellers for any asset at any time. 10.1.8. **Unvetted and Counterfeit Tokens.** Anyone can create and list tokens on a DEX, including tokens that are counterfeit, fraudulent, or misrepresent their underlying value or project. You are solely responsible for verifying the legitimacy, authenticity, and functionality of any token before trading. 10.1.9. **Composability and Interoperability Risks.** DEXs may interact with other decentralized protocols, such as lending platforms or yield aggregators. This composability can amplify risks, as failures or vulnerabilities in one protocol may cascade and affect others. 10.2. In addition to the general risks above, trading futures contracts and other leveraged products on decentralized or centralized platforms involves substantial additional risks: 10.2.1. **Leverage and Margin Risks.** Futures trading is highly leveraged, meaning you can control a large position with a relatively small amount of capital. While leverage can amplify gains, it also magnifies losses, and you may lose more than your initial deposit. You are responsible for monitoring your positions and maintaining sufficient margin to avoid liquidation. 10.2.2. **Liquidation Risk.** If the value of your position moves against you and your margin falls below required maintenance levels, your position may be automatically liquidated without notice. Liquidation may occur at unfavorable prices, resulting in significant or total loss of your capital. 10.2.3. **Volatility and Price Risk.** The prices of digital assets underlying futures contracts are highly volatile and may experience sharp, unpredictable movements. Sudden market events, illiquidity, or manipulation can result in rapid losses. 10.2.4. **Counterparty and Credit Risk.** In some decentralized futures protocols, your counterparty may fail to maintain sufficient collateral, resulting in partial or total loss of your expected returns. Protocols may use insurance funds or auto-deleveraging mechanisms, but these do not guarantee full protection against losses. 10.2.5. **Operational and Systemic Risks.** Futures trading platforms, whether decentralized or centralized, may experience outages, technical failures, or attacks that prevent you from entering, modifying, or closing positions. Such events may result in losses or missed opportunities. 10.2.6. **Funding and Fee Risks.** Perpetual futures contracts may require you to pay or receive funding fees at regular intervals. High funding rates in volatile markets can make it costly to maintain positions over time. 10.2.7. **No Investment Advice.** All trading decisions are made solely by you. No information provided by the service, its affiliates, or any third party constitutes investment, legal, tax, or other professional advice. You are responsible for conducting your own research and seeking independent advice as appropriate. 10.3. By using the Services, you expressly acknowledge, understand, and agree that: 10.3.1. you are solely responsible for evaluating the risks and suitability of any transaction or service in light of your own financial circumstances, objectives, and risk tolerance; and 10.3.2. you assume all risks associated with the use of blockchain technology, smart contracts, decentralized protocols, and digital asset trading, including the risk of total loss of your assets. ### 11. LIMITATION OF LIABILITY 11.1. To the maximum extent permitted by applicable law, in no event shall Imperial, its affiliates, directors, officers, employees, contractors, agents, developers, or any party involved in the creation, deployment, operation, or maintenance of the user interface, the Protocol, or any related smart contracts (collectively, the "Company Parties") be liable to you or any third party for any loss, damage, or injury of any kind, whether direct, indirect, special, incidental, exemplary, consequential, or punitive, including but not limited to damages for loss of profits, loss of revenue, loss of data, loss of use, loss of business, loss of goodwill, system failure or malfunction, or any other intangible losses, arising out of or in connection with: (a) your access to and use of, or inability to access or use, the user interface, the Protocol, or any related smart contracts; (b) any conduct or content of any user or third party on or via the user interface or the Protocol; (c) any unauthorized access to and use of the user interface, the Protocol, your account, or your digital assets; (d) any interruption, suspension, modification, discontinuance, or unavailability of the user interface or the Protocol; (e) any bugs, viruses, trojan horses, malicious code, or other harmful components transmitted to or through the user interface or the Protocol by any third party; (f) any errors, omissions, defects, delays, or inaccuracies in the user interface, the Protocol, or any information provided therein; (g) any transactions, instructions, or operations effected by you or purported to be effected by you through the user interface or the Protocol; (h) any decision made or action taken by you in reliance on the user interface, the Protocol, or any information provided therein; or (i) any other matter relating to the user interface, the Protocol, or these terms. 11.2. This limitation of liability applies regardless of the form of action, whether based in contract, tort (including negligence), strict liability, statute, or any other legal or equitable theory, and whether or not the Company Parties have been advised of or should have known of the possibility of such damages. 11.3. In no event shall the aggregate liability of the Company Parties to you for all claims arising out of or relating to these terms, the user interface, the Protocol, or any related smart contracts exceed the greater of one hundred U.S. dollars (USD $100) or the amount you have paid, if any, to Company for the use of the user interface or the Protocol in the twelve (12) months preceding the event giving rise to the claim. 11.4. The foregoing limitations and exclusions of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction. Some jurisdictions do not allow the exclusion or limitation of liability for certain damages, so some of the above limitations may not apply to you. To the extent that applicable law does not permit the Company Parties to disclaim certain warranties or limit certain liabilities, the scope and duration of such warranties and the extent of the Company Parties' liability shall be the minimum permitted under such law. 11.5. Under no circumstances shall any Company Party be required to deliver to you any digital asset, token, or virtual currency as damages, make specific performance, or provide any other remedy or relief other than monetary damages expressly limited as provided above. If you base your calculation of damages in any way on the value of any digital asset, token, or virtual currency, you and the Company Parties agree that the calculation shall be based on the lowest value of such digital asset, token, or virtual currency during the period between the accrual of the claim and the award of damages. 11.6. You acknowledge and agree that you use the user interface and the Protocol at your own risk, and that the Company Parties shall not be liable for any losses, damages, or claims arising out of or in connection with your use of or inability to use the user interface or the Protocol. ### 12. INDEMNIFICATION 12.1. To the maximum extent permitted by law, you agree to indemnify, defend, and hold harmless Imperial, its affiliates, subsidiaries, parent companies, and each of their respective past, present, and future officers, directors, employees, contractors, agents, representatives, service providers, licensors, successors, and assigns from and against any and all claims, demands, actions, proceedings, liabilities, damages, losses, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to: 12.1.1. your access to, use or misuse of the Services; 12.1.2. your violation of these Terms, any applicable law or the rights of any third party; 12.1.3. your User Content; 12.1.4. any third party claim arising from your trading activities or User Content; and/or 12.1.5. any failure to comply with any tax or regulatory obligations. 12.2. Imperial reserves the right to assume the exclusive defense and control of any matter subject to indemnification by you, in which case you agree to cooperate with Imperial in defending such claims. 12.3. The indemnity under this Clause 12 is in addition to any other remedies available to Imperial and shall survive termination of these Terms. ### 13. SUSPENSION AND TERMINATION 13.1. Imperial may, at its sole discretion and without notice or liability, suspend, restrict, or terminate your access to all or part of the Services at any time for any reason, including for any violation of these Terms, suspected illegal activity, or to comply with applicable law. 13.2. Notwithstanding suspension or termination of your access to and use of the Services, these Terms shall continue to apply to you to the extent that there are any obligations or liabilities which remain to be performed or discharged by you under these Terms. 13.3. You may terminate your use of the Services at any time by discontinuing access. Upon termination, all provisions of these Terms which by their nature should survive will remain in effect. ### 14. GOVERNING LAW 14.1. These Terms and any non-contractual obligations arising out of or in connection with it are governed by English law. ### 15. DISPUTE RESOLUTION 15.1. Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the London Court of International Arbitration Rules (the "Rules"), which Rules are deemed to be incorporated by reference into this clause. 15.2. The number of arbitrators shall be one. 15.3. The seat, or legal place, of arbitration shall be London, United Kingdom. 15.4. The language to be used in the arbitral proceedings shall be English. 15.5. This Clause 15 shall be governed by English law. ### 16. MISCELLANEOUS 16.1. **Assignment.** 16.1.1. You may not assign or transfer these Terms or any rights or obligations hereunder without \[Companys]'s prior written consent. 16.1.2. Imperial may freely assign or transfer these Terms. 16.2. **Severability.** If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will remain in full force and effect 16.3. **Entire Agreement.** These Terms constitute the entire agreement between you and Imperial regarding the Services and supersede all prior or contemporaneous agreements. 16.4. **Notices.** Imperial may provide notices to you via electronic means, including posting on the Services or via email. 16.5. **Force Majeure.** 16.5.1. Imperial shall not be liable for any delay or failure to perform any obligation under these Terms to the extent such delay or failure is caused by any event or circumstance beyond its reasonable control ("Force Majeure Event"). Force Majeure Events include, but are not limited to: acts of God; fire; flood; earthquake; tornado; hurricane; epidemic or pandemic; war; terrorism; civil unrest; riot; strike or other labor dispute (other than those involving Imperial's own employees); acts or regulations of any governmental or supra-national authority; embargoes; nationalization; the suspension, closure, or failure of any third-party service provider, exchange, custodian, or network; technical failures in transmission, communication, or computer facilities; power failures; failure or malfunction of any equipment, software, or internet or blockchain network; hacking, cyberattacks, or other malicious acts; and any other event or circumstance, whether or not similar to the foregoing, that is beyond the reasonable control of Imperial. 16.5.2. Upon the occurrence of a Force Majeure Event, Imperial shall be excused from performance for the duration of the Force Majeure Event and for such period thereafter as may be reasonably necessary to remedy the effects thereof. Imperial shall not be required to provide notice of the occurrence or cessation of a Force Majeure Event, but may do so at its sole discretion. 16.5.3. Imperial shall have no liability for any loss, damage, cost, or expense arising out of or in connection with any delay or failure to perform due to a Force Majeure Event, and shall not be required to deliver any digital asset, currency, or other property as damages or specific performance in connection with any such event. ### 17. REGULATORY AND COMPLIANCE DISCLOSURES 17.1. Imperial does not hold any licences or authorisations and is not otherwise registered with any regulatory authority in respect of the Services. 17.2. You are solely responsible for ensuring that your use of the Services complies with all applicable laws and regulations in your jurisdiction. ### 18. PRIVACY AND DATA USE 18.1. Your use of the Services is subject to our Privacy Policy, which describes how we collect, use, and share your information. 18.2. By using the Services, you consent to the collection and use of your information as described in the Privacy Policy. ### 19. UPDATES AND MODIFICATIONS 19.1. Imperial reserves the right to modify, suspend, or discontinue any aspect of the Services at any time without notice or liability. It is your responsibility to review these Terms periodically. ### 20. CONTACT INFORMATION 20.1. For questions, support, or legal notices, please contact us at: # Privacy Policy This Privacy Policy ("Privacy Policy") explains how Imperial Labs Pte. Ltd. ("we", "us", "our") collects, uses, shares, and protects user ("you", "your") Personal Information when you visit and interact with our website, services, and software (collectively, "Services"). "Personal Information" means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular consumer or household. Please read this Privacy Policy carefully. By using our Services, you agree to the processing of your information in accordance with this Privacy Policy. ### Information Collection and Processing #### Types of Personal Information Collected Depending on how you interact with the Services, we may collect and process the following information: * Information about digital asset wallets you may connect to the Services, including the public identifying information or public key; * Information about your computer and internet connection, including, but not limited to, the type of device you use, the IP address of your device, your operating system, the type of Internet browser you use, unique device identifiers and other diagnostic data; and * Usage data and automatically collected technical information such as traffic data, logs, and other communication data and the resources that you access and use on the Service. When you communicate with us, we may collect and save a record of your communication and any Personal Information provided during the communication. #### Sources of Personal Information We collect Personal Information from various sources including data directly from you, from third parties, from public sources, and from automated systems. #### Processing of your Personal Information * We process your data for entering into a contract with you, perform and administer it (e.g., your contact data, credit card information, and further information provided by you; information when using our services and/or with regard to a possible conclusion of a contract; information about the execution and administration of the contracts; information about defects, complaints and contract amendments; financial data; information about downloads of offers, information, brochures, etc. that you have made; etc.). * In addition, where we asked for your consent (e.g., completing intake forms), we process your data based on such consent. Where we did not ask for your consent and where required under applicable law, we process your data on other legal grounds, such as: * contractual obligation * A legal obligation * a vital interest of the data subject or of another natural person * to perform a public task * our legitimate interest. #### Use of Personal Information We use the information we collect to: * Provide, maintain, promote, market, and improve our Services. * Respond to your comments, questions, and requests. * Conduct research and analysis for product development and improvements. * Send you technical notices, updates, security alerts, and administrative messages. #### Disclosure of Personal Information Personal Information may be shared in the following circumstances: **Service providers** We may disclose Personal Information to third-party service providers who use this information to perform services for us, such as hosting providers, auditors, advisors, consultants, customer service and/or support providers and other similar service providers. **Advertising, Ecosystem, and Marketing Partners** We may share Personal Information with third parties that provide marketing and advertising, campaign measurement, online and/or mobile analytics, and related services. These third parties may receive or access browsing and/or other data about your use of the Services in order to help us better reach individuals with relevant ads and/or measure our ad campaigns, and/or to better understand how individuals interact with our Services over time and across devices, or to provide their own services. **Law Enforcement** Under certain circumstances, we may be required to disclose your Personal Information if required to do so by law or in response to valid requests by public authorities (e.g. a court or a government agency). **Legal Requirements** We may disclose your Personal Information in the good faith belief that such action is necessary to comply with a legal obligation, to protect and defend our rights and property, prevent or investigate possible wrongdoing in connection with the Service, or to protect against legal liability. **Business Transfers** We may disclose and/or transfer Personal Information as part of any actual or contemplated merger, sale, transfer of assets, acquisition, financing and/or restructuring of all or part of our business, bankruptcy or similar event, including related to due diligence conducted prior to such event where permitted by law. #### Cookies We may use cookies to operate and optimize our website. These are text files that are stored on your device (computer; laptop; smartphone; etc.) and that are necessary for the use of the Website as such or certain functions or that enable the analysis of the use of our website. You can configure your browser in such a way that no cookies are stored on your computer or a message always appears before a cookie is installed. Complete deactivation of cookies may result in our website not functioning or not functioning completely. #### Security of Data The security of your data is important to us but remember that no method of transmission over the Internet or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Information, we cannot guarantee its absolute security. We also have procedures to deal with any suspected Personal Information breach, and we will notify you and any applicable regulator when we are legally required to do so. #### How Long Do We Keep Your Data? We only process your data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of complying with legal retention requirements and where required to assert or defend against legal claims, until the end of the relevant retention period or until the claims in question have been settled. Upon expiry of the applicable retention period we will securely destroy your data in accordance with applicable laws and regulations. #### Links to Other Sites Our Service may contain links to other sites that are not operated by us. If you click a third party link, you will be directed to that third party's site. We strongly advise you to review the Privacy Policy of every site you visit. We have no control over and assume no responsibility for the content, privacy policies or practices of any third party sites or services. #### Children's Privacy We do not knowingly collect personally identifiable information from anyone under the age of 18. If you are a parent or guardian and you are aware that your child has provided us with Personal Information, please contact us. If we become aware that we have collected Personal Information from children without verifiable parental consent, we will take steps to remove that information from our servers. #### Your Choices Your Rights To the extent provided for by applicable law, you may request information free of charge about the data stored relating to you, its origin and recipients and the purpose of the data processing. You may also have the right to correction, deletion, restriction or objection to processing, as well as to the transfer of the data to another controller.Furthermore you can revoke your consent at any time with effect for the future. All you need to do is send us an informal e-mail.Please note that the foregoing rights are subject to legal restrictions and may interfere with or make impossible the provision of our services. #### Changes to This Privacy Policy We may change this Privacy Policy from time to time. If we make changes, we will notify you by revising the date at the top of the policy and, in some cases, we may provide you with additional notice. #### Contacting us If you have any questions about this Privacy Policy, please contact us at .