# Terms of use

Updated 24 September 2026, The Wallet First review desk

On this page: What is written on these pages · What this desk cannot do for you · A figure is true on its date · Names, marks and quoting
Begin with the part that can cost you something. A perpetual contract is opened against margin, and that
margin is the whole of what stands behind the position: on the leverage ladders described on these pages
a move of well under one per cent in the wrong direction can close a position with nothing left. Reading
a comparison does not change that, and nothing here should be taken as a reason to open one.

## What is written on these pages

This desk reads the doors of perpetual futures venues. What each one wants before it will accept an
order, what its terms reserve the right to ask for afterwards, who is holding the collateral once a
position is open, what a round trip costs and how much depth stood in the public order book on the day
it was sampled. That is the whole subject.

It is research, not advice. Nothing on this domain is investment, legal or tax advice, an offer, a
solicitation, or a suggestion that any reader should open an account anywhere at all. No page here
knows anything about the person reading it, and a comparison that knows nothing about you cannot be
a recommendation to you.

## What this desk cannot do for you

Wallet First holds no money, takes no deposits and operates no venue. It is not a party to the
agreement between a reader and any venue named here, and it has no standing in one. It cannot open,
freeze, restore or close an account, cannot release or chase a withdrawal, cannot reverse a
liquidation and cannot intervene in a dispute. Where a venue's own terms govern something, they
govern it, and this desk is a reader of those terms in exactly the way you are.

Whether a venue will deal with you, and on what conditions, is settled between that venue and the
rules of the place you live in. Every venue covered here turns somebody away and the lists are not
the same; checking your own position is your job. Restrictions a venue publishes are reported on
these pages as published, and no page here helps anybody work around one.

## A figure is true on its date

Numbers come from primary sources — a venue's own documentation, its terms of use, its published
schedule of rates — or from this desk's own sampling, and every one of them is printed with the day it
was taken. Venues reprice, extend and retire markets, redraw leverage ladders and redraft terms
whenever they choose, usually without telling anybody. Treat a figure here as correct on the day
printed next to it and confirm it at the venue before acting on it.

Where a venue's marketing page and its legal terms disagree, these pages quote the terms and say that
they disagree. Found something wrong? Send the page address and a link to whatever shows the right
value to desk@cafrodytes.com. A figure that checks out against the venue's own documents
is amended and the page goes back out under a new date.

## Names, marks and quoting

Venue names, product names and trademarks belong to the companies that own them and appear here only
to identify which venue is under discussion. Their appearance implies no partnership, endorsement or
relationship of any kind, in either direction.

Quoting from these pages is welcome, with a link back to the page quoted so a reader can see the date
the figure carries. The pages are compiled carefully and come with no warranty of accuracy or
completeness, and what you do after reading one is yours to decide and yours to carry.


Publication here is paid for.