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Magnitude Testnet Terms of Use and Risk Disclosure

Last updated: July 10, 2026

These Terms of Use and Risk Disclosure (the “Terms”) govern access to and use of the Magnitude website, testnet application, interfaces, software, market displays, data, content, and related features (collectively, the “Interface”).

The Interface is provided under the Magnitude name (“Magnitude,” “we,” “us,” or “our”).

Please read these Terms carefully. By accessing the Interface, creating or using an account, connecting or authorizing a wallet, requesting test assets, requesting trading access, or submitting, modifying, or cancelling an instruction through the Interface, you acknowledge that you have read, understood, and agreed to these Terms. If you do not agree, you must not access or use the Interface.

1. Testnet Only

The Interface currently provides access to experimental testnet functionality intended solely for testing, evaluation, development, and educational purposes. It is not a production environment.

Testnet tokens, balances, positions, and other testnet assets are intended to have no monetary or cash-equivalent value. They are not redeemable for money, mainnet assets, securities, commodities, services, or anything else of value. They do not represent a deposit, property right, ownership interest, claim against Magnitude, or entitlement to any future token, distribution, reward, airdrop, allocation, mainnet asset, or service.

Participation in the testnet does not create any promise, expectation, or guarantee that Magnitude will launch a production service or that any testnet feature, balance, position, status, history, or result will carry over to a production environment.

The testnet may be reset, forked, modified, suspended, withdrawn, or permanently discontinued at any time, with or without notice. Transactions, positions, balances, order history, account information, and other testnet data may be modified, corrupted, or permanently deleted. Do not transfer real assets to a testnet address or attempt to buy or sell testnet assets.

2. Interface and Underlying Infrastructure

The Interface is a software application through which eligible users may view information and interact with testnet markets and with third-party blockchain networks, protocols, smart contracts, validators, wallets, data providers, and other infrastructure.

Transactions or instructions initiated through the Interface may be transmitted to and processed, executed, or settled by independent third-party systems. Magnitude does not custody your private keys or wallet credentials and cannot guarantee that any submitted instruction will be accepted, executed, cancelled, reversed, or settled.

Nothing in these Terms represents that Magnitude owns or controls every component of an underlying blockchain, protocol, smart contract system, validator network, wallet, oracle, data source, or other third-party service. The functions Magnitude does control may be changed, restricted, suspended, or discontinued as described in these Terms.

3. Eligibility

You may use the Interface only if:

  1. you are at least 18 years old and have the legal capacity and authority to agree to these Terms;
  2. you are not a Restricted Person and are not accessing the Interface from a Restricted Jurisdiction;
  3. your access to and use of the Interface are lawful in every jurisdiction applicable to you;
  4. you have not previously been suspended or prohibited from using the Interface; and
  5. you comply with these Terms and all Applicable Law.

Magnitude may impose additional eligibility requirements for particular features, markets, accounts, wallets, or categories of users.

4. Restricted Persons and Jurisdictions

The Interface is not offered to, and may not be accessed or used by, any Restricted Person. This restriction applies whether a person accesses the Interface directly or indirectly and whether acting for themselves or another person.

4.1 Restricted Person

A “Restricted Person” means:

  1. any U.S. Person or any person physically located in the United States, including any state, the District of Columbia, or any territory or possession of the United States;
  2. any person physically located, ordinarily resident, or domiciled in the United Kingdom or Canada, or any entity incorporated, organized, established, registered, principally operating, or having its registered office or principal place of business in the United Kingdom or Canada;
  3. any person that is the subject or target of an asset freeze, blocking restriction, denial order, prohibition, designation, or other economic, trade, or financial sanction administered or enforced by a Sanctions Authority applicable to Magnitude, the Interface, or the relevant activity;
  4. any entity owned, directly or indirectly, individually or in the aggregate, 50% or more by one or more persons described in paragraph 3, or owned or controlled by one or more such persons where applicable Sanctions Laws impose restrictions based on ownership or control;
  5. any person acting on behalf of, at the direction of, or for the account or benefit of a person described in paragraphs 3 or 4;
  6. any person physically located, ordinarily resident, domiciled, incorporated, organized, established, registered, or principally operating in a country, territory, or region subject to comprehensive or substantially comprehensive territorial sanctions applicable to Magnitude, the Interface, or the relevant activity;
  7. any person identified in the then-current Restricted Jurisdictions Schedule;
  8. any person whose access to or use of the Interface is prohibited or restricted by an order, direction, condition, undertaking, license, registration, authorization, or other requirement applicable to that person or Magnitude; or
  9. any person whose access to or use of the Interface would violate Applicable Law or cause Magnitude, its affiliates, service providers, infrastructure providers, or another person to violate Applicable Law.

4.2 U.S. Person

A “U.S. Person” means:

  1. any citizen or national of the United States;
  2. any natural person resident or ordinarily resident in the United States;
  3. any entity, partnership, corporation, limited liability company, association, trust, fund, or other legal arrangement incorporated, organized, established, or registered under the laws of the United States or any political subdivision of it;
  4. any estate whose executor or administrator is a U.S. Person;
  5. any trust for which a trustee is a U.S. Person;
  6. any agency, branch, office, or other establishment located in the United States; and
  7. any account or legal arrangement held for the account or benefit of a person described above.

For these Terms, the “United States” includes its states, the District of Columbia, and all territories and possessions of the United States, including Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, and the Northern Mariana Islands.

4.3 Sanctions Authorities and Sanctions Laws

“Sanctions Authority” means:

  1. the United States government, including the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, and the U.S. Department of Commerce;
  2. the United Kingdom government, including His Majesty’s Treasury and the Office of Financial Sanctions Implementation;
  3. the European Union and the competent authorities of its member states;
  4. the United Nations Security Council; and
  5. any other governmental or regulatory authority whose sanctions, export controls, trade restrictions, or similar requirements apply to Magnitude, the Interface, or the relevant activity.

“Sanctions Laws” means the economic, trade, or financial sanctions, asset-freezing measures, export controls, embargoes, and related restrictions administered or enforced by a Sanctions Authority.

Magnitude maintains and periodically updates a separate Sanctions Policy that identifies the official sanctions sources and screening standards Magnitude uses. References in these Terms to sanctioned persons and territories mean persons and territories restricted under the then-current Sanctions Laws and Sanctions Policy; they are not limited to a fixed list of countries in these Terms. Magnitude may update the Sanctions Policy as official lists, legal requirements, and applicable guidance change.

4.4 Restricted Jurisdictions Schedule

A “Restricted Jurisdiction” means a jurisdiction listed below, a country, territory, or region subject to the sanctions-based restriction in Section 4.1(6), or any jurisdiction in which Magnitude determines that offering or permitting access to the Interface would be unlawful, would require a license, registration, authorization, approval, or permission that Magnitude does not hold, or would create unacceptable legal or compliance risk.

The following are Restricted Jurisdictions from the Effective Date:

  1. United States: all states, the District of Columbia, and all territories and possessions of the United States;
  2. United Kingdom: England, Scotland, Wales, and Northern Ireland; and
  3. Canada: all provinces and territories, including Ontario.

The schedule also includes, without requiring each jurisdiction to be named here:

  1. every country, territory, or region subject to the sanctions-based restriction in Section 4.1(6); and
  2. every jurisdiction in which access to or use of the Interface would require Magnitude to hold a license, registration, authorization, approval, or permission that it does not hold.

Magnitude may amend this schedule where reasonably necessary to reflect changes in Applicable Law, licensing or registration requirements, sanctions exposure, regulatory guidance, product availability, or Magnitude’s legal and compliance risk assessment. A change required immediately by Applicable Law, a regulator, a Sanctions Authority, or a service provider may take effect without prior notice.

4.5 No Indirect Access

You must not access or use the Interface for the account or benefit of a Restricted Person or enable a Restricted Person to access or use the Interface. You must not act as an agent, nominee, trustee, intermediary, custodian, representative, signatory, authorized trader, wallet delegate, or other person for a Restricted Person in connection with the Interface.

No beneficial owner, controller, account holder, wallet owner, principal, beneficiary, or other person for whom you act may be a Restricted Person. You must not share an account, wallet, credential, session, application programming interface key, signing authority, or trading authority with a Restricted Person.

4.6 No Circumvention

You must not use or attempt to use a virtual private network, proxy, Tor exit node, relay, remote desktop, remote host, cloud-hosted device, location-spoofing service, false or misleading documentation, another person’s account, wallet, device, credentials, identity, or any other method to conceal or misstate your identity, location, residence, domicile, nationality, ownership, control, source of access, or eligibility, or to evade screening or circumvent a restriction.

The use of privacy or security technology for legitimate purposes does not excuse or permit access by a Restricted Person or from a Restricted Jurisdiction.

4.7 Ongoing Representations

Each time you access the Interface, connect or authorize a wallet, create or use an account, authorize an agent or delegate, request trading access, request or receive test assets, or submit, modify, authorize, or cancel an instruction, you represent and warrant on an ongoing basis that:

  1. you satisfy the eligibility requirements in Section 3;
  2. neither you nor any person for whom you act is a Restricted Person;
  3. no beneficial owner, controller, principal, beneficiary, account holder, or wallet owner connected with your use is a Restricted Person;
  4. you are not accessing the Interface from a Restricted Jurisdiction;
  5. all identity, location, residency, domicile, nationality, incorporation, ownership, control, and eligibility information you provide or make available is complete, accurate, and not misleading;
  6. you are not concealing your location or identity or circumventing an access control; and
  7. your access to and use of the Interface are lawful and will not cause Magnitude or another person to violate Applicable Law.

If any representation ceases to be complete and accurate, you must immediately stop accessing and using the Interface and must not submit any new instruction.

4.8 Screening and Enforcement

To the extent permitted by Applicable Law, Magnitude may request information or documentation and may screen or assess IP addresses, geolocation information, device and browser signals, account information, wallet addresses, transaction history, sanctions data, ownership and control information, VPN or proxy indicators, and other legal, compliance, fraud, or risk indicators.

Magnitude may use third-party screening, geolocation, identity, blockchain-analytics, sanctions, fraud-prevention, hosting, authentication, or compliance providers. It may refuse, restrict, condition, suspend, or terminate access; refuse to issue test assets; or refuse to accept, transmit, display, modify, or cancel an instruction where reasonably appropriate for legal, compliance, security, fraud-prevention, or risk-management purposes.

You must promptly provide complete, accurate, and current information reasonably requested for these purposes. Magnitude may treat a failure or refusal to provide requested information as grounds to restrict or terminate access. Magnitude is not required to disclose screening criteria, detection methods, or the reason for a restriction where disclosure could prejudice a compliance control, investigation, security measure, legal obligation, or third-party right.

5. No Advice, Recommendation, or Fiduciary Relationship

Magnitude does not provide personalized investment, financial, legal, tax, accounting, or other professional advice and does not assess whether any market, transaction, position, or strategy is suitable or appropriate for you.

Market data, implied values, analyst estimates, guidance ranges, charts, indicators, calculations, commentary, and educational or explanatory content are provided for general informational and testnet purposes. They are not personalized advice or a recommendation that you buy, sell, hold, trade, hedge, or enter into any transaction.

Your use of the Interface does not create a fiduciary, advisory, broker-client, agency, partnership, joint venture, employment, or similar relationship between you and Magnitude. Magnitude does not undertake to act in your best interests.

6. User Responsibility and Independent Review

You are solely responsible for deciding whether and how to use the Interface and for every instruction submitted through your account, wallet, credential, agent, or delegate.

You must independently review the operation, specifications, risks, legality, and consequences of each market and feature. You should conduct your own research and, where appropriate, consult qualified legal, financial, tax, accounting, technical, or other professional advisers.

You are responsible for all taxes, reporting obligations, permissions, registrations, and legal requirements applicable to you, even if Magnitude provides general information relating to a market or activity.

7. Market, Leverage, and Technology Risks

Trading, derivatives, prediction or outcome markets, synthetic instruments, fundamentals-linked contracts, and similar products may involve substantial risk, including rapid or total loss of collateral in a production environment. Leverage magnifies gains and losses and may cause liquidation with little or no notice.

The testnet may simulate or expose users to:

  1. volatile, disorderly, manipulated, or illiquid markets;
  2. limited or absent counterparties and liquidity;
  3. unexpected margin requirements, funding payments, deleveraging, or liquidation;
  4. inaccurate, delayed, unavailable, or manipulated market, oracle, company, or reference data;
  5. smart-contract, protocol, validator, consensus, wallet, bridge, node, network, API, hosting, authentication, or cybersecurity failures;
  6. failed, delayed, duplicated, incorrectly displayed, or unintended instructions or transactions;
  7. forks, upgrades, reorganizations, downtime, congestion, latency, or loss of access;
  8. loss, corruption, reset, or deletion of testnet balances, positions, records, or other data; and
  9. changes in Applicable Law, regulatory treatment, access controls, or product availability.

Past performance, historical results, historical data, analyst estimates, company guidance, backtests, simulated results, and market-implied values are not indicative of and do not guarantee future results. Testnet behavior and results may differ materially from those of any future production system.

8. Data, Methodology, and Accuracy

The Interface may display or reference market prices, order books, trades, implied revenue or earnings, analyst consensus estimates, company guidance ranges, historical reported results, settlement dates, charts, derived indicators, calculations, and other information.

Information may be obtained from public filings, issuer disclosures, investor-relations materials, exchanges, market participants, news or data services, third-party providers, blockchain records, or Magnitude’s calculations and methodologies. Data from different sources may use different definitions, accounting treatments, periods, currencies, units, adjustments, revision policies, or publication times.

Information displayed through the Interface may be delayed, incomplete, inaccurate, stale, incorrectly formatted, incorrectly attributed, or subject to correction or revision. An issuer may revise, restate, withdraw, or clarify previously reported information. A third-party source may change or correct its data without notice.

Magnitude does not warrant or guarantee the accuracy, completeness, timeliness, sequence, authenticity, availability, or fitness for any purpose of any information, source, calculation, methodology, estimate, market price, implied value, or result.

Figures displayed by Magnitude may differ from company-reported figures, analyst estimates, third-party data, settlement values, or user expectations because of methodology, timing, data inputs, currency conversion, fiscal-period classification, rounding, corporate actions, revisions, or other factors.

9. Market Specifications and Settlement

Each market may be governed by separate specifications or rules identifying matters such as:

  1. the underlying reference value and unit of measurement;
  2. the applicable issuer, asset, reporting period, fiscal period, or event;
  3. the primary and fallback data sources;
  4. the observation, publication, and settlement times;
  5. currency-conversion and rounding conventions;
  6. the treatment of revisions, restatements, late publications, conflicting sources, accounting changes, corporate actions, and unavailable data;
  7. the settlement mechanism and responsible administrator, if any;
  8. circumstances permitting suspension, cancellation, correction, or alternative settlement; and
  9. any review or dispute process.

The applicable market specifications control over general charts, labels, commentary, estimates, or explanatory content displayed elsewhere on the Interface. You are responsible for reviewing the complete market specifications before submitting an instruction.

Settlement may differ from an estimate, consensus value, preliminary announcement, guidance range, chart, or other figure displayed through the Interface. Magnitude does not guarantee a particular settlement result or that a settlement methodology will conform to your expectations.

10. No Guarantee of Liquidity, Execution, or Availability

Magnitude does not guarantee liquidity, counterparties, execution, order priority, pricing, funding rates, margin treatment, liquidation treatment, market availability, data availability, settlement, or uninterrupted access.

An instruction may be delayed, rejected, partially processed, executed at an unexpected value, remain pending, fail, or be impossible to cancel. A displayed price or quote may not be executable. Market depth may be simulated, incomplete, or unavailable.

Markets, features, calculations, methodologies, and access may be added, removed, suspended, corrected, recalculated, or modified at any time, with or without notice.

11. Wallet, Account, and Device Security

You are solely responsible for safeguarding your wallet, private keys, seed phrases, passkeys, devices, accounts, authentication methods, application programming interface keys, credentials, and signing authorities.

You are responsible for confirming the content and destination of every transaction or message before signing it. Magnitude cannot recover private keys, reverse blockchain activity, or restore assets or information lost because of compromised credentials, user error, malware, phishing, device failure, or third-party conduct.

12. Prohibited Conduct

You must not:

  1. violate these Terms, Applicable Law, or Sanctions Laws;
  2. circumvent an eligibility, geographic, sanctions, wallet, account, security, or access control;
  3. manipulate or attempt to manipulate a market, order book, settlement source, reference value, oracle, testnet result, or other user;
  4. engage in wash trading, spoofing, fraudulent activity, deceptive conduct, sanctions evasion, money laundering, or other unlawful activity;
  5. exploit or attempt to exploit an error, vulnerability, or unintended behavior except under an authorized security-testing or bug-bounty program;
  6. interfere with, overload, disrupt, damage, reverse engineer, or gain unauthorized access to the Interface or related infrastructure, except where a restriction on reverse engineering is prohibited by Applicable Law;
  7. introduce malware or harmful code;
  8. impersonate another person or misrepresent your eligibility, identity, authority, location, ownership, control, or intentions;
  9. use unlawfully obtained assets, accounts, wallets, credentials, data, or information; or
  10. enable another person to engage in prohibited conduct.

13. Third-Party Services and Content

The Interface may incorporate, depend on, or link to third-party networks, protocols, contracts, wallets, websites, data, software, and services. Those services are provided by independent parties and may be governed by separate terms and privacy policies.

Magnitude does not control and is not responsible for the operation, security, legality, accuracy, availability, or conduct of third-party services. A reference or link does not constitute endorsement, sponsorship, recommendation, or a guarantee of continued integration.

14. Suspension, Modification, and Termination

Magnitude may restrict, condition, suspend, or terminate access to any part of the Interface where it reasonably considers this necessary for maintenance, security, legal or sanctions compliance, fraud prevention, investigation of suspected misconduct, protection of users or infrastructure, third-party requirements, or management of legal and compliance risk.

Magnitude may take such action immediately and without prior notice. Magnitude is not required to process, transmit, execute, cancel, reverse, or otherwise facilitate an instruction where doing so may violate Applicable Law or expose a person to legal, sanctions, security, or compliance risk.

15. Disclaimer of Warranties

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE INTERFACE, TESTNET, MARKETS, DATA, CONTENT, CALCULATIONS, METHODOLOGIES, SOFTWARE, AND ALL RELATED FEATURES AND SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE,” WITH ALL FAULTS AND WITHOUT WARRANTIES OR REPRESENTATIONS OF ANY KIND.

MAGNITUDE AND ITS AFFILIATES, CONTRIBUTORS, LICENSORS, AND SERVICE PROVIDERS DISCLAIM ALL EXPRESS, IMPLIED, AND STATUTORY WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, QUIET ENJOYMENT, ACCURACY, COMPLETENESS, TIMELINESS, AVAILABILITY, SECURITY, RELIABILITY, AND THAT THE INTERFACE WILL BE UNINTERRUPTED, ERROR-FREE, FREE OF HARMFUL COMPONENTS, OR SUITABLE FOR ANY PARTICULAR ACTIVITY.

MAGNITUDE DOES NOT WARRANT THAT AN INSTRUCTION WILL BE ACCEPTED, TRANSMITTED, EXECUTED, CANCELLED, REVERSED, OR SETTLED; THAT DATA OR A CALCULATION WILL BE ACCURATE OR AVAILABLE; THAT A MARKET WILL HAVE LIQUIDITY; THAT A VULNERABILITY OR DEFECT WILL BE CORRECTED; OR THAT TESTNET RESULTS WILL CORRESPOND TO ANY FUTURE PRODUCTION ENVIRONMENT.

Some jurisdictions do not permit the exclusion of certain warranties. Any warranty that cannot lawfully be excluded is excluded only to the maximum extent permitted by Applicable Law.

16. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, MAGNITUDE AND ITS AFFILIATES, CONTRIBUTORS, LICENSORS, SERVICE PROVIDERS, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS, AND AGENTS WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, OPPORTUNITY, BUSINESS, GOODWILL, USE, DATA, CREDENTIALS, DIGITAL ASSETS, OR OTHER INTANGIBLE LOSS, ARISING FROM OR RELATING TO THE INTERFACE OR THESE TERMS.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE AGGREGATE LIABILITY OF THE PERSONS DESCRIBED ABOVE FOR ALL CLAIMS ARISING FROM OR RELATING TO THE INTERFACE OR THESE TERMS WILL NOT EXCEED THE GREATER OF (A) US$100 AND (B) THE AMOUNT YOU PAID DIRECTLY TO MAGNITUDE, IF ANY, FOR USE OF THE INTERFACE DURING THE 12 MONTHS BEFORE THE EVENT GIVING RISE TO THE CLAIM.

These limitations apply regardless of the legal theory and even if a person was advised of the possibility of loss. Nothing in these Terms excludes or limits liability for fraud, fraudulent misrepresentation, willful misconduct, death or personal injury caused by negligence, or any other liability that cannot lawfully be excluded or limited.

17. Indemnification

To the fullest extent permitted by Applicable Law, you will indemnify, defend, and hold harmless Magnitude, its affiliates, contributors, licensors, service providers, and their respective directors, officers, employees, contractors, and agents from claims, proceedings, investigations, liabilities, losses, penalties, damages, judgments, costs, and reasonable professional fees arising from or relating to:

  1. your access to or use of the Interface;
  2. your violation of these Terms or Applicable Law;
  3. your infringement or violation of another person’s rights;
  4. an instruction submitted through your account, wallet, credential, agent, or delegate; or
  5. inaccurate, incomplete, or misleading information or representations provided by you.

This section does not require indemnification to the extent a claim results from conduct for which indemnification cannot lawfully be required.

18. Changes to the Interface and Terms

Magnitude may modify these Terms or any incorporated policy. The then-current version will be published through the Interface with its effective date. Where reasonably practicable, Magnitude will provide notice of a material change, but a change required by Applicable Law, a regulator, a Sanctions Authority, or a service provider may take effect immediately.

Your continued access or use after revised Terms take effect constitutes acceptance of the revised Terms. If you do not agree, you must stop using the Interface.