Terms of use
Ithora is software that runs BTC Delta Neutral (BTC DN), a funding-rate carry, inside your own Hyperliquid account. It never holds your funds and never holds a key that can withdraw them. It is not investment advice.
1. What Ithora is
Ithora (“we”, “the service”) provides a calculator and a copilot for BTC Delta Neutral (BTC DN), a delta-neutral funding-rate carry on Hyperliquid: a spot position hedged with a short perpetual of the same asset. The copilot runs on our server. For your account it generates a trade-only agent key, which you approve on Hyperliquid with your own wallet. Orders are signed with that key on our server: the entries, exits and additions you ask for, and the defences in section 6. The key can place and cancel orders, set the short’s leverage and move USDC inside your account into the short’s margin, and nothing else. It cannot withdraw or transfer funds out, and our server never holds your wallet’s own key.
Your consent is recorded per feature, each with its own timestamp on our server, and asked again whenever the version at the top changes:
- Execution (asked before your first entry): the copilot places the orders you ask for from our server with the agent key: entries, exits, partial exits and margin additions.
- Automated execution (asked with it): the copilot also acts without a click per action, only in the cases listed in section 6. It never opens a position on its own.
- Saving (asked when you turn it on): the funding you have received is used to buy BTC spot in your account, in batches of at least the exchange’s minimum order. That BTC is not hedged, so its value moves with the BTC price. On an account whose USDC is kept in one pot, Ithora buys on its own once a batch is ready; otherwise you move the USDC to the spot side with your wallet first, and Ithora buys. Saved BTC is never sold by a close; it is sold only when you ask.
- Compounding (asked when you turn it on): the funding you have received is put back into your position at the end of each day (UTC) once at least $50 has gathered, as a top-up at the position’s leverage with the same orders and protection as an entry you place yourself. It needs an account that keeps its USDC in one pot. Turning compounding on turns saving off; funding goes one way.
2. Who may use it
- You are at least 18 years old and legally able to enter these terms.
- You are not located in, and not a resident of, a jurisdiction where using Hyperliquid or this service is prohibited, and you are not subject to sanctions.
- You are responsible for complying with your local law, including tax reporting on any funding income, interest and trading gains.
3. Not advice, no guaranteed returns
Nothing on this site is investment, financial, legal or tax advice. Funding rates change every hour and turn negative for weeks at a time. Past funding is not a forecast. The copilot only executes the fixed defences in section 6; Ithora does not decide when to enter, never re-enters after a stop, and does not predict the market. Any yield shown is an estimate from past or current funding, before costs unless it says otherwise, not a promise.
4. Risks you accept
- Negative funding. When funding turns negative, your short pays instead of receives. A hedged position loses money during such periods.
- Liquidation of the short leg. A hedge cancels price direction, not the margin on the perpetual. A sharp rise in price can liquidate the short and leave you with unhedged spot. Protective orders placed at entry reduce, but do not remove, this risk.
- Borrowing costs. In portfolio-margin mode the exchange lends you the margin and charges interest every hour. The interest rate rises steeply when the lending pool is heavily used.
- Exchange and bridge risk. Hyperliquid may halt, delist, change rules, reprice or lose funds. Deposits cross a bridge that can fail. Ithora has no control over any of this.
- Execution risk. One leg may fill without the other, spreads may widen, and fees and slippage may exceed the estimate.
- Software risk. This is beta software. It may contain defects, may pause automation, and may be withdrawn.
- Saved BTC. With saving on, part of your funding becomes BTC that is not hedged. Its value rises and falls with the BTC price, and a buy or sell pays the exchange’s spot fees and spread.
- Key custody risk. The agent key for your account is stored encrypted on our server. If that server or its secrets were compromised, an attacker could place orders in your account with it until you revoke it. It could not withdraw. Revoking the key on Hyperliquid ends that exposure at once.
- Automation risk. The defences in section 6 run on our server from data read every minute. A defect, an outage, a stale reading or a venue rejection can make them act late, not at all, or in a way you would not have chosen. The protection orders resting on the exchange are the last line, not Ithora.
5. Fees
Hyperliquid charges its own trading fees, funding and interest. Orders placed through Ithora carry a builder fee of 0.05% of notional on perpetual orders and on spot sells, paid to Ithora through Hyperliquid’s builder-code mechanism; you approve this fee once, on the exchange, before it applies. Spot buys carry no builder fee. There is no subscription and no fee on your funding: the builder fee is the only charge Ithora makes.
6. Your account and your keys
You alone control your Hyperliquid account and wallet. The trade-only agent key you approve can trade but cannot withdraw; you can revoke it from the dashboard once no position is open, or on Hyperliquid at any time, and the funds stay where they are.
While a position is open and the key is approved, the copilot acts on its own in exactly these cases: when the short’s distance to liquidation falls to 20%, it moves idle USDC from your account into the short’s margin to restore 30%; when no idle USDC is left and the distance reaches 12%, it stops earning and closes both sides. It tells you each time it acts, or tries and fails. It never opens a position, never re-enters after a stop, and never moves funds out of your account. Do not trade the coins the copilot manages by hand while a position is open: when the exchange stops matching its records the copilot pauses, including these defences, until you resume it.
With saving on, the copilot also buys BTC with funding it has received, as described in section 1, and keeps that BTC apart from the position: no close sells it, and the dashboard shows it as its own line. You can turn saving off at any time; what is waiting stays as USDC, and saved BTC stays until you sell it.
With compounding on, the copilot also puts funding it has received back into the position, as described in section 1: once per day (UTC), only when at least $50 has gathered, only into a position that is open, and never more than the USDC the account actually holds. Each top-up is an ordinary entry under the rules above and is written to your activity feed. You can turn compounding off at any time; what is waiting stays as USDC.
7. Data
We store your wallet address, the positions you asked the copilot to run, the saving buys and sells and the compounding top-ups it makes, the activity log it produces, and, if you give it, an email address or Telegram chat for alerts. We store the trade-only agent key for your account, encrypted, and use it only on our server; we never show it to anyone and never hold your wallet’s own key. We read your account through Hyperliquid’s public API. We do not sell personal data. Analytics on this site are aggregated.
8. Acceptable use
- Do not misrepresent where you live or who you are.
- Do not use the service for anyone other than yourself, or to manage funds you do not own.
- Do not attack, overload or reverse-engineer the service beyond what the law allows.
9. No warranty, limited liability
The service is provided “as is” and “as available”, without warranties of any kind. To the fullest extent the law allows, Ithora and its operator are not liable for any loss of funds, profits or data, or for indirect or consequential damages, arising from the service, the exchange, or your use of either. Where liability cannot be excluded, it is limited to the fees you paid to Ithora in the twelve months before the claim.
10. Changes and contact
We may change these terms; the version date at the top changes when we do, and the copilot asks you to accept the new version before your next entry. We may suspend or end the service at any time; your funds remain in your own account regardless. Questions: hello@ithora.io.