RISK DISCLOSURE

READ THIS BEFORE YOU TRADE

taptaptap gives you access to leveraged perpetual futures on Phoenix, a decentralized order book on Solana. These are complex, high-risk products, and most people who trade them lose money. Do not trade with money you cannot afford to lose entirely.

1. EVERY TAP USES MAXIMUM LEVERAGE

taptaptap does not let you choose your leverage: every order is placed at the highest leverage the market allows, which is as high as 40 times on some markets. Leverage multiplies gains and losses by the same factor, so a price move of a few percent against you can wipe out the collateral behind a position in seconds.

Crypto and tokenized-stock markets on Phoenix trade continuously, move violently, and have no daily limit, no circuit breaker and no closing bell. A move large enough to liquidate you can happen while you are asleep.

2. LIQUIDATION

If your collateral falls below the maintenance requirement, the protocol can close your position without notice and without your involvement, and you can lose all of the collateral behind it.

Your Phoenix account is cross-margined: every open position draws on the same collateral, so a loss on one market can liquidate positions on others. Liquidation happens at whatever price the market offers at that moment, which may be far worse than the price you expected.

The liquidation price the app displays is an estimate produced from data that can be delayed or wrong. Do not treat it as a guarantee.

3. FUNDING, FEES AND SLIPPAGE ERODE POSITIONS

Perpetual futures carry a recurring funding payment between long and short holders. Holding a position costs or pays funding continuously, and over time it can be the largest single cost of a trade.

Every fill pays a Phoenix taker fee and a taptaptap builder fee on the full leveraged notional, on the way in and on the way out, and every transaction pays Solana network fees. At maximum leverage that round trip can cost several percent of your stake before the price moves at all. A strategy that looks profitable before costs often is not after them.

Your order executes against the book as it stands when the transaction lands, not when you tapped. The difference, slippage, can be large in a fast or thin market. Orders are sized in whole lots, so a small stake can fill a noticeably different size than the one shown.

4. TRADES ARE IRREVERSIBLE

Once a transaction is confirmed on Solana it cannot be reversed, cancelled or refunded by anyone, including us. There is no chargeback, no dispute process and no support channel that can undo a trade, a transfer, or a mistake in an amount or an address.

5. TECHNOLOGY AND COUNTERPARTY RISK

Solana can congest, degrade or halt. Transactions can fail, or land late at a price you did not intend. Phoenix is third-party on-chain software that can contain bugs or be exploited, and smart-contract exploits have caused total losses elsewhere in this industry.

The app depends on third parties — Privy and Dynamic for wallets and sign-in, RPC providers for chain access, Vercel for hosting. Any of them can fail, and while one is failing you may be unable to open, close or manage a position. There is no guarantee the app is available when you need it most, which is usually when markets move fastest.

The embedded wallet is non-custodial. If you lose access to your email login and have not exported your key, the funds in that wallet may be unrecoverable by anyone.

6. PAPER RESULTS ARE NOT REAL RESULTS

Toly mode fills paper orders at Phoenix's live prices but with no fees, no funding and no competition for liquidity. A strategy that wins on paper can lose with real money.

7. FEE SPONSORSHIP IS NOT A SAFETY NET

We may pay Solana network fees on your behalf, up to caps per wallet and overall. It is discretionary and can stop at any time. If it stops, or a cap is reached, while you hold a position, you will need SOL in your wallet to close that position. Keep some.

8. POINTS ARE NOT VALUE

Points, leaderboard placings and referral rewards have no cash value, cannot be redeemed or transferred, and can be changed or removed at any time. Do not trade more, or more often, in order to earn them. Nothing displayed in the app is a reason to take a position.

9. NO ADVICE, AND NO SUITABILITY CHECK

We do not give investment, financial, legal or tax advice, and nothing in the app is a recommendation. We do not assess whether leveraged trading is appropriate for you, your experience or your finances.

Consider taking independent professional advice before trading. Questions about this disclosure: legal@taptaptap.trade.