TERMINAL
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PLEASE READ THESE TERMS OF SERVICE CAREFULLY BEFORE USING THE SERVICES.
EVERYTHING DISPLAYED ON THE TERMINAL IS RESEARCH INFORMATION, NOT INVESTMENT ADVICE AND NOT A QUOTATION YOU CAN DEAL ON. ANY PAPER TRADING ON THE SERVICES IS SIMULATED: BALANCES ARE EXPRESSED IN U.S. DOLLARS BUT ARE PAPER MONEY WITH NO MONETARY VALUE. ZENA ITSELF DOES NOT ACCEPT, HOLD, WAGER, WIN, OR PAY OUT ANY REAL MONEY ON THE SERVICES. IF YOU CONNECT YOUR OWN KALSHI ACCOUNT OR YOUR OWN POLYMARKET WALLET, ANY REAL-MONEY ORDERS YOU PLACE ARE BETWEEN YOU AND THAT VENUE, NOT WITH ZENA; SEE SECTION 6A.
SECTION 20 OF THESE TERMS CONTAINS A BINDING ARBITRATION PROVISION AND A CLASS ACTION WAIVER. THEY AFFECT HOW DISPUTES BETWEEN YOU AND ZENA ARE RESOLVED. PLEASE REVIEW THEM CAREFULLY.
These Terms of Service (these "Terms") are a binding agreement between you and Zena Trading Inc. ("Zena", "we", "us", or "our"). They govern your access to and use of the website located at pricezena.com, together with its subdomains, content, APIs, applications, and services (collectively, the "Services" or the "Terminal"). By accessing or using the Services, or by signing in, you accept and agree to be bound by these Terms. If you do not agree to these Terms, you must not access or use the Services.
We may revise these Terms at any time in our sole discretion. The "Last Updated" date above reflects the most recent revision. Changes are effective when posted, and your continued use of the Services after changes are posted constitutes your acceptance of the revised Terms. You are expected to check this page from time to time so you are aware of any changes.
The Terminal is a market data research and analytics tool. It displays research marks, probabilities, option values, edges, calibration figures, and analytics generated by Zena's proprietary pricing engine, alongside publicly available market data, for information, research, education, and evaluation. The Terminal does not execute real transactions, accept real orders, route orders to any venue, or hold customer funds.
All prices, fair values, edges, Greeks, calibration figures, and commentary shown on the Terminal are automated model outputs made available for informational purposes only. They are research marks, not bids, offers, or quotations you can deal on, and they are not the official prices of any venue. Nothing on the Terminal is investment, financial, legal, tax, or accounting advice, and your use of the Services creates no advisory, fiduciary, or brokerage relationship between you and Zena. Nothing on the Terminal constitutes an offer, solicitation, or recommendation to buy or sell any security, futures contract, swap, option, event contract, or other financial instrument, in any jurisdiction. Any reliance you place on information presented on the Terminal is strictly at your own risk; any output may be delayed, estimated, or wrong.
The Terminal displays quotes and trade data from Zena's own engine and from third-party venues and public data sources, obtained through publicly accessible interfaces. Third-party data remains the property of its respective owners. Zena is not affiliated with, endorsed by, or sponsored by any venue or data source shown on the Terminal, and venue names and marks appear for identification only. Third-party data may be inaccurate, delayed, incomplete, or discontinued at any time, and is redisplayed for your personal, non-commercial research only. Zena does not warrant the accuracy, completeness, or timeliness of any data shown on the Terminal.
An optional account lets you paper trade on Zena's simulated exchange from the Terminal; the same account operates on tradezena.com. All balances, orders, positions, settlements, profits, losses, and leaderboard results are simulated. They are denominated in United States dollars so that the simulation prices and settles the way a real market would, but every balance is paper money ("Paper Dollars"): no actual funds stand behind any Paper Dollar balance, and Paper Dollars have no monetary value. You cannot deposit real money into the Services, and nothing is ever owed or payable to you in respect of any Paper Dollar balance, profit, or settlement. Paper Dollars are not funds, deposits, credits, securities, commodities, derivatives, or digital assets. Paper Dollars cannot be purchased, sold, redeemed, withdrawn, transferred, assigned, or exchanged for real currency or anything else of value, and no prizes, rewards, or awards of any kind are offered. Zena may grant, adjust, expire, or reset any Paper Dollar balance or simulated position at any time and for any reason, without notice and without liability of any kind. Simulated trading has inherent limitations, and simulated performance is not indicative of real or future results.
The Zena iOS app opens Kalshi markets on Kalshi's own platform. It may also let you connect your own Polymarket wallet and, where available, review an order in Zena before approving its signature in your wallet. These are your accounts, not Zena's; orders you approve go from your device to the venue. Your use of a connected venue is governed by that venue's own terms, and you are responsible for your own eligibility to use it, including any age, identity, and geographic restrictions it imposes. Zena is not a party to, and does not execute, clear, or settle, any order you place with a connected venue, is not a broker-dealer or futures commission merchant, never holds your funds or your venue account's assets, and has no liability for whether, when, or at what price any such order fills, for the venue's availability, or for any loss arising from your use of a connected venue. Zena may show you data from a connected venue, such as your balances or open orders, to help you use the Services, but that display does not make Zena a counterparty to, or custodian of, anything it shows.
Zena Trading Inc. is a technology company. Zena is not yet registered with, licensed by, or supervised by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or any other financial regulator in any jurisdiction. Zena is not currently an exchange, designated contract market, swap execution facility, alternative trading system, clearinghouse, futures commission merchant, introducing broker, broker-dealer, or investment adviser.
The Services are offered to users who are at least 13 years of age. By using the Services you represent that you meet this requirement, that any registration information you submit is accurate, and that your use of the Services does not violate any law applicable to you. Connecting a venue account, such as a Kalshi account or a Polymarket wallet, or placing any order through one, is separate from using the rest of the Services and requires you to meet that venue's own eligibility requirements, including its own minimum age, which may be higher than 13. Meeting a venue's eligibility requirements is your responsibility, not Zena's. The Services are controlled from the United States; if you access them from elsewhere, you do so on your own initiative and are responsible for compliance with local laws.
Certain features require an account. You agree to provide accurate information when creating an account, to keep your sign-in method secure, and to maintain no more than one account. You are responsible for all activity that occurs under your account, and you agree to notify us promptly of any unauthorized access. Zena may decline to register, and may suspend, limit, reset, or terminate, any account at any time, with or without cause or notice, without liability of any kind.
You may use the Services only for lawful purposes and in accordance with these Terms. You agree not to:
The Services are currently provided without charge. Zena reserves the right to introduce fees for some or all of the Services in the future; if we do, we will post the applicable pricing before it takes effect. Simulated fees, spreads, or costs displayed inside the paper trading environment are part of the simulation and are not amounts payable by you.
The Services and their entire contents, features, and functionality, including the Zena pricing engine, models, software, APIs, databases, text, displays, design, and the selection and arrangement thereof, are owned by Zena Trading Inc. or its licensors and are protected by United States and international copyright, trademark, trade secret, and other intellectual property laws. Zena grants you a limited, revocable, non-exclusive, non-transferable license to access and use the Services for your personal, non-commercial use in accordance with these Terms. All rights not expressly granted are reserved.
The Zena name, the Zena logo, and all related names, logos, product and service names, designs, and slogans are trademarks of Zena Trading Inc. You must not use such marks without our prior written permission. All other names, logos, and marks appearing on the Services are the trademarks of their respective owners.
Our Privacy Policy describes what information the Services collect, how we use it, and how to delete it, and is incorporated into these Terms by reference. By using the Services, you consent to the handling of your information described there.
The Services may reference or link to third-party websites, data, or resources. We provide these references for convenience only, have no control over their content, and accept no responsibility for them or for any loss or damage that may arise from your use of them.
Zena may modify, suspend, or discontinue any part of the Services, and may terminate or restrict your access to the Services, at any time, with or without cause or notice, without liability of any kind. Upon termination, your license to use the Services ends immediately. Provisions of these Terms that by their nature should survive termination, including Sections 3 through 7 and 12 through 24, survive termination.
YOUR USE OF THE SERVICES IS AT YOUR OWN RISK. THE SERVICES AND ALL CONTENT AND INFORMATION MADE AVAILABLE THROUGH THEM ARE PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, RELIABILITY, AND UNINTERRUPTED OR ERROR-FREE OPERATION. ZENA DOES NOT WARRANT THAT THE SERVICES, THEIR CONTENT, OR ANY MODEL OUTPUT WILL BE ACCURATE, COMPLETE, CURRENT, SECURE, OR FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL ZENA TRADING INC., ITS AFFILIATES, OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE FOR DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF, OR INABILITY TO USE, THE SERVICES, ANY CONTENT ON THE SERVICES, OR ANY MODEL OUTPUT, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, AND ANY LOSS OF PROFITS, REVENUE, DATA, GOODWILL, OR OPPORTUNITY, WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE. TO THE FULLEST EXTENT PERMITTED BY LAW, THE TOTAL AGGREGATE LIABILITY OF ZENA FOR ALL CLAIMS RELATING TO THE SERVICES WILL NOT EXCEED ONE HUNDRED U.S. DOLLARS (USD 100). SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.
You agree to defend, indemnify, and hold harmless Zena Trading Inc., its affiliates, and their respective officers, directors, employees, and agents from and against any claims, liabilities, damages, judgments, awards, losses, costs, and expenses, including reasonable attorneys' fees, arising out of or relating to your violation of these Terms or your use of the Services.
Please read this section carefully. It requires that most disputes between you and Zena be resolved through binding individual arbitration rather than in court.
Any dispute, claim, or controversy arising out of or relating to these Terms or the Services that cannot be resolved informally will be settled by binding arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules, before a single arbitrator. The arbitration will be conducted in the English language. Unless you and Zena agree otherwise, any arbitration requiring an in-person hearing will take place in Wilmington, Delaware, or, where required by the applicable rules, in the county where you reside. Judgment on the award may be entered in any court of competent jurisdiction. Either party may instead bring an individual claim in small claims court, and either party may seek injunctive or other equitable relief in court for actual or threatened infringement or misuse of intellectual property.
YOU AND ZENA EACH WAIVE THE RIGHT TO A TRIAL BY JURY AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION. ALL CLAIMS MUST BE BROUGHT IN THE PARTIES' INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, OR REPRESENTATIVE PROCEEDING.
You may opt out of this arbitration provision by emailing the address in Section 25 within 30 days of first accepting these Terms, stating your name and that you decline arbitration. Opting out of arbitration does not affect any other provision of these Terms.
These Terms and any dispute or claim arising out of them or the Services are governed by the laws of the State of Delaware, without giving effect to any choice or conflict of law provision. Subject to Section 20, any legal suit, action, or proceeding arising out of these Terms or the Services will be instituted exclusively in the state or federal courts located in Delaware, and you waive any objection to the exercise of jurisdiction over you by such courts and to venue in such courts.
ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICES MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.
No waiver by Zena of any term or condition set out in these Terms is a further or continuing waiver of that or any other term or condition, and any failure of Zena to assert a right under these Terms does not constitute a waiver of that right. If any provision of these Terms is held to be invalid, illegal, or unenforceable, that provision will be limited or eliminated to the minimum extent necessary, and the remaining provisions will continue in full force and effect.
These Terms constitute the sole and entire agreement between you and Zena Trading Inc. regarding the Services and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Services.
All notices, questions, feedback, and requests relating to these Terms or the Services should be directed to: [email protected].