Risks

Read this before you deposit. Each risk is followed by what limits it. Nothing on this page removes the risk.

Trading

You can lose your whole margin. A liquidation takes all of it, and a close after a big move against you can pay 0. Limit: positions are isolated, so one position's loss never touches another or the rest of your wallet. See Liquidation.
Profit is capped. The payout stops at margin + 100%, before the 10% profit fee. A bigger move earns nothing more. Limit: the cap is shown before you sign.
Fees and funding add up. 1% to open, 1% to close, 0.05% of size every hour, and positions close after 7 days. Limit: every rate is locked when you open. See Fees.
Opens can be refused. Caps, the daily loss limit or a thin pool can stop new opens. Limit: closes are never refused.

Pool manipulation. Prices come from the coin's own pump.fun pool, and someone with money can move a pool. Limit: you always get the worse of the live price and the 1-minute average price, records are capped per step, liquidation needs both prices, and size caps are tied to depth and the pool fee. In tests every known attack lost money at launch settings. Some risk remains.
Dead pool. If a pool is drained or closed, a winning position gets back at most its margin. Limit: thin markets turn close-only before that, under 30 SOL of depth.

Depositors can lose. If traders win more than the vault earns, vault shares lose value. Limit: each open sets aside its max profit, size caps are small, and opens pause if the house could lose more than 15% in a day.
Withdrawals can wait. A withdrawal unlocks 24 h after you queue it, and pays only as far as the free balance allows while open positions stay covered. Limit: the rest pays as positions close, and every position ends within 7 days. See The vault.

Smart-contract bugs. The program can have bugs that tests and reviews missed. No external firm has reviewed it yet. Limit: money rules checked on every move, 272 tests, 32 attack replays, low caps at launch. See Security.
Upgrades. Until the program is frozen, the upgrade key can replace the code. Limit: a Squads multisig with a 6 h time lock on upgrades, then frozen. The site shows the status.
Setting changes. The team can change fees and limits. Limit: changes that add risk wait a public 6 h delay; none touches open positions.
Listing is decided off-chain. Market cap and quality checks are not run by the program. Limit: the program checks the pool, the mint and the depth for every listing. See Listing.
Price bot downtime. If the bot stops, prices go stale and liquidations lag. Limit: anyone can record a price, liquidate or close an expired position, and the app records a price for your close.
Wind-down. The team can pause opens for good. Positions then end within 7 days and depositors are paid through the queue. See Wind-down.
HYPE bridge. A broken bridge could let fake HYPE win real HYPE from the HYPE vault. Limit: that vault can be paused at once, has small caps and is separate from the SOL vault.