Official Rules

BSV delisted. On this date BSV was removed from the list of markets you can trade, because the open interest in it on Hyperliquid had stayed under $1 million for 24 hourly readings in a row (measured as it was removed: about $887,000). New orders on this market are refused. No account held a position in it, so no position was affected; under the delisting rule a position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. This removes a market you could trade, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold.

BOME delisted. On this date BOME was removed from the list of markets you can trade, because the open interest in it on Hyperliquid had stayed under $1 million for 24 hourly readings in a row (measured as it was removed: about $768,000). New orders on this market are refused. No account held a position in it, so no position was affected; under the delisting rule a position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. This removes a market you could trade, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold.

QNT delisted. On this date QNT was removed from the list of markets you can trade, because the open interest in it on Hyperliquid had stayed under $1 million for 24 hourly readings in a row (measured as it was removed: about $916,000). New orders on this market are refused. No account held a position in it, so no position was affected; under the delisting rule a position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. This removes a market you could trade, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold.

ZEN delisted. On this date ZEN was removed from the list of markets you can trade, because the open interest in it on Hyperliquid had stayed under $1 million for 24 hourly readings in a row (measured as it was removed: about $851,000). New orders on this market are refused. No account held a position in it, so no position was affected; under the delisting rule a position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. This removes a market you could trade, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold.

ZORA delisted. On this date ZORA was removed from the list of markets you can trade, because the open interest in it on Hyperliquid had stayed under $1 million for 24 hourly readings in a row (measured as it was removed: about $939,000). New orders on this market are refused. No account held a position in it, so no position was affected; under the delisting rule a position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. This removes a market you could trade, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold.

SP500 and XYZ100 fill at the reference price. From this date, while the underlying futures market is open, an order on these two markets that takes liquidity fills at the reference price (the price Hyperliquid publishes from the underlying futures market) plus 0.5 bps for a buy, or minus 0.5 bps for a sell, and 1.5 bps between 20:00 and 07:00 UTC. Before this date it filled at the average price of walking the order book. The price does not move with the order's size, up to $500,000 of opening orders on one market and side in any minute. The order fills from the order book as before when the underlying market is closed or within 15 minutes of opening or closing, within 2 minutes of a listed economic release, past the size limit, past 6 opening orders on the market in a minute, when the reference price is more than 5 seconds old, or when the order book's mid price is more than 2.5 bps from the mark price; and then never at a better price than the reference price would have given. A limit order fills from the order book. Take-profit and stop-loss levels are still checked against the mark price. Every other market fills from the order book, as before. It applies to every account, including accounts already open. It lowers the cost of a large order and of a round trip, but it can raise the price of a single buy, or lower the price of a single sell, by the distance between the order book and the reference price at that moment, so it is not a change in your favour and is not covered by the exception for those. The basis, measured on production's hourly readings from 8 to 12 October 2026: in US hours SP500's order book sat a median 2.24 bps under its reference price, and XYZ100's a median 1.13 bps over it. Over the trading week a $500,000 order walking either book paid a median 0.87 bps away from the mid price. A fixed spread from the reference price removes that cost of size.

Markets are delisted and relisted by a standing rule. From this date a market is delisted when its open interest on Hyperliquid has read under $1 million at each of 24 hourly readings in a row, and again when it is checked that night. A market delisted this way is listed again when its open interest has stayed at or above $2 million for 30 days in a row. The floors are the ones stated in v1.22; what changes is that a delisting no longer waits for a person to make it. Each market delisted or listed again is dated in this changelog on the day it happens, with the open interest it was measured at. A position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. Delisting removes a market you could trade, so that part is not a change in your favour and is not covered by the exception for those; listing a market again adds one back, which is in your favour. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold, and 24 readings in a row are required so that one low reading never removes a market.

Sections 1 to 15 rewritten for clarity. No rule changed. Every limit, number and condition is the one stated before this date. The sentences are shorter, the fill rules in section 11 are a table, and each thing has one name: a loss limit was called a floor before this version, and an account that fails was called breached, closed out or liquidated. The earlier wording is available on request from support@perpsfund.com. This changes nothing an account is held to.

Five markets delisted. On this date TNSR, SKR, HEMI, ZETA and BLUR were removed from the list of markets you can trade, because the open interest in each on Hyperliquid had fallen under $1 million (measured as they were removed: about $195,000 on TNSR, $410,000 on SKR, $449,000 on HEMI, $903,000 on ZETA and $950,000 on BLUR). New orders on these five markets are refused. No account held a position or had an order in any of them, so no position was affected; under the delisting rule a position held in a delisted market stays open and keeps pricing, and its holder reduces or closes it whenever they choose. This removes markets you could trade, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open. The basis: a market is kept only while its open interest on Hyperliquid is at least $1 million, because below that the market's order book is too thin to price a simulated position of the sizes our accounts hold.

The leverage cap halves while a market is volatile. From this date, when the last 24 one-hour price moves on a market have been at least twice as large as its moves over the 30 days before them (measured as a standard deviation, once an hour), the leverage cap for new orders on that market is half its usual figure, rounded down and never under 1×: 5× becomes 2×, 4× becomes 2×, 2× becomes 1×. It stays halved until 24 hours after the last hour that was true. When this happens on BTC, it applies to every crypto market. The terminal and the Markets page show the halved figure while it applies, and a trader holding a position in the market is notified when it starts and when it ends. This lowers a limit, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open, for orders placed and for resting orders that fill while it is in force. A position that was already open is not changed, resized or closed, and keeps the leverage it was opened with. The basis, measured by applying the rule to Hyperliquid's one-hour prices from 10 July to 9 October 2026 on the 144 markets listed, each hour judged only on the hours before it: the cap would have been halved on a market for 9.3% of hours, in about two and a half separate stretches a market, and 26% of each market's largest 1% of one-hour moves fell while it was halved, close to three times what chance alone would give. On BTC it would have been halved once, for 88 hours.

Three leverage cuts, and the tests behind them. The leverage cap is now 1× on CASHCAT and on SKR (it was 2×), and 2× on Pre-IPO markets (it was 4×). From this date a market's cap is cut when it fails either of two tests on the last 90 days of one-hour prices: the largest one-hour move in 99 of every 100 hours, times the cap, is more than 40% of a position's margin; or the largest 24-hour move in 99 of every 100, times the cap, is more than 100% of it. The market then drops to the highest cap that passes both. This lowers a limit, so it is not a change in your favour and is not covered by the exception for those. It applies to every account, including accounts already open, for orders placed from this date and for resting orders that fill from this date. A position that was already open is not changed, resized or closed, and keeps the leverage it was opened with. The basis, measured on Hyperliquid's one-hour prices from 10 July to 9 October 2026: at 2× the 24-hour move was 134% of margin on SKR and 104% on CASHCAT; on QNT, the one Pre-IPO market listed, with about $1.3 million of open interest, it was 78% of margin at 4×. Every other market keeps its cap.

Tournament prizes by place. A tournament can now award up to 100 places. Its prizes are listed as places or ranges of places, each with one prize: a cash amount in USDC, or a challenge account of a stated size. Every place in a range wins that prize. A prize is decided by the prize place you hold when the tournament closes. As before, a finisher whose account is suspended, banned, scheduled for deletion or deleted holds no place, and every place below moves up: this now carries across ranges, so a trader ranked just below a range can win that range's prize. A challenge account you win is issued to you automatically when the tournament closes, and you are told by notification and email. It is a free one-phase evaluation of the stated size with the usual profit target and loss limits, it can be passed and funded, and it is not a free trial. It earns no points and no referral commission, and it counts as your paid account for the limit on paid accounts while it is open; it is issued even if you already hold one. It is not issued automatically to a winner who has an account held for review; that winner keeps the place. A cash prize is unchanged: it needs a verified identity and is reviewed, then sent in USDC. Prizes are decided once and are not taken back or awarded again if an account's status changes later. This applies to tournaments that close from this date. A tournament that was already open keeps the prizes it listed.

A limit price rests on the market's tick. When you place a resting limit order, a stop (its trigger price and, for a stop-limit, its limit price) or a Scale ladder, each price is now rounded to the nearest price the market can quote: at most five significant figures, and no more decimals than the market allows. The order rests at the price its row shows. Before this, a price typed between two ticks rested exactly as typed while the row showed it rounded, so it could fill up to half a tick away from the price shown. This applies to orders placed from this version on; an order already resting keeps the price it was placed with. It applies to accounts already open. It moves a price by less than half a tick, up or down, so it is not a change in a trader's favour and is not covered by the exception above. Basis: the tick is Hyperliquid's own, a price between two ticks cannot be quoted there, and the terminal already displayed every order at its tick.

Two changes. First, the practice engines follow the automatic pass of v1.16. The API sandbox and the demo terminal now decide a pass at the mark price, after the taker fees to close every open position, then close every position at the price their fills use, and the closing price never reverses the pass. If a position cannot be priced, nothing is closed and no pass is recorded. This reaches every sandbox and demo account, including ones already open. These accounts hold no money and cannot be funded. It is in your favour in that a thin order book no longer holds a pass back and no close of that flatten can fail the account. One case goes the other way: a sandbox account under its target at the mark price no longer passes because the order book would have paid more than the mark. Second, Tournament entrants whose account is not active. An entrant whose account is suspended, banned, scheduled for deletion or deleted stays in the Tournament's ranking and keeps their place, so no other entrant's rank changes. Their row on the ladder is shown without a handle or picture. They are not awarded a cash prize or placement points and are not sent a result notice. The prize for their place goes to the next entrant in the ranking whose account is active, and each prize place below it moves up the same way. The account's status is read when the ladder is shown and again when prizes are awarded, so an account suspended after a Tournament ends and before its prizes are awarded is not awarded. This applies to Tournaments already running and to entrants already entered. For the entrant concerned it is not in their favour and it is not covered by the exception above. The basis for applying it to running Tournaments is that a prize goes to an account in good standing, which the cash prize already required, and that nobody else's rank changes: the only change to another entrant's award is a prize that passes down to them.

The automatic pass: when it is decided, and the price its closes fill at. A pass is now decided at the moment your equity (your account's value at the mark price), after the taker fees to close every open position, reaches the profit target. We then close all of your positions, and each close fills at the average price of walking the live order book for its size, like any other close. The closing price never reverses a pass: if the closes realize less than the mark price showed and your balance ends under the target, the account has still passed, and on a two-phase evaluation phase 1 is still cleared and phase 2 starts from your starting balance. Your balance is what the closes realized; nothing is added to it. Until now each of these closes filled at the mark price itself, whatever its size, where every other close filled from the order book, and the account passed on the realized balance those closes produced. The decision, the closes and the pass are now recorded together: if a position cannot be priced from the order book or a fresh quote, or a close fails, nothing is closed and no pass is recorded, and the engine tries again while your equity is still at the target. A close you make yourself is unchanged: it passes on your realized balance with every position closed. This applies to evaluations already open. That the closing price never reverses a pass is in your favour. The price the closes fill at is not: the balance a passed evaluation shows can be lower than it would have been at the mark price. It is not covered by the exception above. The basis for applying it to open evaluations is that a close made at a pass is a close like any other and is priced the same way, and that the pass, and the funded account that starts at your account size, do not depend on the price of those closes.

Payouts: funding in the profit a payout shares, and trading while a payout is in review. Funding: the profit a payout shares is now your closed trades, net of fees, plus the funding your positions paid and received. Funding you pay lowers it and funding you receive raises it. Until now funding changed the account balance but was left out of the payable profit, so a payout could be worked out on profit the account no longer held, and funding received was never payable. Funding charged or credited before this version took effect is not counted, in either direction. Your high-water mark is unchanged and never moves down: if funding you pay takes your profit below your previous peak, nothing new becomes payable until trades and funding together carry it back above that peak. Payout review: from the moment you request a payout until it is paid or rejected, the funded account it was requested on cannot open a position or place an order of any type. The request cancels that account's resting orders and stops its running Pro orders. The terminal says so on the account while this applies. Until now the account could keep trading during the review, with the requested profit still in its balance. This applies to funded accounts already open. It is not covered by the exception above in two respects. Funding you pay now lowers your payable profit; the payable profit is profit the account holds, and funding paid has already left the balance (a position worth $1,000,000 at a rate of 0.01% per 8 hours pays $300 a day). And an account cannot trade while its payout is in review; the requested profit stays in the balance until the payout is recorded, so a loss made during the review fell on the firm while the payout was still paid in full. Counting funding you receive is in your favour.

Exits when the order book cannot be read, the size of a resting limit fill, the basis of funding, and the end of a tournament. Exits: when the order book cannot be read, a triggered take-profit or stop-loss now fills at the best bid (closing a long) or the best ask (closing a short) from the engine's live quotes, when that quote is no more than 2 seconds old. A stop-loss is still capped at the price that takes the account to its floor. A manual close whose order book cannot be read, after a second try, now fills at that same best bid or ask as last published by the engine. Until now the triggered level waited for the engine's next pass and the manual close was refused. With no fresh quote either, the level still waits and the manual close is still refused, with the position left open. An order that opens or adds to a position is unchanged: it is refused when the order book cannot be read. Resting limit orders: when the engine holds a live best bid and ask no more than 2 seconds old, a resting limit fills when that quote reaches its limit, and for no more than the size showing at the best price; the rest keeps resting at the same limit. Until now the engine read the order book once and filled for no more than the size showing at every price through the limit. It still does that when it holds no fresh quote. Funding: at the start of each hour, within its first 10 minutes, the engine records what each account holds (market, side and size), and that hour's funding is charged on that size. An hour that could not be charged on time is charged by a later hourly run at that hour's own Hyperliquid funding rate and the market's price at that hour (the opening price of that minute), on the size recorded for that hour, if the same position is still open, going back at most 24 hours. Until now a late hour was charged at the later run's rate and price, on the size held at that run. An hour for which no record of open positions exists is not charged, and a position opened after the hour's record was taken is not charged for that hour. An hour charged on time still uses the rate and price at the run. Tournaments: from a tournament's end time, a tournament account takes no new order of any type and no manual close. Open positions are closed at the price at the end and scored, as before. Changing a take-profit or stop-loss and cancelling an order are not refused. Until now an order or a close sent after the end time, before the account was settled, was accepted. This applies to accounts already open and to tournaments running now. The exit at the best bid or ask corrects a defect: an exit that had already been decided could not be carried out. The other three changes are not covered by the exception above. A resting limit can now fill in smaller parts; an order resting on Hyperliquid at that price could have been filled, when the best price reached it, for no more than the size showing there. A late funding hour can now cost more or less than it did; an hour's funding is owed on what was held in that hour, at that hour's rate and price, which is what a charge made on time uses. A tournament account can no longer trade from the end time; the tournament is scored at its end time, and a trade made after it is not part of the tournament every entrant was ranked on.

Tournament end, funding and triggers. When a tournament ends, every position still open on a tournament account is closed for its owner at the market's price at the end time (the opening price of that minute on Hyperliquid), with the ordinary taker fee, and it counts toward the final result. Resting orders are cancelled and running Pro orders are stopped. Until now such a position stayed open on an account its owner could no longer trade, and the ladder left it out. A trade closed after the end counts only if its position was already open at the end; a position opened after the end does not count. Funding: each open position is charged or credited once for each hour, and the charge and the balance change are recorded together. An hour that could not be charged when it fell due (the rates or a price were unavailable) is charged at the next hourly run instead, for a position that was open at that hour and is still open, at that run's rate and price, going back at most 24 hours. Liquidation: when an account with several open positions is liquidated, the positions are closed at prices that bring the balance to the floor that was crossed, less the close fees; a book of several positions used to land above or below it. Take-profit and stop-loss: a level the price has reached, but that has not yet closed the position, is withdrawn if you move or remove that level, and never carries over to a new position on the same market. This applies to tournaments running now and to accounts already open. It is not covered by the exception above in two respects. An entrant who holds a losing position through a tournament's end is now scored on it; the ladder ranks on what a tournament account made, and that position could not be closed by its owner after the end. A funding hour that was missed is now charged; funding has always been stated here as hourly at Hyperliquid's rates, and a missed hour was one the engine failed to apply. The other changes correct defects.

Fill prices. An order that takes liquidity now fills at the average price of walking Hyperliquid's live order book for its size: a buy takes the asks from the lowest up, and a sell takes the bids from the highest down. This covers market orders, closes, both legs of a Reverse, take-profit and stop-loss fills, a Conditional order that triggers at market, TWAP and Swarm clips, the market sweeps of a Chase TWAP, and a limit order that is already through the market when you place it, which never fills at a worse price than its limit. Until this date these filled at Hyperliquid's mid price (the mark price on stock, index, commodity and FX markets) whatever their size, so no order paid the spread or moved the price. Stock, index, commodity and FX markets now fill from the order book like every other market. An order that opens or adds to a position and is larger than the order book can fill is rejected whole, and so is one sent while the order book cannot be read; send it again. A close is never rejected for its size: what the order book cannot hold fills at the last price level reached. A liquidation still closes at the price that takes the account to its floor, so its loss stays capped at the drawdown, and a stop-loss whose market has gone through that floor is capped at the same price. A resting limit order still fills at its limit price. It now fills when the best ask (for a buy) or the best bid (for a sell) reaches that price, where before it filled when the mid price did, and only for the size that was available at prices through its limit; the rest keeps resting. Max slippage now measures the price the order will pay, and the slippage recorded on a closed trade is the fill against the order book's mid price. Fees are unchanged: they are Hyperliquid's base fees, 0.045% taker and 0.015% maker, on every market. When a market is delisted and its positions are settled, every position now settles at the market's price at the delisting, with no fee; before, a losing position was returned at its entry price. The total size of a Pro order is cut down to the market's size step, and Pro orders need whole-number leverage. This applies to every account from this date, including accounts that were already open. It is not covered by the exception above: it neither corrects a defect nor loosens a limit. The basis for applying it to open accounts is that the simulation priced every order as if the market had no spread and no limit on size, a price no order on Hyperliquid can get, and one way of pricing fills has to apply to every open account at once. Measured on Hyperliquid's order books for all 143 listed markets on 2026-10-05 at 08:37 UTC, a buy cost this much against the mid price: at $1,000, a median of 1.56 basis points (0.0156%); at $10,000, a median of 4.57 basis points; at $100,000, a median of 16.60 basis points, with 8 markets unable to fill that size. On BTC and SOL it was under half a basis point up to $100,000. On the thinnest listed market a $10,000 buy cost 82.59 basis points.

Order handling. An order on the opposite side of a position you hold on the same market now reduces that position by the order's size, and opens the other way only with what is left over, as an exchange does. It used to close the whole position and open the order's full size the other way, and charged the taker fee on the whole position. A sell of 0.01 against a long of 0.03 now leaves a long of 0.02 and pays the fee on 0.01. A leftover worth less than $10 is not opened. A partial close, or any order that reduces a position, that would leave less than $10 open closes the whole position, because a remainder that small could not be closed on its own. Order sizes are cut down to the market's size step on Hyperliquid. Leverage must be a whole number, and a take-profit or stop-loss on the wrong side of the fill price is refused when the order is placed. A limit order that is already through the market when you place it pays the taker fee of 0.045%, not the maker fee of 0.015%; so does a Scale order's rung placed through the market, and a stop-limit whose limit is through the market when it triggers. A limit order placed from the order panel or through the API that is already through the market is also checked against your max slippage like a market order; a reduce-only one is not checked. This applies to every account from this date, including accounts that were already open and limit orders placed from this date. The netting and partial-close changes are in your favour or charge nothing extra. The taker fee and the max-slippage check on a limit that is already through the market are not in your favour and are not covered by the exception above. Their basis is that this page and the Trading rules page already stated the taker fee for a limit that is marketable when placed, and the engine charged less than the published fee; a limit that rests and fills later is unchanged.

Weekly points. Each week, Monday to Sunday (UTC), one pool of points is shared among traders who traded a paid account on at least 3 days that week with no breach. A trader holds one share for each trading day, up to 5, 2 more if the week ended in profit, and 1 more if no day used more than half the daily loss limit and no oversized re-entry followed a loss: 8 at most. Shares are never weighted by account size, volume or dollars, and one trader is paid at most 1,000 points a week. Opposite positions held at the same time across linked accounts earn no weekly points for either account. The pool is set each week and can be zero. This replaces the earlier statement that no points are earned for trading activity; points are still never earned for volume or for logging in. The Leaderboard also gains a monthly Points board: a trader is listed only with Public profile on, it counts points from passes, streaks, weekly points, tournaments and referrals and never purchase or payout points, and the month's top three earn 2,000, 1,000 and 500 points and that month's profile frame. This applies to every account from this date. It is in your favour: it adds a way to earn points and takes nothing away.

Points are a discount on a purchase, never cash. At checkout, 200 points take $1 off a challenge, in steps of 200, up to a share of the price set by your points tier: 20% at Bronze, 25% at Silver, 30% at Gold, 40% at Diamond and 50% at Obsidian. For 14 days after a breach the share is 50% on the same challenge type and size. A purchase takes one reduction: points, a coupon code or a promotion. The 10%, 20% and Retry discount codes are no longer issued; a code already issued still works for the trader who redeemed it. Spendable points now lapse 12 months after they became available, oldest first; lifetime points and your tier do not lapse. This applies to every account from this date and is not covered by the exception above: the lapse is new and is not in your favour. Its basis is that points are a discount on a future purchase and were never part of an account's trading rules; no balance was reduced on this date, and the earliest any point can lapse is 12 months after it became available.

Suspended and banned accounts can't register for or enter a tournament. A registration or a join from a suspended or banned account is refused, and a registration held by an account that is suspended or banned before the tournament starts is not issued a tournament account. This applies to every account from this date. It is not covered by the exception above: it neither corrects a defect nor loosens a limit. The basis for applying it to existing accounts is that it restricts only an account we have already suspended or banned, and changes nothing for an account in good standing.

Market orders have a max slippage. A market order placed from the order panel, or through the API, is rejected whole when its estimated slippage is above your max: the estimate is the average price your size would fill at on Hyperliquid's live order book, against the mid price, worked out again on our servers when the order arrives. An order larger than the book can fill is rejected as well. Your max starts at 8% and you can set it from 0.1% to 30% in the order panel, per account. Closing is never limited: a manual close, Close All, Reverse, a reduce-only order, and stop-loss and take-profit fills are not subject to it. The price an accepted order fills at is unchanged. This applies to every account from this date, including accounts that were already open. It is not covered by the exception above: it neither corrects a defect nor loosens a limit. The basis for applying it to open accounts is that the limit is your own setting, which you can raise, that it can never stop you from leaving a position, and that it changes the price of no fill.

Note added 2026-10-14. Section 11 said max slippage holds an order that opens or adds to a position. As this entry says, it holds any order that is not reduce-only, and it always has: an order on the opposite side of a position that only reduces it, placed without reduce-only, is held to it too. Section 11 now says so. A close, Close All and a Reverse are not held to it. No rule changed.

Passing issues a new funded account. When your challenge passes its final phase, the challenge stops trading and stays in your account list as a read-only record with its history, and a new funded account is issued at your account size with a history of its own. Until now the challenge account itself became the funded account. The funded account's size, loss floors, profit split and payout rules are unchanged. The one-account limit moves to the funded account the moment it is issued: a passed challenge whose funded account is waiting to be issued still counts toward it, and one whose funded account exists does not. This applies to every pass from 11 September 2026, including evaluations that were already open. It is not covered by the exception above: it neither corrects a defect nor loosens a limit. The basis for applying it to open evaluations is that no paid evaluation was open when it took effect: a check of our records that day found none in progress.

The daily reset is measured on equity. At 00:00 UTC the day that is ending is checked against its own floor on your equity first, and a breach found there ends the phase. The new day's floor is then set below what your account could bank at that moment (the lower of your balance and your equity after the fees to close every position), where it used to be set below your balance alone. During the day the floor now trails only to what you could bank, so a realized gain offset by a loss you are still holding no longer lifts it. This loosens the daily limit: a loss still open at midnight no longer counts against the next day's limit. It also corrects a defect: each close was tested against your floors on your balance rather than on your equity, so closing positions one at a time could fail an account whose equity was above both floors. Because it corrects a defect and loosens a limit, it applies to accounts that are already open: the change to closes and to the trail from 11 September 2026, and the change to the reset from the 00:00 UTC reset on 12 September 2026.

Passing is automatic. When your equity, after the taker fees to close every open position, reaches the profit target, we close all of your positions at the market price and the account passes on the realized balance that close produces; on a two-phase evaluation, clearing phase 1 this way starts phase 2. The pass is still decided on booked profit with every position closed. What changed is that you no longer have to close them yourself, so a target reached on open profit overnight is no longer lost to a reversal before you wake up.

Note added 2026-09-11. This change applied to accounts that were already open. It is not covered by the exception above: it neither corrects a defect nor loosens a limit. The basis for applying it to open accounts is that auto-pass only ever acts in your favour. It acts only when your equity, after the fees to close every position, has already reached the target, and the closes it makes are the ones you would otherwise have to make yourself to pass.

Passing requires a flat account: your realized balance has to be at the profit target with every position closed. Until now a close that reached the target passed the account even while other positions stayed open. A funded account now starts at its account size, with both loss floors measured from it; the evaluation's profit was never part of the payout and no longer carries into the funded balance. Both apply to every pass and every funding from this date. Existing funded accounts are not changed.

Note added 2026-09-11. This change applied to evaluations that were already open on 10 September 2026. It is not covered by the exception above: both of its parts made a rule stricter. The basis for applying it to open evaluations is that no paid evaluation was open at the time: a check of our records that day found one free trial and no paid evaluation in progress.

The challenge line-up changes for new accounts. Gauntlet | 1-Step is added, with a 12% profit target, a 3% daily loss limit and a 5% maximum drawdown. Arena | 1-Step's daily loss limit moves from 4% to 3%. Hyper | 1-Step's profit target moves from 10% to 9%, and its limits from 2% daily and 4% maximum to 3% and 3%. Arena | 2-Step's phase 1 target moves from 6% to 5%. This applies to accounts bought from 6 September 2026. An account bought before then keeps the loss limits, profit targets and profit split it was bought under, so no account that was already open changed.

Published late, on 2026-09-19.

A resting limit order fills at your limit price. A limit order that rests and is then reached by the market, or gapped through, fills at exactly the price you set, where it used to fill at the better of your limit and the market price. A limit that was already marketable when you placed it still fills at the market price or better. From 4 September 2026 the same applies to reduce-only limit orders, such as a take-profit you place as a limit order.

Published late, on 2026-09-19. This change applied to accounts that were already open, and to limit orders already resting, from 20:52 UTC on 3 September 2026 (reduce-only orders from 4 September 2026). It is not covered by the exception above: it made a rule stricter. When it took effect, one account bought through checkout was open, a funded account. A check of our records on 19 September 2026 found that no limit order has ever filled on an account bought through checkout: every position on it was opened and closed at market. An order is not kept once it fills or is cancelled, so the number of limit orders resting at that moment cannot be recounted; none placed before the change is still resting.

Each market has its own position cap. On top of the cap set by your equity and leverage, the notional one account can hold in a market is capped by the market: $1,000,000 for BTC and ETH, $300,000 for SOL, $250,000 for HYPE, $1,000,000 for stocks, indices, commodities and FX, $150,000 for other crypto with more than $100M of open interest, and for every other market 5% of its open interest, between $50,000 and $100,000 ($50,000 when its open interest cannot be read). The tighter of the two caps applies. An order above it is refused; reducing a position is always allowed, and a position already above its cap is kept. The same change made a close that takes equity through the daily floor end the phase at once, as the rules already said, and made that check apply to funded accounts.

Published late, on 2026-09-19. This change applied to accounts that were already open, from 2 September 2026. It is not covered by the exception above: it made a rule stricter. When it took effect, one account bought through checkout was open, a funded account, and no position it opened afterwards came near a cap. The caps in force today are in section 10.

A breach on a funded account forfeits unpaid profit. Profit share the account has earned and not yet withdrawn is voided when it breaches. Profit already paid out is never taken back, and a breach never leaves a negative balance or anything owed. Section 08 has stated this since it took effect; it was not dated here.

Published late, on 2026-09-19. This change applied to accounts that were already open, from 4 August 2026. It is not covered by the exception above: it made a rule stricter. When it took effect, no account bought through checkout was funded. It has applied once since, on 19 August 2026, to a funded account we had granted rather than sold, forfeiting $82.98.

Position size follows your leverage. A single position can be worth up to your equity times the leverage you select, and the margin across all of your positions is limited to your equity. Until this date a single position was capped at 25% of your equity and all positions together at 1× your equity, whatever leverage you chose.

Published late, on 2026-09-19. Because it loosens a limit, it applied to accounts that were already open, from 13 July 2026.

A payout needs a flat account, and a recorded payout resets the funded account. To request a payout, close every position on the funded account first. When the payout is recorded, the account's balance returns to its starting balance and both loss floors are measured from it again. The high-water mark carries across the reset, so profit already paid is never paid twice.

Published late, on 2026-09-19. This change applied to accounts that were already open, from 10 July 2026. It is not covered by the exception above: it made a rule stricter. No payout has been recorded on any account since it took effect, so the reset has not yet changed an account: a check of our records on 19 September 2026 found none.

Documentation update (no rule changes): added the equity-vs-realized distinction, real-time floor-price liquidation, the 00:00 UTC reset detail, the delisting force-close, the payout review step and the high-water-mark gate, and a statement of what is deliberately not restricted (no time limit, minimum days, consistency rule, or position-count cap).

Initial published rules: Arena | 1-Step and Arena | 2-Step targets and floors, equity-based position and margin limits, static max drawdown, 80% profit split, and the full payout gate (KYC threshold, 2FA, whitelisted wallet, 48h new-wallet lock, $50 minimum).

Note added 2026-09-19. This entry was changed in place twice before entries on this page became fixed text. On 13 July 2026 its caps were reworded: as published on 2 June 2026 it read "25% per-position and 1× total exposure caps", and the change to sizing that day is dated in its own entry above. On 5 September 2026 the plan names were updated: as published it read "1-Step and 2-Step".