> For the complete documentation index, see [llms.txt](https://usefantasy.gitbook.io/rules/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://usefantasy.gitbook.io/rules/prop-account/prop-account-rulebook.md).

# Prop Account Rulebook

### 1. Overview

We are a prop firm built on Hyperliquid. We fund skilled traders with capital to trade crypto perpetuals, stock perpetuals, index perpetuals, commodities perpetuals, etc., without requiring any personal deposit beyond the evaluation fee.

What's unique about the Fantasy prop account?

* Uncapped payouts
* Overnight holding
* Weekend holding

### 2. Account Sizes & Evaluation Fees

Choose your tier and account size. Each option uses a 1-Step evaluation with a 10% profit target and a one-time evaluation fee.

Profit targets apply to the evaluation stage only. **Max Drawdown** below refers to the **funded-account** limit. All percentage-based amounts are calculated from the starting account balance.

Every tier uses static funded drawdown and a **90/10 profit split: 90% to the trader and 10% to the firm**. Funded accounts have no profit target.

#### Low

**3% funded drawdown · 3% maximum daily loss · 90/10 profit split**

| Account Size | Fee  | Profit Split          | Profit Target | Max Daily Loss | Max Drawdown | Drawdown Type |
| ------------ | ---- | --------------------- | ------------- | -------------- | ------------ | ------------- |
| $5,000       | $39  | 90% trader / 10% firm | $500 (10%)    | 3% / $150      | 3% / $150    | Static        |
| $10,000      | $75  | 90% trader / 10% firm | $1,000 (10%)  | 3% / $300      | 3% / $300    | Static        |
| $25,000      | $180 | 90% trader / 10% firm | $2,500 (10%)  | 3% / $750      | 3% / $750    | Static        |
| $50,000      | $320 | 90% trader / 10% firm | $5,000 (10%)  | 3% / $1,500    | 3% / $1,500  | Static        |
| $100,000     | $645 | 90% trader / 10% firm | $10,000 (10%) | 3% / $3,000    | 3% / $3,000  | Static        |

#### Medium

**6% funded drawdown · 3% maximum daily loss · 90/10 profit split**

| Account Size | Fee  | Profit Split          | Profit Target | Max Daily Loss | Max Drawdown | Drawdown Type |
| ------------ | ---- | --------------------- | ------------- | -------------- | ------------ | ------------- |
| $5,000       | $59  | 90% trader / 10% firm | $500 (10%)    | 3% / $150      | 6% / $300    | Static        |
| $10,000      | $115 | 90% trader / 10% firm | $1,000 (10%)  | 3% / $300      | 6% / $600    | Static        |
| $25,000      | $275 | 90% trader / 10% firm | $2,500 (10%)  | 3% / $750      | 6% / $1,500  | Static        |
| $50,000      | $485 | 90% trader / 10% firm | $5,000 (10%)  | 3% / $1,500    | 6% / $3,000  | Static        |
| $100,000     | $975 | 90% trader / 10% firm | $10,000 (10%) | 3% / $3,000    | 6% / $6,000  | Static        |

#### High

**8% funded drawdown · 4% maximum daily loss · 90/10 profit split**

| Account Size | Fee    | Profit Split          | Profit Target | Max Daily Loss | Max Drawdown | Drawdown Type |
| ------------ | ------ | --------------------- | ------------- | -------------- | ------------ | ------------- |
| $5,000       | $85    | 90% trader / 10% firm | $500 (10%)    | 4% / $200      | 8% / $400    | Static        |
| $10,000      | $155   | 90% trader / 10% firm | $1,000 (10%)  | 4% / $400      | 8% / $800    | Static        |
| $25,000      | $380   | 90% trader / 10% firm | $2,500 (10%)  | 4% / $1,000    | 8% / $2,000  | Static        |
| $50,000      | $710   | 90% trader / 10% firm | $5,000 (10%)  | 4% / $2,000    | 8% / $4,000  | Static        |
| $100,000     | $1,420 | 90% trader / 10% firm | $10,000 (10%) | 4% / $4,000    | 8% / $8,000  | Static        |

### 3. How It Works

#### Step 1: Purchase

Choose your account size and pay the one-time evaluation fee.

#### Step 2: Trade

Reach the profit target while staying within both equity limits. No time limit.

#### Step 3: Pass

Hit the profit target without breaching any equity limit and close active positions to pass evaluation.

#### Step 4: Get Funded

Receive a funded account with no profit target. Request payouts in USDC (generally delivered within 24h).

Reach the profit target while staying within the drawdown limits. There is no time limit and no minimum number of trading days. You can pass in one trade.

### 4. Definitions

| Term             | Definition                                                                                                                                                                                                                       |
| ---------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Balance          | Total account value adjusted for realized trading P\&L, commissions, financing charges, payouts, and other account adjustments. It does not include unrealized P\&L from open positions.                                         |
| Equity           | Real-time account value including both closed P\&L and the floating unrealized P\&L of all open positions (includes commissions, financing charges, payouts, and other account adjustments). Equity = Balance + Unrealized P\&L. |
| Equity Limit     | A predefined equity level. If your account equity reaches or falls to this level, a breach is triggered.                                                                                                                         |
| Breach           | Automatic closure of all open positions and permanent termination of the account. A breached account cannot be recovered, reset, or appealed.                                                                                    |
| Profit Target    | The account growth required to pass the evaluation, expressed as a percentage of the starting balance. Applies only during evaluation.                                                                                           |
| Static Drawdown  | A drawdown limit set once at account creation and fixed forever. It never moves up or down, regardless of account growth.                                                                                                        |
| Starting Balance | The account size at creation ($5K, $10K, $25K, $50K, or $100K). Used as the reference for all percentage-based calculations.                                                                                                     |

### 5. Equity Limits

Every account has two equity limits active at all times, in both the evaluation and funded stages:

#### Maximum Daily Loss

Maximum equity loss allowed in a single day, fixed as a percentage of your starting balance.

#### Maximum Drawdown

A static overall equity floor, fixed at account creation and never changing. If your equity reaches or falls below either equity limit at any point, for any duration, the account is immediately and permanently breached. Both limits are equity-based, meaning they account for open/floating positions, not just closed trades.

### 6. Maximum Daily Loss

The maximum daily loss caps how much your equity can drop within a single calendar day. The dollar limit is fixed at 3% of your starting balance for all account sizes and never changes, even as the account grows.

```
Daily Loss Limit = Starting Balance x 3%
// 3% for all account sizes, fixed at starting balance for life of account

Equity Floor (today) = Day-start Equity - Daily Loss Limit
// Resets at 00:00 UTC each day
```

Each day at 00:00 UTC, the system snapshots your equity. Your equity floor for the next 24 hours is that snapshot minus the fixed daily loss limit dollar amount. Touching that floor at any point triggers a breach.

#### Example: $50,000 account

| Item                   | Value   |
| ---------------------- | ------- |
| Starting balance       | $50,000 |
| Daily loss limit fixed | $1,500  |
| Day-start equity       | $51,200 |
| Equity floor today     | $49,700 |

* The dollar limit is fixed for the life of the account at 3% of starting balance. It does not scale with account growth.
* The daily reset snapshots your equity, including floating P\&L, at 00:00 UTC.
* Even a momentary touch of the equity floor triggers a breach. There is no grace period.

### 7. Maximum Drawdown Static

All accounts use static drawdown only. This limit is set once at account creation and never changes, regardless of how high the account grows.

Example Accounts:

| Account Size | Drawdown % | Drawdown $ | Equity Limit fixed forever |
| ------------ | ---------- | ---------- | -------------------------- |
| $5,000       | 6%         | $300       | $4,700                     |
| $10,000      | 6%         | $600       | $9,400                     |
| $25,000      | 6%         | $1,500     | $23,500                    |
| $50,000      | 6%         | $3,000     | $47,000                    |
| $100,000     | 6%         | $6,000     | $94,000                    |

\
Example: You have a $50,000 account. The max drawdown equity limit is $47,000. You trade profitably and grow the account to $65,000. Your max drawdown limit is still $47,000. It does not trail upward. If your equity drops to $47,000 at any point, even intraday on a floating position, the account is breached.

This is the key advantage of static drawdown: your floor never moves against you. As your account grows, your actual risk buffer increases, rewarding profitable traders with more breathing room.

### 8. Breach Rules

A breach occurs when the risk engine detects that an account's equity has reached or fallen below either equity limit.

#### What happens on breach

1. All open positions are immediately closed.
2. Market orders are submitted to close every open position at best available price.
3. The account is permanently disabled.
4. No further trading is possible on that account under any circumstances.
5. No payouts are available.
6. Any accrued profit on a breached account is forfeited.
7. To try again, purchase a new evaluation.

There are no resets, refunds, appeals, or exceptions to these outcomes.

\
Breaches are permanent. There is no distinction between a "soft" and "hard" breach. Any breach is final. You do not need to close a trade for a breach to occur. If your floating P\&L causes equity to touch an equity limit, the breach is triggered automatically. You are never liable for losses beyond your evaluation fee.

### 9. Profit Target

To pass the evaluation and receive a funded account, you must grow the account to the profit target amount and then close all active positions. The profit target applies only to the evaluation stage. Funded accounts have no profit target.

| Account Size | Profit Target | Grow Account To |
| ------------ | ------------- | --------------- |
| $5,000       | $500 (10%)    | $5,500          |
| $10,000      | $1,000 (10%)  | $11,000         |
| $25,000      | $2,500 (10%)  | $27,500         |
| $50,000      | $5,000 (10%)  | $55,000         |
| $100,000     | $10,000 (10%) | $110,000        |

* The profit target is based on balance closed P\&L. You must close trades to realize the profit.
* Once your balance reaches or exceeds the target and all active positions are closed, the evaluation is automatically passed.
* There is no time limit to reach the profit target.
* There is no minimum number of trading days. You can pass in a single trade.

### 10. Funded Account Rules

Upon passing the evaluation, you receive a funded account with the same starting balance.

#### Rules that carry over

* Maximum daily loss (example: 3% of starting balance, fixed for life of account.)
* Maximum drawdown (example: 6% static from starting balance, all account sizes.)
* Equity-based enforcement on both limits.
* Breach rules: permanent, no resets.

#### What changes

**No profit target**

Trade freely. There is no target to hit. Withdraw profits when you choose.

**Payouts available**

Request withdrawals of your profits at any time in USDC (generally processed within 24 hours, all payout requests are subject to review.).

### 11. Payouts

#### Profit split

You keep 90% of all profits generated on your funded account. The firm retains 20%. This split is fixed and applies to all account sizes and all payouts.

```
Maximum Payout = (Current Balance - Starting Balance) x 0.90
```

Partial payout requests of at least $50 are permitted.

#### Payout requests

| Item                  | Rule                                                                            |
| --------------------- | ------------------------------------------------------------------------------- |
| Payout type           | Uncapped payouts                                                                |
| Processing time       | Generally processed within 24 hours. All payout requests are subject to review. |
| Minimum payout amount | $50                                                                             |
| Request limit         | No limit on the number of payout requests                                       |
| Currency              | USDC                                                                            |
| Delivery              | On-chain, direct to your wallet                                                 |
| Waiting period        | On-demand, at any time, with no minimum waiting period                          |

#### Example payout receipt: $50K account

| Item             | Value             |
| ---------------- | ----------------- |
| Starting balance | $50,000           |
| Current balance  | $57,200           |
| Gross profit     | +$7,200           |
| Your split 90%   | $6,480            |
| Firm 10%         | $720              |
| Payout USDC      | $6,480            |
| New balance      | $50,000 reset     |
| Drawdown limit   | $47,000 unchanged |

#### Payout restrictions

* All positions must be closed before requesting a payout.
* Payouts are not available on evaluation or breached accounts.
* Partial payout requests of at least $50 are permitted.

### 12. Max Leverage

| Asset Class            | Examples                                | Max Leverage |
| ---------------------- | --------------------------------------- | ------------ |
| Crypto Perpetuals      | BTC, ETH, SOL, XRP                      | 2x - 10x     |
| Commodities Perpetuals | Gold XAU, Silver XAG, Oil WTI, and more | 1x - 10x     |
| Stock Perpetuals       | AAPL, TSLA, NVDA, META, AMZN, and more  | 1x - 5x      |
| Index Perpetuals       | XYZ100, SP500, etc.                     | 10x          |
| FX Perpetuals          | EUR, JPY                                | 20x          |

### 13. Supported Markets

| Type  | Market                 | Description                                                                                                                              |
| ----- | ---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------- |
| Perps | Crypto Perpetuals      | BTC, ETH, SOL, AVAX, ARB, and 100+ other tokens. 24/7, no weekend restrictions.                                                          |
| Perps | Stock Perpetuals       | AAPL, TSLA, NVDA, META, AMZN, GOOGL, MSFT, and more as Hyperliquid perpetual contracts.                                                  |
| Perps | Index Perpetuals       | SP500, XYZ100 (NASDAQ), and major global index perps.                                                                                    |
| Perps | Commodities Perpetuals | Gold XAU, Silver XAG, Crude Oil WTI, and additional commodity perpetuals.                                                                |
| Perps | FX Perpetuals          | Trade perpetual contracts tracking major global currencies, including the Japanese yen (`JPY`), euro (`EUR`), and British pound (`GBP`). |

### 14. Trading Fees

The following costs apply during both the evaluation and funded stages:

**Commission**

* Maker fills: 0.02% of fill notional
* Taker fills: 0.06% of fill notional

Commission is charged on every fill.

**Position financing**

Open positions are charged a 6% annualized financing rate, accrued hourly:

`Hourly financing charge = Position notional × 6% ÷ 8,760`

This charge applies to both long and short positions. It is always a cost and is never credited to the account.

Trading costs reduce your balance. This means they can prevent you from reaching the profit target or contribute to an account breach.

### 15. What Is Not Restricted

The two equity limits, daily loss and max drawdown, are the only trading guardrails. How you trade within those limits is entirely up to you.

| Rule                 | Status                                                                                       |
| -------------------- | -------------------------------------------------------------------------------------------- |
| Consistency rule     | Not restricted. No cap on single-day profit as a percentage of total.                        |
| Minimum trading days | Not restricted. Pass the evaluation in one trade if you want.                                |
| Time limit           | Not restricted. Take as long as you need to pass the evaluation.                             |
| Profit cap           | Not restricted. No maximum on how much you can earn.                                         |
| News trading         | Not restricted. Trade during any market event including FOMC, CPI, earnings.                 |
| Weekend holding      | Not restricted. Hold positions over weekends. All markets are 24/7.                          |
| Overnight holding    | Not restricted. No restrictions on holding positions overnight.                              |
| EAs & bots           | Not restricted. Automated trading is fully permitted on your own accounts.                   |
| Mandatory stop-loss  | Not restricted. Stop-losses are not required, though recommended.                            |
| Strategy type        | Not restricted. Scalping, swing trading, grid, momentum, and other strategies are permitted. |

### 16. Prohibited Conduct & Anti-Farming

While trading strategies are unrestricted, the following conduct is prohibited and will result in immediate account termination and a permanent ban.

#### General prohibitions

**Exploiting platform bugs or glitches**

Intentionally exploiting technical errors, latency issues, price feed anomalies, or Hyperliquid infrastructure issues for profit.

**Account sharing or selling**

Each account is tied to one individual. Transferring, selling, or sharing account access is prohibited.

**Identity fraud**

Providing false identity information during registration or KYC. This includes using another person's documents or creating multiple identities.

#### Anti-farming & anti-gaming rules

**Opposite hedging across accounts**

Opening opposing positions on the same instrument across two or more accounts to guarantee one passes while the other breaches.

**Third-party coordination**

Coordinating trades with other traders to create offsetting positions or exploit drawdown mechanics through collusion.

**Account cycling**

Repeatedly purchasing evaluations to take maximum-risk binary bets, treating the evaluation fee as a lottery ticket.

**Latency arbitrage and tick sniping**

Exploiting delays between the price feed and Hyperliquid's on-chain execution to capture risk-free profits.

**Simulated or wash trading**

Executing trades with yourself or a coordinated party where no genuine market risk is taken. Automated monitoring systems detect prohibited behaviors via correlation analysis across accounts, IP/device fingerprinting, trade pattern analysis, and on-chain transaction analysis. Decisions are final and not subject to appeal.

### 17. Identity Verification KYC

#### When is KYC required?

KYC is not required to register or purchase an evaluation. You can start trading immediately after purchase. KYC is required before you can access a funded account. We recommend completing KYC early to avoid delays after passing.

#### What you need

* A valid government-issued ID, passport, national ID, or driver's license.
* A live selfie for identity matching.

Verification is typically completed within minutes via our KYC partner.

### 18. Account Limits

A trader may hold multiple active accounts, up to an aggregate funded balance of $400,000. For example, a trader could hold two $100,000 accounts and one $50,000 account simultaneously, alongside additional evaluation accounts.

### 19. Risk Acknowledgment

By purchasing an evaluation, you acknowledge and accept the following:

#### Most traders do not pass

The evaluation is designed to be rigorous. There is no guarantee of success.

#### Evaluation fees are non-refundable

If you fail or breach, the fee is not returned.

#### Funded accounts can be lost

Even after passing, your funded account is subject to the same drawdown rules and can be breached at any time.

#### Past performance is not indicative of future results

Passing one evaluation does not guarantee future profitability.

#### Markets are volatile

Crypto, equity, and commodity prices can move rapidly and unpredictably. Losses can be sudden and severe.

#### Leverage amplifies risk

Higher leverage means larger gains but also larger losses relative to account size.

#### You are not trading your own capital

You do not own the funded account or any positions within it. You are eligible for performance-based payouts only.

#### Rules may be modified

Rules may be updated with reasonable notice. Active funded accounts will be governed by the rules in effect at the time of account activation unless otherwise stated.