Trading Risk Disclosure

Tomorrow Terminal is a software product. Nothing on the Service is a recommendation to buy or sell any security, derivative, or other instrument, or an offer or solicitation to enter into any transaction. You are solely responsible for your investment decisions and for any losses you incur.

The Service is not personalized to you. The AI does not assess your risk tolerance, financial situation, investment objectives, time horizon, liquidity needs, or tax situation. Two users running an identical strategy with identical capital receive identical AI Outputs; the appropriateness of those outputs for either user is something only that user can determine. We do not perform a suitability analysis for you.

No fiduciary or advisory relationship. Your use of the Service does not create any fiduciary, advisory, brokerage, custodial, or agency relationship between you and Tomorrow Terminal. The auto-trading agent acts on parameters and authorizations you set; you retain all decision-making authority and can pause, change, or close out at any time. We do not owe you a duty of best execution, suitability, care, or loyalty that would otherwise apply if we were a registered investment adviser or broker-dealer.

For your awareness, Tomorrow Terminal:

• is not registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser or broker-dealer;
• is not registered with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker;
• is not a member of the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), or the Securities Investor Protection Corporation (SIPC);
• is not registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business;
• does not hold a New York BitLicense or any equivalent state crypto-business license;
• is not authorized by the UK Financial Conduct Authority (FCA), and is not a MiFID II investment firm authorized in any EU member state;
• does not conduct, and is not required to conduct, customer Know-Your-Customer (KYC) or anti-money-laundering (AML) program checks. Hyperliquid is a decentralized exchange and does not perform KYC on users in this flow; Privy is an embedded-wallet provider and does not perform KYC on users in this flow. No party in the path performs KYC on you. Tomorrow Terminal is not a money services business, money transmitter, or financial institution. You are solely responsible for complying with the AML, sanctions, and tax laws of your jurisdiction.

The absence of these registrations means you do not receive the protections that registration confers. If you would prefer the protections of regulated investment services, you should use a regulated provider in your jurisdiction.

The auto-trading feature is offered globally only to the extent it is lawful for us to offer it and for you to use it. In particular, auto-trading is not available to users who are located in, ordinarily resident in, citizens of, or organized under the laws of:

• any jurisdiction subject to comprehensive U.S. economic sanctions (currently including Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, and Luhansk regions of Ukraine);
• the State of New York (unless and until we obtain a BitLicense or comparable authorization);
• the United Kingdom (we are not authorized to provide investment services to UK retail consumers);
• the European Economic Area (we are not authorized under MiFID II to provide investment services to retail consumers);
• any jurisdiction in which Hyperliquid’s services are unavailable or restricted, including any jurisdiction Hyperliquid’s own terms exclude.

You represent and warrant on each use of auto-trading that you are not in an excluded jurisdiction. If your eligibility changes (for example, you move), you must disable auto-trading immediately. We may, without notice, suspend or terminate auto-trading for accounts we believe are ineligible. Research, scanner, MCP, and analyst-chat features remain available subject to the eligibility section of our Terms of Service.

The research summaries, theses, price targets, scanner picks, watcher verdicts, and trade decisions you see are generated in whole or in part by large language models and rule-based heuristics. These systems can:

• misread fundamentals, news, or filings;
• miss material events that have not yet been ingested;
• hallucinate information that sounds correct but is not;
• produce decisions that look reasonable but are systematically biased.

The auto-trading agent acts on these outputs. You must independently understand and accept the risk that the agent will make decisions you disagree with, including decisions that lose money.

The Service trades perpetual futures contracts (“perps”) on the Hyperliquid HIP-3 dex. Perps are leveraged derivatives. The following risks are particular to perps and apply whether you trade at 1x or higher leverage:

• Liquidation. If your account’s maintenance margin falls below Hyperliquid’s required threshold, Hyperliquid will liquidate your positions automatically and you may incur losses substantially greater than the price-move percentage. Liquidations during fast markets can fill at materially worse prices than the displayed mid.
• Funding rates. Perpetual futures charge or pay funding at regular intervals. Sustained adverse funding can erode the value of your position even without an unfavorable price move.
• Gap and weekend risk. The underlying equities for HIP-3 perps may close while the perps continue trading. Prices can gap sharply when the underlying market reopens.
• Cascade risk. During volatile markets, simultaneous liquidations across many accounts can drive prices further against open positions, accelerating losses beyond what historical price moves would suggest.
• Higher leverage. The default in the Service is 1x. If you choose higher leverage, losses scale with the leverage factor and the probability of liquidation increases.

By enabling auto-trading you accept that:

• The agent trades without per-trade approval. Once you flip a strategy live with an allocation, the agent will place orders at its scheduled cadence (typically mid-morning U.S. Eastern, on U.S. trading days). You will not be asked to confirm each trade.
• Risk limits are best-effort, not guarantees. The per-position cap, per-strategy daily-loss limit, account-level daily-loss circuit breaker, no-trade band, and watcher are intended to constrain losses, but software bugs, third-party outages, volatile markets, or sequence-of-events problems can cause them to fail or be bypassed. We make no guarantee that any limit will prevent any specific loss.
• You may lose your entire deposit. Substantial losses can occur over a short period, even with risk limits in place. You should only deploy capital you can afford to lose entirely.
• Orders may not fill. The agent submits immediate-or-cancel orders with a slippage band. Orders may fail to match, partially fill, or fill at a price worse than the displayed mid. Unfilled orders may leave your portfolio out of balance for a period.

The Service is fully non-custodial. At no point do we hold your funds, act as a counterparty to your trades, match your orders against other users’ orders, or transmit money or virtual currency on your behalf. The architecture is, at each layer:

• Your wallet. Your wallet is created and held by Privy as an embedded wallet you control. Tomorrow Terminal never has access to your wallet’s primary private key or recovery information.
• Your funds on Hyperliquid. You move your own USDC from your wallet to your Hyperliquid account on-chain. Your USDC is held in Hyperliquid’s smart contracts under your address; Tomorrow Terminal does not touch it.
• The trade-only agent key. To enable auto-trading, you authorize a separate trade-only key (which we generate for your account and store encrypted in Supabase Vault) to submit orders on your behalf. The agent key’s permissions are limited at the protocol level to placing orders; it cannot withdraw, transfer, or move funds. Only your main wallet can authorize withdrawals.
• The builder code. You authorize a Hyperliquid builder code so that Tomorrow Terminal receives a builder fee on trades the agent places for you. The builder code is a fee-routing mechanism only. It does not give us any rights over your funds or your trades.
• Tomorrow Terminal’s role. Software that turns parameters you set into orders signed by your authorized trade-only key and submitted to Hyperliquid for execution. Nothing else.

This is why we are not a money services business or money transmitter; why we do not (and do not need to) perform KYC; and why funds on the Service are not subject to any custodial-risk we could impose.

Non-custodial is not risk-free. The risks that remain include:

• A compromised server or a vulnerability in our software could result in unauthorized trading on your account. Such trades cannot withdraw your funds, but they can result in losing trades, position imbalances, or unwanted exposure that you would not have chosen.
• A compromise of your wallet, your wallet recovery information, your email, or your device could result in loss of funds. We have no ability to recover funds stolen via wallet compromise.
• Our software has not been independently audited at the time of this Disclosure. We may engage external auditors in the future, but we make no commitment to do so on any particular timeline.
• Hyperliquid’s smart contracts could be exploited, paused, or upgraded in ways that affect your funds; we have no control over Hyperliquid.
• Privy could experience a security incident affecting wallet provisioning or signing infrastructure; we have no control over Privy.

The Service is operated by a small team. Risks specific to Tomorrow Terminal as an operator include but are not limited to:

• Bugs in our software may cause the agent to size trades incorrectly, misread risk limits, double-submit orders, skip the watcher check, or otherwise behave in ways we did not intend.
• Service outages (including outages of our own infrastructure or of sub-processors such as Supabase, OpenRouter, or Resend) may prevent the agent from placing new orders, evaluating risk, or alerting you. During an outage we may be unable to close your positions on your behalf, and you may need to act manually on Hyperliquid.
• Compromise of our server, secrets, or third-party providers could expose your encrypted agent key. The agent key cannot withdraw funds, but an attacker with the key could place adversarial trades.
• Discontinuation. We may, in our discretion, restrict, suspend, or discontinue the auto-trading feature with limited or no notice, for example in response to a regulatory inquiry, a market emergency, or a security incident.

We do not insure or otherwise guarantee against the consequences of any of these risks. You should evaluate the risk that Tomorrow Terminal itself fails or behaves badly when deciding how much capital to deploy.

Hyperliquid is a third-party trading venue we integrate with; we do not operate it. Risks include but are not limited to: exchange outages or downtime; smart-contract or oracle bugs; liquidation events triggered by sharp moves or thin liquidity; changes to the perp markets (including delisting); platform fees and funding-rate changes; and regulatory actions affecting access. Failure or impairment of Hyperliquid can prevent the agent from placing or canceling orders, including stop or exit orders, and can result in losses.

Any historical performance shown on Tomorrow Terminal — including the public scorecard, paper-strategy curves, live equity charts, individual call outcomes, and any aggregated statistics — reflects past results only. Past results are not a reliable indicator of future returns. The performance of any specific strategy you run, paper or live, may differ substantially.

Tomorrow Terminal earns builder-code fees on trades the agent places on your behalf, currently 3 basis points of notional traded (subject to change with notice). These fees are visible in your dashboard and your activity log. The existence of these fees creates a financial incentive for the Service to facilitate trading; we operate the Service in good faith but you should be aware of this incentive.

You are solely responsible for determining the tax treatment of your trading activity and for reporting and paying any taxes due in your jurisdiction. Tomorrow Terminal:

• does not provide tax advice of any kind;
• does not issue tax forms. We do not file IRS Form 1099-B, 1099-K, 1099-MISC, or any equivalent for any user. Hyperliquid’s tax-form posture is its own; consult Hyperliquid’s documentation.
• does not handle withholding for any user, regardless of country of residence.

We provide an activity log you can export from your dashboard so you have records. For tax advice in your jurisdiction, consult a qualified tax professional.

The Service is not a bank, broker-dealer, futures commission merchant, or registered investment adviser. Funds on Hyperliquid are not protected by the FDIC, SIPC, CFTC reparations, the FSCS, or any equivalent investor-protection scheme. Tomorrow Terminal carries no insurance covering your trading losses, no compensation fund, and no make-whole arrangement.

We do not offer dispute resolution, refunds, or compensation for trading losses, missed trades, slippage, software bugs that affect your account, or events outside our control. The remedies available to you for any claim relating to the Service are limited as described in our Terms of Service.

By enabling auto-trading you represent that you are familiar with perpetual futures, understand the risks of leveraged trading, and have made an independent decision to deploy capital with the Service. You should not enable auto-trading if you are not in a position to lose the capital you deploy.

Before your first live deployment, the Service will display a summary of this Disclosure and require you to affirm: (a) that you have read and understood it, (b) that you accept all stated risks, and (c) that you are deploying capital you can afford to lose. We record the version of this Disclosure you accepted and the time of acceptance. If we materially update this Disclosure, you will be re-prompted before your next live deployment.

Questions about this Disclosure? Email legal@tomorrowterminal.com.