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Trading on Numo can lose you money, including all the collateral in your account. Read these risks before you trade.

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Leverage

Futures let you hold up to 4x your margin in notional. A 25% move against a fully levered position wipes out its margin. Losses can exceed what you expected if the mark moves quickly.

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Liquidation

If your maintenance margin surplus falls below zero, your account can be liquidated at a discount. You lose the discount and the liquidation fee.

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cNGN price and depeg

cNGN counts toward margin at half its value, priced at the index. If cNGN falls, your collateral is worth less and your initial margin rises through the depeg penalty. Variation margin is paid in cNGN first.

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Price feeds

The index and the mark come from external feeds. While the index is stale, no futures fill can settle, and you may not be able to reduce a position. A mark update can move your margin by up to 5% of the mark at once.

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Issuer controls

Circle and the cNGN issuer can freeze wallets and pause their tokens. A freeze or pause can stop deposits and withdrawals of that token. See Collateral.

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Smart contracts

Settlement runs on smart contracts on Base. A bug in them, or in the chain, can cause losses.

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Not advice

Nothing in these docs is financial, legal or tax advice. Make sure trading these products is allowed where you live.