> For the complete documentation index, see [llms.txt](https://doc.rocky.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.rocky.exchange/trust-and-legal/risk-disclosure.md).

# Risk Disclosure

Trading digital assets and perpetual contracts involves substantial risk.

Key risks include:

* **Market risk** - prices can move rapidly and unpredictably.
* **Leverage risk** - losses are magnified and can result in liquidation.
* **Liquidity risk** - an order may execute at a worse price than expected or may not execute.
* **Funding risk** - funding payments can reduce returns over time.
* **Smart-contract risk** - software defects or unexpected behavior can cause loss.
* **Wallet risk** - losing credentials or approving a malicious request can result in irreversible loss.
* **Oracle and pricing risk** - reference-price disruptions can affect valuation and liquidation.
* **Network and operational risk** - congestion, downtime, upgrades, or third-party failures can delay access or settlement.
* **Regulatory risk** - product availability and user eligibility may change.

Nothing in this documentation is financial, legal, tax, or investment advice. Rocky does not guarantee profit, liquidity, execution, product availability, or the recovery of lost funds.