Rulebook

How it works

You buy a challenge, trade it on live Hyperliquid prices, and pass by reaching the profit target without breaching a loss limit. Passing a 1-step challenge, or both phases of a 2-step, issues a funded account of the same size. Funded accounts have no target: you keep a share of the profit you make and can request payouts.

There is no time limit, no minimum number of trading days and no consistency rule on any challenge or funded account. Instant accounts skip the evaluation and start funded.

Challenges

Prices and sizes are on the challenges page.

Profit target

The target is a percentage of your starting balance and is measured on closed balance with no open positions. An open winning trade does not complete a challenge on its own: close it, and the pass is recorded the moment your balance is at or above the target.

On the 2-step challenge, passing phase 1 issues a phase 2 account at the same size with a fresh starting balance. Profit from phase 1 does not carry over. Passing phase 2 issues the funded account.

Daily loss limit

Each day at 00:00 UTC your balance is recorded. Your equity (balance plus unrealised profit or loss on open positions) must stay above that day's floor:

Daily floor = start-of-day balance minus the daily loss percentage of the greater of your starting balance or your start-of-day balance.

The allowance grows when you bank profit and never shrinks below the starting allowance. Fees and funding count toward it.

Instant accounts have no daily loss limit. Their max drawdown is the only loss rule.

Max drawdown

The max drawdown floor is set once from your starting balance and never moves, whatever your account grows to. Equity at or below it is a breach.

Breaches

Limits are checked on every mark price update and after every balance change. When equity reaches either floor:

• the account is marked failed and can no longer trade;
• open orders are cancelled and positions are closed against the live order book;
• if the book cannot be priced at that moment, positions are closed at mark price, and the fill is recorded as such.

Every breach is stored with the equity, floor and prices used, so it can be reviewed. A correctly calculated breach is final. If a breach was caused by a platform fault or incorrect price data, contact support within 72 hours and it will be reviewed.

Funded accounts

Accounts funded through a challenge keep the same daily loss limit and static max drawdown as the challenge, with no profit target.

Execution and costs

• Market orders fill against Hyperliquid's live order book, level by level, so larger orders pay realistic slippage. A market order never rests: any size the book cannot fill is cancelled.
• Limit orders take any liquidity available at your price or better when placed. The rest rests and fills at your price once the market trades or quotes through it.
• Take profit and stop loss orders trigger on mark price, then fill against the live book.
• Fees: - of the order value, deducted from your balance.
• Funding is charged or credited every hour on the hour at Hyperliquid's rate for that market. Positive funding means longs pay shorts.
• Paused markets: if live prices for a market stop arriving, new orders on it are refused until they resume. Existing positions and limits stay in place.
• Positions are netted: you hold one long or short position per market, with cross margin across the account.

Markets and leverage

All Hyperliquid perpetuals are available, plus stocks, indices and commodities from Hyperliquid's TradFi exchange. Leverage is headroom, not a requirement. The cap for each market is the lower of the table below and Hyperliquid's own maximum.

The exact cap for each market is shown in the order ticket and on the markets page.

Permitted and prohibited

Allowed: news trading, holding over weekends and overnight, scalping, swing trading, grid and martingale sizing within the limits, and trading on signals you receive.

Not allowed:

• opposite positions across your own accounts, or with other traders, designed so one account passes while another is sacrificed;
• hedging an account against positions elsewhere to remove market risk from a challenge;
• trading on stale prices, delayed quotes or known platform errors;
• letting anyone else trade your account, sharing logins, or selling an account;
• holding more than one perpd profile.

Profitable trading is never a reason to refuse a payout. A payout can only be withheld for a breach, proven prohibited conduct, fraud, or a legal or sanctions restriction.

Simulated trading

All challenge and funded accounts are simulated. Prices, order books and funding come from Hyperliquid in real time, but your orders are not sent to Hyperliquid and you do not own any position or capital. The challenge fee is not a deposit and is not withdrawable. Payouts are a reward for performance on the simulated account.