Disclaimers

NakedPnL is a financial data aggregator and publisher. All data, rankings, performance metrics, and information displayed on the platform are provided for informational purposes only. Nothing on NakedPnL constitutes financial, legal, tax, or investment advice. Users should consult with a qualified, independent financial advisor before making any investment decisions.

When NakedPnL marks a portfolio as “Verified,” it means the performance data has been reviewed and approved by the NakedPnL team through an internal verification process. This is not a third-party audit, CPA review, or independent certification. NakedPnL does not hold any accreditations from external auditing bodies. The verification process checks data integrity and source authenticity but does not guarantee accuracy or completeness of underlying exchange or brokerage data.

Performance figures displayed on NakedPnL may differ from those shown on the user’s exchange or brokerage platform. These differences are expected and arise from the following factors:

• NakedPnL uses the Time-Weighted Return (TWR) methodology, which excludes the impact of deposits and withdrawals. Exchanges typically display simple P&L or money-weighted returns that include cash flow effects.
• Snapshot timing: Crypto portfolios are captured at 00:00 UTC; IBKR portfolios are captured after US market close. Price movements between the exchange’s reporting time and the NakedPnL snapshot are not reflected.
• Unrealized P&L is included at the time of each snapshot. Subsequent price changes before positions are closed will alter the final realized return.
• Funding fees, margin interest, and other periodic charges may be attributed to different periods depending on when the exchange reports them versus when the snapshot captures them.
• Currency conversion: Multi-currency positions are converted to USD at the snapshot-time exchange rate. Exchange platforms may use different conversion times or rates.
• Referral bonuses, airdrops, staking rewards, and other non-trading income may or may not be captured depending on how the exchange API reports them.

NakedPnL is not affiliated with, endorsed by, or sponsored by any exchange or brokerage. This includes, but is not limited to, Binance, Bybit, OKX, Interactive Brokers (IBKR), and any other venue whose data may appear on the platform.

All exchange and brokerage names, logos, and trademarks are the property of their respective owners. NakedPnL accesses these platforms exclusively through read-only API connections authorized by the account holder. NakedPnL cannot execute trades, withdraw funds, or modify account settings on any connected platform.

Rankings on the NakedPnL registry are sorted by verified Time-Weighted Return and are provided for informational comparison only. A high ranking does not constitute a recommendation, endorsement, or solicitation to invest with or follow any ranked entity.

Past performance is not a reliable indicator of future results. Markets are inherently unpredictable, and a strategy that has performed well historically may underperform or incur total loss in the future.

NakedPnL follows the general guidance of the Global Investment Performance Standards (GIPS) in areas such as time-weighted return calculation and cash flow handling. However, NakedPnL has not undergone a GIPS verification, does not claim GIPS compliance, and is not a GIPS-compliant firm.

GIPS is a registered trademark of CFA Institute. CFA Institute does not endorse or promote NakedPnL, nor does it warrant the accuracy or quality of the content presented on this platform.

To the fullest extent permitted by applicable law, NakedPnL and its operators, employees, and affiliates shall not be held liable for:

• Trading losses or missed investment opportunities based on data displayed on the platform.
• Inaccuracies, errors, or omissions in data sourced from third-party exchange or brokerage APIs.
• Service interruptions, downtime, or delays in data updates.
• Unauthorized access to user accounts resulting from compromised API keys or credentials.
• Decisions made by users based on rankings, performance metrics, or any other information provided by NakedPnL.
• Tax consequences arising from the use of NakedPnL data for reporting purposes.
• Loss of data or corruption arising from system failures or third-party service outages.

NakedPnL is not registered as an investment advisor, broker-dealer, commodity trading advisor, or any other regulated financial entity with the SEC, CFTC, FINRA, or any other regulatory body in any jurisdiction.

The platform does not provide personalized investment recommendations, manage funds on behalf of users, or execute trades. NakedPnL operates solely as a data aggregation and publishing service.

NakedPnL takes reasonable measures to protect user data and API credentials. API keys are encrypted at rest and are used exclusively for read-only data access. NakedPnL does not store exchange passwords or account credentials.

However, no system can provide an absolute guarantee of security. Users are responsible for safeguarding their API keys, using IP-restricted keys where supported, and revoking access if they suspect unauthorized use. NakedPnL is not liable for security breaches originating from third-party exchange or brokerage platforms.

Historical performance data published on NakedPnL reflects verified past results under specific market conditions. Users should understand the following limitations:

• Past performance is not indicative of future results. Markets are dynamic and historical returns may not be replicated.
• Survivorship bias: the registry only displays active accounts. Traders who closed accounts, suffered total loss, or withdrew from the platform are not represented.
• Time-period dependency: returns are sensitive to the start and end dates of measurement. Short track records are less statistically significant.
• Market regime dependency: strategies that performed well in low-volatility, rising markets may underperform in high-volatility or declining markets.
• USD conversion: for non-USD denominated assets, returns are converted using exchange rates at the time of each daily snapshot, which introduces currency risk not reflected in the return figure.

NakedPnL uses an append-only hash chain to establish data integrity. Each record is linked to the previous record via a deterministic hash. This system provides the following assurances:

• Append-only integrity: once a snapshot is recorded, it cannot be silently modified or deleted without breaking the chain.
• Tamper evidence: any modification to a historical record is detectable by verifying the chain.
• Transparent corrections: if data is corrected, the correction is appended as a new record, preserving the original.

The hash chain does NOT verify or guarantee:

• The accuracy of the underlying data provided by exchanges or brokerages. If an exchange API returns incorrect data, the hash chain preserves that inaccuracy faithfully.
• The identity of the account holder. NakedPnL verifies API key ownership, not personal identity.
• The completeness of trading activity. Side accounts, off-platform trades, and unreported positions are not captured.
• Future system integrity. The hash chain protects historical records but cannot prevent future system compromises.

Users whose verified performance data involves cryptocurrency or digital asset trading should be aware of the following additional risks:

• Extreme volatility: cryptocurrency markets can experience price swings of 10% or more in a single day. Verified historical returns may include periods of extreme volatility that are unlikely to be repeated — or that may be exceeded.
• Exchange risk: centralized exchanges may suffer hacks, insolvency, or regulatory shutdowns (e.g., FTX, Mt. Gox). NakedPnL does not monitor or verify the solvency of connected exchanges.
• Regulatory risk: cryptocurrency regulation varies by jurisdiction and is evolving rapidly. Assets or exchanges that are legal today may become restricted or prohibited.
• Liquidity risk: some tokens shown in balance snapshots may have limited or no liquidity. Balance values reported by exchange APIs may not reflect achievable sale prices.
• Smart contract risk: for DeFi venues, performance data may be affected by smart contract vulnerabilities, oracle failures, or protocol exploits that are outside NakedPnL's ability to detect or prevent.
• Stablecoin risk: USD valuations assume USDT, USDC, and other stablecoins maintain their peg. De-peg events affect reported balances.

NakedPnL reserves the right to modify its methodology, data sources, verification process, and these disclaimers at any time. Material changes to calculation methodology will be documented on the Methodology page. Continued use of the platform after changes are published constitutes acceptance of the updated terms.