> For the complete documentation index, see [llms.txt](https://docs.nocktrade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nocktrade.xyz/concepts/risk.md). # Risk and restrictions Plain words, because this page matters more than most. ## Leverage risk Perpetual futures are leveraged instruments. You can lose your entire margin. A 10x position moves ten times as fast as the market; a 10 percent move against a 10x position is a wipeout. The liquidation price in the ticket is an estimate for the position in isolation — the binding calculation belongs to the venue's risk engine and moves with your whole account. ## Execution risk A limit order is a request, not a promise. It may never fill, or fill partially. A market order fills at the book's prices at that moment, bounded by the ticket's slippage guard — within that bound, the fill can differ from the price you saw. Funding rates change continuously; the ticket's funding row is an estimate at the current rate. ## Venue risk Your funds live on Lighter, not with us. Venue-level events — maintenance, parameter changes, delistings, the rollup's withdrawal delay — are outside NockTrade's control. We display the venue's state truthfully; we do not control it. ## Jurisdiction restrictions Trading on Lighter is not available in every jurisdiction, including the United States, the United Kingdom, Canada, Switzerland, the United Arab Emirates and Singapore. This list is the venue's and may change; it is enforced before wallet connection. Browsing market data is available everywhere. ## What NockTrade is not * Not an exchange, broker or custodian. * Not investment advice. Nothing in the product or these documents is a recommendation to trade anything. * Not a guarantee of uptime, execution or profit. If any copy in the product ever reads like it promises more than this page does, treat that as a bug and tell us. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.nocktrade.xyz/concepts/risk.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.