Changelog

Each market now caps the position one account can hold in it, on top of the cap your equity and leverage set, and the tighter of the two applies. The largest markets and stocks, indices, commodities and FX have fixed caps; every other market's cap follows its open interest. Reducing a position is always allowed. This applies to accounts that were already open, from 2 September 2026, and is not covered by the exception for changes in your favour: see its dated entry in the rules changelog, and every market's cap under Position sizing.

Gauntlet | 1-Step is on sale, with a higher profit target inside a tighter maximum drawdown. Arena | 2-Step is off sale for now, and the rules still document it.

The other challenges are re-tuned for new accounts:

• Arena | 1-Step has a lower daily loss limit.
• Hyper | 1-Step asks for a smaller target, with a wider daily loss limit and a tighter maximum drawdown.

The exact figures are on Challenges and in the rules changelog.

Open accounts: new accounts only. Accounts bought before 6 September 2026 keep the terms they were bought under. Existing Arena | 2-Step accounts are unchanged.

What to do: Nothing.

A rule change reaches an account that is already open only when it is in your favour, meaning it corrects a defect or loosens a limit, and the Terms and the rules changelog now say so. Where a change was applied to open accounts anyway, its entry says so and why. Six rule changes that shipped without a dated entry were added on 19 September 2026, marked as published late: see the rules changelog.

When your equity, after the fees to close every position, reaches the profit target, we close your positions at the market price and the account passes on the realized result. You do not have to close them yourself.

• To pass, your realized balance has to reach the target with every position closed.
• When your challenge passes its final phase, it stops trading. It stays in your account list as a read-only record of its result, and it earns its own certificate.
• A new funded account is issued at your account size. Both loss limits are measured from that size.

Open accounts: affected, each part from its own date, and none of them under the exception in the rules changelog. Passing with every position closed, and the funded account starting at its size, applied to evaluations already open on 10 September 2026, because no paid evaluation was open that day (v1.2). The automatic pass applied to accounts already open from 11 September 2026, because it only ever acts in your favour (v1.3). The new funded account applies to every pass from 11 September 2026, including evaluations already open (v1.5).

What to do: Nothing.

Markets with very little open interest, and markets Hyperliquid retired, were delisted on 3 September 2026 under the published delisting policy; no open position was affected. The number of markets we quote is now counted from the live list each time the site is built, so it can no longer run ahead of what you can trade. See Markets.

The weekly consistency streak on the Points page now counts on every account you trade: an evaluation, a free trial and a tournament account as well as a funded one. It used to count funded accounts only, so you could not build a streak before you were funded. Each account keeps its own streak, and with more than one the panel lists them, naming a free trial or tournament account as one. A streak week is still a week the account finished profitable without a breach. See Points.

Your loss limits are judged on your equity. Closing positions one at a time cannot fail an account whose equity is above both limits.

• A close that takes your equity through the daily loss limit fails the account at once, as the rules already said. The same check covers funded accounts.
• At 00:00 UTC the new day's daily loss limit is set below the lower of your balance and your equity after the fees to close every position. A loss still open at midnight does not count against the next day.
• A brief gap in one market's price no longer values that position at its entry price, so it cannot fail a healthy account while a limit order fills.
• A funded account does not show the evaluation target it already passed.

Open accounts: affected, each from its own date. The price gap fix corrected a defect in your favour and applied from 19 August 2026. The check on a close through the daily loss limit, and on funded accounts, applied from 2 September 2026 (v1.6, 2 September). Closes judged on equity applied from 11 September 2026, and the midnight reset from 12 September 2026, because they correct a defect and loosen a limit (v1.4).

What to do: Nothing.

A resting limit order now fills at the price you set when the market reaches or gaps through it, where it used to fill at the better market price. A limit that was already marketable when you placed it still fills at the market price or better, and reduce-only limits follow the same rule from 4 September. This applies to open accounts and to orders already resting, from 3 September 2026, and is not covered by the exception: see the rules changelog.

On a funded account, the share on your dashboard is now exactly what the payout page offers, on one line with its payout button. The old figure counted evaluation profit and overstated the share; no payout changed.

Tournaments are free, opt-in events with their own start and end. Join from a tournament's page, even while you sign up, and you get a tournament account for its run, ranked on net realized profit after fees. Each tournament sets its own account size and loss limits; a tournament account has no profit target and never uses your free trial or your paid-account slot. Your dashboard shows your rank, which you can share on a card, and an ended tournament account shows its result. See Tournaments.

The leaderboard now ranks you from your first closed trade, gives the top three a podium, and opens on the Free trial pool for now. Tournaments and Leaderboard sit under Trading in the sidebar.

In a tournament that awards cash, you are eligible for a cash prize when you are ranked in good standing and your identity is verified. Eligibility used to also require a funded account, which a tournament account can never be, so no entrant could qualify. This applies to every tournament from today. See Tournaments.

The chart is TradingView Advanced Charts on desktop and phone, with drawing tools and indicators, and your layout is saved for each market. There are more chart intervals, and your entry, take-profit, stop-loss, liquidation and drawdown lines sit as compact tags beside the price axis.

The order panel's Pro menu has Scale, TWAP, Swarm, Conditional, Chase and Chase TWAP beside TP/SL, on desktop and phone. TWAP and Chase have their own tabs in the console, where you follow each run and stop it.

• Reduce only works on Scale. Tick it and every rung of the ladder can only shrink your position, which makes a Scale a laddered exit. Before this fix, a Scale ignored the box and opened a position.
• A Pro order cannot carry take-profit and stop-loss levels, so Pro forms do not show the TP / SL box. Set levels on the position once it is open.

See Pro order types and what every Pro order shares.

On a wide desktop window, with the order book collapsed, you can open a second chart to watch another market. It never changes your ticket; press Trade this market to switch to it.

Beside the chart, new tabs show the order book's depth, open interest and how Perps Fund traders are positioned, the market's details, a headline wire and a US economic calendar.

Open the calculator from the desktop status bar to work out P&L, a target price, or the price at which your account would breach, from your account's equity.

SPX on Perps Fund is SPX6900, a coin traded on Hyperliquid, not the S&P 500 index (that market is SP500). Part of the platform still filed SPX as an index, which gave it the index leverage ceiling instead of the ceiling other crypto markets have. It is now filed as crypto everywhere, so it sits under the Crypto tab on Markets and takes the crypto leverage ceiling. On live accounts SPX already traded at the crypto ceiling, so no open account's limit changed.

Every analytics figure appears from your first closed trade, with a note on how many trades it rests on, and the risk ratios appear after two trading days. The Performance row adds average leverage and live margin usage.

Archiving is instant, and a passed challenge or an ended tournament account can now be archived as well as a breached one. Archived accounts move to their own tab and still count in your history.

A position's P&L percentage is return on margin everywhere, to two decimals, and Settings Billing no longer lists one purchase twice after a pass.

Press Cmd K or Ctrl K on any signed-in page, or the magnifier on the dashboard, to search settings, the rules, the FAQ, the docs, pages, actions and markets in one place. See Search.

Choose English, Spanish, French, German, Brazilian Portuguese, Italian or Ukrainian in Settings. Navigation, sign-in and Settings are translated; the dashboard, payouts, checkout and the legal pages stay in English for now.

Sign-up and Google sign-in offer an optional, unticked box for emails about tournaments, challenges and updates, and Settings has an Email updates switch. Nobody was opted in without ticking it.

After you send crypto, checkout shows each stage the payment processor reports, and your dashboard shows a payment in progress until it completes or is reversed. A challenge that is off sale says so on its card.

The privacy policy now names the device identifier we use to detect linked accounts, how long fraud records are kept, and the email, Telegram and Slack processors we use.

A live API key trades every account you can trade in the terminal (your free trial, a challenge, a tournament account or a funded account) under the terminal's own rules, and a repeated request with the same idempotency key is never placed twice. API access is a beta: request it on Developers.

In the sandbox API, take-profit and stop-loss fire, and valid keys are not throttled out.

The sandbox refuses an order that would take a position past its market's cap, with the same ASSET_NOTIONAL_CAP code and message a live order gets, worked out the same way. A size your agent settles on in the sandbox is not refused for its cap on your first live order.

The API reference lists fees and every error code. See The API.