What is Perps Fund
A crypto prop firm: pass a simulated trading evaluation on live prices, get a funded account, and withdraw your profit share in USDC.
Perps Fund is a crypto proprietary-trading firm. You buy a challenge, trade a simulated (paper) account priced on live Hyperliquid prices, and if you pass the profit target without breaking the risk limits, you move to a funded account and keep 80% of the profit, withdrawn in USDC.
The account is simulated the whole way through. You are proving a skill, not risking a trading deposit, so the most you can lose is the one-time challenge fee, while the upside is a share of real profit paid to you.
You never trade your own capital
Every account, evaluation and funded, is simulated. Fills, fees, and funding are simulated against real market prices, so nothing you do can lose more than the one-time fee you paid for the challenge.
What is prop trading?
Proprietary ("prop") trading firms let traders trade the firm's capital instead of their own. You demonstrate your skill in an evaluation, and if you pass, the firm gives you a funded account and you split the profit you make on it.
The trade you make is simple: instead of funding a large trading account yourself and carrying all the downside, you pay a one-time fee to attempt the evaluation. Your risk is capped at that fee. Your reward, if you pass and stay within the rules, is a share of the profit on a much larger account than the fee would buy.
Perps Fund runs this model on crypto and other markets. The one difference from a classic prop firm is that every account here is paper, priced on the live market, so there is never any real personal capital at risk at any stage.
Perps Fund vs a regular exchange
If you have traded on a normal exchange before, here is what changes.
| Regular exchange | Perps Fund | |
|---|---|---|
| Your capital | Your own money funds every position | Our capital. You trade a simulated evaluation account; none of your money is at risk beyond the one-time fee |
| Risk of loss | You can lose your whole deposit | The most you can lose is the challenge fee. The account is paper, so there is no margin call on your own funds |
| Pricing | Priced on that venue's own order book | Priced against live Hyperliquid order books, not an internal house simulator. You trade the real market, on paper |
| Your profit | All yours, and so is all the risk | Once funded, you keep 80% of the profit, with none of your own capital at stake |
| Payouts | Withdraw your own funds | Withdraw your profit share in USDC to a wallet you whitelist |
The middle row is the important one. Perps Fund is not a house simulator that invents its own prices: your simulated account is priced against live Hyperliquid order books, the same real market everyone else trades. You are trading the real market on paper, and Hyperliquid is not exclusive to Perps Fund.
Who it's for
The evaluation enforces real risk limits, so a working understanding of leverage and drawdown helps. There is no minimum experience requirement, and no personal capital is ever at stake, which makes it a way to test a strategy on the live market, prove consistency, and earn a share of profit without funding a large account yourself. Across 120+ markets and account sizes from $5K to $100K, you pick what fits the way you trade.
Where to go next
- How it works - the path from buying a challenge to getting paid, step by step.
- Open the terminal - signed out, it runs a simulated account in your browser with no purchase needed; signed in, it opens your own account.
- Browse the challenges - the account sizes, the evaluation types, and their prices.
- The Rules - every limit the evaluation enforces, read straight from the live risk engine.