⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
Prop firms on perp DEXs: what the funded account really is
Every figure here was read from the firm's own site, rules or terms on 2026-09-29. This site has no relationship with any of these firms, uses no referral links to them, and has not bought an evaluation. Rules in this category change often; the linked pages are the source of truth.
"Prop firm" questions come up often in trading forums, and a growing number of firms now say their accounts run on a perp DEX. Read their own rules and two very different products appear under the same name. Most sell a simulated account: prices come from the DEX, but no order reaches it, and the firm pays a share of simulated profit from the fees it collects. One, Foxify, says its accounts trade real capital on real order books. Which of the two you are buying decides everything else: who your counterparty is, where the money for a payout comes from, and what a "liquidation" means.
Which venues have a prop firm at all
Most of them tie themselves to Hyperliquid. Beyond it, DojiFunded names GMX and Ostium, and Foxify names Decibel and Ondo. We searched for programmes naming Aster, Lighter, dYdX, edgeX, Paradex, Extended, Pacifica, Jupiter, GRVT, Variational, ApeX or SoDEX and found none that says so on its own pages as of 2026-09-29; results were those venues' own referral programmes. That is a statement about what we found, not proof none exists.
The three Hyperliquid firms covered in detail on the Hyperliquid prop-firms page (read 2026-09-16) follow the same split. Propr and Hypernova run simulated accounts; Hypernova's home page still reads "closed beta · invite only" on 2026-09-29. Hyperstack is different again: it mirrors the trades you place on your own Hyperliquid account into a simulated challenge.
Four more firms, side by side
| Iceberg | HyperPNL | DojiFunded | Foxify | |
|---|---|---|---|---|
| Venue named | Hyperliquid ("Powered by Hyperliquid") | Hyperliquid market data ("All market data used by HYPERPNL comes directly from Hyperliquid") | GMX and Ostium: "Funded trades route through on-chain venues, currently GMX and Ostium" | Hyperliquid, Decibel and Ondo: "Foxify Automation is live across Hyperliquid, Decibel and Ondo" |
| What the account is | "Your trading capital is simulated." Payouts come from a fee pool | "The trade is fully simulated inside HYPERPNL’s backend" | "Trading conditions on DojiFunded are simulated"; it "does not mirror every order on-chain one to one" and routes aggregated net exposure | "Real capital on real orderbooks — no demo or synthetic accounts" |
| Fee or deposit | $767 for $25,000 (sizes $5,000, $10,000, $25,000) | $42 for $5,000, $86 for $10,000, $215 for $25,000 (1-step) | Four models, "in sizes from $1,000 to $100,000" | "Deposit from $100 and activate an instant FUNDED account"; scales to $20,000 |
| Rules | No evaluation: "No evaluation or 10% profit target." 3% daily, 6% total drawdown; 90-day account lifetime | 10% target; 3% daily loss, 5% overall | 1-step 10% target; 2-step 10% then 5%; static drawdown, 6% maximum and 3% daily on the 1-step | No evaluation phase; a maximum drawdown per level, from the starting balance: "Hit this and the account is liquidated" |
| Profit split | 80%; each payout claims all eligible profit, minimum 1%, cap 5% of the account size | 80%, paid by smart contract in USDC | "Your split depends on your account configuration, and add-ons can raise it" | "70% on Foxify Automation accounts · 80% on manual trading" |
| KYC | — | "At this time, HyperPNL does not require standard KYC verification for payouts," and "may introduce identity verification" | "KYC verification is mandatory before receiving funded account payouts" | "No KYC and no traditional evaluation phase" |
| Operator | "© Iceberg Inc. 2026"; no terms page linked | — (the home page says "No restrictions"; its FAQ points to the Terms for restricted jurisdictions) | Dojifunded Inc., "a Delaware corporation"; its restricted list includes the United States | — |
| Pages read | HomeTransparencyPayouts | HomeTrade simulationFAQ | RulesTerms | Docs |
Simulated versus real capital
On a simulated account your fee is the firm's revenue and its payout source. Iceberg says so directly: "Actual USDC for eligible payouts comes from the fee pool." Your trades never touch the DEX, so its liquidity, its fees and its liquidation engine do not apply; the firm's rulebook does. A payout depends on the firm keeping its word and staying solvent. DojiFunded sits in between: it simulates each account but routes aggregated net exposure to GMX and Ostium, which is a hedge for the firm, not a real position for you.
On a real-capital account (Foxify) orders execute on the venue's order book, so the venue's rules apply as well as the firm's: its fees, its funding, and its liquidation mechanics. Foxify's own drawdown rule liquidates the account at the level's limit. Its docs name no operating entity on the pages read.
What to check before paying
- Find the sentence that says simulated or real. Every firm above states it; if a firm does not, ask before paying.
- Find the operator and the terms. Two of the four name no operating entity on the pages we read, and one links no terms page at all.
- Read the payout rule, not the split. Iceberg's 80% applies to payouts capped at 5% of the account per claim, with five days between claims.
- Check KYC and restricted countries first. DojiFunded requires KYC before any payout and lists the United States as restricted despite being a Delaware company; HyperPNL says it may add verification later.
- Treat "funded" as a label. On the simulated firms it means an account whose profit the firm has agreed to share, subject to its own terms and solvency.
Whether a prop-firm fee is a financial product where you live is a question this page does not answer. The regulatory background, including the CFTC's case against Traders Global, is on the Hyperliquid prop-firms page; how perps themselves are treated in the EU is in the EU guide.