# Terms of use and editorial limits

Updated: 24 September 2026 / Signal Grid research

Signal Grid publishes readings of perpetual futures venues for people who point software at them. Using
the site means accepting what follows. Nothing on it is investment, legal or tax advice, none of it is an
offer or a solicitation, and no page here tells anyone to open an account, fund it, start a strategy or
leave one running.

## Every figure here is a snapshot with a date on it

This is not a live feed and was never built as one. Fees, perpetual market counts, margin ladders,
settlement design and access terms were read from each venue's own documentation and public endpoints
on 18 September 2026. Depth, spread and price impact are ours, taken from public order books
at ten-minute spacing, the last reading dated 22 September 2026. Open interest and 24-hour volume are each venue's own figure as republished by
CoinMarketCap on 22 September 2026.

A number on these pages is true of the moment it was taken and of nothing else. A venue can change a
fee tier, delist a market, move a margin ladder or close a region between our reading and yours,
usually without announcing it. Check a figure against the venue's own page before money moves. Where
our reading and the venue's current documentation disagree, the venue is right and we are behind.

## What a leveraged perpetual does to a position

A perpetual contract is a leveraged instrument, and the margin behind a position is the amount
exposed. A move against the position far enough to reach its liquidation price takes that margin in
full. Funding payments, the spread crossed on the way in and out, and the price the book actually
fills at all work against a position that is rebuilt often, and nothing limits the damage to one
trade: a rule that re-enters after each liquidation can lose the margin behind every one of them.

Automation changes who is watching, not what can happen. A rule running unattended sizes and
re-enters while the trader is asleep, holds through a move it was never tested against, and keeps
sending orders into a venue that has stopped matching them. No performance record of any kind is
published on this site, for any strategy, ours or a venue's. Where a venue shows return figures or
backtests for strategies it ships, those are its own figures on its own terms; this site records
that they exist, reproduces none of them and stands behind none of them.

## When a ranking is re-read

A scored page has a shelf life of six weeks. At the end of it the documentation is opened again,
the books are polled again, and the table is rebuilt from the new readings instead of edited in
place. Places move on those passes and a venue can leave the board altogether, so an order published
today is a statement about the readings behind it and not a forecast of the next set.

The date under a heading moves only when something on the page moved with it, which is why a page
re-checked and found unchanged keeps the date it had. Read that date as the day the content was last
true. Weights are a separate matter: the eight criteria and their weights were fixed on
23 September 2026 and are published on [How we rate](/rating-method). That set replaced a six-criterion
version on the same day, and every total on the site was rebuilt from it rather than relabelled.

## Corrections

Send the page address and the source that contradicts us to editorial@ellsworthvane.com. A
primary source settles it: a venue's own documentation, terms or public endpoint decides a fee, a
market count or an access rule, and the page is amended and carries a new date. A measured reading
is a different argument, because it describes a book at a moment that has passed. Where one is
disputed we poll again rather than debate, and publish what the second pass gives, including a
figure that contradicts the first.

## Who pays for what appears here

Publication on this site is commercial. Which venues are covered, and which of these pages exist at
all, was arranged and paid for. That is a fact about the site worth carrying into every page on it.

What the arrangement does not reach is the arithmetic. One set of weights produces every total here,
it was published before a single venue was marked, and each mark is printed beside the reading that
produced it with that reading's date and source. Anyone who doubts a placement can take those
published numbers and work the total out again.

## Venues, third parties and who may trade

Links on these pages lead to documentation, data providers and venue sites that we neither run nor
control, and what happens on them is between the reader and whoever operates them. Venue and product
names and trademarks belong to their owners; naming one here creates no relationship between that
venue and this site, in either direction.

Whether a venue will accept a given trader, and on what terms, is decided by that venue's terms of
use and by the rules of the place the trader is in. Checking both is the reader's own job, and
nothing here is written to move anyone past a restriction a venue publishes. These pages are
compiled with care and offered with no warranty of accuracy or completeness, and acting on them is
at the reader's own risk. Quoting a page is welcome with a link to the page quoted.

Corrections and disputed figures: editorial@ellsworthvane.com.

Signal Grid research, 24 September 2026

These panels are paid placement.