Overview
A simulated trading evaluation on live prices. Pass the target without breaching the floors, get funded, withdraw your share.
Perps Fund is a paper-trading evaluation: you trade a simulated account against live Hyperliquid prices across 126 markets. Hit the profit target without breaching the daily-loss or max-drawdown floor and you move to a funded account, keeping 80% of the profit.
You never trade personal capital
The account is simulated. Fills, fees, and funding are simulated against real market prices, so the most you can lose on an evaluation is its one-time fee.
Prices on this page are engine values, not marketing
Every limit, cap, fee, and threshold below is read from the live risk engine. Account pricing per size is shown on the Challenges page.
How it works
Four steps, no subscription and no time pressure.
Account sizes
The same percentages apply to every size, so the dollar floors scale with the account.
| Account size | Profit target | Daily loss | Max drawdown |
|---|---|---|---|
| $5K | $500 | $200 | $300 |
| $10K | $1,000 | $400 | $600 |
| $25K | $2,500 | $1,000 | $1,500 |
| $50K | $5,000 | $2,000 | $3,000 |
| $100K | $10,000 | $4,000 | $6,000 |
Figures shown are the 1-Step values (target 10%, daily 4%, max drawdown 6%). The 2-Step plan uses lower targets and wider floors, in section 09. Pricing per size is on the Challenges page.
Key terms
Five words that decide whether you pass. Worth thirty seconds.
Equity-based limits
Both floors are checked against equity, so an underwater open trade can breach before you close it.
Equity is your balance plus the open profit or loss on live positions. When a position moves against you, equity falls in real time, and that is the number the floors watch.
Example · $50K account
Limits read equity, not balance
Risk is live, passing is booked
The loss floors read equity, so an open loser can breach a floor before you close it. The profit target reads realized profitat a close, so an open winner doesn't pass you until you take it. You can be stopped on an unrealized loss, but you only pass on a booked gain.
Daily loss limit
A floor that trails up on new highs, then resets at 00:00 UTC.
The daily floor sits 4% below the day's reference equity (1-Step; 5% for 2-Step). It trails up as you make new intraday highs, then resets at 00:00 UTC to a floor below your new daily starting balance.
Example · $50K, 1-Step (4%)
Trails up intraday, resets at the day boundary
Maximum drawdown
The overall floor is static. It never ratchets up against a good run.
The max-drawdown floor is fixed at 6% below your phase starting balance (1-Step; 8% for 2-Step) and never trails up. Profit you bank stays yours to risk: unlike trailing-drawdown models, a good run can't tighten the floor behind you.
Example · $50K, 1-Step (6%)
Daily floor - trailing
Max drawdown - static
Breach and liquidation
What happens the moment equity touches a floor.
A breach closes the position at the floor
When equity touches a daily or max-drawdown floor, open positions are closed at the floor and the phase ends. In an evaluation the phase fails; on a funded account the breached trade is closed out.
Enforcement is automatic and real-time
A monitor checks equity against the floors continuously, in real time. The moment equity touches a floor the position is liquidated at the floor price, so you don't rely on a manual stop and a gap through the floor doesn't escape the check. The floor is set by your equity, not your leverage: the same drawdown busts you whether you traded at 2× or 5×.
Your loss is capped at the max drawdown
Because the close happens at the floor, you cannot lose more than the max-drawdown amount on an account. There is no negative balance and nothing owed.
Targets and splits
The 1-Step and 2-Step plans, side by side. Same caps, different targets and floors.
| Parameter | 1-Step | 2-Step |
|---|---|---|
| Profit target | 10% | 6% then 10% |
| Daily loss limit | 4% | 5% |
| Max drawdown (static) | 6% | 8% |
| Loss floors measured on | Equity | Equity |
| Profit split (funded) | 80% | 80% |
| Time limit | None | None |
| Minimum trading days | None | None |
| On breach | Phase fails | Closed out |
The funded account keeps the same daily and max-drawdown floors as the evaluation. Passing changes the payout, not the risk limits.
What we don't restrict
Within the floors and caps, the way you trade is yours. There is no time limit, no minimum trading days, no consistency rule, and no cap on how many positions you hold. Pass in a day or a month, in one trade or a hundred. The only things that end a phase are hitting the target or breaching a floor.
Position caps and leverage
Concentration caps and per-market leverage ceilings, enforced at order time.
| Cap | Limit |
|---|---|
| Per position | 25% of equity |
| Total exposure | 1× equity |
| Per asset (one symbol) | 40% of equity |
| Maximum leverage | up to 5× |
Leverage is capped per market and never exceeds what the venue allows for that symbol. Orders that would breach a cap are rejected before they fill.
Markets and execution
126 markets, simulated fills on live prices.
Perps Fund is a simulated (paper) trading evaluation on live Hyperliquid prices. You are not routed to a broker and you do not trade firm or personal capital. Orders fill against the live market price at execution, with simulated fees and funding applied exactly as a real venue would.
Payouts and withdrawals
Funded traders keep 80% of realized profit, withdrawn in USDC.
Withdraw on demand
Request a payout whenever you have realized profit to take. There is no minimum holding period and no fixed payout schedule, so you withdraw on your own cadence, one open request at a time. Approved requests are paid in USDC to your whitelisted wallet.
Profit split
80%
Minimum payout
$50
KYC threshold
$1,000
New-wallet lock
48h
Withdrawals run against your high-water mark, so the same profit is never paid twice. Every payout clears this gate:
High-water mark
You withdraw realized profit above your previous peak. No double-paying a drawdown-and-recovery.
$50 minimum
Minimum withdrawal per request, in USDC.
Identity verification
KYC is required once lifetime unverified payouts would cross $1,000.
Two-factor auth
2FA must be active to request a withdrawal.
Whitelisted wallet
Payouts go only to a wallet you saved, on a network you chose. The network is shown, never inferred.
48h new-wallet lock
A newly added wallet is locked for 48h before any payout can target it, so a compromised account can't reroute funds instantly.
Every request is reviewed before it's sent
When you request a payout, the amount is reserved (held out of your available balance) and the request goes in review for operator approval. Once approved it is sent in USDC and the transaction is recorded. If a request is ever declined, the full reserved amount is returned to your balance - nothing is lost. Review is the standard step for every payout, not a sign of a problem.
Fair use and review
Trade how you like within the limits. Here is the short list of what we actually watch for.
Your trading style is yours
We do not algorithmically police news trading, scalping, holding through events, or any strategy that stays within the limits above. There is no hidden consistency rule.
We review for manipulation, by a person
We reserve the right to review accounts for abuse, for example exploiting a simulation, pricing, or settlement error. Where a review is warranted it is done by a person, and a payout may be held pending the outcome.
Coordinated payout farming is detected
Linked accounts running opposing positions to harvest the funded outcome are detected, and affected payouts are held for review. This protects the payout, not your trading: a hold is recoverable, not an automatic ban.
Fees
One fee to enter, trading costs simulated inside the account. Nothing else.
| Cost | Amount |
|---|---|
| Evaluation fee | one-time, non-refundable |
| Taker fee | 0.045% |
| Maker fee | 0.015% |
| Funding | hourly, real rates |
| Subscription | none |
No hidden fees
The evaluation fee is the only charge you pay us. Taker, maker, and funding costs are simulated and deducted inside the account, exactly as a venue would. Pricing per account size is on the Challenges page.
Quick reference
The 1-Step headline, in one row.
Target
10%
Daily loss
4%
Max drawdown
6%
Profit split
80%
Time limit
None
Changelog
Rule changes are dated here and never applied retroactively to open accounts.
Documentation update (no rule changes): added the equity-vs-realized distinction, real-time floor-price liquidation, the 00:00 UTC reset detail, the delisting force-close, the payout review step and the high-water-mark gate, and a statement of what is deliberately not restricted (no time limit, minimum days, consistency rule, or position-count cap).
Initial published rules: 1-Step and 2-Step targets and floors, equity-based limits, static max drawdown, 25% per-position and 1× total exposure caps, 80% profit split, and the full payout gate (KYC threshold, 2FA, whitelisted wallet, 48h new-wallet lock, $50 minimum).