Risks and safeguards

Cardboard Trade can use high leverage. Even a small adverse price move can consume all of a position's margin, and a profitable close may wait in the payout queue before its full proceeds can be withdrawn.

Price and execution

The exchange relies on an updated market price for opens, closes, and liquidations. A transaction settles against the accepted price when it executes, which can differ from the last number shown in your browser. If the price feed is stale or unavailable, an action may be blocked. Price feeds and market liquidity can be disrupted or manipulated; no displayed quote removes that risk.

The ticket's winning payout factor limits how much of a favorable move a new position can capture. It reflects the market side's current exposure and can change for later orders. Existing positions keep the exposure assigned when they opened. Fees and a small-move deadband further affect the final result. Review Wins and losses before using high leverage.

House liquidity

House funds pay winning claims. If they cannot cover a claim at settlement, an unpaid amount joins the first-in, first-out payout queue. No fixed payout time is promised. CARDBOARD rewards may be issued for eligible losses, but they do not replace USDC you lost or guarantee a future return.

Controls that can affect your account

The protocol can pause new positions, limit a market side, or retire a market. Authorized operators can also freeze a trading account; while frozen, voluntary closes, deposits, withdrawals, and reward actions may be blocked, while liquidation can still occur. These controls are significant even if the website is working normally. Check the Status tab and any message shown by the order ticket before retrying a blocked action.

Keep SOL available for network fees and protect both your main wallet and any temporary trading key. A temporary key cannot withdraw funds, but it can lose trading collateral by placing positions.