Risks

Read this before you trade or deposit.

• Not audited. The contracts have been reviewed and tested internally (see Security) but not by an external auditor. Mainnet waits for one.
• Testnet first. The markets open on Elysium testnet, with test tokens, before any real money.
• Leverage on thin pools. Pad coins move fast. A leveraged position can lose its whole margin within an hour.
• Price manipulation is bounded, not impossible. The slow mark and worst-of pricing make pushing a pool expensive and mostly useless, but no oracle on a small pool is perfect.
• The keeper. Only the keeper moves the mark. If it stops, the mark freezes: you can still close at the worst-of price, but liquidations wait until it runs again. A second key stands by, and the pauser can revoke a compromised one at once.
• The vault can lose. Liquidity providers are the counterparty to every trade. Winning traders are paid from the vault as they close, first come, first served; heavy withdrawals during a winning streak can leave a late winner paid less than their equity.
• Keys. Contract settings change only through a timelock (two days on mainnet). The pauser can stop new positions, never closes. The lister lists and delists markets and settles positions on dead pools after seven days, with a price limit; a stolen lister key could misuse that last power until revoked.
• Smart contracts can have bugs that no review finds.

Nothing here is financial advice.