Terms of service

These Terms of Service (“Terms”) form a binding agreement between you and Perps Fund (“Perps Fund,” “we,” “us”) governing your access to and use of the Perps Fund platform, including evaluations, funded accounts, and related services (the “Service”). By creating an account, purchasing an evaluation, or otherwise using the Service, you confirm that you have read, understood, and agree to be bound by these Terms and by the policies incorporated into them by reference, including the Privacy policy, the Risk disclaimer, and the Rules.

You may use the Service only if you can form a legally binding contract with us. If you use the Service on behalf of an entity, you represent that you are authorized to bind that entity. If you do not agree to these Terms, do not use the Service. We record your acceptance at account creation and at each purchase.

You must be at least 18 years old, or the age of majority in your place of residence if higher, and able to enter into a binding agreement.

The Service is not offered to, and may not be used by, residents of OFAC-sanctioned jurisdictions (Iran, North Korea, Syria, Cuba) and sanctioned regions (the Crimea region, and the sanctioned regions of Russia and Belarus). We maintain this restricted list in a single place and may update it to reflect sanctions and regulatory changes.

You are responsible for ensuring that your use of the Service is lawful where you live. We may use identity, location, and device information to assess eligibility, and we may refuse, suspend, or close any account we believe is ineligible or accessed from a restricted region, including voiding any evaluation or funded status obtained while ineligible.

The Service is a skills-based trading evaluation. You purchase access to a simulated account and attempt to reach a profit target without breaching the risk limits. If you pass, you progress to a funded simulated account on which you may earn a profit share, subject to these Terms. The specific profit targets, drawdown limits, position and exposure caps, leverage limits, and account sizes for each evaluation are set out on the Rules page, which is incorporated into these Terms by reference and reflects the limits the system actually enforces.

Participation does not create an employment, agency, partnership, joint-venture, brokerage, or investment-advisory relationship between you and Perps Fund. Passing an evaluation is a condition of receiving a funded account; it is not a guarantee of one. We may decline to fund, or may discontinue a funded account, in accordance with these Terms.

All trading on the Service is simulated. You trade a simulated account against live market prices sourced from a third-party venue. You never trade real personal capital or the firm's capital; no order you place is routed to, or executed on, any exchange or real market on your behalf; and you acquire no position, asset, security, or interest in any instrument. Order fills, fees, and funding charges are simulated.

Any profit share we pay you is paid by Perps Fund as compensation for performance on a simulated account under these Terms. It is not the return of an investment, the proceeds of real trading, or a distribution of trading profits, and no money you pay is held, invested, or traded on your behalf.

Access to an evaluation requires a one-time fee, shown at checkout before you purchase. All fees are final and fully non-refundable, with no exceptions - including where an account is breached, closed, found ineligible, or left unused, and regardless of outcome.

You are responsible for any taxes associated with your purchase. Fees are charged in the currency and through the payment methods shown at checkout. If you initiate a chargeback or payment dispute, we may suspend or close your accounts and withhold or void any pending or earned profit share pending resolution. We may change pricing prospectively; a change does not affect an evaluation already purchased.

On a funded account you may withdraw your share of realized profit above your high-water mark, so the same profit is never paid twice. The profit share is 80% to you. The minimum payout is $50, paid in USDC to a withdrawal address you have whitelisted, on a supported network (currently Ethereum). Your share remains withdrawable only while the account is funded; if the account breaches a risk limit, any unpaid share on it is forfeited (see Breach, suspension, and termination). To request a payout the funded account must have no open positions, and each account may have one open request at a time; a request is for your whole available share. When a payout is recorded, the account’s balance returns to its starting balance and its risk limits are measured from that balance again; your high-water mark carries over, so the same profit is never paid twice.

Each payout request is reviewed, then sent in USDC. We do not commit to a processing time. A request is subject to security and compliance holds: identity verification (see the Privacy policy) is required once your lifetime unverified payouts would exceed $1,000, and we may require it earlier where reasonably necessary to prevent fraud or abuse or to meet a legal obligation; a two-factor code or a passkey is required to manage withdrawal addresses and to request a payout; and a newly added withdrawal address is locked for 48 hours before it can receive a payout. We may hold a payout for manual review where reasonably necessary to prevent fraud or abuse or to meet a legal obligation.

Sending to an incorrect address or on the wrong network is irreversible and is your responsibility. You are responsible for any taxes on amounts you receive.

The Service may offer a points program and a referral program. Points can be applied as a discount on a purchase at the rate and up to the share of the price shown on the Points page, and may be spent on the items listed there. Points are not money: they are never redeemable for cash, are never added to an account balance, have no value outside the Service, and are not transferable. Points that can be spent lapse twelve months after they become available. A refund or chargeback of a purchase returns the points spent on it and removes the points earned on it. The points program and the referral program may be modified or discontinued at any time.

Under the referral program you earn a commission when a user you referred buys an evaluation. Commission is a percentage of the amount the referred user actually pays, after any discount: 10%, 15%, 20%, rising with the number of users you have referred whose first commission has cleared its hold. The rate that applies is the one in force when the purchase is made. We may change the rates for future purchases and will tell you before we do. Each commission is held for 7 days before it becomes available.

A user is attributed to you when they sign up after following your link, or by entering your code. A followed link is remembered on that browser for 30 days. If a user follows more than one referrer’s link, the most recent one counts. Attribution is fixed at sign-up. A referred user receives a 10% discount once, on their first paid evaluation; a free trial does not use it.

If a purchase is refunded or charged back, the commission on it is reversed, whether or not it has already been paid to you. A commission reversed after it was paid leaves your commission balance negative; the amount is set off against commission you earn afterwards, and you cannot withdraw commission until it is covered. We do not take it from your wallet.

Commission is paid when you request it, through the same payout process and controls as profit share. A commission payout needs at least $50 available. Commission payouts and profit payouts count together toward the amount above which identity verification is required ($1,000).

We may pause your participation in the referral program while we review activity on your link. While it is paused, purchases by users you referred earn no commission, and commission you have earned and not withdrawn is held until the review ends. We may also hold new commission for review without pausing you. A hold is not a forfeiture: commission is forfeited only where we find the program was abused, as set out in the next section.

When you promote the Service you must not: bid on our name or marks in paid search; send unsolicited bulk messages; present yourself as us or as our employee or agent; make claims about earnings, payouts or the likelihood of passing an evaluation that are untrue or that we have not published; or promote the Service to anyone in a place where we do not offer it. When you share your link or code you must make clear, in the same place and in plain words, that you may be paid if someone signs up through it.

Referring users does not make you our employee, agent or partner. You are responsible for any tax on commission you receive. A referrer on a custom rate has a separate written agreement, which governs where it differs from this section.

Self-referral and other manipulation of the points or referral programs - including creating or coordinating multiple accounts to generate rewards - are prohibited (see the next section) and may result in forfeiture of rewards and closure of the accounts involved.

You agree not to exploit the Service or undermine the integrity of the evaluation. Prohibited conduct includes, without limitation: exploiting simulation, pricing, latency, or settlement behavior, including trading on a price you know to be stale; coordinating, hedging, or offsetting positions across multiple accounts - your own or operated with others - to manufacture a passing result or a payout; wash or self-trading; creating multiple accounts to evade limits, eligibility, or detection, or to farm rewards; sharing, selling, or buying accounts; using bots or automated methods except through the Perps Fund API where we have granted you access, and within its published limits; and providing false information or circumventing identity verification or geographic restrictions.

We enforce position, exposure, and risk limits programmatically, and we operate fraud- and abuse-detection systems that may link related accounts and review trading and payout activity. We do not interrupt your trading on suspicion alone; where conduct is under review we may hold an affected payout pending the outcome, and determinations may involve human review. Where prohibited conduct is confirmed, we may void evaluation or funded status, withhold or reverse profit share, and suspend or close the accounts involved.

Breaching a risk limit - touching or crossing a daily-loss or maximum-drawdown floor, as defined on the Rules page - ends the current evaluation or funded phase: open positions are closed and the account is locked. A breach is a normal outcome of the evaluation and is not, by itself, a violation of these Terms. If the account was funded, any profit share that has accrued on it and has not yet been paid out is forfeited when the breach is recorded and is no longer withdrawable. Profit already paid to you is unaffected, and a breach never creates a negative balance or an amount you owe.

We may suspend or terminate your access to the Service, with or without notice, if you breach these Terms, if we are required to by law, if your account is ineligible, or to protect the Service, other users, or the firm from fraud, abuse, or risk. On termination your right to use the Service ends. Provisions that by their nature should survive - including fees paid, disclaimers, limitation of liability, and the dispute terms - survive termination.

The Service - including its software, design, text, the Perps Fund name and marks, and all related intellectual property - is owned by Perps Fund or its licensors and is protected by law. We grant you a limited, personal, non-exclusive, non-transferable, revocable license to use the Service for its intended purpose.

You may not copy, modify, reverse-engineer, scrape, resell, or create derivative works from the Service except to the extent the law permits. If you send us feedback or suggestions, we may use them without any obligation to you.

The Service is provided “as is” and “as available,” without warranties of any kind, express or implied, including merchantability, fitness for a particular purpose, and non-infringement, to the fullest extent permitted by law. We do not warrant that the Service will be uninterrupted, error-free, or secure, or that prices, data, or simulations will be accurate or available.

Nothing on the Service - including the Rules, educational material, the trading terminal, leaderboards, or any communication - is financial, investment, legal, or tax advice, or a solicitation or recommendation to trade any instrument. See the Risk disclaimer. You are solely responsible for your decisions.

To the fullest extent permitted by law, Perps Fund and its officers, employees, and suppliers will not be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or for any loss of profits, data, goodwill, or opportunity, arising out of or relating to the Service, even if advised of the possibility.

To the fullest extent permitted by law, our aggregate liability for all claims relating to the Service will not exceed the total fees you paid us in the twelve (12) months before the event giving rise to the claim. Some jurisdictions do not allow certain limitations; in those places, these limitations apply to the maximum extent permitted.

These Terms are governed by the laws of the jurisdiction in which Perps Fund is established, without regard to its conflict-of-laws principles. You agree to resolve any dispute arising out of or relating to these Terms or the Service in the courts or dispute-resolution forum of that jurisdiction, subject to any binding arbitration agreement provided to you at the time of purchase.

Before bringing a formal claim, you agree to contact us to seek a good-faith resolution. Any claim must be brought within the time allowed by applicable law.

We may update these Terms from time to time. If we make a material change, we will take reasonable steps to notify you - for example, by posting the updated Terms with a new effective date or notifying you in-app or by email. Changes are not applied to an evaluation or funded account you have already purchased, except a change in your favour, meaning one that corrects a defect or loosens a limit. A change of that kind may apply to accounts that are already open, from the date given in the rules changelog, so that a defect that works against you can be corrected on the account you hold. Where we have applied a change that is not in your favour to accounts already open, the rules changelog says so in a dated entry and gives the basis for it.

Your continued use of the Service after a change takes effect means you accept the updated Terms. If you do not accept a change, stop using the Service.

We may run tournaments. Entry is free and optional. Joining creates a tournament account for that tournament only; it cannot pass an evaluation or become a funded account, and it becomes read-only when the tournament ends. Each tournament's size, risk limits, dates, ranking and prizes are shown on its page before you join. Prizes are awarded at our discretion under the tournament's published terms; a cash prize is paid through the payout process and is subject to the same identity verification and controls as a profit-share payout. Prohibited conduct (§08) applies to tournaments, and we may remove an entrant or void a result where it is found.

Questions about these Terms can be directed to our team through the channels listed in the site footer, including our community. For legal matters, write to legal@perpsfund.com.