HyperPNL
ProprWhere they differ
- Cheapest challenge
- HyperPNL$42 ($5K 1-Step Flex)
- Propr$25 ($5K Turbo 1-Step)
- Maximum loss
- HyperPNL5% to 9% static
- Propr3% to 8% static or trailing
- Bitcoin leverage
- HyperPNL5x
- Propr10x
- Account sizes
- HyperPNL$5K to $25K
- Propr$5K to $200K
- Sizes only this firm sells
- HyperPNLNone
- Propr$50K, $100K, $200K
- Challenges
- HyperPNL6
- Propr24
- Some trades on-chain
- HyperPNLNo
- ProprYes
- US traders
- HyperPNLNo
- ProprYes
- Country
- HyperPNLCayman Islands
- ProprBritish Virgin Islands
Every rule, side by side
| Rule | HyperPNL | Propr |
|---|---|---|
| The firm | ||
| Country | Cayman Islands | British Virgin Islands |
| Founded | Not stated | February 2026 |
| Years in operation | Not stated | Under 1 |
| Platforms | HyperPNL web platform | Propr Trading Terminal, Propr API |
| Trades on | own simulated engine, Hyperliquid order book and prices, Ostium prices for some non-crypto markets | Hyperliquid when Propr routes a trade (A-book); otherwise booked internally (B-book) |
| Markets | Crypto, stock, ETF, index, commodity and FX | Crypto, stock, index, commodity and FX |
| Some trades on-chain | No | Yes |
| Rules | ||
| Model | 1-step or 2-step evaluation | 1-step evaluation (Classic, Turbo, Pro) or 2-step evaluation (Classic) |
| Account sizes | $5K, $10K, $25K | $5K, $10K, $25K, $50K, $100K, $200K |
| Profit target | 10% (1-step); 10% phase 1 / 5% phase 2 (2-step) | 1-step: 10% (Classic) / 9% (Turbo) / 12% (Pro); 2-step: 5% step 1 / 10% step 2 |
| Daily loss limit | 3% (1-step) / 5% (2-step), recalculated daily at 00:00 UTC from equity | 3% (1-step) / 5% (2-step) of start-of-day balance, reset 00:00 UTC |
| Maximum drawdown | 5% static (1-step); 9% static (2-step) | 1-step: 6% (Classic) / 3% (Turbo) / 5% (Pro), static; 2-step: 8% trailing from high-water mark, never above starting balance |
| Max leverage | Up to 5x on crypto, 3x on stocks and ETFs, 5x on indices, 10x on commodities and 25x on FX (set per market in its trading app; its docs' asset table lists higher maximums) | 10x on BTC, ETH and SOL, 2x on other crypto, 4x on stocks, 10x on the S&P 500 and Nasdaq 100, 5x on other indices, 8x on gold, silver and oil, 5x on other commodities, 25x on FX, per its rulebook table, plan cards and asset list; a rules-page graphic and a homepage line still show 5x for BTC and ETH, and that homepage line puts equity perps at up to 10x |
| Profit split | 80% | 80% |
| Payouts | One payout request per day, with no open positions, of at least 1% of the account size; executed by smart contract in USDC | On demand, no waiting period; $20 minimum; processed within 24 hours in USDC on-chain |
| Starting price | from $42 for a $5,000 account (1-step); 2-step from $50 | from $25 for a $5,000 account (Turbo 1-Step) |
| Minimum days | None (1-step); 0.5%+ profit on 2 days in phase 1 and 3 in phase 2 (2-step) | None |
| Consistency rule | None | None |
| US traders | No (on its restricted list) | Yes (not on its restricted list) |
| Fee refund | No | No |
| News trading | Allowed | Allowed |
| Weekend holding | Allowed | Allowed |
| Current offer | None now | None now |
| Rules checked | November 9, 2026 | November 2, 2026 |
HyperPNL: source 1source 2source 3source 4source 5source 6Propr: source 1source 2
Prices at each account size
| Account | HyperPNL | Propr |
|---|---|---|
| Sizes both sell | ||
| $5K | $421-Step Flex2 challenges at this size | $25Turbo 1-Step4 challenges at this size |
| $10K | $861-Step Flex2 challenges at this size | $50Turbo 1-Step4 challenges at this size |
| $25K | $2132-Step Flex2 challenges at this size | $125Turbo 1-Step4 challenges at this size |
| Sizes only one sells | ||
| $50K | Not sold | $245Turbo 1-Step4 challenges at this size |
| $100K | Not sold | $450Turbo 1-Step4 challenges at this size |
| $200K | Not sold | $899Turbo 1-Step4 challenges at this size |
Every HyperPNL challengeEvery Propr challengeEvery firm's challenges
Current offers
What each daily limit means on Bitcoin
How far Bitcoin has to move against a position at each firm's full leverage to use up the daily loss limit, and how often it has in the last 30 days.
| Firm and program | Bitcoin cap | Daily limit | Move that uses it up | Days Bitcoin moved that far |
|---|---|---|---|---|
| HyperPNL · 1-step | 5x | 3% | 0.6% | 27 of 30 |
| HyperPNL · 2-step | 5x | 5% | 1% | 19 of 30 |
| Propr · 1-step | 10x | 3% | 0.3% | 30 of 30 |
| Propr · 2-step | 10x | 5% | 0.5% | 29 of 30 |
Recent rule changes
Markets
Added the DAX, FTSE 100, Nikkei 225 and Hang Seng indices and the Micron and Lumentum stocks.
Program
Added 1-Step accounts, a one-phase challenge its homepage lists with a 10% target, a 3% daily loss limit and a 5% static drawdown; it had sold only a two-phase challenge.
Markets
Added 11 stock, ETF and thematic markets: NBIS, CBRS, INTC, SAMSUNG, CXMT, REMX, HYG, TLT, UNG, URA and XLE.
Other
Removed the 30-day time limit on each challenge phase; its new Flex accounts have no time limit.
Other
Widened its hedging ban to opposing positions on correlated assets across Propr accounts (long ETH on one, short SOL on another) and to opposing positions at other prop firms.
Account sizes
Capped the evaluation accounts one trader may hold at $200,000 in total, beside the $300,000 cap on funded accounts.
Kyc
Stopped accepting a driver's license for identity checks; a passport or national ID is now required.
Leverage
Raised Bitcoin and Ether from 5x to 10x, gave SOL its own 10x cap (it had been under other crypto at 2x), and raised gold, silver and oil to 8x.
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