Terms of Service

In these Terms:

• "Account" means a simulated trading account you hold in the Program, of any type or size.
• "Evaluation Account" means an Account that must meet the evaluation criteria in the Program Rules before it is funded.
• "Rapid Account" means an Account that is funded from the day it is issued, without an evaluation.
• "Fee" means the one-time price you pay for an Account, as shown at checkout.
• "Program Rules" means the account terms, risk limits, payout terms, and other rules we publish for each Account type and size, as updated from time to time.
• "Trade Idea" means any order, position, strategy, signal, or other trading input you submit through an Account.
• "Vig" means Graybook's AI quant features, in every tier, including Vig Lite and Vig Pro.
• "Platform" means the Graybook trading application, including its charts, order tools, Graybook Script, and indicator conversion tools.

To use the Services you must be at least 18 years old (or the age of majority where you live, if higher) and able to form a binding contract. You may not use the Services if you are located in, or a resident of, a country or region where the Program is prohibited or restricted, or if you are the subject of sanctions administered by the United Nations, the United States, the European Union, the United Kingdom, or any other applicable authority.

We may decline to offer the Services, or any Account type, to anyone, in any location, at our discretion. We may require you to confirm your eligibility at any time, including before any payout.

The Program is a simulated trading environment. You do not trade live capital, and you do not control, open, or hold a brokerage or exchange account through us. Every balance, position, profit, loss, buying power figure, and other result shown in an Account is notional and exists only for measuring performance and calculating compensation.

Simulated balances cannot be deposited, withdrawn, transferred, redeemed, or used to acquire assets. You do not owe us simulated losses or negative balances because you participate in the Program. Only compensation earned under Section 8 can become payable to you.

Nothing in the Services is investment, financial, legal, or tax advice, or a recommendation to buy or sell any asset. Past simulated performance does not indicate future results, simulated or live.

You must give us accurate, current, and complete information when you register and keep it up to date. Each person may hold only one Graybook profile. You may not share, sell, transfer, or let anyone else trade your Accounts.

You are responsible for keeping your login credentials secure and for all activity under your profile. Tell us immediately at techops@graybook.co if you suspect unauthorized access.

We may ask you to verify your identity, address, age, or the source of a payment at any time, and we will require identity verification before paying out compensation. If you do not complete verification, we may suspend your Accounts and withhold payouts until you do.

We currently offer two types of Account, each in sizes from $1,000 to $100,000 of simulated buying power:

• Evaluation Accounts. An Evaluation Account is funded once you meet the evaluation criteria in the Program Rules. At the time of writing these are a 10% profit target, a 5% static maximum loss, a 10% trailing daily maximum loss, and a minimum of 2 trading days. An Evaluation Account does not pay out while it is being evaluated; once funded, it earns an 80% profit split, payable every 5 trading days, and includes Vig Lite.
• Rapid Accounts. A Rapid Account is funded from the day it is issued, with no evaluation and no profit target. At the time of writing it has a 4% static maximum loss and no daily loss limit, earns a 90% profit split payable on demand, and includes Vig Pro.

The Program Rules published on our website at the time you buy an Account apply to that Account and prevail over any summary in these Terms. We may change the Program Rules, Account types, sizes, and prices for future purchases at any time. We may also require, change, or waive an evaluation for any user or offering, in whole or in part, and are not required to continue any waiver for future enrollments.

Passing an evaluation is not guaranteed. Waiving an evaluation does not waive identity checks, risk limits, conduct rules, or payout conditions.

Each Account has a one-time Fee, shown at checkout. Fees are payment for access to the Program; they are not deposits, margin, or capital, and they are never traded.

Card payments are processed by our third-party payment processors under their own terms. Crypto payments must be made in the coin, on the network, and for the exact amount shown at checkout, to the address shown, before the checkout expires. A checkout stays open for 10 minutes; after that its quoted amount and address are no longer valid. Payments sent late, on the wrong network, to the wrong address, or for the wrong amount may not be credited and may be impossible to recover. You are responsible for any network or transaction fees.

Refunds. Fees are nonrefundable once participation begins — that is, once you place a trade in an Account or, for a Rapid Account, once the Account is issued — except where applicable law requires otherwise. If you have not begun participating, you may request a refund by contacting techops@graybook.co. Promotional codes have no cash value, cannot be combined unless we say so, and may be withdrawn at any time.

Every Account is subject to the risk limits in the Program Rules for its type and size. If an Account breaches a limit, such as its maximum loss or daily loss limit, the Account ends and any open positions are closed. A breached Account cannot be reinstated, and its Fee is not refunded.

The Program offers perpetual futures on more than 100 symbols across index futures, commodities, U.S. equities, crypto, and forex. Simulated prices reference official market data from the exchanges we use, but are not guaranteed fill prices.

The Program trades 24 hours a day, 7 days a week. When an underlying market is closed, such as over a weekend or a holiday, its perpetual continues to trade and its price may drift from the last official price. When the underlying market reopens, we anchor the perpetual's price back to its official exchange price. This adjustment can move prices sharply and may close positions at their stop, take-profit, or maximum-loss levels.

We may correct, cancel, or adjust simulated trades and results affected by erroneous prices, data feed errors, outages, or other technical faults.

A funded Account may earn compensation calculated from its simulated performance at the profit split, and on the schedule, set in the Program Rules for that Account. Compensation is a fee we pay you for your Trade Ideas under the Program; it is not a share of profits from any live trade made for your account.

Before any payout we may require identity verification and a review of the Account's activity for compliance with these Terms and the Program Rules. We may delay a payout while a review is pending and may withhold or reverse compensation earned through a breach of these Terms or the Program Rules.

Payouts are made by the methods we offer at the time. You are responsible for any taxes on compensation you receive and for providing any tax information we reasonably request.

Trade Ideas are nonbinding inputs to the simulation, not instructions to make live trades. We and our affiliates may use, modify, or disregard any Trade Idea at our sole discretion; may record a simulated result without making any live trade; and may independently trade or hedge for our own accounts, with our own capital, on venues and with counterparties we choose.

We do not act as your broker, agent, or intermediary. You cannot direct or require any live trade or hedge, or determine its timing, size, or routing, and you may not know whether or how we use a Trade Idea. Our trading may affect prices or liquidity. We may receive fees, trading incentives, or rebates that we keep and do not include in your results or payouts. These arrangements may create conflicts of interest.

The simulation models market conditions and may apply spreads, slippage, latency, partial fills, liquidity limits, and other effects that occur in real trading. Simulated systems may contain errors or delays and may not reflect real market conditions.

We will run the simulation in good faith for legitimate modeling, risk management, and Program integrity purposes. We will not selectively worsen your fills or results because you are profitable, or manipulate settings or results to cause an Account to fail or to avoid paying compensation that is due.

Vig, Graybook's AI quant, can help you write, convert, verify, and explain trading scripts and strategies. Evaluation Accounts include Vig Lite and Rapid Accounts include Vig Pro; the features and usage limits of each tier are described on our website and may change.

Vig's output is generated automatically, may be incomplete or wrong, and is not financial advice. You are responsible for reviewing anything Vig produces before you rely on it, including any script converted or fixed by Vig. To provide Vig, we send the scripts, code, and prompts you submit to third-party AI service providers for processing, as described in our Privacy Policy. Do not submit anything to Vig you are not entitled to share.

You may not, and may not help anyone else to:

• hold more than one Graybook profile, or use multiple profiles, accounts, or identities to get around Account limits or Program Rules;
• let anyone else trade your Accounts, trade someone else's Accounts, or use account management or passing services;
• copy, mirror, or coordinate trades across Accounts held by different people, or hedge positions across Accounts, to reduce risk or guarantee a payout;
• exploit price errors, stale or delayed prices, data feed faults, latency, the weekend reopening adjustment, or any other flaw in the simulation;
• use bots, automation, or third-party tools to trade, except tools we provide or expressly approve;
• submit Trade Ideas to manipulate, or attempt to manipulate, the price, liquidity, or volume of any instrument, in the Program or elsewhere, or trade elsewhere to profit from our expected use of Trade Ideas;
• provide false or misleading information, including during identity verification;
• make fraudulent payments or chargebacks, or use payment methods you are not authorized to use;
• interfere with, probe, scrape, reverse engineer, or compromise the Services or their security; or
• use the Services in breach of any law, including sanctions, anti-money-laundering, and securities and derivatives laws.

If we reasonably believe you have engaged in prohibited conduct, we may suspend or end your Accounts, withhold or reverse compensation earned through that conduct, and keep any Fees, in addition to our other rights under these Terms.

The Services, including the website, the Platform, Graybook Script, Vig, and all related software, content, and branding, belong to us or our licensors and are protected by intellectual property laws. We grant you a limited, personal, non-exclusive, non-transferable, revocable license to use the Services under these Terms.

Scripts and strategies you create remain yours. You grant us a worldwide, royalty-free license to host, process, and use them as needed to operate and improve the Services. If you send us feedback or suggestions, we may use them without any obligation to you.

The Services rely on third parties, including market data providers, exchanges, payment processors, identity verification providers, wallets and blockchain networks, AI service providers, and community platforms. We do not control these third parties and are not responsible for their services, availability, or acts. Your use of a third-party service may be governed by its own terms and privacy policy.

You may stop using the Services at any time. We may suspend or terminate your access, or any Account, if you breach these Terms or the Program Rules, if required by law, or if we reasonably believe it is necessary to protect the Program, other users, or us. We may also discontinue the Program or any part of it; if we discontinue an Account type, we will honor compensation already earned and payable under the Program Rules.

Sections that by their nature should survive termination, including those on fees, intellectual property, disclaimers, liability, indemnity, and disputes, survive.

The Services are provided "as is" and "as available." To the maximum extent permitted by law, we disclaim all warranties, express or implied, including warranties of merchantability, fitness for a particular purpose, accuracy, and non-infringement. We do not warrant that the Services, market data, or Vig will be uninterrupted, timely, secure, or error-free.

To the maximum extent permitted by law, we will not be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or for any loss of profits, revenue, data, or goodwill, arising out of or relating to the Services or these Terms.

To the maximum extent permitted by law, our total liability for all claims arising out of or relating to the Services or these Terms is limited to the Fees you paid us in the 12 months before the event giving rise to the claim. Some jurisdictions do not allow these limitations, so they may not all apply to you.

You agree to indemnify and hold harmless Graybook, our affiliates, and our and their officers, directors, employees, and agents from any claims, losses, liabilities, and expenses (including reasonable legal fees) arising out of your breach of these Terms or the Program Rules, your misuse of the Services, or your violation of any law or third-party right.

Please contact techops@graybook.co with any billing concern before disputing a charge. If you raise a chargeback we believe is knowingly false or abusive, we may dispute it using evidence of the Services provided, suspend or terminate your Accounts, and seek to recover the amount charged back and our related costs. Nothing in this section limits any good-faith billing dispute right you have under applicable law or card network rules.

Before starting any formal proceeding, you agree to contact us at legal@graybook.co and try to resolve the dispute informally for at least 60 days.

If the dispute is not resolved, it will be finally settled by binding arbitration administered by the American Arbitration Association under its rules, seated in Wyoming, and conducted in English. Either party may bring an individual claim in small claims court where it qualifies, and either party may seek urgent injunctive relief from a court to protect intellectual property or confidential information.

To the maximum extent permitted by law, you and we agree that disputes will be resolved only on an individual basis, not as a plaintiff or class member in any class, collective, or representative proceeding, and you and we each waive any right to a jury trial.

These Terms and any dispute between you and us are governed by the laws of the State of Wyoming, United States, without regard to its conflict-of-laws rules, except where the law of your country of residence mandatorily applies.

We may update these Terms from time to time. We will post the updated Terms here and change the "Last updated" date above, and for material changes we will give you notice through the Services or by email. Changes apply from the date they are posted, except that they will not apply to disputes already pending. If you keep using the Services after a change, you accept the updated Terms.

Our Privacy Policy explains how we collect, use, and share personal information when you use the Services. It forms part of these Terms.

These Terms, the Program Rules, and our Privacy Policy are the entire agreement between you and us about the Services. If any provision is found unenforceable, the rest remains in effect. Our failure to enforce a provision is not a waiver. You may not assign these Terms without our consent; we may assign them in connection with a merger, acquisition, or sale of assets. If these Terms are translated, the English version controls.

Questions about these Terms can be sent to legal@graybook.co. For account and billing support, contact techops@graybook.co.