How it works

The whole model is four steps: buy a challenge, trade a simulated account and hit its profit target within the risk limits, pass to a funded account, and withdraw your profit share. Every account along the way is paper, priced on the live market, so there is no personal capital at risk at any step.

#1. Buy a challenge

Pick an account size and an evaluation type on the Challenges page and check out. It is a one-time fee, with no subscription, paid in crypto. Your simulated evaluation account is created once the payment confirms on-chain; the checkout tracks the payment for you, and you can start trading as soon as it reads that your challenge is ready. Buying a challenge walks through the checkout.

#2. Trade and hit the target

Trade the account in the terminal, on live prices, and reach the profit target for your evaluation type. You have to do it without breaking the risk limits, a daily loss limit and a maximum drawdown that protect the account. You pass once your balance is at the target with every position closed, and you do not have to close them yourself: when your equity, after the fees to close, reaches the target, we close your positions and the account passes. There is no time pressure: what ends a phase is passing the target or breaking a limit, nothing else.

For the exact limits and precisely how they are measured, see the Rules, which reads its values straight from the live risk engine, or Trading rules for the same limits explained rule by rule.

#The evaluation types at a glance

There are 3 evaluation types on sale. They differ in how many phases you trade and the profit target you need; all fund at the same profit split.

A single-phase type (Arena | 1-Step, Gauntlet | 1-Step, or Hyper | 1-Step) funds you as soon as you pass its target. See Browse the challenges for the sizes and prices of each. The rulebook also documents Arena | 2-Step, which is not currently sold; its rules are in Trading rules for the accounts already open on it.

#3. Get funded

Pass, and you are given a new funded account, starting at your account size. It is issued automatically once the pass is booked, unless the account is held for a manual review, in which case it is issued after the review. It is still a simulated account on live prices, and the same risk limits apply, but now you earn a share of the profit you make, paid out in real USDC. The challenge you passed stays in your account list, read-only, with its trades and history.

#4. Get paid

On a funded account you request your share of realized profit, and each request is reviewed, then sent in USDC (Ethereum only) to a wallet you have whitelisted. The minimum payout is $50. The account must have no open positions when you request, and you confirm with a two-factor code or a passkey. Payouts walks through the page and every check around it (identity verification, the new-wallet hold); the enforced numbers are in Payouts and withdrawals in the Rules.

#After you're funded

A funded account keeps 80% of the profit for you, with none of your own capital at stake. It trades under the same risk limits as the evaluation, so the discipline that passed you is the same discipline that keeps the account.

• Each payout resets the account. When a payout is paid, the account's balance goes back to its starting balance and both loss floors are set again from it. The profit you were paid is never offered again, so the next payout is paid on new profit only.
• A breach forfeits unpaid profit. If a funded account breaches, the profit share it had earned and not yet withdrawn is voided.

Both rules are dated in the Rules changelog; Trading rules and Payouts have the detail.