Terms of Use

Last updated: 3 October 2026 · Version 2026-10-03

1. What pnl is

pnl is a non-custodial interface for taking positions in trading algorithms rather than in markets directly. The interface calls these copying an algorithm — holding its target sequence — and countering it, which is holding the mirrored sequence and is a short position in the ordinary sense.

You connect a wallet and you connect your own accounts at supported perpetual futures venues (currently Hyperliquid and Lighter).

We never take custody of your funds. Your margin stays in your own venue account for the entire time you use this service. We do not operate a wallet on your behalf, we cannot move your collateral to an address you did not authorise, and we cannot withdraw from your venue account.

What you grant us is a delegated trading key at the venue — scoped to placing and cancelling orders on the account you nominate. You can revoke it at the venue at any time, without our involvement and without our permission.

2. Eligibility and restricted jurisdictions

You confirm that you are at least 18 years old and that you are not:

• located in, resident in, or a citizen of a jurisdiction where use of this service is prohibited;
• subject to sanctions administered by any relevant authority;
• accessing the service through a VPN or similar in order to conceal any of the above.

The restricted jurisdictions

Access to this interface is refused from:

Jurisdiction	Why
Cuba, Iran, North Korea, Syria, Russia, Belarus	Comprehensive sanctions programmes
United States	Leveraged perpetual futures are not offered to US persons

The set is at least as strict as the venues this interface places orders on. pnl does not hold your funds or match your orders — Hyperliquid and Lighter do, and both restrict these jurisdictions themselves. Admitting someone they refuse would produce an account that cannot be traded and no useful explanation of why.

How it is enforced, and what that does not cover

Our API refuses requests from restricted locations, based on the location of your connection as Cloudflare reports it. Three things that control does not do, stated plainly rather than left to be discovered:

1. A VPN defeats it. Geolocation answers where a connection is, not where a person is. That is why acceptance also requires your explicit confirmation above: the block stops the incidental case, and the confirmation is what somebody who circumvents it has knowingly falsely stated.
2. It is country-level. Some restrictions are narrower than a country — Ontario, and the occupied regions of Ukraine — and an IP country code cannot express them. Those are covered by your confirmation and by this section, not by the block.
3. It is not a sanctions screen. It never sees who you are, so it cannot know whether you are a designated person. It restricts places, and you confirm the rest.

This list can change. It is a legal and commercial decision rather than an engineering one, and it is versioned with these terms — a change to it is a change you will be asked to accept again.

3. This is not investment advice

Nothing on pnl is a recommendation. A listed algorithm is not endorsed by us, not vetted for suitability, and not suitable for everyone.

Every track record on this platform is paper-traded. It is produced by running the strategy forward against live order books, and it is explicitly not a record of money that was made. A strategy that cleared the launch gate is a strategy that survived a set of statistical tests — that is a filter, not a forecast, and it says nothing about what the strategy will do next.

4. Leverage and the risk of total loss

Positions on this platform are leveraged. You can lose your entire margin, and you can lose it quickly.

The platform applies a cap on worst-case gross leverage across your whole basket, computed un-netted. That cap is a risk control, not a guarantee: it bounds what you are permitted to take on, not what the market can do to it. Liquidation is performed by the venue under the venue’s rules, not by us.

5. Fees

The platform charges a fee on traded notional, disclosed in the interface before you allocate and documented under Fees and attribution. Venue fees, funding payments and slippage are charged by the venue and are not ours.

6. Compute credits and API keys

Backtests, evaluations and the platform-provided agent are paid for with compute credits. The cost is shown before you run anything, and a job your balance cannot cover is refused rather than run on credit.

• Credits are prepaid use of the service and nothing more. They have no cash value, earn nothing, and cannot be withdrawn, sold or transferred to another address. They are not refunded, except where the law requires it.
• Buying credits is a payment to us. Unlike trading, where your funds never leave your venue account, a credit purchase is a transfer from your wallet on one of the payment options the interface lists. Credits are added once we have verified the transfer. We cannot recover a transfer sent to the wrong address or by an unsupported method.
• Starter credits granted at sign-up are promotional. We may change or end that allowance, and we may remove credits granted without payment that were obtained by abuse, such as by using multiple addresses.
• An API key acts as you. Anyone who holds one of your keys can spend your credits through the API. Keep your keys secret and revoke any key you think is exposed; activity through your key is your responsibility.
• Your own model provider key. If you connect your own key, the agent uses it for your turns only. Your provider’s terms and charges apply between you and the provider, and model usage on your key is not charged in credits. We store the key encrypted.

7. Availability, and what we may do to a listing

The service is provided as is. We do not promise uninterrupted availability, and market data, venue connectivity and our own infrastructure can all fail.

We may halt or delist an algorithm. When we do, you are given advance notice through the in-app notice system, and the notice period is enforced in our code rather than promised in this document — the halt path is physically unable to run without a matching published notice that has matured. The current period is 48 hours. Notices are immutable and timestamped; a change of plan is published as a new notice rather than an edit to an old one.

We may act without notice only where a venue removes a market from under us, or where continuing would breach the law.

8. Your responsibilities

You are responsible for the security of your wallet and your venue accounts, for the tax treatment of anything you do here, and for deciding whether any of it is appropriate for you.

9. Changes to these terms

We may update these terms. When the version changes you will be asked to accept the new version before continuing to use the service with your wallet. Your acceptance is recorded against your address, with the version and the time.

10. Contact

See Support.