Trading rules
Every rule an evaluation enforces: the profit target, the drawdown limits, the daily reset, breach, leverage, position caps, and fees, all read from the live engine.
An evaluation is one job: hit a profit target without breaking the risk limits. Everything here is enforced by the same engine that runs your account, and every number on this page is read from that engine's live configuration, so what you read is what the account actually applies.
Your account is a simulated (paper) account priced on live prices. The rules below govern it from the moment you start until you pass or breach.
The evaluation types
There are three types. They differ in how many phases you trade, the profit target, and the drawdown limits; all fund at the same profit split.
| Evaluation | Phases | Profit target | Daily loss | Max drawdown | Profit split |
|---|---|---|---|---|---|
| Hyper | 1 phase | +10% | 2% | 4% | 80% |
| 1-Step | 1 phase | +10% | 4% | 6% | 80% |
| 2-Step | 2 phases | +6%, then +10% | 5% | 8% | 80% |
A single-phase type (Hyper or 1-Step) funds you the moment you hit its target. The 2-Step splits its target across two phases, both shown in the matrix: you clear the first phase, then the second. Hyper is the tightest of the three, running the smallest drawdown limits for a lower price.
The profit target
You pass by reaching your account's profit target on realized balance, at a close. Booked profit counts; an open, unrealized gain does not pass you until you close the position and realize it. On a single-phase type, hitting the target funds you; on the 2-Step, clearing phase 1 advances you to phase 2 (balance and limits reset to the phase-2 baseline), and clearing phase 2 funds you. Once funded, you keep 80% of the profit.
The drawdown model
Two loss limits protect the account, and both are measured on your equity (your balance plus the open profit and loss on your positions):
- Max drawdown is static: a fixed floor set from your starting balance when the account is created. It does not move up or down.
- Daily loss is trailing: it resets each day and ratchets up as you make new realized highs during the day (see the reset below).
The exact percentages differ by evaluation type (the matrix above); the mechanic is the same for all three.
An open loss can breach you; an open gain cannot pass you
Because the limits are measured on equity, an open losing position can breach the account before you close it. But the profit target is measured on realized balance at a close, so an open winning position does not pass you until you close it. In short: your losses count live, your gains count only once you book them. Close your winners to bank them. Exactly how equity is measured, with worked examples, is in Equity-based limits.
The daily loss limit and its reset
The daily-loss floor resets once a day at 00:00 UTC to your balance at that moment. During the day it trails up: each time you set a new realized balance high, the floor rises with it (it never falls until the next reset). So the daily limit is measured against the day's highest realized balance, not just where you started the day.
Breach and what happens
Touching either floor breaches the account (the check is inclusive). On a breach, all open positions are closed at the floor price, so the realized loss is capped at the drawdown, and the account is marked failed. There is one liquidation on an evaluation account: it is your account breach, shown on each position as a price, not a separate per-trade liquidation. See Breach and liquidation.
Leverage
Leverage is capped per market by firm policy, never above what the venue allows:
| Asset tier | Max leverage |
|---|---|
| Majors - BTC, ETH | 5x |
| Stocks, indices, commodities, FX | 4x |
| Other crypto | 2x |
Position-size limits
Beyond leverage, your position sizes are capped as a share of your equity, so one order cannot put the whole account on a single bet.
| Limit | Value |
|---|---|
| Max single position | 25% of equity |
| Max total exposure | 1x of equity |
| Max exposure to one asset | 40% of equity |
| Minimum order | $10 |
With one position per market, the 25% per-position limit is the one you reach first; the 40% per-asset limit only binds if you ever hold more than one position in the same market. How these are enforced at order time is in Position caps and leverage.
Fees
The simulated trading fee is charged on notional, the same on evaluation and funded accounts:
| Fee | Rate |
|---|---|
| Taker (market orders and marketable limits) | 0.045% |
| Maker (resting limit orders that fill) | 0.015% |
Funding
Funding is simulated on open positions, charged or credited hourly at real Hyperliquid funding rates (longs pay and shorts receive when funding is positive, and the reverse when it is negative). It moves your realized balance like any other cost, so it counts toward your limits and your target.
What we do not require
There is no minimum number of trading days, no time limit or expiry, and no consistency rule. You can pass in a single day or over a month, in one trade or a hundred. The only things that end a phase are hitting the target or breaking a limit.
Related
- The Rules - the full authoritative rulebook, with worked examples for every limit.
- How it works - the evaluation types and the path to getting funded.
- Terminal - where the limits are shown live as you trade.
- Payouts - how you withdraw your profit share once funded.