Questions, answered.

perpd is a prop firm for perpetual futures. You pay a one-time fee for a challenge, trade a simulated account on live exchange prices, and once you pass you trade a funded account and keep a share of the profit you make.

Your account is simulated. Prices, order books and funding come from Hyperliquid in real time, but your orders are not sent to the exchange and you do not own any position or capital. Payouts to funded traders are real and are a reward for performance on the simulated account.

No. You pay a one-time challenge fee and never deposit margin. The fee is not a deposit and cannot be withdrawn.

Yes. The free trial gives you a $10K account on Core 1-Step rules with the same live prices and risk engine. Trial accounts do not earn payouts. Start a free trial.

You can hold several challenges and funded accounts at once, all under one perpd profile. Holding more than one profile is not allowed.

No. There is no time limit, no minimum number of trading days and no consistency rule on any challenge. Take as long as you need.

Passing phase 1 issues a phase 2 account of the same size with a fresh starting balance. Profit from phase 1 does not carry over. Passing phase 2 issues your funded account.

An Instant account skips the evaluation and starts funded, with a 3% daily loss limit and 5% max drawdown. Your first payout is available after 5 trading days, and no single day can make up more than 30% of the profit in that first payout.

A funded account of the same size opens automatically. It keeps the same daily loss limit and static max drawdown, with no profit target.

No. Every account keeps a frozen copy of the rules it was created under, so later changes never apply to an account you already hold.

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

Your balance is recorded at 00:00 UTC each day. Your equity, meaning balance plus unrealised profit or loss, must stay above that day's floor: the start-of-day balance minus the daily loss percentage of the greater of your starting balance or your start-of-day balance. Fees and funding count toward it.

No. The max drawdown floor is set once from your starting balance and never moves, however much your account grows.

The account is marked failed and can no longer trade. Open orders are cancelled and positions are closed against the live order book. 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.

News trading, holding overnight and over weekends, scalping, swing trading, grid and martingale sizing within the limits, and trading on signals you receive are all allowed.

Opposite positions across accounts designed so one passes while another is sacrificed, hedging against positions elsewhere to remove risk from a challenge, exploiting stale prices or platform errors, letting anyone else trade your account, and holding more than one perpd profile.

Every Hyperliquid perpetual, plus stocks, indices and commodities from Hyperliquid's TradFi exchange. The full list with live prices is on the markets page.

Up to 10x on BTC, ETH and SOL, 5x on other major coins and 2x on other crypto. Stock indices go up to 10x, gold, silver and oil 8x, and other stocks, commodities and FX 5x. The cap is never above the exchange's own maximum for that market.

Market orders fill against the live order book level by level, so larger orders pay realistic slippage. Limit orders fill once the market trades or quotes through your price. Take profit and stop loss trigger on mark price, then fill against the book.

0.045% of the order value for orders that take liquidity and 0.015% for limit orders that rest on the book, deducted from your balance like on the exchange.

Yes. Funding is charged or credited every hour on the hour at Hyperliquid's rate for that market. Positive funding means longs pay shorts.

If live prices for a market stop arriving, new orders on it are refused until they resume. Your existing positions and orders stay in place.

85% on evaluation challenges, rising to 90% after your first payout. Instant accounts pay 80%.

In USDT to your own wallet. You request a payout from your dashboard once your funded account is in profit.

No. The challenge fee is a one-time payment for the evaluation and is not refunded with payouts.

No. 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.

Every payout issues a certificate with your name, the amount and the account. It has a public link and QR code that anyone can use to check it against our records, so you can share it knowing it cannot be faked. You choose the name printed on it from your dashboard.

Every perpd profile has a referral link and a discount code. People who sign up through your link or use your discount code get a discount on their challenge, and you earn commission on what they pay. Your rates are shown on the affiliates page.

Commission is held for 14 days to cover the refund window, then it can be withdrawn. The minimum withdrawal is $50, paid in USDT on Tron (TRC20), Ethereum, Arbitrum or Solana.