Leverage and liquidation
Perpetual futures are leveraged. A small price move against you can liquidate your position and you can lose all the margin you put in. Never trade money you can't afford to lose.
Volatility
Crypto, meme assets, stocks and commodities can move violently, gap, or become illiquid. Stop-loss orders are not guaranteed to fill at your price.
Funding
Holding perpetual positions pays or receives funding every hour. Funding can be significant and adds up.
Protocol and smart-contract risk
Trades run on a third-party decentralized protocol and blockchains. Bugs, exploits, oracle failures, network congestion or governance decisions can cause losses, delays or frozen funds. DUMB cannot reverse any of it.
Social signals are not advice
CALLs, rankings, PnL, Arena results, displayed probabilities and AI output show data or opinions, not a recommendation or guarantee. Past performance does not predict future results. Copying or opposing another member can lose money quickly.
Outcome-contract risk
Free Arena picks have no cash value. If real-value outcome contracts are later offered to an eligible person, the full amount committed may be lost. Probabilities and estimated returns may change before entries close, settlement data can fail or be disputed, and a market may be delayed, corrected, cancelled or voided under its rules.
Regulatory and availability risk
Laws and regulatory treatment for crypto, derivatives and prediction markets change and differ across jurisdictions. A label, smart contract, decentralized protocol or non-custodial arrangement does not guarantee that a feature is lawful or unregulated. Features may be restricted, suspended or withdrawn without notice where reasonably necessary. You remain responsible for your taxes and your own compliance obligations.
Leveraged trading and any real-value Arena outcome contract are not offered to U.S. persons. If you are located in, resident in, domiciled in, or a citizen or green-card holder of the United States or its territories, you must not use these features. Accessing them through a VPN, proxy, false statement or third party is a breach of the Terms and may expose you to legal consequences in your jurisdiction.