Risk Disclosure

Last updated 24 September 2026

Oqen Market is a prediction market. You can lose everything you put into a position, and the risks below come on top of that. Read them before you trade.

1. You can lose what you pay

Every losing UP or DOWN token pays nothing. If you buy UP and the lower barrier is touched first, what you paid for it is gone. Selling before the touch returns whatever the market pays at that moment, which can be much less than you paid.

2. A race has no time limit

A race lasts until a barrier is touched. There is no timer, so a position can stay open for longer than you expect.

If the price feed stops and a race cannot be settled fairly, the administrator can void it. Every token of a voided race pays half a unit, 0.50 USDC, whatever you paid for it. A race can only be voided while the latest price on chain would not settle it.

3. Prices come from the oracle, as published

Races open and settle on prices published by the Pyth network and verified on Sui. Oqen does not check them against any other source: a price that reaches a barrier settles the race even if it later looks like an error.

A touch only counts once it is on chain, and the contract reads the latest stored price. If a brief touch is not submitted before a newer price inside the barriers replaces it, that touch does not count.

4. Speed and stale orders

A touch can be visible elsewhere a moment before it reaches the chain. Orders still resting in the book in that moment can be filled at prices that no longer reflect the race. This matters most to anyone who leaves bids in the book. Bids expire within ten seconds for this reason, and cancelling quickly matters.

5. Liquidity

Prices come from other traders' bids on DeepBook. Whether you can buy or sell, and at what price, depends on who is trading at that moment. A thin book can mean a wide gap between the price to buy and the price to sell, or nobody to trade with at all. Between races, trading pauses for a few seconds, up to about ten.

6. Tokens stay inside Oqen

UP, DOWN and CASH exist only inside Oqen trading accounts, the order books and the race vaults. They cannot be sent to a wallet, sold on another venue or used as collateral anywhere else. Only USDC can be withdrawn.

Your trading account is tied to the wallet that opened it and cannot be transferred. Losing access to that wallet means losing access to the account.

7. Settling between races

Tokens from a finished race have to be settled before your account can trade the next race of that market. The app does this for you. Winnings arrive as CASH in your account and are withdrawn as USDC separately.

8. What the administrator can do

The contracts give the protocol administrator a limited set of powers:

• Pause a market, which stops new races, minting and new orders. Settlement, payouts, merging, cancelling and withdrawals are never paused.
• Set the barrier distance and the mint fee of future races. The fee is capped at 1.00% in the contract, and a race's own terms never change once it opens.
• Void a race that cannot be settled, as described in section 2.
• Withdraw the fees the markets have collected.

The contracts give no one a way to take funds from race vaults or trading accounts. They can, however, be upgraded, and whoever holds the upgrade authority decides what future code can do.

9. Systems Oqen does not control

• Sui, the blockchain the contracts run on. Congestion, outages or bugs there affect Oqen.
• DeepBook, which runs the order books. If DeepBook retires the version of its code that Oqen is built on, trading and payouts can stop until Oqen ships an update.
• Pyth and Wormhole, which publish and verify the prices.
• USDC, whose issuer can freeze or pause it. Deposits and withdrawals would then stop, while trading in CASH inside Oqen continues.

10. Smart contract risk

The contracts have been reviewed and tested extensively, but no amount of testing proves that code is free of defects. A defect could cause losses.

11. Law and tax

Prediction markets are restricted or prohibited in some places. Whether you may use Oqen, and what taxes you owe, is your responsibility. Nothing on this site is financial, legal or tax advice. The Terms of Service apply to your use of the site.