Terms of Use
Last updated October 29, 2026
noct lets you trade options, perpetual futures and predictions, share your trades, and copy other people’s. These terms explain the rules, the risks, and what noct is and isn’t responsible for. Please read them; the risks section especially.
Derivatives are high risk. You can lose all the money you put into a trade, and with leverage you can lose it quickly. Only trade with money you can afford to lose.
1. Who we are and what these terms cover
These terms are an agreement between you and noct (“we”, “us”). They cover the noct website and app at noct.trade, its share links and cards, and everything you do through them (together, “noct”).
By signing in, or by using noct to place a trade, you accept these terms and our Privacy Policy. If you don’t accept them, don’t use noct.
2. What noct is, and isn’t
noct is software: a trading terminal that places your orders on third-party exchanges (the venues): options on Derive, perpetual futures on Hyperliquid and predictions on Polymarket. It also lets you share trades and copy other people’s. Your trades are made on the venue, in an account there owned by your wallet, under that venue’s own terms and rules.
- noct never holds your money. Your funds sit in your own wallet and in your own accounts on the venues, which only your wallet controls. We can’t move, freeze or withdraw them. The only money noct sends is the rewards you claim.
- noct is not a broker, exchange, investment adviser or bank. We don’t execute, clear or settle trades, and we don’t act for you or on your behalf. We aren’t your fiduciary.
- Nothing on noct is advice. Prices, payouts, chances, sentences, theses, leaderboards and other people’s trades are information, not recommendations. Decide for yourself, and get your own financial, legal and tax advice.
3. Who can use noct
You can use noct only if all of these are true:
- You are at least 18 and old enough to enter a binding contract where you live.
- You are not a resident, citizen or located in a country or region where noct, the venue or the product you’re using is not offered, including the United States and any comprehensively sanctioned country or region. noct shows which products are available where you are and refuses orders from places where they aren’t.
- You are not on, or owned or controlled by anyone on, a sanctions list kept by the United Nations, the United States, the European Union, the United Kingdom or any other relevant authority.
- Using noct and trading derivatives is legal for you where you live, and you are using noct for yourself, not for anyone else.
You must tell us truthfully where you live when asked, and you must not use a VPN or anything else to hide where you are. If any of this stops being true, stop trading; you can still close what you hold and withdraw.
noct is in private beta. Anyone can sign up, but using noct needs access: a code (someone's username, or one we gave you), or being let in from the waitlist, which is not a promise of access or of when. Codes must not be sold, and we may turn any code off. We decide who is let in, and we may take access away (for example for breaking these terms, or abuse of codes or referrals), which puts you back on the waitlist. Losing access doesn't affect what you hold: it stays in your own accounts on the venues, where you can always reach it.
4. Your account, wallet and devices
You sign in through Privy, a third-party provider, with email, Google, X, a passkey or an existing wallet. If you don’t bring a wallet, Privy creates one for you. That wallet owns your accounts on the venues. You can export its key at any time; keep it safe, because anyone with it controls your account.
Trading on each venue is switched on for you when you sign in with the wallet Privy made for you (with a wallet of your own, the first time you trade there, in your wallet’s app). Your wallet registers a session key that is created and kept, encrypted, on your device. It can place and close trades (and, on Derive, move cash between your own subaccounts). It can’t withdraw, and it lapses after 90 days (on Predict, after 180 days, the shortest Polymarket allows). noct doesn’t show a separate wallet confirmation: placing a trade, withdrawing or confirming in noct is your instruction to sign. You can see where trading is on, and turn it off, in Settings › Trading access.
You’re responsible for everything done with your wallet, sign-in methods and devices. Tell us at [email protected] if you think someone else has access, and revoke their device straight away.
Your username is also your code and your referral link. You pick it when you join and settle it in the welcome; after that it can't be changed, except by us when it needs to be. Names you used before, including the one you were given when you signed up, stay yours, so links shared under them keep crediting you. Your username must not impersonate anyone or mislead people. We may change or reclaim a username that does.
5. Trading on noct
noct builds four kinds of trades:
- Invest (on Derive): call and put spreads. You pay a premium up front; the most you can lose is what you paid, and the most you can win is capped.
- Earn (on Derive): covered calls and cash-secured puts. You receive a premium. With a covered call, gains above the strike go to the buyer. With a cash-secured put, you may have to buy the token at the strike, even if it’s worth far less.
- Perps (on Hyperliquid): perpetual futures with leverage, on the crypto-assets Hyperliquid lists and on stocks, indices and commodities listed by trade.xyz, a third party that runs its own market on Hyperliquid, up to the maximum the venue allows on each market. A stock perp is a contract that follows a price feed: you don’t own the share and get no dividends or votes, and it can trade while the stock market is closed, so its price can jump when that market opens. To trade them, noct switches on Hyperliquid’s dex abstraction for your account, which lets those positions use your Perps balance as margin. Funding is paid or received continuously. A position is liquidated if its losses reach the maintenance margin, and you can lose all the margin in it.
- Predict (on Polymarket): shares in the outcome of an event, each paying $1 if it happens and nothing if it doesn’t. You can lose everything you paid for them. Polymarket decides the outcome under the market’s rules (shown on each market), which can take time and be disputed. For an up-or-down window, noct shows the result the moment it ends, from the final price against the price to beat; what pays is Polymarket’s settlement. A combo joins several calls into one position that pays only if all of them happen; it's priced on request by Polymarket's market makers, and it can't be split back into its parts.
What noct shows before you place a trade (payout, chance, entry, liquidation price, fees) is an estimate from live market data. The price you get can differ, within the price range you set, and an order can fill in part or not at all. Chances come from market prices (options, or prediction shares) and are not forecasts. Minimums apply: $25 for Invest, $50 for Earn and $20 for Perps.
A limit order rests on the venue’s book at the price you set until it fills or you cancel it, and may fill in part, much later, or never. Take-profit and stop-loss orders are resting orders on the venue. They trigger on its mark price and then trade at the market, so they can fill at a worse price than you set, or not fill, in a fast market. Options settle in cash on their expiry date at Derive’s settlement price.
Margin, liquidation, settlement, order matching, fees and everything else about how a trade is executed are governed by the venue and its rules, which you accept by trading. noct doesn’t control them and isn’t responsible for them.
Once placed, an order can’t be undone by noct. Check what you’re placing.
6. Risks you accept
Trading derivatives on crypto-assets is high risk and not suitable for most people. By using noct you accept, among others, these risks:
- You can lose everything you put into a trade, quickly. With leverage, losses happen faster and liquidation can take your whole margin.
- Crypto prices are extremely volatile, can gap, and markets can be thin or stop trading altogether.
- The venues (Derive, Hyperliquid, Polymarket), the chains they run on and settle to, Relay, Privy and the payment providers can fail, be attacked, pause, change their rules or stop existing. Smart contracts can have bugs. Funds can be lost or locked as a result.
- Stablecoins such as USDC can lose their peg.
- Withdrawals and moves between venues are paid out by the venue and carried by Relay, and can be delayed (Derive pays out in batches), and transfers to the wrong address or chain can’t be reversed.
- Laws about crypto-assets and derivatives change and could make noct, or a product on it, unavailable to you.
- Your device, browser or wallet can be compromised.
- You are responsible for any taxes on your trades and rewards.
7. Fees
You pay the venue’s trading fees, and noct’s own fee on top, which is added to each order and shown before you place it:
- Invest and Earn: 1% of what the trade costs (the option’s price), charged when the trade opens. noct charges nothing to close one.
- Perps: 0.05% of the position’s size, on opening and on closing.
- Predict: 1% of what the trade costs when your order takes a price from the book (every order placed from the ticket does), or 0.5% when it rests and is filled.
If you were referred, or you copy a trade through someone’s link, noct’s fee is 1% lower. Network fees, Derive’s withdrawal fee (up to $1) and the fees of Relay or a payment provider also apply where shown. We may change noct’s fees for future trades; the fee on a trade is always shown before you place it.
8. Adding and withdrawing money
Your balance is USDC in your own wallet on Arbitrum. Money you add by card, Apple Pay, Google Pay or from an exchange is handled by third-party providers through Privy, under their terms, and delivered there. USDC on Arbitrum can be sent to your wallet directly; crypto on another chain goes to a forwarding address from Relay, a third-party cross-chain payments network, which sends it on to your wallet as USDC. If Relay can’t deliver, it returns the money to your wallet on the chain it came from (from Solana, to the address that sent it, which for a payment from an exchange is the exchange’s). noct never receives it.
When a trade needs money at a venue, noct moves it there from your balance (or from what’s free at another venue) through Relay, only as part of a trade you confirm: your wallet authorises the exact amount, to your own account at that venue, Relay holds it in escrow until it has delivered it to your own account at the venue, and returns it to your wallet if it can’t. Relay charges a fee for each move, shown before you sign. noct only moves free cash, never money backing an open position.
Withdrawals are signed by your wallet. USDC on Arbitrum leaves your balance directly, and noct pays the network fee. To reach another chain or token, Relay carries it the same way and swaps it if needed. Money in Options is paid out by Derive as USDC on Ethereum. You choose the chain, token and address; check them, because a payment to the wrong one can’t be recovered by us.
9. Public profiles, posts and copying
noct is social. Your profile, your trades, their results and your posts are public: anyone can see them on noct and in share cards, and they’re computed from your trades on the venues. Don’t trade on noct if you don’t want that.
You keep ownership of what you post. You give noct a worldwide, non-exclusive, royalty-free licence to host, show, share and adapt it (for example in share cards and on X) for as long as it’s on noct. You’re responsible for it, and you confirm you have the right to post it.
When you post or share, you must not:
- try to manipulate a market, coordinate pumps or dumps, or post anything false or misleading about a token or trade;
- present yourself as a licensed adviser, promise returns, or take payment to promote a token without saying so;
- harass, threaten, impersonate or expose anyone, or post anything illegal, hateful, sexual, or that infringes someone’s rights;
- spam, or use automation to post, follow or react.
We may remove content and limit or close accounts that break these rules.
Copying a trade places your own, new trade at today’s price, with your own amount. It is not advice from the person you copy, they owe you nothing, and your result can differ from theirs. Copied perps are capped at 10×.
Auto-copy (Predict and Perps) lets noct place trades for you: when you turn it on for a trader, your wallet authorises a key that noct keeps, encrypted, on its servers, and with it noct trades on your Predict balance or Perps account each time that trader does, within the amounts and limits you set, whether or not you have noct open. On Perps a copy opens with your margin at the trader’s leverage, up to 10×, follows their adds and reductions in proportion and closes when they close; their take-profits and stops are not copied. Rules you add to a copy are carried out the same way, by noct, for you: a price band or cooldown skips the trades outside it; buying at the trader’s price places a limit order that may wait on Polymarket’s book until it fills or you cancel it; and a take-profit or trailing stop closes the copy at market (on Predict, your whole position in that answer) when it’s reached, which may happen at a worse price than the rule’s level or not at all. The key can trade and can never withdraw. Copies are placed after the trader’s own and can fill later, at a worse price, partly or not at all (each skip says why); a copy can lose all it cost, and a leveraged one can be liquidated. noct checks where you are before each copy and pauses auto-copy anywhere the product isn’t offered. You can pause, change or stop it at any time, and revoke the key from Settings › Trading access; stopping or revoking ends it, and deleting your account destroys noct’s copy of the key. The trader you copy owes you nothing and isn’t advising you.
Auto-collect (Predict): with the same key, noct collects your winnings from markets that have settled into your Predict balance, whether or not you have noct open. It only pays into your own Predict wallet. If Polymarket doesn't let the key collect, noct collects them with your device's key the next time you open noct instead. You can turn it off in Settings.
10. Referral and sharing rewards
When someone you referred trades, or someone copies a trade through your link, you earn 3% of noct’s fee on those trades, and 3% and 2% on the trades of the people they in turn bring, two steps on, recorded in noct’s ledger. You also earn cashback on noct’s fee for your own trades, at a share set by your lifetime trading on noct, weighted by what each kind of trade pays. We may withhold rewards and cashback for abuse, such as referring yourself or trading against your own accounts, and may change the programme for future trades. You can claim your rewards once they reach $1; they are paid in USDC from noct to your balance (your wallet on Arbitrum), usually within seconds. We may hold a claim while we check it for abuse.
Rewards aren’t earned on your own trades, on trades by accounts you control, or through spam, fake accounts or anything else that games the program; we may withhold or reverse them in those cases. We may change or end the program for the future; rewards already recorded in the ledger stay recorded.
Points are earned through activity on noct, as we decide, and are kept by seasons. They are a record of activity, not money or property: they have no cash value, can't be sold or transferred, and don't promise any token or payment. When a season has a prize pool, we may share it in proportion to points under the rules shown for that season. We may adjust or remove points earned through abuse (the same as for rewards), and change how points work for the future.
11. What you must not do
- Break any law or these terms, or help anyone else to.
- Get around the geo restrictions or any other control, or use noct for anyone who isn’t allowed to.
- Launder money, finance terrorism, evade sanctions or trade on stolen funds.
- Attack, probe, overload, scrape or reverse-engineer noct or its backend, or interfere with anyone else’s use of it.
- Abuse the API, the share links or the rewards program.
12. Third-party services
noct relies on services we don’t control: Derive, Hyperliquid, trade.xyz and Polymarket (trading), the price feeds markets settle on (such as Chainlink and Binance), Privy (sign-in and wallets), Relay (moving money between chains), payment providers (buying USDC), the blockchains these run on, Cloudflare and our hosting providers (delivering noct) and X (sharing). Your use of them is governed by their own terms and privacy policies. We aren’t responsible for them, for their availability, or for any loss they cause.
13. noct’s software and name
noct’s software, design, name and logo belong to us or our licensors. You may use noct as offered here, for yourself, and not copy, resell or build a competing service from it.
14. No warranties
noct is provided “as is” and “as available”. To the fullest extent the law allows, we make no promises about it, express or implied, including that it will be accurate, available, secure, free of errors, or fit for any purpose, or that any trade will make money. Market data and estimates can be wrong or out of date.
15. Limits on our liability
To the fullest extent the law allows, noct and its people are not liable for trading losses; for liquidations, slippage, failed or delayed orders, take-profits or stop-losses; for anything a venue, Privy, Relay, a payment provider or a blockchain does or fails to do; for lost profits, data or opportunities; or for any indirect, incidental, special or consequential loss.
Where we are liable, our total liability to you for all claims is limited to the greater of the noct fees you paid in the twelve months before the claim and US$100.
Nothing in these terms limits liability that can’t be limited by law, such as for fraud, or rights you have as a consumer that can’t be waived.
16. Your responsibility to us
You will cover noct and its people for any claims, losses and costs arising from your breach of these terms, your misuse of noct, your content, or your breach of any law or anyone’s rights.
17. Suspending or ending your access
You can stop using noct and delete your account at any time from your profile. We may suspend or end your access, or turn off a product for you, if you break these terms, if the law requires it, or to protect noct or others. Because your funds are in your own accounts on the venues, you can always reach them through each venue directly, even if noct is unavailable to you. Sections that by their nature should survive (risks, liability, disputes) survive the end of this agreement.
18. Changes to these terms
We may change these terms. When we make a material change we’ll update the date above and ask you to accept the new terms before your next trade. Changes don’t apply to trades already placed.
19. Governing law and disputes
These terms are governed by the laws of the place where noct’s operator is established, and the courts there have exclusive jurisdiction, unless the law where you live gives you the right to bring a claim in your own courts. Before starting any claim, please contact us at [email protected] so we can try to resolve it.
If any part of these terms can’t be enforced, the rest still applies. Not enforcing a right isn’t a waiver of it. These terms and the Privacy Policy are the whole agreement between us about noct.
20. Contact
Questions about these terms: [email protected].
See also our Privacy Policy.