The contracts are audited. However, there can still be bugs in the smart contract code.

The protocol maintains a buffer to mitigate the economic risks in underlying yield-generating protocols. Yield generating protocols are selected such that there are minimal economic risks. However, the protocol inherits the economic risks of its yield-generating protocols.

The execution/filling of orders is incentivized. However, there can be delays in order execution if not enough relayers are running or due to downtime.
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Contract risk
Economic risk
Execution delays