Trading Disclosures

Perpetual futures on Hyperliquid
Last updated: October 30, 2026

1. What perpetual futures are

A perpetual future (“perp”) is a contract that tracks the price of an asset, such as BTC, without you owning the asset. You choose whether you think the price will go up (long) or down (short), and how much money to put in (your margin).

With leverage, your position is larger than your margin. At 10x, a $10 margin opens a $100 position, so a 1% price move changes your result by about $1, which is 10% of your margin. Leverage makes both gains and losses bigger.

Perps have no expiry date. They stay open until you close them or they are liquidated.

2. How trading in Kantan works

• Trades are made from your own wallet on the Hyperliquid protocol. Hyperliquid matches orders, holds margin in its own system, and settles results. Kantan does not match orders, take the other side of your trade, or hold your margin.
• To trade, you move USDC from your wallet to your Hyperliquid account. The app shows which network the USDC is on (for example Arbitrum, Ethereum, Solana or Polygon). Depending on the network, funds move through Circle’s CCTP or Hyperliquid’s bridge and can take time. Hyperliquid charges a small fee for withdrawals, shown before you confirm.
• Kantan shows a limited set of markets and limits the maximum leverage for each market. These limits are shown in the app and may change.
• When you use trading, you also agree to Hyperliquid’s own terms, which apply to your trades.

3. Fees

• Hyperliquid trading fee: charged by Hyperliquid on each trade, as a percentage of the position size. The rate depends on Hyperliquid’s fee schedule.
• Kantan fee: 0.05% of the position size each time you open or close, collected through Hyperliquid’s builder fee system. You approve this fee in the app before your first trade, and you can withdraw that approval at any time.
• Funding payments: while a position is open, longs and shorts pay each other funding, usually every hour. Funding can be paid or received, and it is not a fee to Kantan.
• Liquidation: Hyperliquid does not charge a separate liquidation fee. If the position can be closed in the market, any margin left over is returned to you. In a backstop liquidation, the remaining margin is kept by Hyperliquid’s liquidator.

The app shows the total fees for a trade before you confirm.

4. Liquidation

Each position has a liquidation price. If the market moves against you and your margin falls below the amount Hyperliquid requires to keep the position open, Hyperliquid closes it automatically. You can lose all the margin in that position.

• Liquidation uses Hyperliquid’s mark price, which can differ from the last traded price and from prices you see elsewhere.
• The higher the leverage, the closer the liquidation price is to the current price. At high leverage, a small move can liquidate you.
• Kantan shows the liquidation price and how far away it is before you trade. It is an estimate and can change, for example because of funding.
• Neither you nor we can stop a liquidation once it starts.
• If notifications are on, Kantan alerts you when a position gets close to its liquidation price and when it has been liquidated. Alerts can be late or fail, so don’t rely on them alone.

5. Other risks

• Fast markets. Prices of crypto assets can move very quickly. Your order may fill at a worse price than expected, or not fill at all.
• Auto-deleveraging. In extreme markets, Hyperliquid may reduce or close profitable positions to cover losses elsewhere.
• Outages and halts. Hyperliquid, its price sources, our servers or your connection may stop working or be delayed. You may be unable to open, change or close a position when you want to.
• Protocol and smart contract risk. Hyperliquid and its bridge could have bugs, be attacked, or change their rules.
• No protection. Trading through Kantan is not covered by deposit insurance, investor protection schemes or any guarantee.
• Taxes. Trading results may be taxable where you live.

6. Where trading is available

Trading is not offered to people located in the United States, the United Kingdom, Ontario (Canada), Belgium, or a country or region under comprehensive sanctions, or in other places where we choose not to offer it. The app shows whether trading is available where you are, and we may use your IP address and other signals to decide this. Don’t use a VPN or other tools to get around these limits. We may turn off trading at any time to comply with laws, sanctions or app store rules.

7. Before your first trade

Before your first trade, the app shows the main risks and asks you to confirm that you understand them. By trading, you confirm that:

• you have read these disclosures and understand the risks of leverage and liquidation;
• you are not located in a place where trading is not offered;
• you trade only with money you can afford to lose; and
• you make your own decisions. Nothing in Kantan is investment advice or a recommendation to trade.