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# Terms of Service

Effective date: 2026-10-11

Summary (not legally binding): Papyrus is a simulation tool for testing strategies on historical data. It is not a broker, gives no advice, and its results are hypothetical. Early access is provided as is.

## Acceptance

By using this website or any early access to Papyrus you agree to these terms. If you do not agree, do not use it.

## The service

Papyrus replays historical market data to your software and simulates fills for the orders it sends. It does not connect to a broker, place real orders, or hold funds. Early access features may change, be limited, or be withdrawn at any time.

## Not advice; hypothetical results

Papyrus does not provide investment, legal or tax advice. All results are hypothetical, are not based on actual trading, and do not predict or represent future results. You are solely responsible for any decision you make using Papyrus output. See the [Disclosures](/disclosures).

## Your responsibilities

Keep any credentials you are given secret, use the service lawfully, and do not attempt to disrupt it, bypass limits, or resell or redistribute the market data it returns. Third-party data providers may impose their own restrictions on that data.

## Intellectual property

The Papyrus software, site and content belong to their owners. You keep ownership of your strategies and the code you run.

## Disclaimer

Papyrus and its data are provided "as is" and "as available" without warranties of any kind, including accuracy, completeness, timeliness, or fitness for a particular purpose.

## Limitation of liability

To the fullest extent permitted by law, Papyrus and its operators are not liable for indirect, incidental, special or consequential damages, or for any trading or investment losses, arising from use of the service.

## Termination

We may suspend or end access at any time. You may stop using the service at any time.

## Changes

We may update these terms and will change the effective date when we do. Continued use means you accept the updated terms.

Papyrus is a simulation tool. Results are hypothetical, are not based on actual trading, and do not predict or represent future results. Papyrus does not provide investment, legal or tax advice, does not execute trades or hold customer funds. Market data is provided by third-party sources and may be delayed, incomplete or inaccurate.

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