> ## Documentation Index
> Fetch the complete documentation index at: https://docs.lancetrade.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Risk disclosure

> The risks of trading perpetual futures with Lance. Read this before you trade.

**Trading perpetual futures with leverage is high risk.** Prices can move fast and you can lose all the money you put in.

**Lance is software.** It does not give investment advice, manage money or trade on anyone's behalf. You make every trade yourself.

**Trades are executed on Hyperliquid**, a third-party exchange that is not affiliated with Lance.

**Lance is not available** to persons in the United States, the United Kingdom and sanctioned countries. See [Restricted regions](https://docs.lancetrade.xyz/legal/restricted-regions.md).

**Nothing on this site is an offer or solicitation** where it would be unlawful.

## Risks to understand

> [accordion] Leverage and liquidation
>
> Leverage makes gains and losses larger. With leverage, a small price move against you can wipe out your margin, and Hyperliquid can liquidate your position.

> [accordion] Fast markets
>
> Prices can gap. Market orders, take profits and stop losses can fill worse than expected, or not fill at all.

> [accordion] Software and connections
>
> Lance, Telegram, your browser, your wallet or Hyperliquid can be slow or unavailable. Orders may fail, and alerts may arrive late or not at all.

> [accordion] Third-party exchange
>
> Your funds and positions are on Hyperliquid. Lance doesn't control Hyperliquid, its markets, its prices or its availability.

> [accordion] Testnet
>
> Lance runs on Hyperliquid testnet for now. Testnet funds have no value, and testnet can behave differently from mainnet.

Also see the risk disclosure on [lancetrade.xyz](https://lancetrade.xyz/risk), the [Terms of Service](https://lancetrade.xyz/terms) and the [Privacy Policy](https://lancetrade.xyz/privacy).


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