Terms of use

//01_ ACCEPTANCE

These terms govern your use of this website and of the interface it provides to the Paperhands exchange contract (together, "Paperhands"). By using Paperhands you accept them. If you do not accept them, do not use it.

//02_ ELIGIBILITY

You may use Paperhands only if all of the following are true:

• you are an adult with full legal capacity in the place where you live;
• you are not a resident of, or located in, the United States;
• you are not a person subject to sanctions, and you are not located in or acting for a country or region subject to comprehensive sanctions;
• leveraged or synthetic products of this kind are not prohibited where you are.

You are responsible for knowing and complying with the laws that apply to you, including tax. We may restrict access to the website from some places; the contract itself is public and we do not control who calls it.

//03_ WHAT PAPERHANDS IS

Paperhands is a non-custodial interface to a smart contract on a public blockchain. The contract lets you deposit USDG, open synthetic perpetual positions that pay or take the price difference of an asset, and withdraw. We never hold your funds or your keys; every action is a transaction you sign with your own wallet.

A position gives you synthetic exposure to a price and nothing else. It does not give you ownership of any share, coin or other asset, and it carries no dividends, no voting rights and no claim on any issuer. Paperhands is not affiliated with, endorsed by or sponsored by the companies whose share prices it references; their names and marks belong to them.

//04_ RISKS

Using Paperhands can lose you all the money you put in. Leverage magnifies losses, and a liquidation takes the whole margin of a position. Prices come from third-party oracles that can fail. The contract can contain errors. The full list, in plain words, is in the risks page of the documentation, which forms part of these terms. Read it before you deposit.

//05_ THE QUEUE LINE

The house that pays winning positions is funded only by losing positions and donations. When it cannot pay a win in full, the unpaid part is queued and paid later, in strict order, as new losses arrive. A win may therefore be paid late, in part, or, if losses stop, not for a long time. Queued amounts carry no interest and have no due date. Nobody, including us, guarantees that a queued amount will be paid by any date.

//06_ THE CONTRACT IS FINAL

Transactions on the blockchain are irreversible. The exchange contract is not upgradeable and has no function that lets anyone move, refund or restore a user's funds. We cannot reverse a trade, a liquidation, a deposit or a withdrawal, recover a lost key, or compensate for an error, whether yours, ours, an oracle's or the chain's. The contract's code and its rules, described in the documentation, decide every outcome.

//07_ FEES

The contract charges the fees described in the fees page: currently 2% of a gain paid, 2% of a loss and 2% of a liquidated margin, with no fee to open, deposit or withdraw. The impact haircut on gains is described in the documentation. Gas is paid to the chain. Fees for new positions can change within the bounds set in the contract; the fees of an open position cannot.

//08_ YOUR WALLET AND YOUR KEYS

You are solely responsible for your wallet, its keys and its security, and for every transaction it signs. If you enable one-click trading, you are also responsible for the session key stored in your browser and for every request it sends until it expires or you revoke it.

//09_ NO ADVICE

Nothing on this website, in the documentation or in our posts is investment, financial, legal or tax advice, or a recommendation to buy, sell or hold anything. Prices, numbers and examples are given for information. You make your own decisions.

//10_ PROHIBITED USE

You agree not to use Paperhands to:

• break any law, including sanctions, anti-money-laundering and market abuse rules;
• trade with funds that are not yours or that come from crime;
• attack, overload or interfere with the website, the contract, the oracle or other users;
• exploit a bug in the website or the contract instead of reporting it;
• get around any access restriction, including by using tools that hide your location.

//11_ NO WARRANTIES

Paperhands is provided "as is" and "as available". To the extent the law allows, we make no warranty of any kind, express or implied, including that the website or the contract will be available, free of errors, secure, or fit for a particular purpose, or that prices shown are accurate or current.

//12_ LIMITATION OF LIABILITY

To the extent the law allows, we are not liable for any loss or damage arising from your use of Paperhands or your inability to use it, including trading losses, liquidations, queued or unpaid wins, lost profits, lost keys, oracle errors, chain outages, failures of USDG or of any third-party service, or errors in the contract. Where liability cannot be excluded, it is limited to the amount of fees you paid through the contract in the twelve months before the claim. Nothing in these terms limits liability that cannot be limited by law.

//13_ THIRD-PARTY SERVICES

Paperhands depends on services it does not control: RedStone for prices, Chainlink for the reference band, USDG issued by Paxos as collateral, the blockchain and its RPC endpoints, your wallet and your browser. Their terms apply to your use of them, and we are not responsible for their failures.

//14_ CHANGES

We may update these terms. The update date shown on this page changes when we do. Using Paperhands after a change means you accept the new terms. Changes to the website or these terms cannot change the rules of the deployed contract.

//15_ CONTACT

Questions about these terms: a direct message to our X account.