> For the complete documentation index, see [llms.txt](https://airewardrop.gitbook.io/air3/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://airewardrop.gitbook.io/air3/security-and-risk/risks-limits-and-disclaimers.md).

# Risks, Limits, and Disclaimers

This page summarizes key user-facing risks, operating limits, and implementation boundaries for AIR3 products and the AIRTrading protocol.

## General product and protocol boundaries

* Documentation describes product behavior and protocol logic at a functional level.
* Some details are implementation-specific and may vary by deployed version.
* Deployed contracts, product interfaces, and official announcements are the source of truth for live behavior.

## AIRTrack vs AIRTrading (important distinction)

* **AIRTrack** is a tracking, simulation, and strategy validation product.
* **AIRTrack does not execute real trades.**
* **AIRTrading** is the real execution environment for strategies that pass validation requirements.

Users should not interpret AIRTrack simulation outcomes as guaranteed AIRTrading results.

## Primary user-facing risks (no-leverage intended operating model)

The intended operating model documented in this docs set is no leverage. The primary risks presented to users are therefore:

* adverse market moves
* slippage
* execution timing differences
* fees and venue costs
* strategy underperformance
* temporary processing delays under stressed conditions

These risks are explained in more detail in the protocol risk management section.

## Operational limits

Depending on deployment version and venue conditions, the system may apply operational limits or safeguards such as:

* staged execution procedures
* strategy capacity limits
* temporary pauses for maintenance or upgrades
* claim timing rules and settlement windows
* product availability changes by module

## No guarantee language

* Past results, tracked outcomes, and simulations do not guarantee future performance.
* Strategy validation improves selection quality but does not eliminate market risk.
* Public trade traceability improves transparency but does not change execution risk.

## References

* [Risk Management](/air3/protocol/risk-management.md)
* [Pacifica Execution Layer](/air3/protocol/pacifica-execution-layer.md)
* [Official Links](/air3/resources/official-links.md)