⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
Prop firms and "funded accounts" on Hyperliquid
Every figure on this page was read from the named programme's own rules or terms on 2026-09-16. This site has no relationship with any of them, uses no referral links to them, and has not bought or traded an evaluation. Rules in this category change often; the linked rulebooks are the source of truth.
Search "Hyperliquid funded account" and you will find a growing set of programmes that promise to let you trade a $25,000 or $100,000 account for a fee of a few hundred dollars and keep most of the profit. Three of them publish a full rulebook and terms that can be read end to end: Propr, Hypernova and Hyperstack (a Vanta-operated challenge). This page sets out what each one says it sells, because the answer is not what the words "funded" and "on Hyperliquid" suggest.
What you are actually buying
- A paid evaluation on a simulated account. Propr's disclosures say "All Propr accounts, including 'Funded Accounts', are 100% simulated. No real financial instruments are traded by you." Hypernova's rulebook says its orders "are filled by Hypernova's own engine and are not routed to Hyperliquid", and its FAQ answers "Do I trade real money" with "No." Hyperstack's footer says "All trading is simulated using simulated assets; no real securities, commodities, forex, cryptocurrency, or other assets are traded on the platform."
- Hyperliquid supplies the prices, not the account. All three price their simulated books from Hyperliquid market data. Propr and Hypernova say they may replicate some trader signals on their own books; Hyperstack works the other way round and mirrors your own real Hyperliquid fills into its shadow account. In no case does the firm hand you its capital on Hyperliquid.
- Two equity limits decide everything. A daily loss limit and a maximum drawdown, both measured on equity including open positions, both breached by "even a momentary touch" with "no grace period" (Propr and Hypernova use the same wording). A breach closes the account permanently; you can buy another evaluation.
- The fee is the product. Every programme states the fee is non-refundable once the account is active (Vanta carves out EU/UK consumers' 14-day withdrawal right). Propr's live dashboard on the check date showed cumulative revenue of $3.46M against $1.70M paid out, and a paid pass rate of 15.5% (3,260 passes, 17,772 fails). Hypernova's rulebook asks you to acknowledge that "Most traders do not pass."
- A payout is a reward, not your trading profit. Propr: "Any payout represents a performance-based reward for signal evaluation, not an investment return or capital gain." Hypernova: "You do not own the funded account or any positions within it. You are eligible for performance-based payouts only." Vanta: rewards are "independent-contractor compensation based on simulated performance, not a share of real trading profits", and "Passing a Challenge does not guarantee an invitation to the Scaled Trader Program or any compensation."
The three programmes side by side
| Propr | Hypernova | Hyperstack (Vanta) | |
|---|---|---|---|
| Operator (per its terms) | Propr Limited (Reg. No. 2211330), registered address in Tortola, British Virgin Islands; BVI courts | Hypernova Systems, registered address in George Town, Grand Cayman; Cayman law, arbitration | Taoshi VT Services (Hyperscaled), contact address in George Town, Grand Cayman; Cayman law, arbitration. "Hyperstack" is an "Authorized Marketing Partner of Vanta" |
| What the account is | "All Propr accounts, including “Funded Accounts”, are 100% simulated" | "Every trade runs in a simulated account against live market conditions"; orders "are not routed to Hyperliquid" | You trade your own Hyperliquid account; Vanta mirrors those fills into a simulated challenge account |
| Your own money at risk | The evaluation fee | The assessment fee | The entry fee plus whatever you trade with on Hyperliquid itself |
| Account sizes | $5,000 to $200,000 | $5,000 to $200,000 | $1,000 (free) and $5,000 to $100,000 |
| Fee, smallest to largest paid size | Classic 1-Step $60 to $1,998; Turbo $25 to $899; Pro $45 to $1,399; Classic 2-Step $50 to $1,499 | Tight $25 to $800; Low $60 to $1,850; Medium $80 to $1,350 (largest "TBD"); High "TBD", restricted | $74 to $999 |
| Steps | 1-step (Classic, Turbo, Pro) or 2-step | 1-step | 1-step |
| Profit target | 10% Classic; 9% Turbo; 12% Pro; 5% then 10% on 2-Step | 9% Tight; 10% other tiers | 10% |
| Daily loss limit | 3% (1-step) or 5% (2-step) of start-of-day balance | 3% / 3% / 4% / 5% by tier, of prior-day closing balance | 5% of the day’s opening equity |
| Maximum drawdown | 6% / 3% / 5% static (1-step); 8% trailing on 2-step | 3% / 6% / 7% / 8% static by tier | 5% end-of-day trailing (challenge); 8% once scaled |
| Time limit / minimum days | None / none | None / none | None, but 30 days without a trade eliminates the account / none |
| Split after passing | 80% to trader | 80% to trader | 90% of "eligible performance-based rewards" for invited participants |
| Payout cadence | On demand, minimum $20, "processed within 24 hours", full sweep only | On demand, no minimum, by smart contract from a public reserve | Monthly, to invited Scaled Trader Program participants |
| KYC | Not to buy; required before the funded account and any payout | May be required "as a condition of accessing a funded account or processing payouts" | Not to trade; required for the first payout |
| Cap on funded balance | $300,000 aggregate | $200,000 aggregate | Scales to $400,000 on quarterly performance |
| Restricted users | Named list of 30 countries plus Crimea, Donetsk, Luhansk and OFAC-sanctioned places; VPN use = termination | OFAC-sanctioned jurisdictions "including but not limited to Iran, North Korea, Cuba, Syria, and Russia" | Terms refer to "Prohibited Jurisdictions"; EU/UK consumers get a 14-day withdrawal right |
| Status on the check date | Live; dashboard shows 3,260 paid passes out of 21,032 resolved (15.5%) | Home page reads "closed beta · invite only"; configurator shows a 19.6% pass rate for the default tier | Live; "ONLY 200 AVAILABLE" free $1k accounts |
Sources: Propr rules · Propr terms · Propr transparency dashboard · Hypernova rulebook · Hypernova terms · Hyperstack rules · Hyperstack / Vanta terms. Plain links, no referral codes.
Propr
Propr Limited (Reg. No. 2211330) gives a registered address in Tortola, British Virgin Islands, and its disclosures state it "is not a broker, does not accept deposits, and is not authorized or regulated by the BVI Financial Services Commission or any other financial authority." Its rulebook offers three one-step evaluations (Classic: 10% target, 3% daily loss, 6% static drawdown; Turbo: 9% / 3% / 3%; Pro: 12% / 3% / 5%) and a two-step one (5% then 10%, 5% daily loss, 8% drawdown trailing the high-water mark until it reaches the starting balance). Fees run from $25 for a $5,000 Turbo account to $1,998 for a $200,000 Classic account. There is no time limit, no minimum trading days and no consistency rule; copy trading and bots are allowed; hedging across your own accounts or against an outside exchange, "account cycling", latency arbitrage and wash trading are listed as grounds for termination.
Two things set Propr apart. First, its terms describe a "hybrid model": your account is paper trading, but Propr "reserves the right to replicate trades" either by "A-Booking (executing on-chain proprietary trades via a liquidity venue for Propr's own risk and capital) or B-Booking (managing the trades via an internal book entry)", and it labels each trade A- or B-booked in your dashboard. The classifier that makes that call is published as an open-source repository by its developer, XBorg Labs. Second, its transparency dashboard publishes revenue, payouts, funded capital, hedging P&L and a running pass rate, so the funnel economics are visible rather than estimated.
Payouts are 80% of profit above the starting balance, on demand, minimum $20, "processed within 24 hours", and always a full sweep that resets the balance. KYC (government ID plus selfie) is not needed to buy but is required before a funded account is activated. A trader may hold up to $300,000 of aggregate funded balance. One caution on leverage: the rules page's leverage table lists 10x for BTC, ETH and SOL and 2x for other crypto perps, while a graphic further down the same page shows 5x for BTC and ETH; check the dashboard before sizing.
Hypernova
Hypernova Systems gives a registered address in George Town, Grand Cayman, and its terms choose Cayman Islands law. Its home page read "closed beta · invite only" on the check date. All assessments are one step across four risk tiers with static drawdown: Tight (9% target, 3% daily, 3% drawdown), Low (10% / 3% / 6%), Medium (10% / 4% / 7%) and High (10% / 5% / 8%, "restricted to eligible users"). Fees start at $25 for a $5,000 Tight account and reach $1,850 for a $200,000 Low account; several Medium and High cells are still "TBD". Trading fees "mirror standard Hyperliquid maker/taker rates, with no markup" and funding is applied from Hyperliquid's published rates, but the rulebook is explicit that orders are matched by "Hypernova's own engine and are not routed to Hyperliquid", and its FAQ adds that Hypernova "may use trader-generated signals to trade its central book."
Where Hypernova differs is settlement: account rules and payouts are written to smart contracts on Arbitrum, payouts are 80% of profit and settle "instantly via smart contract" from a payout reserve whose balance is public. On the check date the home page showed a reserve of $904.6K against lifetime payouts of $901.7K, and its rulebook carries a dated changelog (v1.1 on 4 August 2026 added the Tight tier). A funded trader may hold up to $200,000 in aggregate. Its prohibited-conduct list is stricter than Propr's: copy trading, third-party signals, strategies "specifically marketed or designed to pass prop firm evaluations", and "strategy switching" between the assessment and the funded account are all grounds for termination with no payout.
Hyperstack (a Vanta challenge)
Hyperstack is the odd one out, and its own footer says why: it "is an Authorized Marketing Partner of Vanta", the challenge "is operated by Vanta", and the terms name the operator as Taoshi VT Services (Hyperscaled) with a George Town, Grand Cayman contact address, under Cayman law. The model inverts the other two. You trade your own self-custodied Hyperliquid account with your own money; Vanta reads your fills from Hyperliquid's public data (no API key, no custody) and mirrors them, weight for weight, into a simulated challenge account of $5,000 to $100,000, for a fee of $74 to $999. Only 58 named pairs are tracked; a Chrome extension shows the mirrored size and blocks orders that would breach the limits. The challenge target is 10% with a 5% daily loss limit and a 5% end-of-day trailing limit; passing "immediately" activates a "scaled account (simulated)" with an 8% trailing limit, no target, and elimination after 30 days without a trade.
Read the payout wording twice. The terms say there are "no payouts, profit splits, bonuses, prizes, or any form of compensation during the Challenge", and that "Passing the Challenge is a necessary but not sufficient condition for being invited to Vanta's Scaled Trader Program", which requires a separate independent-contractor agreement at Vanta's "sole discretion". For invited participants the split is 90%, paid monthly in USDC after a first-payout KYC, and accounts scale toward $400,000 on a 5% quarterly return with an all-time Sharpe ratio above 1. Because your Hyperliquid trades are real, you also carry the normal Hyperliquid fees, funding and liquidation risk on that side; Vanta's rules recommend a dedicated wallet or sub-account so unrelated activity does not distort the mirrored weights.
Where your orders go
This is the question the marketing blurs and the rulebooks answer. With Propr and Hypernova, nothing you do reaches Hyperliquid's order book unless the firm chooses to hedge your signal with its own money; your P&L is a number in the firm's database, priced from Hyperliquid data. With Hyperstack, every order is a real Hyperliquid order because it is yours, and the challenge is a shadow that follows it. Neither design is hidden, and both firms that internalise flow say so in writing, which is more than most of the industry has done. It still means the firm that grades your evaluation is, for B-booked trades, also the counterparty that keeps your simulated losses.
Regulation and jurisdiction
None of the three claims any financial authorisation, and Propr says outright that you "will not receive regulatory protections associated with licensed financial services." All three give BVI or Cayman Islands addresses and bind users to arbitration or BVI courts. In the EU, the chair of CySEC and of ESMA's Risk Standing Committee told Finance Magnates in June 2026 that "ESMA is not currently engaged in any substantive discussions regarding retail prop trading" (syndicated on TradingView). In the US, the CFTC's 2023 complaint against Traders Global (My Forex Funds) alleged the firm collected "at least $310 million in fees" from more than 135,000 customers while acting as their counterparty; in 2025 a court-appointed special master recommended sanctions against the CFTC itself for its conduct in that case, which the agency's acting chairman acknowledged. The lesson that survives is narrow: what regulators have acted on is misdescribing who the counterparty is, which is exactly the point the on-chain firms now disclose. Whether a simulated-challenge fee is a financial product in your country is a question this site does not answer; see the EU guide for how perps themselves are treated.
Firms that tie their accounts to other perp DEXs, including one that trades real capital, are compared in the prop firms on perp DEXs guide.
What to check before paying a fee
- Read the rulebook, not the landing page. Propr and Hypernova both open theirs with "By purchasing an evaluation, you agree to these rules in full."
- Know which drawdown you are under. Static (floor never moves), end-of-day trailing (Hyperstack), or intraday trailing on the high-water mark including floating profit (Propr 2-Step). The last one can breach you on a trade that ends at breakeven.
- Find the pass rate and the reserve. Propr publishes both on its dashboard; Hypernova shows a pass rate per configuration and a public reserve balance; Vanta publishes neither on the pages read here.
- Check the restricted list and the KYC step before you pay, since fees are non-refundable and Propr terminates VPN users "with no refund or payout".
- Separate the two risks on Hyperstack. The fee is one risk; the real trades on your own Hyperliquid account are another, with their own liquidation rules.
- Treat "funded" as a label. On every programme here it means a simulated account whose profit the firm has agreed to pay a share of, subject to its own terms and its own solvency.
FAQ
Do I get a Hyperliquid account with the firm's money in it?
No, on any of the three. Propr and Hypernova accounts are simulated and never touch Hyperliquid; Hyperstack watches the Hyperliquid account you already fund yourself.
Do Hyperliquid's referral discount or fee tiers apply?
Only on Hyperstack, where the trades are your own and Hyperliquid's fee schedule and referral discount apply as normal. Propr's and Hypernova's simulated fees are set by their rulebooks (Hypernova says it mirrors Hyperliquid's rates; Vanta charges 0.045% on market and 0.015% on limit fills in the simulation).
Are these firms part of Hyperliquid?
No. They are third parties that use Hyperliquid's public market data. Hyperliquid's own docs describe how third-party apps can charge builder fees on real orders; none of these programmes places real orders for you.
Which one is best?
This page does not rank them. They sell different things (a house-priced evaluation, a smart-contract-settled evaluation, and a mirror of your own trading), their pass rates and reserves are published to different degrees, and every one of them can change its rules with notice. Read the three linked rulebooks and decide what you are paying for.
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Referral link — 4% fee discount, disclosed on the referral page. The prop-firm links above are plain links. See our methodology.