This is a working draft under legal review. It describes how nfa.fun works today and may change before it is final. Questions: legal@nfa.fun.
1. The agreement
These Terms of Service (the “Terms”) are an agreement between you and [NFA legal entity name] (“NFA”, “we”, “us”). They cover nfa.fun, our mobile and installed apps, and everything we offer through them (the “Service”).
You agree to these Terms when you tick the box and tap Agree and continue, or when you otherwise show that you accept them. Our Privacy Policy explains how we handle personal data. You acknowledge it, but it is a notice, not a contract you consent to. Product-specific terms we show you before you use a feature (for example, enabling perps) are part of these Terms.
Please read Section 28. It requires most disputes to be resolved by binding individual arbitration, not in court, and waives class actions and jury trials. You can opt out within 30 days of first agreeing.
If you use the Service for a company or other entity, “you” means that entity, and you confirm you can bind it.
2. Who can use nfa
You may use the Service only if all of the following are true, and you confirm they stay true every time you use it:
You are at least 18 years old and the age of majority where you live, and you can form a binding contract.
You are not a Restricted Person: you are not named on, or owned or controlled by anyone named on, a sanctions list kept by the United States (including OFAC's Specially Designated Nationals list and the Commerce Department's Entity List), the United Nations, the United Kingdom or the European Union.
You are not located in, resident in, or organised under the laws of a Restricted Jurisdiction: Cuba, Iran, North Korea, Syria, the Crimea, Donetsk and Luhansk regions of Ukraine, any other country or region subject to comprehensive sanctions, and any place where using the Service, or a part of it, is not allowed. We may add places to this list, and we show some features only in some places.
Your funds do not come from, and will not be used for, anything illegal.
You have not been suspended or removed from the Service before.
You may not use a VPN, proxy or anything else to hide where you are or to get around a restriction. Doing so is a material breach of these Terms. We may use your IP address, device signals, wallet screening tools and your own statements to decide what you can use, and we may refuse or limit the Service anywhere.
3. Your account
You sign in through Privy, a third-party authentication and wallet provider, using a method we offer (such as Google, a passkey or a linked X account). You are responsible for that account and for everything done with it, including keeping your email, passkey device and social logins secure. Tell us at once at support@nfa.fun if you think someone else has access.
Handles are a revocable, non-exclusive licence to a name on nfa. You do not own your handle. We may reclaim or change a handle that impersonates someone, infringes a right, is reserved for staff or is offensive, and you may not sell or trade handles. One person may not run several accounts to get around a limit, a ban, the waitlist or a reward rule.
We will never ask for your private key, recovery phrase or one-time codes. Anyone who does is not us.
4. Your wallet
When you sign up, Privy creates self-custodial wallets for you (an EVM wallet and a Solana wallet). Privy splits and secures the keys using its own technology; NFA never holds your complete private key and cannot take your assets. You can export your private key from Settings and use your wallet anywhere else. Privy's own terms apply to its wallet service.
Your wallet is non-custodial. You are solely responsible for access to it, including the email, passkey, Apple or Google account and other credentials used to secure or recover it. If you lose them, we may not be able to help you get your assets back.
How transactions are signed
Trades, withdrawals and other transactions are approved by you, in your own app session, and signed from your own wallet. Some features act when you are not looking at the screen, such as limit, stop and take-profit orders, the later steps of a multi-step trade (for example, bridging the proceeds of a sale back to Cash), and gas top-ups. When you turn on or place one of those, you authorise us to submit the specific transactions it needs, within the limits shown to you, through a restricted signing permission in Privy. You can turn these permissions off in Settings at any time; doing so cancels pending automated actions.
Blockchain transactions are final. Once a transaction is submitted, we cannot cancel, reverse or refund it. You are responsible for checking the asset, amount, network and recipient before you confirm.
Anything done with your credentials is treated as done by you. We are not responsible for losses caused by someone else getting into your account or wallet, including through phishing, a fake site or app, a SIM swap, malware, a compromised email, Google, Apple or X account, a lost or shared device, or a key you exported and stored yourself.
5. Cash
“Cash” is the USD Coin (USDC) held in your own wallet on the Base network, shown as a US dollar balance. USDC is a stablecoin issued by Circle, not by us. It is not a bank deposit, not legal tender, not insured by the FDIC, SIPC or any government scheme, and we do not promise it will always be worth one dollar. A stablecoin issuer can freeze addresses, and stablecoins can lose their peg.
Deposits from other assets or networks, and withdrawals to other assets or networks, are converted by third-party bridges and routers. Funds can be delayed while a transfer settles. While a transfer is settling it is shown as such in your balance.
6. Trading
The Service is an interface. It finds a route for your trade across third-party protocols and services (for example Relay, Jupiter, Uniswap, PancakeSwap, launchpad bonding curves such as pump.fun, OpenSea and Hyperliquid) and asks your wallet to sign it. NFA is not a party to your trades, is not an exchange, broker, dealer, market maker or counterparty, and does not hold your orders or your assets.
Quotes are estimates. Prices move between the quote and the fill. Your trade may fill at a different price within the slippage you allow, fill in part, or fail. A failed transaction can still cost gas.
Multi-step trades. Some trades take more than one transaction (for example, a sale on one network and a bridge home to Cash). If a later step fails, you may hold an intermediate asset until it is retried or you move it yourself.
Orders that wait. Limit, stop and take-profit orders are not guaranteed to fill, to fill at your price, or to fill on time. Prices can gap through your level, and a network or provider outage can delay or prevent execution.
Tokens. Anyone can create a token. Listing or showing a token, a chart or a price is not an endorsement or a check that the token is safe. Tokens can be honeypots, can be frozen, taxed or minted by their creator, and can go to zero. Our warnings are not complete (see Section 15).
Gas. We sponsor network fees on some networks and some actions, and may stop doing so. Where you pay gas, you need the network's native asset in your wallet.
Errors. We may refuse, or decline to route, any trade, and may stop a route or a token at any time, for example to protect you from a known exploit or a sanctioned address.
7. Fees
We charge a fee on the trades we route. Today it is 1% of a trade's value, 0.5% on deposits and withdrawals that convert between assets or networks, a 0.1% builder fee on perps orders, 18% of the yield earned while your Cash is parked, and 0.5% of the amount swapped when you enter or leave a farm. Discounts may apply, for example through a referral.
The fee for a transaction is shown before you confirm it, and the fee shown is the fee that applies. We may change our fees for future transactions. Third parties charge their own costs: network gas, liquidity provider and pool fees, bridge fees, token taxes set by a token's creator, and perps funding and exchange fees. We do not control or receive those, and we cannot always show every one of them in advance.
8. Perpetual futures
Perpetual futures (“perps”) are offered through Hyperliquid, a third-party exchange. Your perps account is held at Hyperliquid in your own wallet's name. NFA is not the exchange, the clearing house or your counterparty.
Perps are not available to US persons (residents or citizens of the United States, and entities organised or located there), to anyone in a Restricted Jurisdiction, or anywhere else we do not offer them, including the United Kingdom.
Perps are leveraged derivatives. A perp does not give you the underlying asset. Small price moves can cause large losses; positions can be liquidated automatically and without notice; profitable positions can be reduced by the exchange's auto-deleveraging; and funding, mark prices and margin rules are set by the exchange and can change quickly. You can lose all the funds you move to perps. You will be asked to confirm your eligibility and these risks before you enable perps. You can always close positions and move funds back to Cash.
9. Park and Earn
Park moves Cash into a third-party lending vault (today, a vault curated on Morpho, offered through Privy) and Earn offers third-party farms and vaults. They are not savings accounts and are not insured. The yield shown is variable, not promised, and can fall to zero. Vaults and farms carry smart contract, curator, liquidity, oracle and stablecoin risk, and a withdrawal may be delayed if a vault lacks liquidity. You can move your funds out at any time the underlying protocol allows. We take the share of yield and the fees described in Section 7.
10. NFTs
NFT listings, offers and collections come from third-party marketplaces such as OpenSea and are filled through their contracts. Buying an NFT gives you the token and whatever rights its creator grants, not any copyright or other right we can grant. Collections can be copies, abandoned or worthless, and royalties and marketplace fees are set by others.
11. Gifts
You can send cash, coins or tokens to another user's wallet. A gift is a transfer you sign from your own wallet and it cannot be reversed. You are responsible for choosing the right recipient. You may not gift to a Restricted Person, use gifts to harass anyone, or use them to pay for anything illegal. Gift notes are content under Section 14.
12. Referral and sharing rewards
We may pay a share of our fees to people who refer others or share what they trade, as described on the Rewards page. Rewards are a discretionary programme, not wages or an investment return. We decide whether a reward is earned. We may withhold, reverse or claw back rewards earned through self-referral, multiple accounts, wash trading, fake engagement, or any breach of these Terms, and we may change or end the programme for the future at any time. Rewards are not offered where the law does not allow them (for example, to people in the United Kingdom), and may be unavailable in some app versions. You are responsible for any tax on rewards and for giving us the tax information we ask for.
13. Public by design
nfa is a social trading terminal. Unless you change your settings, your handle, profile, trades, positions, profit and loss, NFTs, wallet addresses, posts and calls are visible to other users and to anyone on the web, and may appear in feeds, leaderboards, charts, share cards and notifications. Your wallet's activity is also public on its blockchain, whatever your settings say. Settings let you hide trades, NFTs, wallet addresses, milestones and online activity from others.
Leaderboards, PnL figures and caller statistics are calculated by us from data we can read. They can be wrong or out of date, they are not audited, and past results are not a guide to future ones. You may not manipulate them (for example by wash trading or moving tokens between your own wallets), and we may correct, exclude or remove any result.
14. Your content and community rules
“Content” means anything you post or send through the Service: profile details and images, posts, theses, calls, messages, group chats, voice, gift notes and reactions. You keep ownership of your Content. You give us a worldwide, non-exclusive, royalty-free, sublicensable and transferable licence to host, store, reproduce, adapt (for example, to format or translate it), publish, display and distribute your Content to run, promote and improve the Service. For public Content, this licence lasts as long as it is on the Service and for a reasonable time after you delete it; it ends for private messages when they are deleted, except copies we must keep for safety or legal reasons. You confirm you have the rights to post your Content.
Zero tolerance
We have no tolerance for objectionable content or abusive users. You may not post or send content that is illegal, sexual content involving minors, sexually explicit, hateful, harassing, threatening, violent, defamatory, or that impersonates anyone (including our staff), invades privacy, shares someone's personal data, promotes scams or fraud, spams, or infringes anyone's rights. In voice rooms you may not record others without consent or use a synthetic voice to deceive.
Reporting, blocking and moderation
You can report content and users, and block users, in the app. We review reports and aim to act on objectionable content within 24 hours, by removing it and, where warranted, removing the user who posted it. We may filter, hide, remove or limit any Content, and suspend or ban accounts, at our discretion, but we are not required to monitor Content. Our staff do not read private messages except when a participant reports them, or when needed for safety, security or the law.
15. Data, signals and third-party content
Prices, charts, holders, market data, safety checks and social content on nfa come from third parties (such as Codex, DEX Screener, GoPlus, blockchain nodes, X, fomo and pump.fun) and from our own automated systems, some of which use machine-learning models. Labels such as “Rug Risk”, honeypot warnings, holder tags, sentiment, trending ranks and caller records are automated estimates. They can be wrong, late or missing. A missing warning does not mean a token is safe, and a warning does not mean it is unsafe. Third-party posts and calls are the views of their authors, not ours.
16. Things you may not do
Break any law, including sanctions, anti-money-laundering, securities, commodities and consumer laws.
Manipulate a market: pump-and-dump schemes, wash trading, spoofing, coordinated buying or selling to mislead others, front-running, or promoting a token you are paid to promote without saying so.
Launder money, finance terrorism, or deal with Restricted Persons.
Access the Service, or another person's account, without authorisation; probe, scan or test our security; or get around a limit, gate or restriction.
Use bots, scrapers or automated access, except through an interface we publish for it.
Reverse engineer the Service, or copy it to offer to others, except where the law allows.
Upload malware, overload our systems, or interfere with others' use of the Service.
Exploit a bug, mispricing or reward rule for gain instead of reporting it to us.
17. No advice
Nothing on nfa.fun is financial, investment, legal or tax advice, or a recommendation to buy, sell or hold anything. Not financial advice is in our name for a reason.
NFA is not registered with any financial regulator as a broker, dealer, investment adviser, commodity trading adviser or money transmitter. We owe you no fiduciary duty and do not assess whether a trade suits you. Every decision is yours.
18. Your risks and your release
You use the Service, and trade, entirely at your own risk. You understand and accept, among other risks, that:
Crypto assets are highly volatile and speculative. You can lose all the money you put in. Do not trade money you cannot afford to lose.
Anyone can create a token. Many are scams: rug pulls, honeypots you cannot sell, tokens whose creator can mint, freeze, tax, blacklist or drain them, pump-and-dump schemes, fake or copycat tokens and bundled or insider supply. Liquidity can vanish at any moment.
Other users, callers, creators and third-party posts can be wrong, paid or dishonest. Following anyone's trades, calls or theses on nfa is your own decision.
Smart contracts, bridges, routers, launchpads, marketplaces, vaults, oracles, wallets, wallet providers (including Privy) and blockchains can have bugs, be exploited or hacked, be congested, fork, roll back or stop working.
Stablecoin issuers and token creators can freeze or blacklist addresses, and stablecoins can lose their peg.
Our software, servers and suppliers can fail, be attacked or be breached despite our efforts, and the Service can be unavailable, slow or show wrong prices, balances, PnL or warnings.
Orders can fail, fill partly, fill late or fill at a worse price, and a failed transaction can still cost gas.
Losing access to your credentials, or someone else getting them, can mean losing your assets for good.
Laws about crypto change and can restrict what we offer or what you can do, or affect the value of your assets.
Transactions are public, permanent and cannot be reversed by us or anyone else.
Release
To the fullest extent the law allows, you release [NFA legal entity name] and its affiliates, officers, directors, employees, contractors and agents from all claims, demands and losses, known or unknown, arising from or related to: any token, NFT, perp or other asset you buy, sell, hold or receive (including scam tokens, rug pulls, honeypots and worthless or frozen assets); the acts or omissions of other users, token creators, callers, third-party services or anyone else; any hack, exploit, breach or unauthorised access affecting you, your account, your wallet, our systems or a third party's systems; and any trading decision you make.
If you are a California resident, you waive California Civil Code section 1542, which says: “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” You waive any similar law elsewhere.
19. Taxes
You are responsible for working out, reporting and paying any taxes on your trades and rewards. The figures we show are not tax records. We may collect tax information from you and report to tax authorities where the law requires.
20. Our IP, feedback and copyright
The Service, its software, design, the nfa.fun name, logos and characters belong to us or our licensors. We give you a personal, revocable, non-exclusive, non-transferable licence to use the Service under these Terms. You may not use our marks without written permission.
If you send us feedback or ideas, we may use them without restriction or payment.
If you believe content on nfa infringes your copyright, send a notice to copyright@nfa.fun with: the work, the content and where it is, your contact details, a statement of good-faith belief that the use is not authorised, a statement under penalty of perjury that your notice is accurate and that you are the owner or authorised to act, and your signature. We remove infringing content and end the accounts of repeat infringers.
21. Third-party services
The Service relies on and links to services we do not control, including Privy, blockchains, bridges, decentralised exchanges, launchpads, marketplaces, Hyperliquid, vault curators, data providers and app stores. Their terms and privacy policies apply to your use of them. We do not control, audit or guarantee them. We are not responsible for them, for their security, for their availability, or for any loss they cause, including if one of them is hacked, fails, freezes your assets or shuts down.
22. Suspension, termination and deletion
We may suspend, limit or end your access to the Service, or any feature, at any time, including if we think you have broken these Terms, if the law requires it, or to protect you, other users or us. Where we reasonably can, we will tell you why.
Your exits stay open. Because your wallet is yours, a suspension, a pending agreement to new Terms, or the end of your access never stops you from selling to Cash, withdrawing, closing perps positions, moving funds out of Park or Earn, or exporting your private key, through the app or directly on the blockchain. The only exception is where the law, such as a sanctions order, requires us to stop serving you entirely.
You can stop using the Service at any time and ask us to delete your account by emailing support@nfa.fun (an in-app option in Settings is coming). Move your assets out or export your key first: deleting your account removes your nfa profile and data as described in the Privacy Policy, but it cannot delete anything on a blockchain. Sections that by their nature should survive (including 7, 15 to 19 and 25 to 32) survive the end of these Terms.
23. Changes to these Terms
We may change these Terms. The “Last updated” date at the top shows the current version, and earlier versions are available on request.
For a material change, we will tell you in the app (and by email or push where we can) before it applies to you, normally at least 30 days ahead unless the change is required by law or made for security. We will ask you to agree to the new Terms. Until you do, after the notice period you may not add funds or open new positions, but you can always exit as described in Section 22.
Other changes (for example fixing typos or describing a new feature) apply when posted.
A change to Section 28 does not apply to a dispute we already knew about, or that you had already started, before the change.
If you do not agree to a change, stop using the Service and delete your account.
24. Changes to the service
We may add, change, limit or remove any part of the Service, including supported networks, tokens and features, at any time. Where a change affects your funds, we will give you reasonable notice and a way to move them.
25. Disclaimers
The Service is provided “as is” and “as available”. To the fullest extent the law allows, we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, title, non-infringement and any warranty that the Service, its data or any transaction will be accurate, timely, uninterrupted, secure or error free, or free of viruses or other harmful code.
Security
We work to protect the Service, but no software or network is fully secure, and we do not promise that the Service, our systems or our suppliers will never be attacked, breached, exploited or disrupted. To the fullest extent the law allows, we are not liable for any loss caused by a hack, exploit, breach, malware, denial of service, unauthorised access, or a bug or failure in the Service or in any third-party service, blockchain or smart contract. If we learn of a security incident that affects you, we will tell you as the law requires and may pause features to protect users; exits stay open where it is safe to keep them open.
We do not vet tokens
We do not review, audit, endorse or vouch for any token, NFT, collection, creator, caller or project shown on or traded through the Service, and we have no duty to warn you about any of them. Showing, listing, ranking, trending or labelling an asset is not a statement that it is legitimate, safe or valuable.
26. Limitation of liability
To the fullest extent the law allows, [NFA legal entity name] and its affiliates, officers, directors, employees, contractors and agents will not be liable to you for any loss or damage of any kind arising from or related to the Service or these Terms, whether in contract, tort (including negligence), strict liability or any other theory, and even if advised of the possibility, including for:
losses on any trade or asset, including scam tokens, rug pulls, honeypots, pump-and-dumps, depegs, frozen or worthless assets, and any price movement;
losses from hacks, exploits, breaches, malware or unauthorised access, whether of your devices or accounts, our systems, Privy, or any third-party service, blockchain or smart contract;
losses from phishing, impersonation, fake apps or sites, or anyone pretending to be us or another user;
losses from failed, delayed, partial or mispriced orders, outages, network congestion, bridge or settlement failures, or errors in prices, balances, PnL, data, warnings or signals;
the content or conduct of other users, token creators, callers or third parties;
lost profits, revenue, data, goodwill or digital assets, and any indirect, incidental, special, consequential, exemplary or punitive damages.
If, despite this, we are found liable to you, our total liability for all claims together is limited to the greater of (a) the fees you paid us for the specific transactions giving rise to the claim and (b) US$100.
These limits are an essential part of the bargain between us: we could not offer the Service, or offer it at these fees, without them. They apply even if a remedy fails of its essential purpose. Some places do not allow certain exclusions or limits (for example for our own fraud, gross negligence or wilful misconduct, or for death or personal injury caused by negligence). In those places, our liability is excluded and limited to the greatest extent the law allows, and nothing here takes away rights you have by law that cannot be waived.
27. Indemnity
To the extent the law allows, you will defend, indemnify and hold harmless NFA and its affiliates, officers, directors, employees, contractors and agents from any claim, loss, liability, fine or cost (including reasonable legal fees) arising from or related to: your use of the Service; your trades and other transactions; any token you create, launch or promote; your Content; the security of your devices, credentials and wallet; your breach of these Terms; or your violation of any law or anyone's rights. We may take control of the defence of any such claim at your cost, and you will cooperate with us.
28. Disputes and arbitration
Talk to us first
Before starting a claim, email legal@nfa.fun with your name, handle, a description of the dispute and what you want. We will try in good faith to settle it within 60 days.
Binding arbitration
If we cannot settle it, any dispute between you and us arising from or relating to the Service or these Terms will be resolved by binding individual arbitration administered by JAMS under its consumer arbitration rules then in effect, under the Federal Arbitration Act. The arbitration will take place in New York, New York or by video, unless you and we agree otherwise. The arbitrator decides all questions of arbitrability, except that a court decides any question about the class waiver below. For consumer claims, our share of fees follows the JAMS consumer minimum standards.
Exceptions: either of us may bring an individual claim in small claims court, and either of us may ask a court for an injunction to stop the misuse of intellectual property or unauthorised access to the Service.
Mass arbitration
If 25 or more similar demands are filed by or with the help of the same lawyers or organisers, they will be handled under the JAMS mass arbitration procedures, in batches, and the limitation periods for those demands pause while they wait.
Class action and jury waiver: you and we may bring claims only individually, not as a plaintiff or class member in any class, collective or representative action, and you and we waive any right to a jury trial.
Your right to opt out
You can opt out of this arbitration agreement within 30 days of first agreeing to these Terms by emailing legal@nfa.fun with your name, handle and a clear statement that you opt out of arbitration. Opting out does not affect anything else in these Terms.
Time limit
Any claim must be started within one year after it arises, or it is permanently barred, where the law allows this.
Consumers in the UK, EU and elsewhere
If you are a consumer in the United Kingdom, the European Economic Area or another place whose law gives you rights that a contract cannot take away, nothing in this Section or Section 29 removes those rights, including your right to bring a claim in the courts where you live.
29. Governing law
These Terms are governed by the Federal Arbitration Act and the laws of the State of New York, without regard to its conflict of law rules. Subject to Section 28, the state and federal courts located in New York, New York have exclusive jurisdiction.
30. App Store and Google Play
If you download our app from Apple's App Store, these extra terms apply:
These Terms are between you and us only, not Apple. We, not Apple, are responsible for the app and its content.
Your licence is to use the app on Apple products you own or control, as the App Store Usage Rules allow.
Apple has no obligation to provide maintenance or support for the app.
If the app fails to meet a warranty, you may tell Apple and Apple will refund any purchase price; Apple has no other warranty obligation.
Apple is not responsible for any claim about the app, including product liability, legal or regulatory compliance and consumer protection claims.
Apple is not responsible for any claim that the app infringes a third party's intellectual property.
You confirm you are not in a country under a US embargo or designated as supporting terrorism, and are not on a US list of prohibited or restricted parties.
You must follow any third-party terms that apply when you use the app.
Apple and its subsidiaries are third-party beneficiaries of these Terms and may enforce them against you.
If you download our app from Google Play, Google Play's terms also apply, and Google is not responsible for the app.
31. Electronic communications
You agree to receive agreements, notices and other communications from us electronically, in the app, by push notification or by email, and that these meet any legal requirement for writing. Product news by email is optional and you can turn it off at any time.
32. General
These Terms, the Privacy Policy and any product terms we show you are the entire agreement between you and us about the Service. If a part is found unenforceable, the rest stays in effect. Our failure to enforce a right is not a waiver. You may not transfer these Terms without our consent; we may transfer them in a merger, acquisition or sale of assets, or to an affiliate. We are not liable for delays or failures caused by events beyond our reasonable control, including network or blockchain failures, attacks, outages of third-party services, and changes in law. Nothing in these Terms creates a partnership, agency or fiduciary relationship.