Terms of Service

These Terms of Service (hereinafter referred to as the “Terms” or the “Agreement”) constitute a legally binding agreement between you (referred to herein as “you,” “your,” or “User”) and Grey(H)edge Ltd, a BVI business company incorporated under the laws of the British Virgin Islands with company number 2184142 (referred to herein as the “Company,” "Liminal", “we”, “us” or “our”).

This Agreement governs your access to and use of the website located at https://liminal.money/, any related mobile or web applications, the underlying smart contracts, application programming interfaces (APIs), and all associated content, functionalities, and services made available by the Company (collectively, the “Services”). The Services provide, among other things, access to the following services:

"Liminal Customized": a Hyperliquid-native product: an individualized, automated delta-neutral strategy where each User operates through a fully isolated account on Hyperliquid supporting both the regular mode and self-custody mode. The features, benefits, deposit and withdrawal methods and security & risk considerations, and certain other matters associated with, Liminal Customized are described further within the following webpage and subpages which also form part of these Terms (which may be updated from time to time): https://docs.liminal.money/liminal-customized

"Liminal Tokenized": omnichain OFTs tokens that represent a share in a pooled delta-neutral strategies running on Hyperliquid for a specific asset. The User deposits stablecoins into this pooled strategy ("Strategy") and receives xTokens in return. The features, benefits, deposit methods, minting, redeeming and bridging, composability including unlocking additional yields and utility security & risk considerations, and certain other matters associated with, Liminal Tokenized are described further within the following webpage and subpages which also form part of these Terms (which may be updated from time to time): https://docs.liminal.money/liminal-tokenized-xtokens

BY ACCESSING, CONNECTING A DIGITAL WALLET TO, DEPOSITING OR WITHDRAWING ASSETS, EXECUTING ANY TRANSACTION, MINTING OR TRANSFERRING XTOKENS, OR OTHERWISE INTERACTING WITH THE SERVICES OR THE PROTOCOL IN ANY MANNER, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND UNCONDITIONALLY AGREE TO BE BOUND BY THE ENTIRETY OF THESE TERMS, INCLUDING ANY AND ALL DOCUMENTS, POLICIES, AND RISK DISCLOSURES INCORPORATED HEREIN BY REFERENCE, INCLUDING OUR PRIVACY POLICY, WHICH EXPLAINS HOW WE COLLECT AND USE YOUR INFORMATION, AVAILABLE AT https://liminal.money/privacy-policy. IF YOU DO NOT AGREE TO THESE TERMS, YOU ARE PROHIBITED FROM ACCESSING OR USING THE SERVICES.

For the purpose of clarity and to prevent ambiguity, the following terms shall have the meanings ascribed to them below. Other words and terms are defined throughout this Agreement.

"xTokens": Refers to a transferable cryptographic token, xTokens (e.g. $xHYPE, $xBTC, $xETH, minted to a User upon depositing digital assets (i.e. stablecoins) in connection with Liminal Tokenized. The xToken serves as a claim on a proportional share of the digital assets held within that specific Strategy and may be provided for such underlying assets subject to the conditions of the Protocol or as may be applicable from time to time. The value of a xToken is not guaranteed and is subject to market and protocol-related risks.

"Protocol": Refers to the complete set of smart contracts, rules, standards, and procedures that govern the operation of the Strategy and the Services, including the interaction between Users, the Strategy, and xToken, and the Services.

Acceptance and Modification of Terms

Your access to and use of the Services is expressly conditioned on your acceptance of these Terms. Any interaction with the Protocol, the Services or us, including but not limited to connecting a digital wallet, depositing or withdrawing assets, executing any transaction, minting or transferring xTokens, or otherwise interacting with the Protocol or Services in any manner, constitutes your full, unconditional, and legally binding acceptance of this Agreement in its then-current form.

We reserve the right, in our sole and absolute discretion, to amend, revise, or update these Terms at any time. All modifications will be effective immediately upon being posted on our website or within, if applicable, the relevant application interface. We will update the “Last Updated” date at the beginning of this Agreement to reflect the date of such changes.

The responsibility to review these Terms periodically for any updates or changes rests solely with you. The Company is under no obligation to provide individual notice of such modifications. Your continued use of the Services following the posting of any revised Terms shall constitute your conclusive acceptance of and agreement to be bound by such changes. If you do not agree with any modification to these Terms, you must immediately cease all access and use of the Services.

Eligibility and User Representations

The Services are intended solely for users who meet specific eligibility criteria. By accessing or using the Services, you represent, warrant, and covenant that:

You are at least 18 years of age or the age of legal majority in your jurisdiction, whichever is greater, and you have the full right, power, and authority to enter into and comply with the obligations of this Agreement.

You are not a citizen or resident of, nor are you located in, or accessing the Services from, any jurisdiction where your access to or use of the Services would be illegal or otherwise violate any applicable law. This includes, but is not limited to, any state, country, or territitory designated as a "Restricted Jurisdiction." A "Restricted Jurisdiction" is defined as any jurisdiction subject to comprehensive economic sanctions administered by the Office of Foreign Assets Control (OFAC), the Financial Action Task Force (FATF), the United Nations, or other relevant authorities, as well as any jurisdiction where the use of decentralized finance protocols or cryptographic assets is prohibited or requires specific licensing that the Company does not hold.

The burden of compliance with local laws and regulations rests exclusively with you. You are solely responsible for determining whether your use of the Services is compliant with all applicable laws, regulations, and reporting requirements in your jurisdiction of residence and citizenship. The Company makes no representation or warranty regarding the legality of the Services in any specific jurisdiction and does not guarantee its availability or legality universally.

Furthermore, you represent and warrant that:

• You are not, and are not acting on behalf of, any person or entity that is a specially designated national, blocked person, or otherwise subject to any sanctions or embargoes administered by any applicable governmental authority ("Restricted Person").
• You are not, and are not acting on behalf of, any person or entity that is resident of a Restricted Jurisdiction.
• You will not use the Services for any illegal, fraudulent, or malicious purpose, including but not limited to money laundering, terrorist financing, or violating any applicable anti-corruption laws.
• Any and all information you may provide to the Company in connection with any compliance or verification process will be true, accurate, and complete.

User Control, xTokens and Reliance on Third-Parties

User Control

In connection with the Services:

• you are solely responsible for safeguarding your private keys, passwords, and seed phrases – the loss of these credentials will result in the permanent and irreversible loss of your assets; and
• are responsible for performing your own due diligence and accepting the risks associated with any the provision of the Services. It is your duty to actively monitor the performance of the Services, including with respect to Liminal Customized and Liminal Tokenzied.

xTokens

The xTokens you receive upon depositing assets in connection with Liminal Tokenized serves as a verifiable, on-chain representation of your proportional beneficial interest within a Strategy. It is crucial to understand that xTokens, by themselves, do not represent any equity, ownership, profit-sharing, or governance rights in the Company entity itself.

Reliance on Third-Party Infrastructure and Services

The functionality, availability, and security of the Services are fundamentally dependent on underlying infrastructure and services provided by third parties, over which the Company has no control.

The Company is not liable for any failures, disruptions, or vulnerabilities of this third-party infrastructure. This includes but is not limited to events such as blockchain forks, 51% attacks, network congestion, oracle failures, or bugs in the underlying blockchain's client software. By using the Services, you acknowledge and accept that the Services' performance is contingent upon these external dependencies.

Risk Disclosures

The risks disclosures contained in section 4 of the Agreement are in addition to those contained in security & risk considerations sections of the webpages covering Liminal Customized and Liminal Tokenized.

No Financial Advice, No Fiduciary, No RIA, No Broker-Dealer, No Custody

All information, data, and content provided through the Services are for informational purposes only and should not be construed as investment advice, financial advice, trading advice, or a recommendation or solicitation to buy, sell, hold, or otherwise transact in any digital asset or to engage with the Services in any way. The Company is a technology provider, not a financial advisor or any of type of person providing advisory services. You should not make any financial or other decisions based on the information presented through the Services without conducting your own independent due diligence and consulting with a qualified professional financial advisor.

We are not your broker, intermediary, agent, advisor, or fiduciary. We do not provide investment advice or solicit transactions. No communication or information provided by us shall be considered a recommendation or advice.

No Insurance of Deposit Protection

Digital assets (inlcuding xTokens and assets deposited in connection with the Services) are not legal tender and are not covered by deposit, investor-protection, or insurance schemes.

Inherent Risks of Cryptographic Assets

The digital assets you may deposit in connection with the Services are subject to inherent risks common to the cryptocurrency market. These include, but are not limited to, extreme price volatility, where the value of assets can fluctuate dramatically and unpredictably, potentially resulting in a total loss of all your principal. The market is also susceptible to manipulation, irrational sentiment, and a general lack of the regulatory oversight and investor protections found in traditional financial markets.

Some additional risks concerning digital assets and wallets are set out below.

• Loss of Private Keys: If you lose your private keys or the seed phrase used to recover your wallet, you will permanently and irreversibly lose access to your digital assets. There is no central authority or support service that can help you recover them.
• User Error: Any mistake made by you, such as sending assets to an incorrect blockchain address or interacting with a malicious contract, is irreversible. The Company cannot undo or reverse such transactions.
• Phishing and Social Engineering: You are a target for sophisticated phishing attacks, scams, and other forms of social engineering designed to trick you into revealing your private keys or authorizing malicious transactions. You must remain vigilant against such threats.

Smart Contract and Protocol Risk

The Services and the underlying Protocol are based on complex, open-source smart contract code, both developed by the Company and/or by third parties. While security audits and best practices may be implemented, there is an inherent risk of bugs, vulnerabilities, flaws, or exploits within any smart contract code. Such vulnerabilities could be exploited by malicious actors, potentially leading to a partial or total loss of all assets held within the Protocol's smart contracts or any third-party smart contracts with which the Vaults interact. You acknowledge that this risk is a persistent and significant threat in the DeFi ecosystem.

Strategy and Vault-Specific Risks

Each Strategy executes a specific strategy, and each strategy carries its own unique set of risks. There is no guarantee of any returns, rewards, or yield. Any projected returns are estimates and not guaranteed. These risks may include, but are not limited to:

• Underlying Protocol Risk: strategies may interact with or deploy assets to various external third-party protocols. By engaging a Strategy, you are exposed to the risks of all such underlying protocols, including smart contract failures, exploits, or economic instability of those protocols.
• Liquidation Risk: Strategies that employ leverage or borrowing are subject to liquidation risk, where a sudden drop in the value of collateral could lead to its forced sale and a significant loss of principal.
• Slashing Penalties: Strategies that involve staking assets are subject to slashing penalties, where a portion of the staked assets can be forfeited.
• Strategy Failure: A strategy may be poorly designed, underperform, may be subject to asset loss, or may fail entirely due to flawed logic or unforeseen market conditions.
• Withdrawal Waiting Period: Withdrawals assets from Strategies are not always instant and can be subject to minimum waiting or processing periods. These periods will be displayed on the Company website or app. The actual waiting periods may end up being significantly longer depending on the liquidity of the underlying strategies.
• Airdrops, Forks, Unsupported Assets: We have no obligation to support any airdrop, fork, token migration, or unsupported asset sent to a Strategy. Assets sent to incorrect chains or contract addresses may be irrecoverable.
• Adverse Transaction Terms and Delays: Transactions may be re-ordered, front-run, delayed, censored, fail, or be included on adverse terms due to various factors including chain congestion. Gas fees are non-refundable.
• Conflicts of Interest: third-parties associated with providing the Services and their affiliates may hold positions in assets referenced by a Strategy and earn fees from the same. No duty to avoid conflicts is assumed, and no best-execution obligation is undertaken.
• No Obligation to Maintain or Support: We may, as necessary or required in conjunction with certain third-parties, modify, discontinue, or remove a certain feature, strategy, or Strategy at any time. We have no obligation to provide support, updates, or to continue operating the Service.

xToken Risks

The xTokens introduce an additional layer of specific risks:

• De-Pegging Risk: While an xToken represents a beneficial interest in underlying assets, its market price on secondary markets (if any) is determined by supply and demand. There is a significant risk that the xToken could trade at a discount to the net asset value of the underlying assets (a "de-peg"). This can be caused by a lack of liquidity, a sudden loss of confidence in the Protocol or its strategies, or broader market panic.
• Liquidity Risk: The Company does not guarantee that a liquid or efficient market will exist for any xToken. You may find it difficult or impossible to sell your xToken at your desired price, or at all, particularly during times of market stress.
• Oracle Risk: We make no representation as to the accuracy, timeliness, or continuity of any price feed or data source. You assume all risk of inaccurate data, stale updates, manipulation, or outages.
• Composability and Contagion Risk: A core feature of xTokens is their ability to be used in other DeFi protocols ("composability"). When you use your xToken in any external protocol, you are exposed to the full spectrum of risks of that external protocol. A failure or exploit in that third-party protocol could result in the total loss of your xToken. The Company's responsibility for the xToken ends at the boundary of its own smart contracts.

Regulatory and Legal Risks

The legal and regulatory framework governing decentralized finance and digital assets is highly uncertain, subject to change, and varies significantly across jurisdictions. Future laws, regulations, or judicial interpretations could adversely affect the operation of the Protocol, restrict your ability to access or use the Services, or change the tax treatment of your transactions.

Third-Party Risks

As stated previously, you bear the full risk of failure, negligence, or malicious action on the part of the third-parties associated with, or providing services in connection with, the Services. You also bear the full risk of failure, negligence or malicious action on the part of any other third-parties who may, from time to time, be involved in certain aspects of the Services. The Company does not control or guarantee the performance of these third parties.

User Conduct and Responsibilities

Responsibility for Wallet Security

You are solely and entirely responsible for all activities that occur under your digital wallet address when interacting with the Services. You are responsible for implementing all reasonable and appropriate measures for securing the wallet, private key(s), password(s), seed phrase(s), and any other credentials you use to access the Services.

Compliance with Laws and Taxation

You agree to use the Services only for lawful purposes and in a manner that does not violate the rights of, or restrict or inhibit the use and enjoyment of the Services by, any third party. You are solely responsible for ensuring that your use of the Services is in compliance with all laws, rules, and regulations applicable to you.

Furthermore, you are solely responsible for determining the tax implications of your transactions and use of the Services. This includes determining what, if any, taxes apply to your depositing of assets, receipt of yield, minting and disposal of xTokens, and any other transactions. It is your sole responsibility to report and remit the correct tax to the appropriate tax authority. The Company does not provide tax advice and has no obligation to report on your behalf.

Prohibited Activities

In connection with your use of the Services, you agree that you will not, directly or indirectly, nor allow any third party to:

• Engage in any activity that is unlawful, fraudulent, deceptive, or harmful.
• Attempt to compromise the security or integrity of the Services, including by deploying viruses, launching denial-of-service attacks, or attempting to bypass any security measures.
• Use any automated means, such as robots, spiders, or scrapers, to access the Services for any purpose, including monitoring or copying any of the material on the website, without our prior written consent.
• Engage in any activity that could disable, overburden, damage, or impair the functioning of the Services.
• Impersonate or attempt to impersonate the Company, another User, or any other person or entity.
• Use the Services to engage in any form of market manipulation.
• Violate the intellectual property rights of the Company or any third party.
• Use the Services in violation of applicable export control or sanctions laws or for prohibited end-uses. Mixers/tumblers, knowingly obfuscating proceeds of crime, ransomware flows, sanctioned addresses, and privacy-enhancing technologies used to evade sanctions are prohibited.

Right to Restrict Access

Notwithstanding any other provision of these Terms, the Company reserves the right, in its sole and absolute discretion, without notice and for any reason, to suspend, terminate, or otherwise restrict your access to the Services. This may include, but is not limited to, blocking wallet addresses from interacting with the Protocol or blocking the provision of xTokens for the underlying assets if the Company determines, in its sole judgment, that such addresses are associated with a breach of these Terms, illicit activities, sanctions violations, or pose an unacceptable level of risk to the Company or the Protocol. You agree that the Company will not be liable to you or to any third party for any such suspension, termination, or restriction of access

Fees

Your use of the Services are subject to certain fees and charges ("Fees") including but limited to fees associated with Liminal Customized and Liminal Tokenized such as: performance fees; builder fees; deposit and withdrawal fees; redemption fees; trading and execution fees on Hyperliquid; blockchain transaction fees; and other fees and charges which may apply from time to time.

The current Fees are set out on Liminal website including on: https://docs.liminal.money/more/fees and where relevant may be charged / deducted automatically. All Fees are non-refundable, final, and irreversible.

The Company retains the right to change the Fees (including for the avoidance of doubt, the amount of the particular fees charged) at any time with such change(s) being effective upon us providing five (5) days' notice to you. The 'notice' contemplated in the preceding sentence will be provided by updating the Fees specified on our website.

Intellectual Property Rights

You acknowledge and agree that the Company (or, as applicable, its licensors) owns all legal right, title and interest in and to all elements of the Services, and all intellectual property rights therein (including, without limitation, all designs, systems, methods, information, computer code, software, services, website design, "look and feel", organization, compilation of the content, code, data and database, functionality, audio, video, text, photographs, graphics, and all other elements of the Services (collectively, the "Materials")). All Materials are the intellectual property of the Company or its licensors, and all trademarks, service marks, and trade names associated with the Services or otherwise contained in the Materials are proprietary to the Company or its licensors.

We grant you a limited, non-exclusive, non-transferable, non-sublicensable, and revocable license to access and use the Services for your personal, non-commercial use, strictly in accordance with these Terms. This license does not grant you any rights to our intellectual property except as expressly stated. You agree not to, and not to permit any third party to, copy, modify, create derivative works of, reverse engineer, decompile, or otherwise attempt to extract the source code of the Services or any part thereof.

Regulatory Considerations

The Company makes no representation that the Services, the Protocol, the Strategies, or the xTokens are compliant with the laws of any jurisdiction. You are solely responsible for compliance with all laws applicable to you. The Company does not represent that any xToken constitutes a security or any other regulated financial instrument. However, the legal and regulatory treatment of digital assets is uncertain and may change. If a competent authority determines that an xToken constitutes a security or regulated instrument in your jurisdiction, you agree to immediately cease all use of such xToken and the Services.

Disclaimers, Limitation of Liability, and Indemnification

"AS IS" and "AS AVAILABLE" Disclaimer

To the fullest extent permitted by applicable law, the Services and any information or materials provided therein are provided on an “as is” and “as available” basis, without warranties of any kind, either express or implied. The Company and its affiliates and licensors expressly disclaim all warranties, whether express, implied or statutory, regarding the Services, including without limitation any warranty of merchantability, fitness for a particular purpose, title, security, accuracy and non-infringement.

The Company does not represent or warrant that the Services or any information contained therein will be accurate, complete, reliable, current, error-free, secure, or uninterrupted. we do not guarantee that any defects will be corrected or that the Services are free of viruses or other harmful components. You assume full responsibility and risk of loss resulting from your use of the Services.

Limitation of Liability

To the fullest extent permitted by applicable law, you understand and agree that in no event shall the Company, its directors, employees, affiliates, agents, developers, or licensors be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, or any loss of profits, revenues, use, goodwill, or data, whether incurred directly or indirectly, or any other intangible losses, however arising, that result from:

(a) your access to, use of, or inability to access or use the Services;

(b) any conduct, performance, or content of any third party or other Users;

(c) any smart contract bugs, hacks, exploits, or other security failures;

(d) any volatility or loss in value of your digital assets or xTokens (including those due to oracle failures, loss from slashing, liquidation, de-pegs, impermanent loss, poor performance or capital loss of the underlying strategy);

(e) unauthorized access, use, or alteration of your transactions or data; or

(f) any other matter relating to the Services.

This limitation of liability applies regardless of the legal theory on which the claim is based, whether contract, tort (including negligence), strict liability, or otherwise, even if the Company has been advised of the possibility of such damages.

In no event shall the aggregate liability of the Company, its affiliates, and licensors arising out of or relating to these Terms or the Services exceed the greater of (a) one hundred US dollars (USD $100) or (b) the aggregate amount of fees you actually paid to us under these terms in the six (6) month period preceding the date the claim arose.

Some jurisdictions do not allow certain warranty disclaimers or limitations on liability. Only disclaimers or limitations that are lawful in the applicable jurisdiction will apply to you and our liability will be limited to the maximum extent permitted by law.

Indemnification

You agree to defend, indemnify, and hold harmless the Company and its officers, directors, employees, affiliates, agents, and licensors from and against any and all claims, damages, obligations, losses, liabilities, costs, debts, and expenses (including but not limited to attorney's fees) arising from: (i) your use of, access to, or activities in connection with the Services; (ii) your violation of any term of this Agreement; (iii) your violation of any applicable law, rule, or regulation, or the rights of any third party; (iv) any content or information you submit, post, or transmit through the Services; or (v) any other party's access and use of the Services with your wallet or credentials.

Third-Party Services, Integrations and Links

The Services may contain links to third-party websites, applications, or services, and may allow for integrations with other protocols or platforms that are not owned or controlled by the Company (collectively, "Third-Party Services"). You acknowledge and agree that we are not responsible for the availability of any Third-Party Services, and that we do not endorse any advertising, products or other materials on or made available from any Third-Party Services. Your use of any Third-Party Service is at your own risk, and you are subject to the terms and conditions and privacy policies of that third party. You expressly relieve the Company from any and all liability arising from your use of any Third-Party Service.

Limited Access

The Company reserves the right to offer the Services, or certain features of the Services, on a limited basis. This may include, but is not limited to, private access, "beta" testing periods, or access restricted to a select group of users. All provisions of these Terms shall apply with full force and effect to any user granted such limited access. The Company makes no guarantees about the future availability of any features offered during a limited access period.

General Provisions

Governing Law

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the laws of the British Virgin Islands, without regard to conflict of law provisions.

Dispute Resolution and Arbitration

Any dispute, claim, or controversy arising out of or relating to this agreement or the breach, termination, enforcement, interpretation, or validity thereof, shall be determined by binding arbitration. The arbitration shall be seated in the British Virgin Islands and administered pursuant to the UNCITRAL arbitration rules in effect at the time of the arbitration. The tribunal shall consist of one arbitrator. The language of the arbitration shall be English. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.

You agree that any and all disputes must be brought in your individual capacity and not as a plaintiff or class member in any purported class or representative proceeding. You expressly waive your right to file a class action or seek relief on a class basis.

Force Majeure

Except as set out otherwise, we will be not liable for any loss caused directly or indirectly from circumstances not within our control, including but not limited to acts of God, government restrictions, exchange or market rulings, actions affecting securities, clearing or commodity exchanges including suspensions of trading or extensions of trading hours, dealing cut-off times and holidays, acts of civil or military authority, national emergencies, natural disasters, wars, riots or acts of terrorism, industrial disputes, acts or regulations of any governmental or supranational bodies and authorities or the failure or malfunction of any telecommunication or computer service.

Entire Agreement, Severability, No Waiver and Survival

• Entire Agreement: These Terms, together with any policies or documents incorporated by reference, constitute the entire agreement between you and the Company regarding the Services and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral.
• Severability: If any provision of this Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision will be modified to the minimum extent necessary to make it enforceable, and the remaining provisions will continue in full force and effect.
• No Waiver: The failure of the Company to exercise or enforce any right or provision of this Agreement will not constitute a waiver of such right or provision. Any waiver of any provision of this Agreement will be effective only if in writing and signed by the Company.
• Survival: The following sections shall survive termination of the Terms: Section 2 (Eligibility and User Representation); Section 5 (User Conduct and Responsibilities); Section 7 (Intellectual Property Rights); Section 9 (Disclaimers, Limitation on Liability and Indemnification); Section 12.1 (Governing Law); and Section 12.2 (Dispute Resolution and Arbitration).

Assignment

You may not assign or transfer any of your rights or obligations under this Agreement without our prior written consent. The Company may assign or transfer any or all of its rights under this Agreement, in whole or in part, without restriction.

Grievance and Complaint Redressal

Should you have any grievances or complaints regarding the Services, you may contact our us. Please direct all correspondence to [email protected]. Providing a point of contact does not constitute a commitment to any specific resolution or timeline.

Contact Information

If you have any questions about these Terms, please contact us at [email protected].

Last Updated: 21/11/2025