Terms of Use

1. Acceptance of these Terms

By connecting a wallet to, or otherwise using, the Interface you confirm that you have read, understood and agree to be bound by these Terms and by our Privacy Policy. If you do not agree, do not use the Interface.

2. Eligibility and sanctions

You may use the Interface only if:

• you are at least 18 years old and able to form a binding contract;
• you are not a resident of, located in, or organized under the laws of any jurisdiction subject to comprehensive sanctions, and you are not named on any sanctions or restricted-party list;
• your use of the Interface does not violate any law or regulation that applies to you, including laws on derivatives, leveraged trading or digital assets.

We may restrict access from certain locations or wallet addresses at any time, without notice, to comply with law or to protect the Interface.

3. Testnet and experimental software

maas is experimental software deployed on test networks. Test tokens from the faucet (test USDC, WBTC, WETH and HYPE), perp collateral and vault shares have no monetary value, cannot be redeemed for real assets and may be reset, reminted or wiped at any time. Faucet mints and other transactions need a small amount of Base Sepolia ETH for gas, which you must obtain yourself from a third-party faucet. Prices, funding rates and balances shown are for demonstration and testing only.

Features may change, break or be removed without notice. Do not send real assets to any address shown in the Interface, and do not rely on the Interface for any real financial decision.

4. Self-custody and smart contracts

The Interface is non-custodial. We never hold, control or have access to your private keys, seed phrase or funds. Every deposit, withdrawal, trade settlement and swap is executed by smart contracts on a public blockchain and authorized by a signature from your own wallet.

You alone are responsible for securing your wallet, reviewing each transaction or signature request before approving it, and paying any network fees. Transactions confirmed on chain are final and cannot be reversed by us.

5. Perpetual futures, leverage and liquidation

Perpetual markets (BTC and ETH up to 20x, HYPE up to 10x, quoted in USDC) let you take cross-margined, leveraged long or short positions. Orders you sign are matched by our offchain gateway and settled on chain by the PerpExchange contract. Leverage magnifies both gains and losses.

• Margin is shared across all your positions. If your account equity falls below the maintenance requirement, anyone may liquidate your positions in whole or in part; a liquidation penalty of half the maintenance margin on the closed size is taken from your collateral, and you may lose all of it.
• Trading fees are charged on every fill (currently 0.02% maker and 0.05% taker) and may change.
• Funding payments are exchanged hourly between longs and shorts and may be charged to you.
• You can withdraw only realized collateral, and only while your remaining equity covers the initial margin of your open positions.
• Mark prices come from the Pyth oracle; stale, delayed or incorrect oracle data can trigger liquidations or affect fills.
• The orderbook, matching engine and settlement services may be unavailable, delayed or degraded, and orders may not be filled at the price you expect, or at all.

6. Spot swaps

Spot swaps trade test tokens against USDC in Uniswap v4 pools that use the MaasHook. The hook sets a dynamic fee on every swap:

• a base fee (currently 0.03%), plus a surcharge of half the gap between the pool price and the Pyth price when your swap pushes the pool further from it, capped at 1%;
• a flat 0.10% if the oracle price is missing or stale;
• swaps made by the vault for its own hedges pay no hook fee.

Fees go to the pool's liquidity providers. Quotes can move between the time you review a swap and the time it settles; your slippage setting limits how far, and the swap fails if it is exceeded.

7. Vault risks

The USDC vault pursues a delta-neutral strategy: it holds spot tokens in Uniswap v4 pools and an equal short perpetual position, earning funding when it is positive and moving to idle USDC when it is not. Delta-neutral does not mean risk-free. Among other things:

• funding rates can turn negative, so the strategy can lose value over time;
• hedges are rebalanced by automated keepers and a Chainlink CRE workflow, and depend on oracles, network conditions and third-party infrastructure that can fail, lag or be manipulated;
• withdrawals are served first from the vault's idle USDC buffer (a target share of assets set in the vault configuration and shown on the vault page); any remainder is queued until a keeper unwinds positions, which may take time;
• a withdrawal fee (currently 0.10% of the amount withdrawn) applies and may change;
• smart contract bugs, liquidations of vault positions or extreme price moves can reduce or wipe out the value of vault shares;
• the vault and the MaasHook are upgradeable contracts: their owner can change the configuration (including fees, the idle buffer and market weights), replace the keeper or hook, or upgrade the contract code.

Past or displayed performance, APY figures and projections are illustrative only and are not a promise of future results.

8. Public onchain and Arkiv records

Blockchains are public. Your wallet address, balances, settled trades, positions, deposits, withdrawals and swaps are permanently visible to anyone. In addition, the vault publishes market-level records to Arkiv (funding rates, hedge decisions and vault snapshots); these do not include your wallet address. We cannot edit or delete information once it is recorded on a public network.

9. Prohibited use

You agree not to:

• use the Interface to break any law, including sanctions, anti-money-laundering or market-abuse rules;
• manipulate prices or oracles, spoof or layer orders, wash trade or otherwise interfere with fair markets;
• probe, attack, overload or disrupt the Interface, the matching engine, keepers or the underlying contracts, except through a coordinated responsible-disclosure process;
• use bots or scrapers in a way that degrades service for others;
• misrepresent your identity or location, or help anyone else do the things above.

10. No advice

Nothing in the Interface is investment, financial, legal or tax advice, or an offer or solicitation to buy or sell any asset. You are solely responsible for evaluating your own decisions.

11. Intellectual property and open source

Parts of maas, including its smart contracts, may be released under open-source licenses; those licenses govern your use of that code. Otherwise, the maas name, logo, design and content of the Interface belong to maas contributors or its licensors, and you may not use them without permission except as allowed by law.

12. Third-party services

The Interface relies on services we do not control, including Privy and your wallet provider, Base Sepolia and its RPC endpoints, Uniswap v4, the Pyth oracle, Chainlink CRE, Arkiv and the TradingView chart widget. Your use of them is subject to their own terms, and we are not responsible for their availability, accuracy or conduct.

13. Disclaimers

THE INTERFACE AND ALL RELATED SMART CONTRACTS, SERVICES AND CONTENT ARE PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT.

WE DO NOT WARRANT THAT THE INTERFACE WILL BE UNINTERRUPTED, SECURE OR ERROR-FREE, THAT PRICES, BALANCES OR OTHER DATA SHOWN ARE ACCURATE OR CURRENT, OR THAT ANY DEFECT WILL BE CORRECTED. YOU USE THE INTERFACE AT YOUR OWN RISK.

14. Limitation of liability

TO THE FULLEST EXTENT PERMITTED BY LAW, MAAS CONTRIBUTORS AND ANYONE INVOLVED IN BUILDING OR OPERATING THE INTERFACE WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, TOKENS, DATA OR GOODWILL, ARISING OUT OF OR RELATING TO YOUR USE OF, OR INABILITY TO USE, THE INTERFACE OR ANY SMART CONTRACT, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

OUR TOTAL LIABILITY FOR ANY CLAIM RELATING TO THE INTERFACE WILL NOT EXCEED ONE HUNDRED U.S. DOLLARS (US$100). SOME JURISDICTIONS DO NOT ALLOW THESE LIMITATIONS, SO THEY MAY NOT APPLY TO YOU.

15. Indemnity

You agree to indemnify and hold harmless maas contributors and anyone involved in building or operating the Interface from any claim, loss or expense (including reasonable legal fees) arising from your use of the Interface or your breach of these Terms.

16. Governing law

These Terms are governed by the laws of [jurisdiction to be confirmed], without regard to its conflict-of-law rules. If any provision is found unenforceable, the remaining provisions stay in effect.

17. Changes

We may update these Terms from time to time. When we do, we will change the "Last Updated" date above. Continuing to use the Interface after an update means you accept the revised Terms.

18. Contact

Questions about these Terms can be sent to legal@example.com.