Customer Agreement

This Customer Agreement (the “Agreement”) is between HypeStrat Markets LLC, with its principal place of business at the address given in your account documents (the “Firm”, “we” or “us”), and the person who signs it as the customer (“you”). It governs each futures account the Firm carries for you. Read it together with the Risk Disclosure Statement and the other Account Documents listed in Schedule 2.

1Parties and definitions

1.1The Firm. The Firm will act as your futures commission merchant. Before it carries any account holding real funds, it must be registered with the Commodity Futures Trading Commission (the “CFTC”) as a futures commission merchant and be a member of the National Futures Association (“NFA”). Its designated self-regulatory organization will be named in your account documents.

1.2Definitions. In this Agreement:

(a)“Account” means each futures account the Firm carries for you under this Agreement.

(b)“Account Documents” means this Agreement and its Schedules, the Risk Disclosure Statement and additional risk disclosures, the Firm’s Disclosure Document under CFTC Regulation 1.55(i), the Consent to Electronic Delivery, the Consent to Identity Verification Services, the Hedger or Speculator Election, the Privacy Notice, and any other document the Firm gives you that says it forms part of them. Together they form one agreement.

(c)“Applicable Law” means the Commodity Exchange Act (the “Act”), the CFTC’s regulations, NFA’s rules, the Rules, the Bank Secrecy Act and every other law, regulation and rule that applies to the Account, each as amended.

(d)“Business Day” means a day on which the Firm is open for business; a Business Day ends at 5:00 p.m. Eastern Time.

(e)“Clearing House” means the derivatives clearing organization that clears the Contracts.

(f)“Contracts” means the perpetual futures contracts listed by the Exchange and cleared by the Clearing House that the Firm makes available to you.

(g)“Exchange” means the designated contract market that lists the Contracts.

(h)“Margin” means the USDC you deposit to margin, guarantee or secure the Contracts in your Account.

(i)“Rules” means the rules, procedures and interpretations of the Exchange and the Clearing House.

(j)“USDC” means the U.S. dollar stablecoin known as USD Coin.

(k)“Venue” means the system through which orders for the Contracts are matched and positions are recorded and settled on the Hyperliquid blockchain (the “Network”), as the Rules provide.

(l)“Wallet” means a blockchain address that you control with your own private keys and have registered to your Account under section 2.4.

1.3Interpretation. Headings are for convenience only. “Including” means including without limitation. A reference to a law or rule includes it as amended.

2Account opening and identity verification

2.1Application. To open an Account you must complete the Firm’s application, give the information NFA Compliance Rule 2-30 requires (including your estimated annual income, net worth and liquid net worth, your age or date of birth, and your trading experience), and sign the Account Documents. The Firm may rely on the information you give.

2.2Identity verification. Federal law requires the Firm to obtain, verify and record information that identifies each person who opens an account (31 CFR 1026.220). You agree to provide the information and documents the Firm asks for and authorize the checks described in the Consent to Identity Verification Services.

2.3Approval. The Firm may approve or decline an application and need not give reasons. An Account opens only when the Firm confirms its approval in writing. The Firm may restrict the Account while it completes its checks.

2.4Wallet registration. You must register each Wallet you will use and prove that you control it by signing a message the Firm specifies. The Firm screens each Wallet before registering it and from time to time afterwards, and may refuse or remove a Wallet. You may not use a Wallet that anyone else controls or can sign for.

2.5Changes and annual review. You will tell the Firm promptly if information you have given changes materially. The Firm will contact you at least once a year to confirm that your information is still accurate (NFA Compliance Rule 2- class="dl-cite">30(b)).

2.6One owner. The Account is for you alone. No one else may trade or give instructions for it unless you and the Firm sign a separate trading authorization in the Firm’s form.

3Authority and trading

3.1Orders. You may place orders through the Firm’s platform by signing them with a registered Wallet or as the Firm otherwise allows. The Firm may treat an order signed with a registered Wallet, or given in your authenticated session, as given by you, and you are responsible for it.

3.2The Firm’s role. The Firm acts as your futures commission merchant: it carries your Contracts, holds and accounts for your Margin as Applicable Law requires, keeps the records, and gives you the confirmations and statements described in section 8. Orders are matched on the Venue under the Rules, not by the Firm. The Firm is not your adviser or fiduciary.

3.3No advice. The Firm does not give trading, investment, tax or legal advice. Any market information it provides is general and is not a recommendation. Your trading decisions are your own.

3.4The Rules govern. Every Contract is subject to Applicable Law and the Rules, including the Rules on trading hours, price bands, position limits, error trades, emergency actions and settlement. If this Agreement conflicts with Applicable Law, Applicable Law prevails.

3.5Refusals and limits. The Firm may refuse, cancel or limit an order, set position, order-size or other limits, or restrict your Account to reducing positions, where it reasonably considers this necessary to manage risk, to comply with Applicable Law, or to protect you, the Firm or its other customers. The Firm will tell you promptly where the law allows.

3.6Adjustments and errors. If the Exchange, the Clearing House or the Venue cancels or adjusts a trade under the Rules, the Firm will reflect that action in your Account. Where an order is mishandled through the Firm’s error, the Firm may assume or share the resulting loss (CFTC Regulation 1.56(d)(1)).

3.7Prohibited conduct. You will not use the Account for any unlawful purpose, or for manipulation, spoofing, wash trading or any other practice the Act, the CFTC’s regulations or the Rules prohibit.

4Margin and collateral

4.1USDC only. The Firm accepts Margin only in USDC, sent from a registered Wallet on the network the Firm names. It does not accept U.S. dollars, other digital assets or securities as Margin under this Agreement.

4.2Margin requirements. You must maintain at all times, without notice or demand, Margin at least equal to the requirements of the Rules and any higher requirement the Firm sets. The Firm may change its requirements at any time, including for open positions; a change takes effect when the Firm posts or sends it.

4.3Valuation. USDC is valued for margin purposes as the Clearing House values it, after the Clearing House’s haircut and any further haircut under the Firm’s risk management policies. Its value may be less than its face amount.

4.4Margin calls. Because the Contracts trade at all hours, your margin position changes continuously. The Firm may, but need not, tell you of a margin deficiency. Any notice may be electronic, and the time to meet a call is the time the notice states, which may be very short. The absence of a notice does not reduce your obligation.

4.5Security interest. To secure all of your obligations to the Firm, you grant the Firm a first-priority security interest in, and a right of set-off against, all Margin and other property in your Accounts and their proceeds. The Firm may apply that property to any amount you owe it, as Applicable Law allows.

4.6Deficits. You are liable for any debit balance or deficit in your Account, however it arises, including after liquidation. You will pay it promptly on demand in USDC, with interest at the rate stated in your account documents and the Firm’s reasonable costs of collection.

4.7No guarantee. The Firm does not guarantee you against loss, limit your loss or waive margin requirements (CFTC Regulation 1.56). No one acting for the Firm may promise otherwise.

5Liquidation and the role of the Venue

5.1Automatic liquidation. Under the Rules, the Clearing House and the Venue may liquidate all or part of a position automatically when its margin falls below the maintenance requirement, at any hour and without notice to you. The Firm does not control the timing or the price of an automatic liquidation.

5.2The Firm’s right to liquidate. The Firm may also, without notice, close or reduce any position, cancel open orders or take any other step the Rules allow, in the manner it reasonably chooses, if:

(a)Your Margin is insufficient in the Firm’s reasonable judgment, or you fail to meet a margin call;

(b)You die, become insolvent or lose legal capacity;

(c)The Firm reasonably believes it is necessary to comply with Applicable Law or a regulator’s request; or

(d)A market emergency occurs, or the Venue or the Network fails or is disrupted.

5.3Auto-deleveraging and loss sharing. The Rules may provide that, where a liquidation cannot be completed in the market, positions of other participants, which may include yours, are reduced or closed automatically at a price the Rules set, and that losses are allocated under the Clearing House’s default procedures. You agree to be bound by those procedures.

5.4Prices and fees. A liquidation may take place at a price far from the last price you saw, and the Rules may charge a liquidation fee. You remain liable for any deficit. Giving notice on one occasion does not oblige the Firm to give it again.

6Deposits and withdrawals

6.1Deposits. You may deposit USDC only from a registered Wallet, to the deposit address the Firm specifies and only on the network the Firm names. A deposit is credited when the Firm has confirmed it on the Network and completed its screening. USDC sent to a wrong address or on a wrong network may be lost, and the Firm is not responsible for it.

6.2Withdrawals. You may ask to withdraw Margin that exceeds your requirements to a registered Wallet. The Firm processes requests within the Firm’s normal processing time, subject to Applicable Law, the Rules, your margin requirements and its screening. It may delay, hold or refuse a withdrawal where it reasonably believes this is needed to comply with law (including sanctions and anti-money laundering law), to prevent fraud, or because your Account has a deficit.

6.3Network fees and finality. Blockchain transactions generally cannot be reversed. Network fees on deposits and withdrawals are paid by you. The Firm is not responsible for delays or failures of the Network.

6.4Where your Margin is held. Your Margin is held as Applicable Law and the Rules require; section 9 describes how customer funds are protected.

7Fees and the Firm’s compensation

7.1Exchange and clearing fees. You pay the fees the Exchange and the Clearing House charge for your trades and positions, at the rates the Rules set, published at the Firm’s website. Each confirmation shows the fees charged on that trade.

7.2No separate commission. The Firm charges you no commission or account fee of its own. Its only compensation for carrying your Account is the part of those fees that the Exchange or the Clearing House distributes to it.

7.3Disclosure. Because the Firm’s compensation comes from fees on your trading, the Firm earns more when you trade more. The Firm discloses the basis of these payments in its Disclosure Document and will tell you the amount on request.

7.4Funding payments. Perpetual Contracts carry periodic funding payments between holders of long and short positions, calculated under the Rules. Funding payments are not fees of the Firm. They are credited to or debited from your Account as the Rules provide.

7.5Changes. The Firm will give you at least 30 days’ notice before introducing any fee of its own or changing the basis of its compensation.

7.6Taxes. You are responsible for taxes on your Account. The Firm will provide the tax reporting the law requires.

8Statements and confirmations

8.1Confirmations. The Firm will send you a written confirmation of each Contract transaction not later than the next Business Day (CFTC Regulation 1.33(b)).

8.2Statements. The Firm will send you a statement as of the close of each month showing your open Contracts with the prices at which they were acquired, the net unrealized profit or loss marked to the market, your Margin, and a detailed accounting of all charges, credits, deposits, withdrawals and realized profits and losses (CFTC Regulation 1.33(a)).

8.3Delivery. Confirmations and statements are delivered electronically under the Consent to Electronic Delivery. Without that consent the Firm delivers them on paper.

8.4Your review. You will review each confirmation and statement promptly and report any error to the Firm within two Business Days of a confirmation and ten Business Days of a statement. If you do not, the document is presumed accurate, but this does not waive any right you have under Applicable Law.

8.5Records. The Firm keeps the records the Act and the CFTC’s regulations require, for the periods CFTC Regulation 1.31 requires. You may ask for a copy of your own Account records.

9Segregation of customer funds

9.1Segregation. The Firm treats Margin you deposit for Contracts traded on a U.S. designated contract market as futures customer funds. It accounts for them separately, segregates them as belonging to its futures customers, and holds them only with depositories CFTC Regulation 1.20 permits, in accounts that identify them as segregated futures customer funds.

9.2Held together. The Firm may hold the funds of all its futures customers together in one or more segregated accounts. Your funds are not held in an account for you alone, and you may be exposed to losses of other customers if the Firm does not have enough capital to cover them, as the Risk Disclosure Statement explains.

9.3Not insured. Your Margin is not protected by deposit insurance or by the Securities Investor Protection Corporation or by any program of the Clearing House. USDC is not a bank deposit.

9.4No investment, no interest. The Firm does not invest your USDC and pays no interest on Margin.

9.5Bankruptcy. If the Firm became insolvent, customer property would be distributed under the Bankruptcy Code and Part 190 of the CFTC’s regulations. If there is a shortfall, customers of the same account class share it pro rata, including on property specifically traceable to them. The statement required by CFTC Regulation 1.55(p) is part of the Risk Disclosure Statement.

9.6Transfers between your Accounts. You authorize the Firm to transfer funds from your segregated futures account to another of your Accounts with the Firm as needed to meet a margin requirement or deficit in that Account, and otherwise only as you instruct.

10Your representations

You represent, when you sign this Agreement and each time you place an order or deposit Margin, that:

(a)You are an individual at least 18 years old and of full legal age in your state of residence, with capacity to enter into this Agreement;

(b)You reside in the United States, in a state where the Firm offers the Account, and the address you gave is your residential address;

(c)All information you have given the Firm is true, complete and current;

(d)You are the sole beneficial owner of the Account and of each registered Wallet, and you act for yourself and not for anyone else;

(e)You are not named on, or owned or controlled by a person named on, any U.S. sanctions list, and you will not use the Account for any such person or for any sanctioned country or region;

(f)The USDC you deposit is yours, comes from lawful sources and is free of any lien;

(g)You are not employed by an exchange, clearing house, futures commission merchant or introducing broker, or you have told the Firm of that employment and given any consent it requires;

(h)You have read and understood the Account Documents, including the risk that you may lose more than you deposit, and you can bear that loss; and

(i)You are not relying on any advice or statement from the Firm that is not in the Account Documents.

11Your undertakings

You will:

(a)Keep your Wallet’s private keys and your Account credentials secure and secret; the Firm cannot recover lost keys or reverse a transaction you signed;

(b)Tell the Firm at once if you suspect unauthorized access to your Wallet or Account;

(c)Comply with Applicable Law and the Rules;

(d)Give the Firm any information it reasonably asks for regulatory, tax or risk purposes including IRS Form W-9; and

(e)Monitor your Account and positions, remembering that the Contracts trade at all hours.

12Communications and records

12.1Recording. The Firm may record and keep telephone calls, chats and electronic communications with you and may use them as evidence.

12.2Contact details. You will keep your email address and other contact details current. A notice sent to the latest details you gave is effective.

12.3Privacy. The Firm handles your personal information as its Privacy Notice, given under 17 CFR Part 160, describes.

13Termination

13.1By you. You may close your Account at any time by notice to the Firm.

13.2By the Firm. The Firm may close or suspend your Account on 10 days’ notice, or at once where it reasonably believes that you have breached this Agreement, that Applicable Law or a regulator requires it, or that continuing would expose the Firm or its customers to undue risk.

13.3Effect. On closing, the Firm may close your open positions or, at your request and where possible, transfer them to another futures commission merchant. Once all obligations are settled, the Firm will return any remaining Margin to a registered Wallet or as Applicable Law requires. Closing does not affect obligations already incurred. Sections 4.5, 4.6, 8.5, 14, 15 and 17 survive.

14Limitation of liability

14.1Standard. The Firm is liable to you only for losses caused by its gross negligence, wilful misconduct, fraud or breach of Applicable Law.

14.2Events outside the Firm’s control. The Firm is not liable for loss caused by an event beyond its reasonable control, including a failure, halt, delay, congestion, split or exploit of the Network or the Venue; an action of the Exchange, the Clearing House or the issuer of USDC; a failure of an oracle or index price; government action; a cyberattack; or a failure of communications or power.

14.3Third parties. The Firm is not liable for the acts or omissions of the Exchange, the Clearing House, the Venue, the issuer of USDC or any wallet provider, except where Applicable Law makes the Firm responsible for them.

14.4Indirect loss. Neither party is liable for indirect, consequential or special loss or for lost profits, except in a case of fraud or wilful misconduct.

14.5Indemnity. You will reimburse the Firm for losses and reasonable costs, including legal fees, that it incurs because you breach this Agreement, fail to pay a deficit or violate Applicable Law.

14.6Your rights preserved. Nothing in this Agreement waives or limits a right you have under the Act or the CFTC’s regulations that cannot be waived, including your right to seek reparations under section 14 of the Act.

15Governing law and disputes

15.1Governing law. This Agreement is governed by the laws of the state named in your account documents, without regard to its conflict of laws rules, and by the Act and the CFTC’s regulations.

15.2Courts. Unless you have signed the Arbitration Agreement in Schedule 1, disputes will be decided by the state and federal courts located in the state named in your account documents, and each party submits to their jurisdiction.

15.3Reparations. You may file a claim for reparations with the CFTC under section 14 of the Act and Part 12 of the CFTC’s regulations.

15.4NFA arbitration. Whether or not you sign Schedule 1, you may choose to have a dispute with the Firm arbitrated by NFA under its Code of Arbitration, which applies to a customer’s claim against an NFA member futures commission merchant (NFA Code of Arbitration, section 2(a)). Schedule 1 is voluntary; you need not sign it to open or keep an Account (17 CFR 166.5(c)(1)).

16Notices

16.1To the Firm. Send notices to the Firm at the contact address the Firm gives you or by email to the contact email address the Firm gives you. A notice takes effect when the Firm receives it.

16.2To you. The Firm may give you notice by email to your address of record, by posting it to your Account, or by mail to your residential address. An electronic notice takes effect when it is sent or posted.

17General

17.1Entire agreement. The Account Documents are the entire agreement between you and the Firm about the Account and replace any earlier understanding. If an Account Document conflicts with this Agreement, this Agreement prevails, except that the Risk Disclosure Statement and Applicable Law always prevail.

17.2Amendments. The Firm may amend this Agreement by giving you at least 30 days’ notice; an amendment that Applicable Law requires may take effect sooner. You may close your Account before an amendment takes effect. No other amendment is valid unless it is in writing and signed by the Firm.

17.3Assignment. You may not assign this Agreement. The Firm may assign it, or transfer your Account to another futures commission merchant, on 30 days’ notice, or sooner where Applicable Law requires.

17.4Severability and waiver. If a provision is held invalid, the rest of this Agreement remains in effect. A failure or delay in exercising a right is not a waiver of it.

17.5Language. This Agreement is written in English; any translation is for convenience only.

18Electronic signature

You may sign this Agreement and the other Account Documents electronically. Your electronic signature, including clicking “I agree”, has the same effect as a handwritten signature, under the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001) and Applicable Law. The Firm keeps a record of each document you sign, its version and the time you signed it.

Schedule 1: Arbitration Agreement (optional)

Voluntary: you need not sign it to open or keep an Account. Signed separately (17 CFR 166.5(c)(2)).

The following language is required by 17 CFR 166.5(c)(7).

1Agreement to arbitrate. Any dispute arising out of or relating to your Account, the Contracts or the Customer Agreement will be settled by arbitration before NFA under its Code of Arbitration, or before another qualified forum you choose under paragraph 3. Judgment on the award may be entered in any court with jurisdiction.

2Reparations. This agreement does not waive your right to seek reparations under section 14 of the Act and Part 12 of the CFTC’s regulations. If the Firm intends to submit a dispute to arbitration, it will notify you, and you may elect to seek reparations instead within 45 days after that notice. If you seek reparations and the CFTC declines to institute reparations proceedings, the claim will be subject to this arbitration agreement. Parts of a claim that are not subject to reparations (that is, that do not involve a violation of the Act or the CFTC’s rules) may have to be submitted to arbitration under this agreement (17 CFR 166.5(c)(3)).

3Choice of forum. When you notify the Firm that you intend to submit a claim to arbitration, or when the Firm notifies you of its intent to do so, you will have the opportunity to elect a qualified forum (17 CFR 166.5(c)(4)). Within ten business days after your notice, or with its own notice, the Firm will give you a list of organizations whose procedures meet the CFTC’s acceptable practices, with each forum’s rules. The list will include the Exchange, if applicable and available, NFA, and at least one other organization that lets you choose the location from several major cities in diverse regions and offers a mixed panel. You must tell the Firm your choice within 45 days after receiving the list; if you do not, the Firm may choose a forum from it (17 CFR 166.5(c)(5)).

4Fees for a mixed panel. The Firm will pay any incremental fees a qualified forum charges for a mixed panel, unless the arbitrators decide that you acted in bad faith in starting or conducting the proceeding (17 CFR 166.5(c)(6)).

Accepting the Customer Agreement does not sign this agreement. The application page does not offer it for separate signature, so no arbitration agreement is made through it.

Schedule 2: Acknowledgments and consents

One acceptance for the documents below (CFTC Regulation 1.55(d)).

When you tick a document on the application page, you confirm that you have received and understood it, or that you give the consent or make the election it describes.

Document	What it is
Risk Disclosure Statement	The statement CFTC Regulation 1.55(b) prescribes.
Statement on property other than cash	The statement CFTC Regulation 1.55(p) requires because margin is in USDC.
Additional risk disclosures	Perpetual futures, USDC margin, wallets and on-chain settlement.
Firm Disclosure Document	Information about the Firm under CFTC Regulation 1.55(i), at the Firm’s website.
Consent to Electronic Delivery	Statements and confirmations delivered electronically (CFTC Regulation 1.33(g); 15 U.S.C. 7001).
Privacy Notice	How the Firm handles personal information (17 CFR Part 160).
Consent to Identity Verification Services	Identity checks, screening and biometric matching by the Firm’s providers.
Hedger or Speculator Election	The choice I make on the application page.
Transfers between my Accounts	The authorization in section 9.6 of the Customer Agreement.
Customer Agreement	This Agreement, including section 15 on disputes.

Accepting these documents does not sign the optional Arbitration Agreement in Schedule 1, which must be signed separately (17 CFR 166.5(c)(2)).

You accept this document electronically on the application page. The version you accepted and the time are recorded.