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Terms of service

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These terms describe what you are buying, what we owe you, and what happens when things go wrong. They are written to match the contract and the code, both of which you can read yourself.

1. What this service is

cats.fund sells evaluations: an assessment of simulated trading against a published rulebook. You pay a fee, you trade a simulated balance, and if you meet the target without breaching a risk rail, you become eligible for a payout in USDC.

Trading here is simulated throughout. No order you place reaches a trading venue. No market position is held on your behalf. No funds of yours are managed, invested, or exposed to a market.

The evaluation fee buys assessment against a rulebook. It is not an investment, not a deposit, and not a stake in a fund.

2. Eligibility

You must be at least 18 years old and legally able to enter this agreement where you live. You must not be resident in, or accessing this service from, a jurisdiction subject to comprehensive sanctions, and you must not appear on any applicable sanctions list.

You are responsible for whether using this service is lawful where you are. We do not give legal or tax advice.

3. The evaluation fee

The fee for each tier is displayed before you buy and is charged on chain by the openAccount function. Once an evaluation is opened, the fee is not refundable — the assessment you paid for begins immediately and is delivered whether you pass or not.

The rules that apply to your evaluation are fixed at the moment it opens. A later change to a tier does not alter an evaluation already running.

4. Rules and how a verdict is reached

Each tier publishes a virtual capital, a profit target, a maximum drawdown, a daily loss limit, a maximum position size, and a duration. Breaching a limit ends the evaluation. Meeting the target without breaching one passes it. The full parameters are on the rules page.

Verdicts are produced by a deterministic replay of your orders against recorded oracle prices. The same inputs always produce the same verdict, and the inputs are retained so the result can be re-derived. Verdicts are committed on chain inside a Merkle root, and any verdict can be checked against that root on the verification page.

5. Payouts

Passing an evaluation makes you eligible for a share of the simulated profit, at the split published for your tier. Eligibility is not payment: a payout is released only after

  • the verdict has been committed on chain and the dispute window has elapsed — the contract refuses a claim before then;
  • identity verification is complete, which we require before any funds are released; and
  • the treasury holds sufficient unreserved balance.

You claim a payout yourself, from your own wallet, by calling the contract. We do not hold your payout and cannot send it on your behalf.

Payouts are capped per tier by the contract. A payout is denominated in USDC on BNB Chain; we do not convert to any other asset or network.

6. Identity verification

Before a payout is released we require identity verification through a third-party provider. You can buy and trade an evaluation without verifying; you cannot be paid without it.

We may decline to release a payout where verification fails, or where we are legally prohibited from paying you. Where we decline for a legal reason we may be unable to explain why.

7. Fair use

You must not:

  • hold accounts under more than one identity, or coordinate accounts — your own or others' — to take positions that offset each other. Holding several evaluations at once under one verified identity is allowed;
  • exploit a defect in the pricing, the engine, or the interface rather than reporting it;
  • automate order submission at a rate designed to overload the service, or circumvent the published rate limits; or
  • misrepresent your identity, your jurisdiction, or the ownership of a wallet.

Where we find a breach we may void the affected evaluation and withhold the associated payout. We will tell you the reason unless prevented from doing so.

8. Availability and change

We do not guarantee uninterrupted availability. Market data, oracle prices, and the underlying chain are provided by third parties and can fail. Where an outage prevents you from trading we may extend an evaluation, at our discretion.

We may change these terms. Material changes will be announced before they take effect, and an evaluation already running keeps the terms it opened under.

9. Liability

The service is provided as it is. To the extent the law allows, we are not liable for lost profit, lost opportunity, or the consequences of a decision you made using this service. Nothing here excludes liability that cannot lawfully be excluded, including for fraud.

Our total liability to you is limited to the fees you have paid us in the twelve months before the claim.

10. Contact

Questions about these terms, a verdict, or a payout can be raised atsupport@cats.fund. Verdict disputes are best raised during the dispute window, while the on-chain resolution can still be reverted — once the window closes the payout is claimable and the verdict stands.