/ Disclosures

General Financial, Legal, and Platform Risk

Software Only; No Advisory Relationship

Runes Paper IS AN ALGORITHMIC TRADING SOFTWARE PLATFORM FOR PREDICTION MARKETS. Runes Paper IS NOT A BROKER-DEALER, FUTURES COMMISSION MERCHANT, REGISTERED INVESTMENT ADVISER, COMMODITY TRADING ADVISER, COMMODITY POOL OPERATOR, FINANCIAL PLANNER, TAX ADVISER, LAW FIRM, EXCHANGE, CLEARINGHOUSE, CUSTODIAN, OR FIDUCIARY.

No feature, model, alert, AI report, score, ranking, chart, watchlist, algorithm, prompt, response, notification, data point, or interface element is individualized financial, legal, tax, accounting, brokerage, investment, or trading advice. Nothing in the Services is an offer, solicitation, endorsement, instruction, or recommendation to buy, sell, hold, short, hedge, or trade any security, option, futures contract, foreign exchange instrument, cryptocurrency, prediction market contract, commodity interest, or other financial product.

Self-Directed Use and Assumption of Risk

You are solely responsible for your research, suitability analysis, strategy design, risk controls, account settings, order review, tax consequences, and financial decisions. You should consult qualified professionals before making investment, trading, legal, accounting, or tax decisions. You agree not to rely on the Services as the sole basis for any financial decision.

Trading and investing are inherently risky. You may lose some or all of your capital, including more than your initial deposit when using margin, options, short selling, leveraged products, futures, forex, or similar instruments.

No Guarantee of Availability, Accuracy, or Outcome

The Services may be unavailable, delayed, incomplete, inaccurate, interrupted, or affected by software defects, model defects, market disruptions, exchange halts, brokerage restrictions, third-party outages, rate limits, stale data, calculation errors, security events, maintenance, or network failures. Runes Paper does not guarantee profit, return, execution quality, signal accuracy, model accuracy, risk reduction, or portfolio performance.

Liability Allocation

TO THE FULLEST EXTENT PERMITTED BY LAW, Runes Paper AND ITS OWNERS, OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AFFILIATES, LICENSORS, DATA PROVIDERS, AND SERVICE PROVIDERS WILL NOT BE LIABLE FOR TRADING LOSSES, MARKET LOSSES, LOST PROFITS, LOST REVENUE, LOST DATA, LOST OPPORTUNITIES, BUSINESS INTERRUPTION, REPUTATIONAL HARM, CONSEQUENTIAL DAMAGES, INCIDENTAL DAMAGES, SPECIAL DAMAGES, EXEMPLARY DAMAGES, PUNITIVE DAMAGES, OR DAMAGES ARISING FROM USE OF OR RELIANCE ON THE SERVICES.

If liability cannot be excluded, Runes Paper's total aggregate liability for all claims relating to the Services will not exceed the lesser of (a) amounts you paid to Runes Paper for the Services in the twelve (12) months before the event giving rise to the claim, or (b) USD $100.

Artificial Intelligence, Models, and Signals

AI Outputs Are Probabilistic and Fallible

The Services may use large language models, machine learning systems, statistical models, ranking systems, scoring formulas, rules engines, and third-party AI infrastructure. These systems may produce hallucinations, false statements, stale conclusions, incomplete analysis, incorrect citations, invalid calculations, unsuitable outputs, or misleading confidence levels.

Signals and Scores Are Not Instructions

Scores, conviction labels, "buy", "sell", "hold", "exit", "breakout", "momentum", "beneficiary", "risk", "impact", "confidence", "YES", "NO", or similar labels are software classifications and analytical shorthand only. They are not personalized recommendations, trading instructions, or guarantees.

Model Drift, Prompt Risk, and Automation Risk

• Model drift: Outputs may change as models, prompts, market regimes, third-party tools, or data sources change.
• Prompt sensitivity: Different wording, missing context, or hidden assumptions may materially change results.
• Automation risk: Automated workflows can amplify stale data, connection failures, order-routing errors, and user configuration mistakes.
• Human review required: You must independently review AI outputs before relying on them or taking action.

No Training, Benchmarking, or Extraction Rights

AI outputs, model behavior, prompts, scoring structures, workflow logic, and interface responses are part of the protected Runes Paper platform. You may not use them to train, fine-tune, distill, benchmark, validate, reverse engineer, replicate, or build a competing product or service without written permission.

Hypothetical, Simulated, Backtested, and Displayed Performance

Performance Displays Are Not Promises

Portfolio tracking, contract PnL, balance history, backtests, algorithm simulations, scenario models, projected returns, win/loss estimates, rankings, watchlists, and paper-trading views are informational software displays. They may omit commissions, spreads, slippage, taxes, borrowing costs, margin interest, short locate fees, liquidity constraints, rejected orders, partial fills, regulatory restrictions, and other real-world factors.

Past Performance and Backtests

Past performance, historical analysis, backtested results, simulated returns, paper results, and examples are not reliable indicators of future performance. Market regimes change. Strategies that appeared successful in one period can fail immediately, permanently, or catastrophically in another.

User-Provided Settings

Any performance or risk display may depend on user settings, imported data, brokerage data, symbol mapping, timestamps, currencies, corporate actions, and calculation assumptions. You are responsible for verifying those assumptions before making decisions.

Trading, Options, Margin, and Intraday Risk

Market and Execution Risk

• Total loss: You can lose all capital allocated to a strategy or account.
• Loss beyond deposit: Margin, options, short selling, futures, and leveraged products may create losses greater than your initial deposit.
• Execution risk: Orders may be rejected, delayed, partially filled, routed differently, filled at worse prices, or not filled at all.
• Liquidity risk: Thin markets, wide spreads, halts, news events, and after-hours conditions may prevent exits or materially worsen prices.
• Operational risk: Internet outages, device failures, brokerage outages, API errors, webhook delays, and misconfiguration can cause unintended results.

Intraday and Margin Rules

Intraday and margin activity is governed by your brokerage agreement, exchange rules, clearing requirements, regulatory rules, account type, product permissions, and real-time risk controls. Brokers may impose equity requirements, margin calls, liquidation rights, order restrictions, concentration limits, good-faith violation rules, unsettled-cash restrictions, or day-trading controls. You must consult your broker for rules that apply to your account before trading.

Options, Shorts, Crypto, Forex, and Prediction Markets

Options can expire worthless and complex options strategies can create nonlinear losses. Short selling can create theoretically unlimited losses. Crypto, forex, futures, and prediction markets may trade continuously, gap sharply, lack investor protections available in securities markets, or be restricted by jurisdiction. Leveraged products can magnify losses quickly.

Prediction Market and Event Contract Risk

Runes Paper trades event contracts listed on Kalshi, a CFTC-regulated exchange, through the Kalshi account and API keys you connect. Event contracts carry risks of their own:

• Binary payoff: Each contract pays a fixed amount only if its outcome resolves your way (YES or NO) and nothing otherwise. A contract can expire worthless, and you can lose the entire amount you paid for it, including fees.
• Settlement and resolution risk: Outcomes are determined by Kalshi under its rules and each market's stated source and terms, not by Runes Paper. Resolution can be delayed, reviewed, or decided differently than you expect; markets can be halted, voided, or settled early; and event start times, schedules, and settlement times can change.
• Thin liquidity: Many markets have shallow order books and wide spreads. Orders may fill partly, at worse prices, or not at all, and you may be unable to exit a position before settlement.
• Fees: Kalshi charges trading and other fees that can be large relative to the price of low-priced contracts and can turn a winning trade into a loss.
• Eligibility by state and jurisdiction: Runes Paper is offered only to residents of the United States. Kalshi decides who may open an account and trade, and it may restrict access from some states or to some contract types; that availability can change at any time. You are responsible for confirming that you may lawfully trade each contract where you live.
• Paper environment: The paper (simulated) version of Runes Paper places orders on Kalshi's demo exchange with no real money. Demo fills, liquidity, and settlement timing differ from the live exchange, so paper results do not predict live results.

Third-Party Data, Broker APIs, and Connected Services

Third-Party Dependencies

Runes Paper may depend on brokerages, exchanges, data vendors, cloud providers, payment processors, identity providers, analytics tools, email services, SMS/push providers, AI providers, and other third parties. Third-party services are governed by their own agreements, policies, schedules, limitations, and fees.

Market Data Limitations

Market data may be delayed, stale, corrected, restated, unavailable, misformatted, incomplete, mapped to the wrong symbol, adjusted for corporate actions, or subject to vendor restrictions. You must verify market data through official brokerage, exchange, issuer, or regulatory sources before trading.

Kalshi prices, order books, volume, open interest, and event schedules are used for internal contract evaluation only and are not redistributed as an official exchange feed.

Broker and API Limitations

Broker APIs may reject orders, throttle requests, disconnect accounts, change permissions, delay updates, report stale account values, impose product restrictions, liquidate positions, or modify margin requirements. Runes Paper is not responsible for broker actions, data vendor actions, third-party outages, order execution, account losses, rejected trades, fees, or regulatory restrictions.

Voice-Assistant Integrations

If you link a voice assistant, spoken requests can be misheard, misattributed to the wrong account holder, or triggered by someone else near the device. Voice responses summarize your account and may omit detail. Closing or selling off positions by voice is disabled; use the app to make trading changes.

Credential and Permission Responsibility

You are responsible for granting, reviewing, limiting, and revoking third-party permissions and API credentials. You should use least-privilege permissions whenever possible and should never connect capital, accounts, or permissions you are not prepared to monitor directly.

Investor Guidance and Fraud Awareness

Review investor education materials from the U.S. Securities and Exchange Commission, FINRA, and CFTC.

Before Making Any Investment or Trade

1. Build a personal financial plan and understand your risk tolerance.
2. Do not trade with emergency funds, rent, mortgage money, student loan funds, retirement funds you cannot afford to lose, or essential living money.
3. Understand the product, venue, liquidity, fees, tax treatment, and worst-case loss before entering a trade.
4. Diversify where appropriate and avoid concentrated exposure you cannot withstand.
5. Verify claims through official issuer, exchange, broker, SEC, FINRA, CFTC, or other regulatory sources.
6. Be skeptical of guaranteed returns, urgency, secret strategies, influencer hype, pump-and-dump activity, and unsolicited trading advice.
7. Keep independent records of orders, account statements, confirmations, tax documents, and strategy assumptions.

No Emergency or Real-Time Monitoring Service

Runes Paper is not an emergency alert system, trade desk, brokerage supervision service, risk manager, or real-time monitoring service. You are responsible for monitoring your accounts, orders, open positions, margin status, broker notices, and market conditions directly.

Emergency Controls. Never leave live automated trading unattended. The Emergency Controls on the Runes Paper Home page let you pause algorithms, suspend Kalshi API activity, stop orders and liquidations, sell off all open positions, or cancel open orders. Suspending the API or stopping orders also blocks automated exits. AI chat actions that trade run only after you confirm them. Also keep direct access to your Kalshi account on Kalshi's website or app to close positions or cancel orders if Runes Paper is unavailable.

Trading Psychology, Journaling & Wellness Features

Any trading psychology, emotional discipline, or AI-assisted journaling features within Runes Paper are provided solely for personal self-reflection and educational productivity. Runes Paper does not provide medical, clinical, psychological, psychiatric, or behavioral-health advice, diagnosis, or therapy. If you experience emotional distress, financial crisis, or compulsive trading behavior, stop trading immediately and contact a qualified professional or call/text the 988 Suicide & Crisis Lifeline (988 in the US) or the National Problem Gambling Helpline (1-800-GAMBLER).