Hyperliquid prop firms: who offers them and how they work

Contents

This page describes what each firm publishes about itself. It is not financial advice. On the pass rates below, most people who pay a prop firm fee lose it.

Which prop firms use Hyperliquid?#

We found six firms whose own pages tie their funded accounts to Hyperliquid, plus Hyperstack, which sells a mirrored evaluation instead. Each one uses Hyperliquid in a different way, and that difference matters more than the headline split.

Carrot's own pages disagree with each other. Its Hyperliquid venue doc says "CarrotFunding executes trades on Hyperliquid's fully on-chain order book" and that you can verify any trade on the explorer. Its Hyperliquid prop firm page says you trade "in a simulated trading environment" and that the firm decides at its sole discretion whether to place a matching trade. The second matches how the other firms describe their own models.

What is a crypto prop firm?#

A prop firm, short for proprietary trading firm, sells you a test. You pay a one-time fee for a challenge account of a set size, such as $25,000. If you reach a profit target without breaking its loss limits, you become eligible for a funded account of the same size. The firm advertises a share of whatever profit you then make, usually 80%, and keeps the rest. If you break a limit, the account closes, and your loss is the fee.

Eligibility is not entitlement. Propr's evaluation terms, section 7.6, say passing "does not automatically entitle you to participate in the Funded Program", and its funded terms, section 5.3, call approved payouts "discretionary settlements". Carrot's terms, section 8.1, say eligibility for profit sharing "is conditional and does not constitute an entitlement to payment". Hyperstack's terms make the invitation to Vanta's paid program discretionary too, as covered below.

The word "funded" misleads. At Propr, Hypernova, E8 and MyFundedPerps the funded account is also simulated, and the payout is a reward for performance. Propr's footer says "All Propr accounts, including 'Funded Accounts', are 100% simulated" and calls a payout "a performance-based reward for signal evaluation". Hypernova's terms of use say the funded account "is not a brokerage account" and that "all capital is owned exclusively by Hypernova." In crypto, a perps prop firm runs this model on perpetual futures, which trade around the clock. Hyperliquid gives these firms public, live prices for crypto perps and for the stock and commodity perps described in our guide to HIP-3 builder-deployed perpetuals.

Do Hyperliquid prop firms trade real money?#

Not on your behalf. The firms say so in plain words:

• Hypernova: "Orders are filled by Hypernova's own engine and are never routed to Hyperliquid." It "may use trader-generated signals to trade its central book."
• E8: "No real funds are deployed on your behalf at any point."
• HyperPNL: "Evaluation accounts are simulated environments."
• MyFundedPerps: "Fills, balances, positions, and payouts remain part of the MyFundedPerps simulation."
• Propr: a copied trade "belongs entirely to Propr and is executed at its sole discretion."

Propr and Carrot run what they call a hybrid model. On each trade the firm decides whether to copy it to Hyperliquid with its own money (A-book) or keep it on its own books (B-book). Your result is the same either way. Propr's rulebook lists the conflict this creates: on a B-booked trade, "the Firm's profit on those trades is inversely correlated with the trader's profit." It also notes that the firm earns a new challenge fee each time a trader fails and buys again.

Hyperstack works the other way around. Its terms of service say you trade "through your own self-custodied account on a supported third-party venue (currently Hyperliquid mainnet) using your own capital", that Vanta "does not provide trading capital", and that there are no payouts of any kind during the challenge. Your orders do reach Hyperliquid, but the money at risk is yours. The terms add, in section 9.4, that passing is "necessary but not sufficient" for an invitation to Vanta's paid Scaled Trader Program, which Vanta extends at its "sole and absolute discretion". Section 9.8 says descriptions of that program, including payout frequency and account sizes, are "not binding on Vanta". On 11 November 2026 every paid tier on Hyperstack's pricing page read "Sold out, join waitlist", and its footer says Hyperstack does not provide funded accounts.

We checked Propr's Hyperliquid account#

Propr publishes the Hyperliquid address it hedges from, 0x3b9e…c503, on its transparency dashboard. We queried that address through Hyperliquid's own API at 10:01 UTC on 11 November 2026. It held three perp positions, all long, at 10x cross margin:

The account held $273,185 in USDC, against $1.37 million of open positions. Hyperliquid's portfolio data for the address showed an all-time P&L of about −$452,000, counting those open losses. Propr's dashboard, which counts realised hedge profit only, showed +$260,209 at the same time. Neither number is Propr's overall result. Propr says it hedges the firm's exposure to its traders here, so a loss in this account can be offset by a gain on the trades it kept on its own books. What the check does show is that the hedge is real and sits in the firm's account, not the traders'. The dashboard put the firm's total reserve at $300,000, against $16.6 million of simulated funded account balances. For how to read any Hyperliquid account this way, see our Hyperliquid API guide and the top traders guide.

Hyperliquid prop firm rules and fees compared#

Each firm sells several account sizes and rule sets. This table shows one comparable challenge per firm, from each firm's own pages on 11 November 2026.

Sources: Carrot Funding challenges, E8 Pro, HyperPNL, MyFundedPerps, and the Hyperstack pricing page and the Hypernova and Propr rulebooks linked above.

Five details change what these numbers mean:

• Equity, not balance. Propr and Hypernova both measure the limits on equity, which includes open positions. If equity touches a limit for a moment, the account closes, even if the trade would have recovered.
• Payouts reset the account. At Propr, a payout sweeps all profit above the starting balance and needs every position closed. E8 Pro lets you request only half your profit each time and keeps the rest as a buffer, because after the first payout its static loss level "is moved to your initial balance level". E8's 2% daily profit cap also applies in the funded stage, so profit above 2% of the starting balance in one day does not count toward a payout.
• The firms' own pages differ. Hypernova's homepage showed $275 for the $25K Low risk tier and a 20% charge for the 90% split. Its rulebook, version 1.4, says $280 and 15%. The table uses the rulebook. HyperPNL's 1-step rules page is headed "Max Drawdown (5% - static)" but then gives a 9% maximum loss and a $91,000 floor on a $100,000 account, while its FAQ says 5% and $95,000.
• Carrot's payout speed. Carrot's site says payouts are processed within 24 hours. Its terms, linked above, say in section 8.3 that payouts "may be processed no more frequently than on a weekly basis", and section 15.1 says marketing content does not form part of the terms.
• Trading costs. Propr passes Hyperliquid's trading fees and funding through at cost. E8 charges 0.045% taker and 0.015% maker on crypto, Hyperliquid's base rates, plus funding. How those fees work is in Hyperliquid fees explained.

Access rules differ too. Hypernova's homepage says it is in closed beta and invite-only. Propr requires identity checks before a funded account goes live, and HyperPNL's FAQ says it does not ask for KYC for payouts "at this time".

What are the pass rates at Hyperliquid prop firms?#

Two firms publish them, live:

Sources: Propr's transparency dashboard, linked above, and Hypernova stats, both read on 11 November 2026. Hypernova's homepage also lists pass rates by tier: 18.6% Tight risk, 21.9% Low risk and 30.2% Medium risk.

Passing is only the first cut. At Hypernova, about one paying trader in five has ever been paid anything. A pass rate is also an average across very different traders, so it says little about any one person's chances.

What a payout costs: a worked example#

Take Propr's $25K Classic challenge at $275, and suppose your odds matched the 15.7% average. On average you would buy about 6.4 challenges for each pass, about $1,750 in fees. To take home $1,000 from the funded account, you then need $1,250 of profit, 5% of $25,000, without losing 3% in a day or falling 6% below the starting balance, and Propr has to approve the payout. The firm keeps the other $250.

To make the same $1,250 trading your own money at the same 5% return, you would need $25,000 of your own capital at risk. That trade-off is the whole case for a prop firm: a few hundred dollars per attempt instead of tens of thousands at risk. The case against it is the 84% of Propr's paid challenges that fail, the tight limits, and payouts that the terms leave to a young company's discretion.

What are the risks of a Hyperliquid prop firm?#

• No ownership. You hold no account, position or capital. Propr's rulebook says funded traders "do not own any trading account, position, or capital on the Firm's books."
• Discretion over your trades. The firm chooses whether to copy your trades and may ban strategies it cannot copy. Propr prohibits "non-replicable or high-risk strategies", such as trades that would trigger auto-deleveraging, and its enforcement decisions "are final and not subject to appeal".
• Small reserves. On 11 November 2026, Propr's dashboard showed a $300,000 reserve against $16.6 million of funded balances, and Hypernova's showed $173,200 against $6.65 million. Funded balances are notional, so the firm pays out only on profit. But payouts come from fees and these reserves. Propr's own comparison article reported a reserve of about $1.18 million on 21 October.
• No regulator. Propr says it "is not authorized or regulated by the BVI Financial Services Commission or any other financial authority". Hypernova's terms cap its liability to you at the fee you paid.
• Changing rules. Propr's rulebook says active funded accounts keep the rules in place when they were activated, and Propr keeps a dated changelog. Its terms still let it amend them: section 14 of both the evaluation and funded terms allows changes, with continued use counting as acceptance, and section 19.3 of the evaluation terms says the terms prevail over documents they refer to, such as the rulebook. Hypernova's terms say rulebook changes will not apply retroactively to existing funded accounts. Fees and tiers change often, so check the live terms before you pay.
• Restricted countries. Propr's rulebook lists about 30 restricted countries, plus OFAC-sanctioned places. Hypernova's terms exclude OFAC-sanctioned jurisdictions. Using a VPN to get around either list ends the account.

Prop firm vs your own account vs a Hyperliquid vault#

Three ways to trade on Hyperliquid prices differ on who owns the money and what you can lose.

Hyperstack mixes the first two columns. You risk the fee and your own money on Hyperliquid, and any reward comes from Vanta. The own-account and vault figures come from Hyperliquid's docs, covered in Hyperliquid vaults and HLP explained and how to deposit and withdraw on Hyperliquid. Any trader can also start a user vault and keep 10% of depositors' profits. Creating one costs a 10,000 USDC fee.

A different way to cap what you can lose is a market where the stake is the maximum loss. Totalis, which publishes this guide, is a prediction market app on Hyperliquid's HIP-4 outcome markets. It is not a prop firm: you trade your own USDC, and a Combo of 2 to 5 outcomes can lose at most its stake. Its docs explain how a Combo is opened and settled and the Combo fees and limits. The Totalis app needs an invite code and is not available to US persons. For a wider look at the economics, see whether you can make money on prediction markets.

Frequently asked questions#

Can US traders use Hyperliquid prop firms?#

Some of them. Propr's restricted list and Hypernova's terms, read on 11 November 2026, do not name the United States. Hyperstack is different, because it needs your own Hyperliquid account, and the official Hyperliquid app's terms bar US residents. See using Hyperliquid in the US.

Can I use a trading bot at a Hyperliquid prop firm?#

At some. Propr's rulebook permits automated trading and offers an API. Hypernova's rulebook permits bots on your own account but bans copy trading and third-party signal services. E8's and other firms' rules differ, so read the prohibited conduct section before you pay.

Is Hyperliquid itself a prop firm?#

No. Hyperliquid is a blockchain with a built-in exchange, and it funds no traders. These firms are independent companies that use its prices, and some use its order book for their own hedges. How the chain works is in what Hyperliquid is and how it works.