Buying a challenge
Choose an evaluation, pay once in crypto, and get a simulated account on live prices.
A challenge is how you start trading on Perps Fund. You pay a one-time fee and get a simulated account priced on the live market, with a profit target to hit and risk limits to respect. Pass it and you move to a funded account that pays you a share of the profit.
This page is the quick purchase walkthrough. For the full model, from buying to getting paid, see How it works.
Choose a challenge
On the Challenges page you pick two things: an evaluation type and an account size.
| Choice | What it means |
|---|---|
| Evaluation type | There are 3 types, differing in how many phases you trade and the profit target you need. Compare them on How it works. |
| Account size | The simulated capital you trade, from $5K to $100K. A bigger account costs more and pays out on a bigger base. |
For the exact targets and the risk limits behind each type, see the Trading rules.
Pay in crypto
Checkout is a one-time fee, paid in crypto: you pick the currency at checkout, with no subscription. Your simulated evaluation account is provisioned right after payment, so you can start trading it immediately.
What comes with it
Your challenge account is a paper account priced on live Hyperliquid prices: you trade the real market, on paper, with no personal capital at risk. It comes with a profit target to reach and the risk limits that protect it. Clear the target within the limits and you move to a funded account that keeps 80% of the profit for you. You place orders in the terminal, which walks through every control.
How many you can run at once
You can hold up to 3 active challenges at the same time. Passing or failing one frees a slot, so you can start another.
Related
- How it works - the full path from buying to getting paid.
- Trading rules - the targets and risk limits for each type.
- The terminal - where you place and manage trades.