By Alex Firdaus · Updated July 2026 · Data checked July 2026
Propr Review 2026: Onchain Crypto Prop Firm Built on Hyperliquid
Quick verdict: Propr is a crypto-native prop firm that runs entirely on Hyperliquid. You trade perpetual futures across crypto, equities, commodities, and forex on their custom terminal. Payouts settle in USDC on-chain within hours. No consistency rule, no time limit, no minimum trading days. The 80% profit split is flat across all account sizes. Prediction market trading via Polymarket was promised for June 2026 but has not shipped as of late July. The biggest risk is platform maturity. Propr launched in early 2026 and some traders have reported technical glitches during high-traffic periods.
Propr accounts start from $25 (Turbo 1-Step $5K). Payouts settle in USDC on Ethereum.
Table of Contents
What Is Propr?
Propr is an on-chain prop firm built on Hyperliquid. It funds traders up to $100,000 per account (and up to $300,000 in total funded balance) to trade perpetual futures across crypto, equities, commodities, and forex. All execution routes through Hyperliquid, and all payouts settle in USDC on Ethereum. You can verify every payout at propr.xyz/transparency with a direct link to the Ethereum block explorer.
The firm was built by XBorg, a startup studio with a 25,000-member community that previously built fan engagement tools for esports teams like Team Liquid, G2 Esports, and Cloud9. Propr raised a $1.5M seed round at a $17.5M fully diluted valuation, backed by SwissBorg. The CEO is Louis Regis, who livestreams daily on Twitch building the platform in public.
Unlike traditional prop firm challenges that run on MetaTrader 5 or cTrader through CFD brokers, Propr runs on its own custom trading terminal connected directly to Hyperliquid’s on-chain order book. That means the spreads, fees, and slippage you experience are the same as trading on Hyperliquid directly. There is no separate demo server. Propr also has a full REST API with Python and JavaScript SDKs, and over 1,000 AI trading agents currently run on the platform.
As of July 2026, Propr is also integrating Polymarket for funded prediction market trading. This is a first for the prop firm industry. Prediction market challenges will be separate from perpetual futures challenges.
Propr Challenge Types and Pricing
Propr offers three evaluation types as of July 2026: Classic 1-Step, Turbo 1-Step, and Classic 2-Step. Each is available across five account sizes from $5,000 to $100,000. There is also a free trial.
Classic 1-Step
One profit target. Static drawdown. The standard path.
| Account Size | Fee | Profit Target | Daily Loss | Max Drawdown |
|---|---|---|---|---|
| $5,000 | $60 | 10% ($500) | 3% | 6% static |
| $10,000 | $110 | 10% ($1,000) | 3% | 6% static |
| $25,000 | $275 | 10% ($2,500) | 3% | 6% static |
| $50,000 | $495 | 10% ($5,000) | 3% | 6% static |
| $100,000 | $999 | 10% ($10,000) | 3% | 6% static |
Turbo 1-Step
Lower fee, tighter drawdown. Added in June 2026. This is the cheapest entry point at $25 for a $5K account.
| Account Size | Fee | Profit Target | Daily Loss | Max Drawdown |
|---|---|---|---|---|
| $5,000 | $25 | 9% ($450) | 3% | 3% static |
| $10,000 | $50 | 9% ($900) | 3% | 3% static |
| $25,000 | $125 | 9% ($2,250) | 3% | 3% static |
| $50,000 | $245 | 9% ($4,500) | 3% | 3% static |
| $100,000 | $450 | 9% ($9,000) | 3% | 3% static |
Classic 2-Step
Two phases with a trailing drawdown. More room to absorb losses, but the trailing mechanic adds complexity.
| Account Size | Fee | Step 1 Target | Step 2 Target | Daily Loss | Max Drawdown |
|---|---|---|---|---|---|
| $5,000 | $50 | 5% | 10% | 5% | 8% trailing |
| $10,000 | $100 | 5% | 10% | 5% | 8% trailing |
| $25,000 | $250 | 5% | 10% | 5% | 8% trailing |
| $50,000 | $450 | 5% | 10% | 5% | 8% trailing |
| $100,000 | $749 | 5% | 10% | 5% | 8% trailing |
All evaluation fees are non-refundable once the account is activated. There is no reset option. If you breach, you buy a new evaluation.
Propr Drawdown and Risk Rules
Propr has two equity limits and nothing else. No consistency rule, no time limit, no minimum trading days, no profit cap, no mandatory stop-loss, no news trading restriction, no weekend holding restriction. The two equity limits are enforced in real time based on your account equity (including floating P&L on open positions).
Maximum Daily Loss
The daily loss limit is calculated as a percentage of the greater of your starting balance or your day-start balance. It resets at 00:00 UTC. On a $100,000 Classic 1-Step, the daily loss limit is at least $3,000 (3%). On a $100,000 2-Step, it is at least $5,000 (5%). The limit grows as you bank realized profit but never shrinks below the starting-balance amount.
If your equity touches or drops below your day-start equity minus the daily loss limit at any point, even for a split second on a floating position, the account is breached.
Maximum Drawdown (1-Step: Static)
Classic 1-Step accounts have a 6% static drawdown. Turbo 1-Step accounts have a 3% static drawdown. The equity floor is set once at account creation and never moves. On a $50,000 Classic 1-Step, the floor is $47,000 permanently. Even if you grow the account to $70,000, the floor stays at $47,000.
Maximum Drawdown (2-Step: Trailing)
2-Step accounts use an 8% trailing drawdown. The equity floor trails your highest realized balance (closed-trade value). Floating P&L does not push the high water mark. Once the floor reaches your starting balance, it stops trailing. After a payout, the balance and high water mark reset to the starting balance.
Breach Rules
All breaches are permanent. There are no soft breaches, no resets, no appeals. If your equity reaches either limit, all positions close instantly and the account is terminated. You are never liable for losses beyond your evaluation fee.
Floor set at creation. Never moves. 6% (Classic) or 3% (Turbo) below starting balance.
Trails highest realized balance. Stops at starting balance. Resets after payout. 8% of starting balance.
Platform, Instruments, and API
Propr does not use MetaTrader 4, MetaTrader 5, cTrader, TradeLocker, or DXtrade. All trading happens on Propr’s custom-built terminal, which connects directly to Hyperliquid’s on-chain order book. The trading fees, spreads, and slippage match what you would experience trading on Hyperliquid directly. Propr does not add markup to trading fees.
Tradeable Markets
As of July 2026, Propr offers 150+ perpetual futures markets on Hyperliquid, covering crypto (BTC, ETH, SOL, HYPE, and more), equity perps (TSLA, AAPL, NVDA, GOOG, META, SpaceX), commodity perps (crude oil, gold, silver), forex perps, and index perps (S&P 500, XYZ100). Prediction markets via Polymarket are coming soon.
Leverage Limits
| Asset Class | Max Leverage |
|---|---|
| BTC and ETH Perps | 5x |
| Other Crypto Perps | 2x |
| Equity Perps | 4x |
| S&P 500 and XYZ100 Index | 10x |
| Other Index Perps | 5x |
| Commodity Perps | 5x |
| FX Perps | 25x |
API and Automated Trading
Propr has a full REST API with Python and JavaScript SDKs available on GitHub. The rate limit is 1,200 requests per minute. API keys start with pk_live_ and provide full account access including order placement, position reads, and trade history.
Over 1,000 AI agents currently trade on Propr. The platform was built with automated and algorithmic trading as a first-class use case, not an afterthought. If you are a developer building a trading product on Hyperliquid, Propr also offers a Builders Grant program with a $1M pool to fund trading products built on Propr’s infrastructure.
Propr Payouts and Profit Split
Propr pays an 80% profit split on all funded accounts. The split is flat. There are no scaling tiers, no conditions, and no changes based on account size or evaluation type.
How Payouts Work
Payouts are on-demand. There is no minimum waiting period after getting funded. The minimum payout is $20 USDC. There is no limit on the number of payout requests. Propr claims an average processing time of 5 hours, with a stated maximum of 24 hours.
Each payout is a full profit sweep. You cannot withdraw a partial amount. After payout, your funded account balance resets to the starting balance and drawdown limits reset accordingly. On 2-Step accounts, the high water mark also resets.
All payouts settle in USDC on-chain. Every payout is published at propr.xyz/transparency with the transaction hash and a link to the Ethereum block explorer. You must close all positions before requesting a payout.
Payout Example
| Field | Value |
|---|---|
| Starting Balance | $50,000 |
| Current Balance | $56,000 |
| Gross Profit | $6,000 |
| Your Split (80%) | $4,800 USDC |
| Propr Retains (20%) | $1,200 |
| New Balance After Payout | $50,000 (reset) |
KYC Requirement
KYC is not required to purchase an evaluation or start trading. It is required before your funded account is activated. You need a valid government ID and a live selfie. No proof of address. Verification typically completes within minutes. Propr recommends completing KYC early via your dashboard settings to avoid delays.
Prediction Markets (Coming Soon)
Propr is integrating Polymarket to offer funded prediction market trading. The homepage feature callout still reads “Coming in June,” but that target has come and gone. As of July 26, 2026, prediction market trading is not live and Propr has not posted a new date on the homepage or its public channels. Treat “coming soon” here as an open timeline rather than a confirmed launch window.
Prediction market challenges will be separate from perpetual futures challenges. You will not be trading perps and predictions on the same evaluation account. No other prop firm currently offers funded prediction market trading, so this remains one to watch once it actually ships.
Propr Discount
Sign Up Through FundedTrading
Use our referral link below to create your Propr account. Propr evaluations start from $25 (Turbo 1-Step $5K).
Looking for more prop firm discount codes? See the full list at FundedTrading Discount Codes.
Propr Pros and Cons
Pros
- On-chain USDC payouts verifiable on Ethereum block explorer
- Full public transparency dashboard with pass rates, revenue, and payout data
- No consistency rule, no time limit, no minimum trading days, no profit cap
- REST API with Python and JS SDKs for automated and agent trading
- 150+ perp markets including equity, commodity, and FX perps
- Turbo 1-Step from $25. Lowest entry price of any crypto prop firm we have reviewed
- Trading fees match Hyperliquid directly. No markup
- A/B book execution labeled per trade. You know which trades went to market
- Funded prediction market trading coming via Polymarket (first in the industry)
- $300K aggregate funded balance cap across multiple accounts
Cons
- No MetaTrader 4, MT5, cTrader, or TradeLocker. Custom terminal only
- US, UK, and Russian traders are excluded
- Platform launched in early 2026. Some traders report technical glitches, false breaches during downtime, and latency issues during peak traffic
- 3% Turbo drawdown is extremely tight. One bad trade ends the account
- 80% profit split does not scale. Some competitors offer 90% or higher after milestones
- No evaluation fee refund on pass. Most traditional prop firms refund the fee after your first payout
- $PROPR token launch planned (TGE August 2026). Token economics introduce a variable the trading product does not need
- Perps-only. No spot trading, no options
Best For / Avoid If
Crypto-native traders who already use Hyperliquid. Algo and bot developers who want API-first funded capital. Traders who value on-chain payout verification over brand history. Anyone looking to trade equity and commodity perps alongside crypto without switching firms.
You trade on MetaTrader or cTrader and do not want to learn a new terminal. You are based in the US or UK. You need a firm with 3+ years of payout track record. You prefer trailing drawdown math that you already understand from firms like FTMO or FundedNext.
Is Propr Legit?
Propr is operated by Propr Limited (Reg. No. 2211330), registered at Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands. The firm was built by XBorg and backed by SwissBorg with a $1.5M seed round at a $17.5M fully diluted valuation.
As of July 2026, Propr has a 4.4 rating on Trustpilot based on 53 reviews. Positive reviews highlight the Hyperliquid-native trading experience, fast payouts, and the transparency dashboard. Negative reviews mention platform bugs, false breaches during downtime, and latency issues during periods of heavy traffic. The CEO has responded publicly to negative reviews on Trustpilot, offering refunds for breaches caused by platform latency.
The transparency angle is Propr’s strongest trust signal. The transparency dashboard publishes total revenue, total payouts, pass rates, and A-book vs B-book ratios in real time. Every on-chain payout includes a transaction hash. Most prop firms do not publish this data. Propr does.
One caveat worth noting: Propr uses a hybrid A-book/B-book execution model. A-booked trades route to Hyperliquid and are verifiable on-chain. B-booked trades are recorded internally and are not on-chain. Every trade on your dashboard is labeled as A or B. The P&L outcome is the same regardless of routing. But B-booked trades mean the firm’s profit is inversely correlated with yours on those specific trades. Propr discloses this in their official rulebook.
For a deeper look at how on-chain prop firms compare, including Propr, see our guide to how to tell if a prop firm is legit.
Propr Alternatives
Propr is a crypto-native prop firm built on Hyperliquid. It does not compete directly with MetaTrader-based CFD prop firms. The closest comparisons are other crypto or DeFi-native prop firms and traditional firms that offer crypto perps.
| Firm | Platform | Profit Split | Drawdown | Crypto Focus |
|---|---|---|---|---|
| Propr | Custom (Hyperliquid) | 80% flat | 6% static (1-Step) / 8% trailing (2-Step) | 150+ perps, prediction markets coming |
| FTMO | MT4, MT5, cTrader, DXtrade | 80% (up to 90%) | 10% static | Crypto CFDs only |
| FundedNext | MT4, MT5, cTrader | 80% (up to 95%) | 10% static / 5% daily (Stellar 2-Step) | Crypto CFDs only |
FundedNext runs several account types (Stellar, Rapid, Legacy, Bolt) with different daily loss and drawdown numbers. The figures above are for its standard Stellar 2-Step model. [Check FundedNext’s own rules page for the specific product you are considering.]
The key difference: FTMO and FundedNext trade crypto as CFDs through a broker. Propr trades perpetual futures directly on Hyperliquid’s on-chain order book. If you want crypto-native execution and on-chain payout verification, Propr is the only funded option at this scale. If you want MetaTrader, a longer track record, and a wider range of traditional forex pairs, FTMO or FundedNext are the safer picks.
Compare more firms at FundedTrading Prop Firm Comparison.
Final Verdict
Propr is doing something no other prop firm is doing right now. On-chain execution on Hyperliquid. Public transparency data. A full API for agent and algo trading. Funded prediction markets on the way. The rules are clean: two equity limits and nothing else.
The tradeoff is maturity. Propr launched in early 2026 and is still scaling its infrastructure. Platform stability issues have affected some traders. There is no MetaTrader option. The $PROPR token launch adds a layer of complexity that has nothing to do with the core trading product. And the 80% split, while reasonable, does not scale to 90% the way FTMO or FundedNext does.
If you are a crypto-native trader who already uses Hyperliquid, Propr is the most natural funded trading option available. If you are a developer or run trading bots, the API access alone is reason enough to test it. If you need a battle-tested firm with years of payout history and MT5 support, this is probably too early for you.
Propr FAQs
Is Propr legit?
Propr is operated by Propr Limited (Reg. No. 2211330), registered in the British Virgin Islands. It was built by XBorg and backed by SwissBorg with a $1.5M seed round. All payouts settle on-chain in USDC and are publicly verifiable at propr.xyz/transparency. The firm has a 4.4 Trustpilot rating based on 53 reviews as of July 2026.
What can you trade on Propr?
Propr offers 150+ perpetual futures markets on Hyperliquid including crypto, equity, commodity, and forex perps. Prediction market trading through Polymarket integration is coming soon. All trading happens on Propr’s custom terminal, not MetaTrader or cTrader.
How fast are Propr payouts?
Propr claims an average payout time of 5 hours. Payouts are on-demand with no minimum waiting period, settle in USDC on-chain, and require a $20 minimum. Every payout is published live at propr.xyz/transparency with its Ethereum block explorer transaction hash.
Does Propr have a consistency rule?
No. Propr has no consistency rule, no minimum trading days, no time limit, and no profit cap. The only active rules are the maximum daily loss and the maximum drawdown. You can pass the evaluation in a single trade.
Does Propr accept US or UK traders?
No. Propr does not serve traders in the United States, United Kingdom, Russia, or any OFAC-sanctioned country. Attempting to access Propr via VPN from a restricted jurisdiction results in immediate account termination with no refund.
Can I use trading bots or AI agents on Propr?
Yes. Propr has a full REST API with Python and JavaScript SDKs. The rate limit is 1,200 requests per minute. Over 1,000 AI agents currently trade on Propr. Automated trading, EAs, and copy trading between your own accounts are all allowed.
Does Propr offer prediction market trading?
Propr is integrating Polymarket for funded prediction market trading. The homepage still shows a “Coming in June” callout, but that date has passed and no new launch date has been posted as of July 26, 2026. Prediction market challenges will be separate from perpetual futures challenges.
What is the Propr profit split?
Propr pays 80% of all profits on funded accounts. The split is flat across all account sizes and evaluation types. There are no scaling tiers. Propr retains 20%.
How does Propr’s A-book/B-book model work?
Propr uses a hybrid execution model. Some trades route to Hyperliquid (A-book) and are verifiable on-chain. Others are recorded internally (B-book) with the same P&L outcome. Every trade on your dashboard is labeled as A or B. Propr discloses the aggregate A-book vs B-book ratio on its transparency page.
Try Propr
On-chain execution. Instant USDC payouts. 150+ perp markets. No consistency rule.
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