# Terms of use

Margin Brief | The Margin Brief desk | Updated: 24 September 2026

## In short

Margin Brief reads crypto derivatives venues and publishes what it finds, with a date beside
every figure. It is a record, not a service. No score, table, ranking or number on this site is a
recommendation to open, hold or close a position, and nothing described here is insured, covered or
protected. Placement on this site is paid for, and the terms below set out what that means for a reader.

## What this brief publishes, and what it is not

What appears here is information and comparison. It is not investment, legal, tax or accounting
advice, it is not an offer or a solicitation to trade anything, and it is not a personal
recommendation: nothing published here takes account of any reader's circumstances, means or
obligations, because nothing here knows them.

A total is arithmetic on criteria a reader can check, not a verdict on a venue, and the weights that
produce it stand above every table so that anyone who disagrees can see what they are disagreeing
with. This publication holds no reader's money, transmits no orders, and is not a party to any
agreement between a reader and a venue.

## Leverage, and what the posted margin can lose

Every contract described on this site is a leveraged perpetual future. The collateral posted behind a
position is the whole of what the trade can take from a reader, and it can take all of it: a venue
closes the position at its own maintenance level, which arrives before the collateral is exhausted,
and a gap through that level can leave a balance short. Funding is charged for as long as the position is open,
and what the exit costs in slippage is added to both.

A leverage cap read from a margin schedule is an upper limit the venue may change, narrow to a slice
of notional or withdraw. The name of this address carries no meaning for what is published under it
and implies no cover of any kind, because there is none.

## Every figure is true only on the date printed beside it

Each figure here carries the day it was taken, and that date is part of the figure. The venue facts
in this issue — fee schedules, margin schedules, leverage ladders, market lists, settlement and audit
records — were read from each venue's own documents on 18 September 2026. The open interest and
24-hour turnover attributed to CoinMarketCap were taken on 22 September 2026. The order-book readings
come from the reading described there and carry the window they were taken in.

Treat none of it as current. A depth reading describes one book over the minutes it was read in,
rather than a property the venue keeps; a turnover figure can be stale within days; a document can be
rewritten the afternoon after it was opened. Nothing is refreshed between issues, and a page whose
text has not changed keeps its old date rather than borrowing a newer one.

## Venue terms and margin schedules change without notice

Venues revise fee schedules, margin and risk tiers, leverage ladders, market lists, onboarding
requirements and restricted jurisdictions when they choose, usually without an announcement and
sometimes between one visit and the next. Confirm anything that matters against the venue's own terms
and margin schedule before depositing, and treat what is written here as a reading of those documents
rather than a substitute for them.

Whether a venue will deal with a reader at all, and on what terms, is decided by that venue and by the
rules of the place the reader lives in. Establishing that is the reader's own task. This brief reports
the restrictions a venue publishes and does not help anyone work around them.

## How this site is paid, and what sets the order

This is paid placement. A venue that appears in these pages may have paid to be published here, and
the whole site should be read in that knowledge. What payment does not buy is a position in a table:
the criteria, their weights and the scale were settled on 22 September 2026, ahead of any measurement,
they are set out in words on [how we rate](/how-we-rate), and one set of them governs every table on
this domain.

A venue's name and its marks stay that venue's property, and printing one above a row builds no tie
between it and this brief. Nothing published here is warranted as accurate or complete, and a reader
who acts on a figure carries that exposure exactly as a position carries its own. A figure that can be
shown to be wrong belongs in a message to editorial@insurancerefocused.com: name the page, point at the
document holding the right value, and the page is reissued under a later date.

This page belongs to a paid placement. Every figure on this site carries the date it was taken and the source it came from, the order of every table comes from one published formula, and nothing here is advice or cover against a loss.

The Margin Brief desk, 24 September 2026. Corrections: editorial@insurancerefocused.com.

Placement in this file is paid for; the order of every table follows the published formula and nothing else.