# Terms, disclaimer and privacy

Updated: 24 September 2026. The Cost Per Trade pricing desk

## In short

Every price on this site is a price on a date. Each number was read off a venue's own schedule or
measured on its public order book, and the day it was taken is printed beside it. Venues reprice, add
and drop markets and redraft their terms whenever they choose, usually without announcing it, so the
schedule to trade on is the one showing at the venue in that moment and never the one printed here. That
is the first and most useful thing a reader can know about these sheets.

## A priced comparison, not advice

What this desk publishes is a costing with a date attached, and nothing beyond it. Reading a sheet is
not receiving advice on investments, law or tax, and no sheet here offers to buy or sell a financial
product for anybody. The sheets know nothing about the reader in front of them, which is precisely
why none of them can be a recommendation.

Perpetual futures run on leverage. The margin behind a position is the whole of what stands behind
it, and a leveraged position can close with that margin gone. This desk holds no money, runs no venue
and is party to no agreement between a reader and any venue priced here; whether a venue will take
you as a customer is decided by its terms and by the law where you are, not on this page.

## Links off the sheets

Sources are cited as plain addresses — a venue's schedule of rates, its documentation, a data
provider's page — with no tracking parameter attached and nothing of this desk's sitting in the
middle of the click. They point at sites other people run and this desk does not control or vouch
for, and following one is how a price on a sheet gets checked.

Past the click nothing on this page applies. That operator's own policy and cookies take over, and
several venues priced here watch their visitors far more closely than this site watches its readers.

## Who bought the publication

Publication on this domain is bought. The sheets were paid for, a venue priced on one may be connected
to the buyer, and a reader is entitled to know that before weighing anything printed here. What the
fee covers and what it never reaches is set out on [about](/about).

What it does not buy is a number. A rate is what the venue publishes, a measured figure is what the
sampler recorded, and neither moves for a payment.

## What the server records about a visit

One line per request goes into the web server's access log: the requesting address, the page asked
for, the time, the user agent string and the page a visitor arrived from. It is kept to confirm that
the sheets are being served and to catch traffic heavy enough to knock them over. That line is never
sold, never passed to anybody selling anything, and never joined to another record.

Nothing else is recorded, because the site has nothing to record with: no cookie, no measurement or
advertising script, nothing pulled in from a third party, no field anywhere to type into, no account
and no sign-in. Mail sent to desk@thundermessage.com stays on file as long as answering it
takes and no longer; to see what is held from an exchange, or to have it deleted, write to the same
address. [What we log](/what-we-log) breaks that line into its six fields and gives the number of
days it survives on the server.

## Corrections, marks and quoting

A price that is wrong is worth more to this desk than a polite silence. Send the address of the sheet
and a link to the venue page showing the right rate to desk@thundermessage.com. A figure that
checks out against the venue's own schedule is corrected and the sheet goes back out under a new date.

Venue names and trademarks belong to the companies that own them and appear only to identify which
venue is being priced. The sheets carry no warranty of accuracy or completeness. Quote them as you
like, with a link back to the sheet quoted so the date travels with the number.


This price desk is paid to publish, and a venue on the sheet may be the party that paid; the order of every column is the published formula.