Risk Disclosure

Cette page est affichée en anglais ; la version anglaise fait foi.

Please read this first

AfterFees shows estimates to help you research funding-rate trades. It is not investment advice, and an opportunity that looks positive on AfterFees can still lose money. Trading crypto derivatives with leverage is high risk, and you can lose more than you expect, including all the capital you commit. Only trade with money you can afford to lose. This disclosure takes effect on 2026-11-01.

The risks below are the main ones, not a complete list.

Funding rates change

Funding rates are set by each exchange's formula and change at every settlement, sometimes sharply and sometimes to the opposite sign. A spread that pays you today can cost you tomorrow. Exchanges can also change settlement intervals, caps and formulas with little or no notice.

Projections assume today's rates

Projected results on AfterFees use the rates, order books, fees and borrow rates quoted at the time of calculation, carried forward over the holding period you choose. Actual funding, fills and costs will differ. Some costs may not be included, such as withdrawal and transfer fees, exchange-specific fee discounts or surcharges, and taxes. Check the breakdown before you rely on a figure.

Liquidation and margin

A hedged position is two separate positions, often on two exchanges with separate margin. If the price moves sharply, the losing leg can be liquidated before you can add margin or move funds, leaving the other leg unhedged. Higher leverage makes this more likely. Margin rules, maintenance requirements and risk limits differ by exchange and can change.

Exchange risk

Exchanges can become insolvent, be hacked, freeze withdrawals, go offline during volatile markets, delist contracts, or change their rules. Auto-deleveraging (ADL) can close a profitable position without your consent, leaving the other leg unhedged. Funds held on an exchange are exposed to that exchange.

Basis and spread risk

The prices of the two legs (spot and perpetual, two perpetuals, or a perpetual and a dated future) do not move exactly together. The spread when you enter and when you exit can cost more than the funding you collect, and convergence before delivery is not guaranteed if you have to close early.

Slippage, latency and execution

Order books change in milliseconds. Our data can be seconds or more out of date, your orders may fill at worse prices or only partly, and one leg may fill while the other does not. Larger positions face more slippage than the default size shown.

Stablecoin risk

Positions and margin are often held in USDT, USDC or other stablecoins. A stablecoin can lose its peg, be frozen by its issuer or be restricted by an exchange, which can cause losses even on a fully hedged position.

Borrowing for spot-perp and reverse trades

Borrow rates change, sometimes quickly. Lenders and exchanges can limit, recall or stop lending, and you may be forced to repay at a bad moment, which can break the hedge. Available borrow capacity can run out.

Pendle Boros and DeFi

Pendle Boros and other on-chain protocols carry smart-contract risk (bugs or exploits), oracle risk, liquidity risk and blockchain risks such as congestion and high gas costs. A fixed rate locked on Boros settles against the underlying exchange funding rate, still requires margin, and can be liquidated. Protocol rules, fees and limits can change.

Legal and regulatory restrictions

Crypto derivatives, margin trading and some exchanges are restricted or banned in some countries. It is your responsibility to know and follow the law where you live, including tax rules on funding income and trading gains. AfterFees showing an exchange does not mean you may use it.

Past results are not a guarantee

Historical replays, settled-rate statistics and our public track record describe the past, under the assumptions stated on each page. They do not guarantee future results.

Do your own research

Use AfterFees as one input. Check every figure on the exchange, understand each exchange's rules, start small, and decide for yourself. If you are unsure, get advice from a qualified professional. Questions: [email protected].