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Risks

This is leveraged perp exposure. It can lose money fast.

Market Risk

A token holds a leveraged position, so it moves more than the underlying. If the market goes against the view the token is built for, it loses value faster than spot would. Holding also accrues funding, which is marked into the token's value and can run for or against you.

Liquidation Risk

Leverage is kept in a band to resist drift, but a gap, thin liquidity, or a rebalance not firing in time can still liquidate the underlying position. The band makes liquidation less likely, not impossible.

Program Risk

PerpTokens runs as on-chain program code. A bug or exploit in that code could cause loss of funds.