Rules

The two things that end an evaluation

An evaluation ends when you pass — reaching the profit target without having breached a limit — or when you breachone of two floors.

Both floors are measured against your equity: your balance plus the profit or loss on anything still open. A losing position counts against you while you hold it, not only once you close it. This is how FTMO and Propr measure the same limits, and it is the stricter reading. A position deep in the red cannot be held below a floor while you wait for a recovery.

• Maximum drawdown is measured from the highest equity you have reached, not from your starting capital. Running profits up and giving them back is losing that ground.
• Daily loss limit is measured from your equity at the start of the current UTC day. It resets at UTC midnight, which is probably not midnight where you are.

Both are checked on every price update, not at the end of a day. A floor crossed for a minute and recovered is still a breach, because the risk was taken.

Our high-water mark moves with every price update. FTMO recalculates theirs once a day at midnight, so a peak reached intraday and given back before the close does not count against you there. It counts here. Worth knowing before you size a position, because it is the one rule on this page that is tighter than the desks we are modelled on.

What a pass needs, beyond the target

Reaching the profit target is necessary and not sufficient. Two more conditions apply, and both are checked by the same engine that decides a breach — so neither is a judgement anyone makes about you afterwards.

You must trade on at least 2 separate UTC days.Not hold a position for 2 days — a position opened and closed within one day counts for that day, and two such days are enough. What it rules out is a single lucky move: with leverage a target this size can be one fortunate candle away, and an evaluation that measured only the destination would be easier to pass by luck than the unleveraged version it replaces.

A day counts when something was actually risked on it. A fill has to be worth at least 10 basis points of the account's capital for its day to count — $25 on every account sold today. This is not a minimum order size: you may open whatever you like, and small orders have real uses. It is the bar below which a fill does not count as a day's trading, and it exists because without it the rule above was free to bypass — a position worth a fraction of a cent, opened on a second day at a fee that rounds to nothing, would have satisfied it.

Until both are met an account that has reached its target stays open rather than passing. It has not failed, and the target does not have to be reached again from scratch: the evaluation simply continues, and the verdict is taken the next time the target is met with the conditions satisfied.

The tiers, in full

Leverage and margin

Leverage is capped per instrument, and that cap is the rail that binds in practice. The position ceiling on your tier sits well above it. The caps follow the asset classes the larger desks publish, because a number nobody else uses is a number you cannot check against anything.

An instrument nobody has made a leverage decision about gets themost conservative tier, never the most permissive. A new listing cannot quietly inherit 15× by being forgotten.

Your order ticket shows the leverage and the free margin for the instrument you have selected. An order that would take you past your free margin is refused before it fills, and the figure that refused it is on screen.

Maintenance margin is derived, never chosen: half the initial margin the maximum leverage implies. That puts liquidation at a 50% loss of a fully-sized position's own margin, whatever the leverage. Our widest drawdown limit is 6%, so on any position sized sensibly you will reach the drawdown floor long before liquidation.

What a trade costs

Every fill is charged against you, in the same direction a real venue would charge it. None of it is a spread we keep. It is what makes a fill realistic enough that passing means something.

• Taker fee: 0.05% of notional on every fill, both tiers.
• Slippage: 0.02% applied against you, never in your favour.
• No other charges. No monthly fee, no inactivity fee, no platform fee, no withdrawal fee. The evaluation fee is the only money that leaves your wallet to us.

How a fill is priced

Orders fill at a price the server chooses, never one your browser sends. Slippage is applied against you: a buy fills at or above that price, a sell at or below it. The fee is charged on the notional value of the fill.

If no usable price is available, your order is refused. We will not fill you at a guess.

Where prices come from, and where they are going

Every price the engine uses is recorded with the order it filled, so an evaluation can be replayed from its own record and reach the same verdict. That record is what a payout is computed from, and it is kept whether an account passes or breaches.

Where the prices come from. Each one is a quote from a trading venue — Hyperliquid, Aster or Lighter — read at the moment your order reaches the server and stored alongside the venue that gave it. You can see which venue priced any fill you have.

What that record proves, and what it does not. Replaying your evaluation shows that the engine applied its own rules consistently to the prices it saw. It does not prove those prices to someone who does not trust us. The venues publish over ordinary web requests and sign nothing, so the record of what they said is ours.

What comes next. Signed oracle pricing, where every price arrives with a cryptographic attestation anyone can check for themselves. The engine already prices against that format and the archive already holds the columns for it. What is outstanding is the cost of the feed, not the work.

We are spelling this out because "verifiable" is easy to claim and hard to read closely. A platform that uses the word owes you an answer to "verifiable by whom", and today the honest answer is: by us, and by anyone we hand the record to. Not yet by a stranger.

What the engine refuses

• An order that would take your position past the maximum for your tier.
• An order you do not have the free margin to hold. The ticket shows your free margin, so you can size the order that will be accepted.
• An order against your own position larger than the position itself. One position per market: an opposite order reduces what you hold, and closes it when the sizes match, but it cannot flip you to the other side in one step. Close first, then open.
• An order on an evaluation that has already passed, breached or expired.
• An instrument no venue quotes. These can be charted but not traded, and are marked in the instrument picker.

Getting paid

A payout is settled on chain in USDT, from a treasury whose balance you can read yourself. It is not a transfer we promise to make. It is a claim you execute from your own wallet.

• You keep 80% of the profit, on every tier and every account size. The exact figure for each is in the table below. The split is snapshotted into your account when it opens and cannot be changed underneath you.
• A immediately dispute window runs from the moment your epoch is committed. It exists so a wrong root can be withdrawn before anyone relies on it, and it is the only delay between passing and claiming.
• You call claimPayout yourself. No approval queue, no processing period, no minimum. Once the window closes the function is callable from your wallet and the tokens move in that transaction.
• Identity verification is required before an epoch judges you, not before you buy or trade. Verification gates entry to the epoch, which is the only point at which it can be enforced — see below.

What that pays, tier by tier

Every row below is computed from the same table the engine judges you with, at the moment this page was built. Nothing here is typed by hand. The figure assumes you finish exactly at the profit target — stop above it and the payout scales with the profit you actually made, not with the target.

Fractions are truncated, never rounded up. The engine works in integers at eight decimal places and divides by flooring, so a payout of 1.999 settles as 1.99 rather than 2.00. You will never be shown a figure larger than the one the contract transfers.

The two right-hand columns always sum to the profit column. There is no third deduction: no withdrawal fee, no processing charge, and no spread taken at settlement. What the trade cost you was already charged when it filled, and is described under what a trade costs.

Identity verification

We ask for verification late on purpose. It gates entry to the epoch that decides payouts, so a trader who never passes never has to complete it, and we hold identity documents for fewer people as a result.

• Not required to buy an evaluation or to trade one.
• Required before your verdict can be committed, because real tokens leave the treasury to a real person.
• An unverified account is deferred, not failed. The evaluation stands and is committed once you verify.

Prohibited conduct

Everything above describes how a verdict is reached. This is the short list of ways to reach one that we will not honour. It is short on purpose. A rule we cannot state precisely is a rule we should not be able to apply.

• Holding both sides of one market across two accounts.Two accounts under one wallet, opposite sides of the same instrument, overlapping in time. Whichever way the price moves, one account reaches its target while the other breaches, and the breach costs nothing because the capital was never yours. That is not a trading strategy. It is buying a payout with two evaluation fees, and it is the one pattern this platform is built to refuse.
• Trading one wallet's accounts from several identities, or one identity's accounts from several wallets, to get around the rule above.
• Exploiting a fault rather than reporting it. If a price is plainly wrong, a fill is impossible, or the engine does something the rules do not describe, tell us. Trading a defect deliberately is not the same as trading a market.

What happens. A suspected pair has its passing verdict withheld from the epoch, so no proof exists for it and no payout can be claimed. It is not a ban and not an automatic finding: the pair is recorded and a person reviews it. Detection is a correlation, and correlations are wrong sometimes — two accounts genuinely trading both sides of a range is unusual and not dishonest. If a reviewer decides it was not a hedge, the verdict is released and attested in the next run, and the record of the review stays either way.

The fee is not refunded on a finding. It is never refunded, on a pass or a breach either, but it is worth saying here separately. Refunding a detected attempt would make the attempt free, and a free attempt is one worth making every time.

Where our interests and yours diverge

You should not have to work these out for yourself.

• We are paid when you fail. The evaluation fee is non-refundable and most participants do not pass. That is the business model, and it is why every rule on this page is published and fixed when your account opens instead of being applied at our discretion.
• No order reaches a market, so we take no position against you and hold no inventory that your win would cost us. There is no A-book or B-book decision here to disclose, because there is no book.
• A payout is a cost to us. It is bounded by a per-account cap the contract enforces. That cap is there to limit what a compromised attestor could pay out, not to shave an honest winner.

Rules are fixed when your evaluation opens

The parameters above are recorded against your account at the moment it opens. If a tier changes afterwards, your evaluation keeps the rules it started under.

How a verdict can be checked

A verdict is produced by replaying your orders against the prices we recorded. The replay is deterministic: the same inputs always give the same verdict, so the result cannot change between one reading and the next. Every verdict is committed on chain inside a Merkle root, and you can check yours against that root on the verification page. What that proves is that the verdict we published is the verdict the engine reached. Proving the prices themselves to a stranger waits on signed pricing, above.

If part of the price history could not be replayed, your result is shown asprovisional and is not committed. We would rather leave a verdict open than settle one on evidence with a hole in it.

Before you buy

What you are buying. The account you trade is a simulated account: the capital is not real money and no order reaches a live market. What is real is the fee you pay and the payout you earn — your share of the profit you make on that account, settled on chain in USDT.

The risk disclosure describes what you stand to lose. The terms of service govern the agreement. Both are worth reading before paying a fee that is not refundable.