Terms of Use

1.1. "Applicable Laws" means all applicable domestic and foreign laws, rules, statutes, regulations, by-laws, orders, protocols, codes, decrees, directives, requirements, guidance, and guidelines, published or in force, that apply to or govern any person, property, transaction, activity, event, or other matter, including any rule, order, judgment, or directive issued by any governmental, regulatory, judicial, or administrative authority having jurisdiction over the Company, you, the Site, or the Services.

1.2. "Company" or "we" or "us" or "our" means Perpetual Technology Corp., a company incorporated under the laws of the Republic of Panama, in its capacity as: (a) the provider and operator of the Site; and (b) the deployer and operator of TrueCurrent.

1.3. "Digital Assets" means cryptocurrencies, tokens, and other blockchain-based digital assets.

1.4. "Foundation" means the Injective Foundation, which supports the development of the Injective Protocol ecosystem. The Foundation is a separate legal entity from the Company and is not a party to these Terms.

1.5. "Interface" means the graphical user interface provided through the Site that allows users to interact with TrueCurrent. The Interface is one of potentially many means by which users may access the DEX, which in turn operates on the Protocol.

1.6. "Perpetual Contracts" means perpetual futures contracts available through TrueCurrent, which are derivative instruments allowing users to gain synthetic exposure to the price of a Digital Asset without an expiration date. The Company does not make any representation regarding the regulatory classification of Perpetual Contracts in any jurisdiction.

1.7. "Protocol" means the Injective blockchain protocol, a permissionless, decentralized, open-source, layer-1 blockchain network that operates autonomously and independently of the Company. The Protocol is the underlying blockchain infrastructure on which TrueCurrent operates. For the avoidance of doubt, TrueCurrent is not the Protocol, and the Protocol is not TrueCurrent.

1.8. "Restricted Territories" means Cuba, Iran, the Democratic People's Republic of Korea (North Korea), Syria, the Russian Federation, the Republic of Belarus, and the Crimea, Donetsk, and Luhansk regions of Ukraine, together with any other jurisdiction designated by the Company from time to time.

1.9. "Sanctions Lists" means the sanctions lists maintained by the United States Office of Foreign Assets Control, the United Kingdom Office of Financial Sanctions Implementation, the European Union, or the United Nations Security Council, including without limitation the Specially Designated Nationals and Blocked Persons List.

1.10. "Services" means the provision and maintenance of the Interface and related informational content made available through the Site.

1.11. "Site" means https://www.tc.xyz/ and any successor websites or applications thereto, including mobile applications, through which the Company provides access to the Interface.

1.12. "TrueCurrent" or "DEX" means the decentralized perpetual futures exchange, including its onchain RFQ module, matching engine, and associated smart contracts, deployed by the Company.

These Terms, together with any documents expressly incorporated by reference, are entered into between the Company and you ("you" or "your," referring to the individual or entity accessing the Site) and govern your use of and access to the Site and the Services.

By accessing or using the Site, you accept and agree to be bound by these Terms, including the mandatory arbitration provision in Section 14. If you do not agree, do not access or use the Site.

2.1. Nature of the Interface. The Site provides the Interface as a convenience for users who wish to interact with TrueCurrent. The Interface is a front-end graphical tool only. All transactions initiated through the Interface are executed directly through TrueCurrent's smart contract, which in turn settle on the Injective blockchain.

2.2. Protocol Independence. The Protocol is a permissionless, decentralized, open-source blockchain network that operates independently of the Company. The availability, functionality, and security of the Protocol are not within the Company's control. The Company's provision of the Interface does not imply any control over, endorsement of, or responsibility for the Protocol.

2.3. No Exchange, Broker, Transmitter or Custodian. The Company does not operate a digital asset exchange, derivatives exchange, clearing house, or other trading facility. The Company does not act as a broker, dealer, market maker, custodian, investment adviser, commodity trading adviser, or in any other intermediary or fiduciary capacity. The Company does not hold, control, transmit or have access to any user's Digital Assets, private keys, or funds at any time.

2.4. Regulatory Status. The Company is not registered with or licensed by any financial regulatory authority in any jurisdiction. No financial regulatory authority has reviewed or approved the Interface, the DEX, or the Protocol. The Interface constitutes an informational tool that facilitates user access to an independently operated and deployed decentralized exchange and the Company maintains that it does not engage in activities requiring registration as an exchange, broker-dealer, swap execution facility, or similar regulated entity. This position has not been confirmed by any regulatory authority, and users should be aware that regulatory interpretations may differ.

2.5. Order Matching and Execution Mechanisms. TrueCurrent primarily utilizes a request-for-quote ("RFQ") model for order execution, which is distinct from an automated market maker ("AMM") or the Protocol's central limit order book ("CLOB"). Market orders are executed exclusively through the RFQ mechanism; limit orders are routed through the CLOB. Under the RFQ mechanism: (a) a user submits a request specifying a Digital Asset pair, notional size, margin, and direction; (b) one or more permissioned institutional liquidity providers respond with firm, time-limited quotes; (c) the best available quote is automatically selected and executed on behalf of the user; and (d) the transaction settles automatically through the DEX's self-executing smart contracts on the Injective blockchain. Quote routing is facilitated through off-chain infrastructure, with all settlement occurring onchain. The Company does not act as counterparty, market maker, or principal in any transaction executed through the RFQ mechanism or the CLOB. The Company does not guarantee the availability of quotes for any Digital Asset pair or size, nor the availability of liquidity on the CLOB. Participation as a market maker in the TrueCurrent RFQ mechanism requires satisfying eligibility criteria established by the Company as a condition of participation. The Company does not approve, vet, endorse, or bear responsibility for the conduct of any market maker.

3.1. As a condition to accessing the Site or using the Services, you represent and warrant that:

1. you are not a Prohibited Person;
2. you are not acting on behalf of, or for the benefit of, any Prohibited Person;
3. if you are an individual, you are of legal age in your jurisdiction and have the legal capacity to enter into these Terms;
4. if you are an entity, you have the legal authority to accept these Terms on that entity's behalf;
5. you are not identified on, and are not acting on behalf of any person identified on, any Sanctions List;
6. you do not intend to transact with any Prohibited Person or person identified on any Sanctions List;
7. you will not use VPN software or any other privacy or anonymization tools or techniques for the purpose of circumventing any geographic or jurisdictional restrictions that apply to the Services;
8. your access to and use of the Services does not violate any Applicable Laws; and
9. you will not use the Services to engage in, facilitate, or support any illegal activity.

3.2. The Company reserves the right to implement and modify measures to verify compliance with this Section 3, including but not limited to geofencing, IP address screening, and wallet address screening. You agree to cooperate with any verification measures implemented by the Company.

4.1. Available Features. Subject to these Terms and any applicable eligibility requirements, the Interface may provide access to the following Protocol features:

1. Perpetual Contract Trading. The Interface facilitates access to the Protocol's Perpetual Contract markets, which allow users to enter into derivative positions with leverage. You acknowledge that trading Perpetual Contracts involves a substantial risk of loss, including the potential loss of your entire position.

4.2. Changes to Services. The Company may modify, suspend, or discontinue the Services, in whole or in part, at any time and for any reason, with or without notice. The Company will not be liable for any modification, suspension, or discontinuation of the Services.

5.1. Regulatory Classification. You acknowledge and understand that Perpetual Contracts may be classified as regulated derivative instruments under the laws of various jurisdictions. The regulatory treatment of Perpetual Contracts is evolving, uncertain, and varies by jurisdiction. You are solely responsible for determining whether your use of the Interface to access Perpetual Contracts complies with Applicable Laws in your jurisdiction, and for obtaining any required licenses, registrations, or approvals.

5.2. No Regulatory Approval. No regulatory authority has approved or reviewed the Perpetual Contracts available through the Protocol. The availability of Perpetual Contracts through the Interface does not constitute a determination that such contracts comply with the laws of any jurisdiction.

5.3. Leverage and Liquidation Risk. Perpetual Contracts may be traded with leverage, which amplifies both gains and losses. You may lose your entire margin deposit and, depending on the Protocol's liquidation mechanism, may be liquidated automatically without prior notice. The Company has no control over the Protocol's liquidation engine and bears no responsibility for any liquidation event.

5.4. Funding Rates. Perpetual Contracts are subject to periodic funding rate payments between long and short position holders. Funding rates are determined by the Protocol and may change rapidly. The Company does not set, control, or influence funding rates.

5.5. Market Risk. Digital Asset prices are highly volatile. The value of a Perpetual Contract position can change rapidly, and you may sustain a total loss of value. Past performance is not indicative of future results.

6.1. Blockchain Risks. You understand the inherent risks of blockchain-based systems, including without limitation: network congestion, protocol forks, advances in cryptographic methods (including quantum computing), smart contract vulnerabilities, consensus mechanism failures, and regulatory changes that may affect the operation or legality of blockchain networks.

6.2. Smart Contract Risk. The Protocol operates through smart contracts that are self-executing and generally irreversible. Smart contracts may contain bugs, vulnerabilities, or unexpected behaviors. The Company has not audited, verified, or endorsed the Protocol's smart contracts and makes no representations regarding their safety, security, or correctness.

6.3. Oracle Risk. The Protocol may rely on price oracles or other external data feeds. These oracles may be inaccurate, manipulated, or delayed. The Company does not operate or control any oracle used by the Protocol.

6.4. Information Accuracy. While the Company endeavors to display accurate information through the Interface, the Interface may contain inaccuracies, errors, or delays. Price data, position information, and other data displayed through the Interface may differ from actual on-chain state. You should verify all material information independently before relying on it.

6.5. Irreversibility. Transactions executed on the Protocol through the Interface are final and irreversible. The Company cannot reverse, cancel, or modify any transaction once submitted to the blockchain.

6.6. Assumption of Risk. You irrevocably assume all risks described in this Section 6 and Section 5, and agree that the Company will have no responsibility or liability for any losses arising from these risks. You waive, release, and discharge all claims against the Company related to any of these risks to the fullest extent permitted by Applicable Law.

7.1. You agree not to use the Site or the Services to:

1. violate any Applicable Laws, including without limitation anti-money laundering, counter-terrorist financing, and sanctions laws and regulations;
2. engage in activity that is fraudulent, deceptive, or manipulative, including market manipulation, wash trading, spoofing, or layering;
3. use the Services from a jurisdiction from which use is prohibited, or while subject to any restrictions that would make such use unlawful;
4. circumvent any access controls, geographic restrictions, or security measures employed by the Company, including through the use of a VPN;
5. interfere with, disrupt, or impose an unreasonable burden on the Site, the Services, or any connected networks or systems;
6. use any automated means (robot, spider, scraper, or similar) to access the Site or extract data, except as expressly permitted by the Company;
7. introduce malware, viruses, or other harmful code to the Site or the Services;
8. provide false, inaccurate, or misleading information;
9. transmit or exchange Digital Assets that are the direct or indirect proceeds of criminal or fraudulent activity;
10. use the Site or the Services in any manner that infringes the intellectual property or other rights of any third party;
11. impersonate any person or entity; or
12. encourage, assist, or enable any third party to engage in any of the foregoing.

This list is representative and not exhaustive. The Company reserves the right to determine, in its sole discretion, what constitutes a prohibited activity.

9.1. Proprietary Rights. The Interface, the Site, and any proprietary content, design elements, and technology used therein (excluding open-source components and third-party software) are owned by or licensed to the Company. These Terms grant you a limited, revocable, non-exclusive, non-transferable license to access and use the Interface through the Site for its intended purpose, subject to these Terms.

9.2. Trademarks. The Company's name, logos, and product names are trademarks of the Company or its licensors. These Terms do not grant you any rights to use such trademarks.

9.3. User Content. You grant the Company a royalty-free, sublicensable, transferable, perpetual, irrevocable, non-exclusive, worldwide license to use, copy, modify, display, and distribute any content made available by you through the Site, including for promotional purposes. You represent that you have the rights to grant this license and that your content does not infringe any third party's rights.

12.1. THE SITE, THE SERVICES AND THE DEX ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, SECURITY, ACCURACY, AND NON-INFRINGEMENT.

12.2. THE COMPANY DOES NOT WARRANT THAT THE SITE, THE SERVICES, OR THE DEX WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR THAT ANY DEFECTS WILL BE CORRECTED.

12.3. THE COMPANY DOES NOT WARRANT THE ACCURACY, COMPLETENESS, OR RELIABILITY OF ANY INFORMATION DISPLAYED THROUGH THE INTERFACE, INCLUDING PRICE DATA, POSITION INFORMATION, FUNDING RATES, AND MARKET STATISTICS.

12.4. THE COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE DEX OR THE PROTOCOL, INCLUDING THEIR SECURITY, FUNCTIONALITY, AVAILABILITY, OR COMPLIANCE WITH ANY APPLICABLE LAWS. THE COMPANY IS NOT RESPONSIBLE FOR ANY LOSSES ARISING FROM THE OPERATION OR FAILURE OF THE DEX OR THE PROTOCOL.

12.5. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED FROM THE COMPANY OR THROUGH THE SITE SHALL CREATE ANY WARRANTY NOT EXPRESSLY MADE HEREIN.

12.6. THE COMPANY DOES NOT PROVIDE INVESTMENT, FINANCIAL, LEGAL, OR TAX ADVICE. NOTHING ON THE SITE CONSTITUTES A SOLICITATION, RECOMMENDATION, OR OFFER TO BUY OR SELL ANY DIGITAL ASSET OR DERIVATIVE INSTRUMENT.

13.1. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE COMPANY OR ITS OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AFFILIATES, ATTORNEYS, OR AGENTS (COLLECTIVELY, THE "COMPANY PARTIES") BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, REVENUE, DATA, GOODWILL, OR DIGITAL ASSETS, ARISING OUT OF OR IN CONNECTION WITH THESE TERMS, THE SITE, THE SERVICES, OR THE DEX OR THE PROTOCOL, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT ANY COMPANY PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

13.2. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE AGGREGATE LIABILITY OF THE COMPANY PARTIES ARISING OUT OF OR IN CONNECTION WITH THESE TERMS, THE SITE, AND THE SERVICES SHALL NOT EXCEED THE GREATER OF (A) THE AMOUNT OF FEES PAID BY YOU TO THE COMPANY UNDER THESE TERMS IN THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR (B) ONE HUNDRED US DOLLARS (US$100).

13.3. THE COMPANY PARTIES ARE NOT RESPONSIBLE FOR THE EXECUTION, SETTLEMENT, OR CLEARING OF ANY TRANSACTION ON THE DEX OR THE PROTOCOL. THE COMPANY PARTIES BEAR NO LIABILITY FOR ANY LOSSES ARISING FROM THE OPERATION, MALFUNCTION, OR FAILURE OF THE DEX OR THE PROTOCOL, ITS SMART CONTRACTS, OR ANY RELATED INFRASTRUCTURE.

14.1. PLEASE READ THIS SECTION CAREFULLY. IT REQUIRES ARBITRATION OF DISPUTES AND LIMITS THE MANNER IN WHICH YOU MAY SEEK RELIEF.

14.2. Informal Resolution. Before initiating any formal dispute resolution proceeding, you agree to first attempt to resolve any dispute informally by sending written notice to the Company at contact@tc.xyz.

14.3. Binding Arbitration. Any dispute, controversy, or claim arising out of or relating to these Terms, the Site, or the Services, including the formation, interpretation, breach, or termination thereof, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre ("SIAC") in accordance with the SIAC Arbitration Rules in force at the time of filing, which rules are deemed incorporated by reference. The seat of arbitration shall be the Cayman Islands. Where the amount in dispute does not exceed SGD 6,000,000 (or its equivalent in any other currency), either party may apply to SIAC for the arbitration to be conducted pursuant to the Expedited Procedure under Rule 5 of the SIAC Arbitration Rules. The tribunal shall consist of one (1) arbitrator. The language of the arbitration shall be English.

14.4. Governing Law. These Terms and any dispute arising hereunder shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard to its conflict of laws principles. Subject to Section 14.3, each party irrevocably submits to the exclusive jurisdiction of the Grand Court of the Cayman Islands for any dispute, claim, or matter that is not subject to arbitration under these Terms or that requires judicial enforcement of an arbitral award. Each party irrevocably waives any objection to the laying of venue of any such proceeding in the Grand Court of the Cayman Islands and any claim that such proceeding has been brought in an inconvenient forum.

14.5. Individual Claims Only. All disputes shall be resolved on an individual basis. You waive any right to participate in any class action, class arbitration, or other representative proceeding. The arbitrator may not consolidate claims of more than one party.

14.6. Confidentiality. The parties shall maintain the confidentiality of all arbitration proceedings, awards, and related documents, except to the extent disclosure is required by Applicable Law, necessary to enforce an award, or necessary to prepare for or conduct the arbitration.

14.7. Costs. Each party shall bear its own costs of the arbitration, including legal fees, except that SIAC filing and administrative fees shall be allocated in accordance with the SIAC Arbitration Rules.

14.8. Statute of Limitations. Any claim arising out of or related to these Terms must be filed within two (2) years after the claim arose. This limitations period does not apply to the extent it would shorten any non-waivable statutory limitation period under Applicable Law.

14.9. Severability. If any provision of this Section 14 is found unenforceable, the unenforceable provision shall be severed, and the remaining provisions shall continue to apply. If the class action waiver in Section 14.5 is found unenforceable with respect to any claim, those claims must be litigated in a court of competent jurisdiction, and any individual claims shall proceed in arbitration.

16.1. The Company may modify these Terms at any time by posting the revised Terms on the Site with an updated "Last Updated" date. Material changes will be communicated through the Site or other reasonable means. Your continued use of the Site after any modification constitutes acceptance of the modified Terms. If you do not agree, you must stop using the Site.

16.2. The Company may suspend or terminate your access to the Site at any time, with or without cause and with or without notice, including if the Company reasonably believes you have violated these Terms or any Applicable Laws.

16.3. Sections 1, 2.2, 2.3, 2.5, 5, 6, and 9 through 17 shall survive any termination of these Terms.

17.1. Electronic Communications. You consent to receive communications from the Company electronically. You agree that all agreements, notices, and other communications provided electronically satisfy any legal requirement that such communications be in writing.

17.2. Entire Agreement. These Terms constitute the entire agreement between you and the Company regarding the Site and the Services, and supersede all prior understandings and agreements.

17.3. Severability. If any provision of these Terms is found invalid or unenforceable, that provision shall be enforced to the maximum extent permissible, and the remaining provisions shall remain in full force and effect.

17.4. No Waiver. The failure of the Company to exercise or enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.

17.5. Assignment. You may not assign these Terms or any rights or obligations hereunder without the Company's prior written consent. The Company may assign these Terms without restriction.

17.6. No Third-Party Beneficiaries. These Terms do not create any third-party beneficiary rights, except that the Company Parties are intended third-party beneficiaries of the indemnification, limitation of liability, and disclaimer provisions.

17.7. Force Majeure. The Company shall not be liable for any delay or failure to perform resulting from causes beyond its reasonable control, including without limitation acts of God, natural disasters, pandemic, war, terrorism, civil unrest, government actions, power failures, Internet or telecommunications failures, smart contract or oracle failures, cyberattacks, and blockchain network disruptions, attacks, hacks or exploits.

17.8. Contact. You may contact the Company at contact@tc.xyz.