Risk Disclaimer

Read This First

Trading perpetual futures with leverage is high-risk and is not suitable for everyone. Levant is a set of smart contracts and off-chain keepers — not a broker, bank, custodian, or advisor. No one operates it on your behalf, no one guarantees its performance, and no one can reverse a transaction, recover lost funds, or bail out a losing position. You interact with the protocol directly, and you alone are responsible for every action you take and every risk you accept.

Testnet — Not Real Money

Levant is currently deployed only to the Robinhood Chain mainnet (chainId 4663). Every token involved — the USDG collateral, the lvUSDG vault share, and the ETH used for gas — is a testnet token with no monetary value and is not redeemable for anything. The USDG collateral is a mock stablecoin that anyone can mint freely on the testnet, purely so people can try the protocol. Nothing you do here is a real financial position.

• Unaudited: the code has had no third-party security audit. It passes 171 automated tests, but tests are not a proof of correctness.
• No monetary value: testnet USDG, lvUSDG, and gas ETH cannot be redeemed, sold, or exchanged for anything of value.
• Open faucet: anyone can mint testnet USDG, so on-chain balances signal nothing about real demand or backing.
• Single-signer oracle: prices are signed by one keeper today (1-of-1). Multi-signer, multi-machine signing is on the roadmap, not live.
• Single-key ownership: the protocol is upgradeable and its ownership still sits on the original deployer key.

The $LVNT Token

Levant's token, $LVNT, launched on Virtuals. It is not required to use the exchange, which runs on USDG collateral and the lvUSDG vault share. There was no presale, allocation, whitelist, points programme, or airdrop tied to the exchange. The only genuine $LVNT is 0x3da4d4f7319b4dd14822521aa1befa003f4f4e3c on Robinhood Chain (chain 4663). Any other contract using the Levant name is a fake, so check the address before buying anything.

Leverage Magnifies Losses

Leverage of up to 100x means your position size (notional) can be many times your deposited margin. Profit and loss are computed on the full notional, so a small adverse move in the underlying price produces a large loss relative to your margin. The higher the leverage, the smaller the move needed to wipe you out.

notional  = margin * leverage

Long  PnL = notional * (exit - entry) / entry
Short PnL = notional * (entry - exit) / entry

A position is liquidated once its loss reaches 90% of collateral
(equity falls to the 10% maintenance margin). Ignoring fees,
spread, and funding, the adverse price move that liquidates it
is about:

    adverse move  ~  0.90 / leverage

    100x -> ~0.9%    50x -> ~1.8%    10x -> ~9%    2x -> ~45%

The figures above ignore fees, spread, and funding, all of which push liquidation slightly sooner. Each position uses isolated margin — between 10 and 500,000 USDG — so a single position's loss is bounded by its own collateral and never touches your other positions or funds. That same isolation means one position can be fully liquidated on its own. Fees apply regardless of outcome: a 0.08% open fee, a 0.08% close fee, and continuous funding paid by the crowded side of the market, all of which reduce your net result even on winning trades. Profit on any position is capped at 900% of its margin.

Crypto Markets Are Highly Volatile

The crypto assets referenced by Levant's 20 markets can move sharply, gap, and stay volatile around the clock, including weekends and holidays. Prices can change faster than you can react or manage a position. Extreme volatility, thin liquidity, or unusual conditions can cause rapid liquidation and amplify spread and funding costs against you.

Every fill includes a deterministic spread: a constant 0.02% component, plus a price-impact term that grows with your trade size relative to market depth, plus a skew term that grows with how much your trade increases the long/short imbalance. Larger trades receive worse fill prices — a structural cost of size, not a delay you can wait out. The total spread is floored at zero (a fill is never better than the mid) and capped at 5% (500 bps). Every open and limit intent carries a mandatory max-slippage you set, from 0.01% to 5%; if the spread would push your entry past it, the fill reverts and your escrowed collateral stays fully reclaimable instead of filling at a price you did not accept.

Liquidation Risk

A position is liquidated when its equity falls to or below the 10% maintenance margin — roughly a 90% loss of collateral, including accrued funding. Liquidation is permissionless: anyone can close an underwater position by submitting a signed oracle price report, and no adverse spread is applied to the liquidation mark. When liquidated, you forfeit all remaining collateral in that position; the liquidator earns 5% of the collateral as a reward and the remainder is absorbed by the vault. Funding and adverse price moves can push you into liquidation even while you are not watching.

Smart-Contract, Oracle, and Keeper Risk

Levant depends on technology that can fail. Each component below carries risk that is outside your control, and in some cases outside anyone's.

• Smart-contract risk: the contracts are unaudited and may contain bugs, economic flaws, or vulnerabilities that freeze funds or cause loss. Testing reduces but never eliminates this risk.
• Governance and upgrade risk: the protocol is an upgradeable EIP-2535 diamond whose ownership currently sits on a single deployer key. The owner can change protocol behaviour by upgrading facets; a lost or misused key could do the same.
• Oracle risk: prices come from a self-hosted signed-price oracle that is 1-of-1 today — a single keeper is the only signer, drawing prices from a handful of public sources. If it is delayed, offline, or signs a bad price, your trades — including liquidations — may execute at prices you consider unfair, or not execute at all, and there is no appeal.
• Keeper risk: intents, limit and stop orders, take-profit/stop-loss, and liquidations are all executed by off-chain keepers. If keepers are offline, delayed, or decline to act, your orders may fill late, fill at a worse price, or not fill at all.
• Chain and infrastructure risk: congestion, downtime, reorganisations, or upgrades on the underlying chain can delay or block transactions exactly when you need them most.

Risks for Liquidity Providers

The Levant Vault is an ERC-4626 vault and the direct counterparty to every trade. As a liquidity provider you take the other side of aggregate trader profit and loss. You earn fees and net trader losses, but your share value can fall when traders are collectively profitable — providing liquidity is not a fixed yield and is not principal-protected.

• Counterparty exposure: when traders win in aggregate, the vault pays them and the value of your lvUSDG shares declines.
• Withdrawal limits: you can withdraw only unlocked liquidity. Each open position reserves nine times its margin against its capped 900% max profit, and that reserved liquidity is locked until the position closes.
• Concentration and tail risk: large, correlated, or one-sided trader positions can cause sudden drawdowns in vault value that exceed accumulated fee income.
• Shared technology risk: LPs are exposed to the same smart-contract, governance, oracle, and keeper risks described above.

No Guarantees — Software Provided As-Is

Levant is provided on an "as-is" and "as-available" basis, without warranties of any kind, express or implied, including merchantability, fitness for a particular purpose, availability, or non-infringement. There is no guarantee that the protocol will run without interruption or error, that orders will execute, that liquidations will be timely, or that funds will remain accessible. To the maximum extent permitted by law, Levant's contributors accept no liability for any loss arising from its use. You use the protocol entirely at your own risk.

Not Investment Advice

Nothing in this documentation or in the Levant interface is investment, financial, trading, legal, accounting, or tax advice, nor a recommendation or solicitation to buy, sell, or hold any asset or to enter any transaction. Figures displayed are read from the blockchain and provided for information only, and may be incomplete or out of date. Do your own research and, where appropriate, consult qualified independent professionals before making any decision.

Your Legal, Tax, and Eligibility Responsibility

You are solely responsible for determining whether you may use Levant and for complying with every law that applies to you. Access to leveraged derivatives is restricted or prohibited in some jurisdictions, and the interface is not offered to U.S. persons or to residents of places where using it would be unlawful. By using the protocol you represent that you are legally eligible to do so and are not accessing it from, or on behalf of anyone in, a restricted location. You are also solely responsible for reporting and paying any taxes arising from your activity. If you are unsure of your obligations, seek independent legal and tax advice before proceeding.