Terms of Service

Mishmar is a risk management layer for trading bots and AI agents. Your agent proposes each order to Mishmar. Mishmar checks it against the rules you set, then allows it, holds it until a person approves it, or blocks it.

The trading key an agent uses at an exchange is split in two. One share is held by the agent’s signer, which you run on your own machine; the other by Mishmar’s signer service. An order is signed only when both take part, so neither your agent nor Mishmar can sign an order alone.

Mishmar also keeps a signed, hash-chained record of every decision (the audit ledger), and shows your positions and profit and loss as it sees them.

• The service connects only to Hyperliquid’s testnet and Binance’s demo trading. Their assets are for testing and have no monetary value. Do not use Mishmar with an account, wallet or key that holds or controls real funds, and do not try to get around the testnet-only setup.
• It is free. If we ever offer paid plans, we will tell you first and charge nothing without your agreement.
• It is an early version. Features may change, break or be removed, and we may stop the service at any time.
• Trading with real funds is not offered yet. When it is, it will come with updated terms, and you will have to accept them before you connect an account that holds real funds. These terms do not cover it.
• We may reset or delete data in the service, including users, accounts, agents, rules, keys and the audit ledger. Keep your own copy of anything you need, for example by exporting the ledger.
• We may limit how much you use it, such as the number of agents, trading accounts or requests.
• A free account that has not been used for a few hours may be stopped, and starts again when you or one of its agents uses it. One that has not been used for 90 days is removed, with its agents, keys, rules and ledger. We email its owner and admins a week, two days and a day before.

Mishmar is software. It does not give financial, investment, trading, tax or legal advice, does not recommend any order, strategy, rule or limit, and does not manage money for you.

You decide the rules, what your agent may propose, and which held orders to approve. Mishmar applies your rules as you wrote them: a rule that is wrong, too loose or missing can let an order through, and one that is too tight can block an order you wanted.

The positions, prices, equity and profit and loss Mishmar shows come from the exchanges and from our own calculations. They can be late or wrong. The exchange’s records are the ones that count.

• You are responsible for your agent and everything it proposes, and for the computer, server or cloud account that it and its signer run on, including keeping them secure.
• Your signer holds your half of each trading key, and your agent holds its own key to Mishmar. We never receive either and cannot recover them. If you lose one, set up a new key. If someone else may have one, revoke it at once, in the console and at the exchange.
• Keep every exchange key you use with Mishmar trading-only: withdrawals and transfers off, and the IP allowlist on where the exchange offers one. On Hyperliquid, approve only API wallets, and never give your master wallet’s private key to Mishmar, to your agent or to anyone else. Mishmar never asks for a private key or a seed phrase.
• Keep your sign-in safe: your email inbox, your passkeys and your wallets. Whoever controls them can act as you.
• You are responsible for the people you invite into your account, the roles you give them, and the API tokens you create.
• Follow the terms of every exchange you connect and the laws that apply to you. Your relationship with each exchange is your own.

• You must be at least 18 and able to enter into a binding contract.
• Sign up with an email address you control, and keep it working: we send sign-in links and notices about your account there.
• One person per login. Do not share yours. Invite other people into your account instead; each signs in with their own email.
• If you use Mishmar for a company or another organisation, you confirm that you may agree to these terms for it, and “you” includes it.
• You may not use Mishmar if you are the target of United States sanctions, or if you are in a country or region under comprehensive United States sanctions.

Do not:

• attack, probe, overload or disrupt the service or the systems it runs on, or get around its limits, its security or its testnet-only setup, except as the next paragraph allows;
• access, or try to access, accounts, data or keys that are not yours;
• use Mishmar to abuse an exchange: to manipulate a market, wash trade or spoof, flood its API, or break its terms;
• resell, rent out or sublicense the hosted service, or offer it to others as a service of your own;
• create users or accounts in bulk or by automated means, or use Mishmar for anything unlawful.

Testing and reporting vulnerabilities

We welcome security research. Test only with your own users, accounts and keys, on testnet, without harming the service or other people, and without keeping or sharing anyone else’s data. Report what you find privately, as our security policy describes, and give us reasonable time to fix it before you tell anyone else. Testing done in good faith within these limits does not break these terms.

What you put into Mishmar, and what your agents and the exchanges send it, stays yours. You let us store, process, copy and show it only to run the service for you, keep it secure and fix problems. The Privacy Policy says how we handle personal information.

If you send us feedback or ideas, we may use them freely, with no obligation to you.

Parts of Mishmar are open source, in github.com/mishmar-io/mishmar: among them the signer, the two-party signing code, the SDKs and the API contract. That code is licensed under the Apache License 2.0, and your use of it is governed by that license, not by these terms.

The rest of the service, and the Mishmar name and mark, belong to Mishmar Inc. These terms give you the right to use the service as they describe, and no other right in it.

Mishmar works with services we do not control: the exchanges, your browser wallet, your email provider. We are not responsible for them or for what they do with your orders or keys, including an exchange rejecting, delaying, filling or cancelling an order, or being unavailable.

Some places do not allow these exclusions, so some of them may not apply to you.

Nothing in these terms limits a liability that the law does not allow to be limited.

You will defend, indemnify and hold harmless Mishmar Inc. and its officers, employees and contractors against any claim, loss, liability or expense, including reasonable legal fees, arising from your agent or its orders, your breach of these terms, your breach of the law or of an exchange’s terms, or your infringement of anyone’s rights.

• You can stop using Mishmar at any time. To have your user and the accounts you own deleted, email support@mishmar.io. Revoke your trading keys at the exchanges as well.
• We may suspend or end your access at any time, including if you break these terms, if your use puts the service, other users or an exchange at risk, or if we stop the service. Where we reasonably can, we will tell you by email first.
• When your access ends, your right to use the service ends with it. The sections on your data, open-source parts, no warranty, limitation of liability, indemnity, governing law and general terms still apply.

We may change these terms. We will post the new version on this page with a new date, and for a change that matters we will tell you by email or with a notice on this page before it takes effect. If you keep using the service after that, you accept the new terms; if you do not agree with them, stop using it.

These terms are governed by the laws of the State of Delaware, United States, without regard to its conflict-of-laws rules. Any dispute arising from or relating to these terms or the service will be decided only by the state or federal courts located in Delaware, and you and Mishmar Inc. agree to their jurisdiction.

• These terms and the Privacy Policy are the whole agreement between you and us about the service.
• If any part of these terms cannot be enforced, the rest still applies.
• If we do not enforce a term, we have not given up the right to enforce it later.
• You may not transfer these terms to anyone else. We may transfer them to a company that takes over Mishmar or the service.
• We are not responsible for delays or failures caused by events outside our reasonable control.

Write to Mishmar Inc. at support@mishmar.io with questions about these terms, or about anything else. To report a vulnerability, follow our security policy.