Please read this before you deposit.
Not boilerplate we hope you'll skip. The actual risks, described as plainly as we can manage.
Last reviewed: pre-launch draft
Read this first
Arbii is a pooled, non-custodial trading vault running a real trading strategy on real markets. It can lose money, including your entire deposit. This page exists so that isn't a surprise. If you only read one section, read Strategy risk and Custody model, precisely.
Not investment advice
Nothing on this site, in the Mini App, or from our support chat is investment, financial, legal or tax advice. Arbii is not a bank, broker-dealer, exchange, fund manager or investment adviser, and nobody working on Arbii will ever tell you how much to deposit or predict what you'll earn. Treat any message claiming otherwise, including one appearing to come from our support chat, as false.
Strategy risk
Arbii's strategy is delta-neutral funding-rate arbitrage: shorting a perpetual future while holding an equal long spot position, so that price moves largely cancel between the two legs and the funding payment is what's left. This captures a structural payment. It is not risk-free, and it is not a bet with a guaranteed outcome.
- Funding can flip. The rate that pays the strategy can compress or invert while a position is open, turning an expected payment into a cost.
- Basis risk. The two legs of a "neutral" position can diverge temporarily even when the trade is structurally sound.
- Liquidation risk. A sharp, fast move can pressure a thinly-margined perpetual leg before it can be adjusted.
- Spot liquidity. This is currently the weakest point in the trade. Hyperliquid's spot order books are materially thinner than its perpetual books, and this is being tested carefully with real capital before size is scaled up.
- Fee drag. Round-trip trading fees on both legs are a real cost at this return profile, not a rounding error.
- Capacity. Returns compress as more capital chases the same trade. The ceiling on how much this strategy can manage well is not yet known, which is why a deposit cap is enforced during the early phase.
Flat and losing months are a normal, expected feature of this strategy, not a sign something is broken. In a flat period you still pay membership and routing costs, with no performance fee to offset them because there's no profit to take a share of.
Smart contract risk
The vault and membership logic run as smart contracts. Even audited, tested code can contain bugs, and an independent security audit will be completed before the vault accepts external deposits. No audit reduces risk to zero, though. Risk limits (maximum leverage, maximum position size, an allowed-markets list, and a circuit breaker on rolling losses) are enforced in the contract itself, and a change to the performance fee or risk limits requires a 48-hour delay so depositors can exit first if they disagree with it.
Custody model, precisely
"Non-custodial" is accurate for the parts of this system that are actually on-chain: your funds sit in the vault contract, your withdrawal rights are enforced by that contract, and our backend holds no key capable of authorising a withdrawal on your behalf. Signing happens on your device, gated by a passcode or biometrics you control.
Here's the part we want to be precise about rather than gloss over: your wallet's key share is hosted by embedded wallet infrastructure that we operate as a centralised service, and key export is not available in this version of the product. That means your signing path depends on that infrastructure remaining available and in good standing. It is a real, singular dependency, not a decentralised one. "Fully decentralised" would be an inaccurate description of this system, and we're not going to use it.
The key share itself also lives in your device's browser-context storage rather than a hardware secure enclave, because a Telegram Mini App cannot reach device-level secure hardware. It can be cleared by your OS or by clearing Telegram's app cache. This is why a verified email and a separately-generated recovery code are both mandatory, not optional extras. Losing both would mean losing access to sign.
Pooled vault mechanics
Deposits are pooled into a single on-chain position. There is no per-user trade approval. When the vault opens, adjusts or closes a position, it affects every depositor at once. What you control is whether you're in, how much you commit, and when you leave; you do not control or approve individual trades.
No guarantee of returns
Any figures on this site described as illustrative or historical are exactly that: illustrative or historical. They are not projections, targets, or promises. Once the vault is live, real performance will be published as verifiable on-chain history, including losing periods, rather than a curated highlight reel.
Regulatory & jurisdiction
Arbii is not offered to residents of jurisdictions where accessing a product like this is restricted or prohibited by local law. Regulatory treatment of pooled crypto trading products varies by jurisdiction and continues to evolve; it is your responsibility to understand and comply with the law that applies to you. See the Terms of Use for the current eligibility position.
Changes to this disclosure
This page will be updated as the product evolves, particularly at mainnet launch once real operating data exists. Material changes will be announced through the Mini App and the Telegram notification channel.