Risk Disclaimer

Read this disclaimer before using Refract Funding or buying an Evaluation. It supplements our Terms of Service and Program Rules. If you do not understand the simulation, evaluation rules, or purchase terms, do not buy or start one.

Simulated trading; real entry fee

Every Refract Funding trade, fill, position, balance, and account—including an Evaluation or "funded account"—is simulated. You do not deposit trading capital, place an order on an underlying venue, own a real market position, or incur a real trading loss through those simulated trades.

An Evaluation fee is a real payment. It buys one entry to a simulated skill challenge and can be lost when that entry is used. All purchases are final and not refundable under any circumstances, except where a refund is required by applicable law — including an entry that is never started, or that fails, breaches a rule, or expires. Only buy an entry you can afford.

Simulated performance has serious limitations

Hypothetical and simulated results have inherent limitations. They do not involve real market exposure, psychology, custody, capital constraints, counterparty risk, or all of the liquidity and execution effects a real trader may face. They rely on simplifying assumptions that may not hold in a live account. Strong simulated results, a high rank, or a passed Evaluation do not predict future performance and do not show that you could achieve the same result with real money.

Hypothetical performance disclosure

Consistent with the substance of U.S. Commodity Futures Trading Commission Rule 4.41, we provide this standard disclosure about simulated results:

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-COMPENSATED OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

Evaluations are demanding and may not suit you

Refract Funding Evaluations are designed to be demanding. Profit targets, drawdown limits, consistency requirements, and the other objectives in the Program Rules are intended to filter for disciplined risk management, and many entries do not pass. Substantial market experience does not guarantee a pass, and past success in one Evaluation does not predict success in another. The programs are not intended for people with little or no understanding of prediction markets, event contracts, leverage, or the specific rules of the entry they are buying. If you want to learn the basics, use the free simulator before paying for an entry.

Testimonials and shared results are not typical

Share cards, screenshots, leaderboard entries, social posts, and testimonials describe the simulated results of a specific account at a specific time. They are not typical of other participants, are not verified real-money outcomes, generally do not reflect the entry fees a trader paid, and do not predict what you will achieve. Treat an earnings or payout claim made by an affiliate or another user with skepticism; only the Program Rules, the Terms of Service, and these disclosures describe what the Service actually offers.

Market data and simulated execution can be wrong

Refract Funding uses third-party market data on a best-efforts basis. Data may be delayed, cached, stale, incomplete, interrupted, misclassified, or inaccurate. A displayed order book is not a firm quote to you. Simulated fills, fees, price impact, slippage, funding, leverage, liquidations, settlements, and position values are generated by Refract Funding's models and rules; they may differ materially from an executable real-world transaction or from a venue's own calculation.

Prediction-market and perpetual prices can move sharply, gap, become illiquid, or settle unexpectedly. Leverage, where simulated, can amplify simulated gains and losses and can cause an evaluation to breach its limits quickly. A venue may pause, cancel, revise, or resolve a market, and Refract Funding may receive that information late or incorrectly.

An open perpetual position uses Refract Funding's estimated executable liquidation value. That mark counts in the free-competition score and in Evaluation P&L, target progress, trailing peak, floor, and breach checks. A favorable mark can ratchet the peak; if it later reverses, the higher floor remains and the Evaluation can fail without a new fill. An Evaluation must still have no open positions to pass. Perpetuals are currently unavailable in funded accounts. Delayed, thin, or inaccurate book data can therefore affect a displayed score or evaluation before correction and review.

Displayed values are estimates, not promises

Prices, balances, buying power, profit and loss, rankings, objective progress, payout estimates, eligibility indicators, and statuses can change after reconciliation or review. They are not bank balances, custodial assets, executable quotes, or promises to pay. Our server-side records control over a transient screen display, subject to applicable law and your right to ask us to review a suspected error.

Passing does not guarantee funding or a payout

Passing an Evaluation means only that the simulated account met its automated objectives. It makes you eligible for a separate administrative review; it does not guarantee acceptance into the funded program. Funded access may depend on identity, location, legal, fair-play, anti-fraud, payment, capacity, and risk checks.

A funded account remains simulated. Any potential payout is a conditional share of eligible simulated profit calculated under the account's rules—not the proceeds of a trade you own. Payouts are not guaranteed and remain subject to minimums, caps, consistency and activity rules, a flat-book requirement where applicable, identity and legally required eligibility verification, accurate payout details, administrative review, regional availability, and the absence of payment, data, or system errors until actually paid.

Availability and corrections

The Service can experience latency, outages, maintenance, cyber incidents, data-feed failures, and software or scoring errors. Risk controls may pause purchases, trading, funded activation, or payouts. As described in the Terms, Refract Funding may correct, reprice, rescore, void, or reverse an erroneous simulated quote, fill, settlement, balance, result, reward, or payout request. Depending on the circumstances, a Service error may lead to a correction, restart, replacement entry, or credit — not the displayed hypothetical gain. A refund is provided only where required by applicable law.

No brokerage, fiduciary duty, or advice

Refract Funding does not accept your trading capital or execute or custody a real market position for you. We do not provide brokerage, exchange, investment-advisory, individualized investment, legal, accounting, or tax services and do not act as your fiduciary. Market descriptions, probabilities, rankings, charts, educational material, and social content are for the simulation and general information only. Do not use them as the basis for a real-money transaction.

Refract Funding may trade for its own account

Refract Funding or its affiliates may independently trade or hedge for their own accounts in markets referenced by the Service. Any such activity need not correspond to a user's simulated activity. You have no ownership of or claim to those positions, cannot direct them, and should not assume that Refract Funding's interests align with yours.

Your responsibility

You are responsible for deciding whether the Service and any paid evaluation are suitable for you and lawful in your location, for protecting your account, for understanding the rules before trading, for verifying payout details, and for obtaining professional advice when needed. Refract Funding is for adults only, and additional age or location restrictions may apply.

Questions about a rule, result, charge, or displayed value should be sent to support@refractfunding.com before you take further action.