> For the complete documentation index, see [llms.txt](https://docs.nexus.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nexus.xyz/legal-and-disclaimers/legal-and-disclaimers.md).

# Legal & Disclaimers

Where the Exchange's terms, policies and risk disclosures live.

This section contains the policies governing use of Nexus products and the Exchange.

**The Exchange is a development preview on testnet.** It is not a regulated venue and nothing on the Exchange or in these docs is an offer or solicitation to trade. Markets are seeded with automated liquidity for testing; prices and balances on testnet have no real-world value.

**Perpetual futures are leveraged instruments and can lose more than the margin posted against them.** Positions are subject to liquidation when account equity falls below the maintenance margin requirement — see [Margining](/trading/trading/perpetuals/margining.md) and [Liquidations](/trading/trading/perpetuals/liquidations.md) for the exact mechanics.

The binding policies are [Terms of Use](/legal-and-disclaimers/legal-and-disclaimers/terms-of-use.md) and [Privacy Policy](/legal-and-disclaimers/legal-and-disclaimers/privacy-policy.md). The applicable sanctions jurisdictions are listed in [Restricted Jurisdictions](/legal-and-disclaimers/legal-and-disclaimers/restricted-jurisdictions.md).

### Exchange-specific disclosures

* Risk disclosures for leveraged perpetual trading.
* Per-instrument disclaimers where an underlying's index or licensor requires one — index perpetuals in particular.
* Jurisdictional eligibility and access restrictions.

***

<sub>Forward-looking statement. Roadmap items, timelines and dates referenced anywhere in this documentation are estimates only, subject to change without notice, and may differ materially from actual outcomes.</sub>


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