Disclosures & Disclaimers

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No affiliation with tracked traders

• Each vault is named after, or references, a public trader tracked by Centaur. These traders have no affiliation with Centaur.
• They do not operate, manage, advise, or control any vault.
• They have not been consulted, have not endorsed any vault, and receive no compensation, fees, or share of profits from Centaur or its vaults.
• Their names and handles are used only to identify the public source of the signals a vault interprets.
• A vault’s positions are not the trader’s positions. Centaur has no access to any trader’s actual account, sizing, entries, or exits. Vault performance may differ materially from the trader’s own results, and neither is evidence of the other.
• Nothing on this page or in any vault is a statement by, or on behalf of, any tracked trader.

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Conflicts of interest

• Centaur is the vault operator. It earns an operator fee and holds an operator share in each vault. See Fee Usage.
• The Black Bull vault may hold the ANSEM token. It also uses its operator fees to buy ANSEM on the open market and burn it. Those purchases may support the price of a token the vault holds.
• Centaur, its team members, and related parties may hold, trade, or have held positions in the same assets traded by the vaults, including in the opposite direction.
• Centaur’s broader business depends on the perceived quality of its trader data and signals. The vaults also serve as a public demonstration of that data.

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Operator discretion

• The vaults are not algorithmic replication, and the operator may deviate from, delay, resize, skip, or invert any signal.
• Stop-loss and take-profit levels are often set by Centaur rather than by the trader. Some positions may carry no stop.
• Centaur may change a vault’s strategy, holdings, leverage, or parameters at any time, or wind a vault down.
• Signal extraction can be wrong. Misread posts, delayed ingestion, and uncaptured information, such as levels drawn on chart images, can lead to positions the trader never intended to signal.

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Risk disclaimers

• Not advice. Nothing here is investment, financial, legal, or tax advice, or an offer or solicitation to buy or sell any asset. Do your own research.
• Total loss. You can lose some or all of your deposit.
• Leverage and liquidation. Vaults use leveraged perpetual futures. Gross exposure may exceed vault NAV. Sharp moves, gaps, and funding costs can cause rapid losses and liquidation.
• Cross-margin. All positions in a vault share margin. One losing position can drive losses or liquidation across the whole vault.
• Concentration. Vaults may be concentrated in a single asset or a small number of correlated assets.
• Volatile and illiquid assets. Some vaults trade memecoins, newly listed tokens, and thinly traded markets. These are subject to extreme volatility, slippage, and manipulation.
• Stops are not guarantees. Stops trigger on mark price and may fill well below the stop level, or not at all, in fast or illiquid markets.
• Venue and technology risk. Vaults depend on Lighter’s exchange, smart contracts, price oracles, mark-price calculations, and infrastructure. Any of these can fail, be exploited, halt trading, or change the rules. Centaur does not control Lighter.
• Operational risk. Execution errors, software bugs, key or account compromise, and operator error can cause losses.
• Withdrawals. Vaults have no lockup. Withdrawals remain subject to Lighter’s public pool mechanics and may be delayed or realized at unfavorable prices during volatile markets.
• No guarantee of performance. Past performance of a vault or of a tracked trader does not indicate future results.
• No guarantee of refunds. Any loss rebates described in Fee Usage are discretionary. They are not insurance, not a guarantee, and create no obligation or entitlement.
• Regulatory and jurisdictional risk. You are responsible for making sure that participation is lawful where you live. Regulatory changes may affect Lighter, the vaults, or the assets traded.