Trading rules

Balance is realised cash on the account. Equity is balance plus the unrealised profit and loss of every open position, marked at the current mark price. Every risk rule in this document is measured on equity, never on balance — an open loser counts against you before you close it.

Starting balance is the capital the account is opened with: $100,000 on a $100K plan. High-water mark is the highest equity the account has ever reached, updated tick by tick.

A trading day is any UTC calendar day on which at least one position was opened or closed. Day-start equity is the equity snapshot taken at 00:00 UTC.

An evaluation has two phases. Phase 1 (the challenge) and phase 2 (verification) both run on simulated accounts priced from live market data. Clearing phase 2 produces a funded account governed by a separate written agreement.

Phases are sequential and automatic: passing phase 1 creates phase 2 at the same account size with the same starting balance. There is no fee, application or waiting period between phases.

A trader may hold multiple evaluations simultaneously, subject to a combined allocation ceiling of $1,000,000 across all accounts.

Phase 1 requires equity to reach 108% of the starting balance. Phase 2 requires 105%. Funded accounts have no target — the objective there is to keep the account alive and take payouts.

The target is evaluated on equity, so it can be met with an open position in profit. The phase is marked passed only when the minimum trading day requirement has also been met.

Equity may not fall more than 5% below day-start equity at any point during a UTC day. On a $100,000 account with a $100,000 day-start snapshot, the floor for that day is $95,000.

The check runs on every mark-price update, not at the daily close. A position that dips below the floor and recovers within the same minute has still breached.

During evaluation, equity may not fall more than 10% below the starting balance. The anchor is fixed: on a $100,000 account the hard floor is $90,000 for the entire phase, whether you are up 7% or down 7% at the time.

On a funded account the anchor trails. The limit sits 10% below your high-water mark, so once equity reaches $110,000 the floor moves to $99,000 and stays there — it never moves back down.

Each phase requires at least three separate UTC days with trading activity. The days need not be consecutive, and there is no maximum.

A day counts if at least one position was opened or closed on it. Placing and cancelling an order without a fill does not count; neither does holding an existing position without any execution.

Maximum leverage is set per plan (up to 125x on the smallest accounts, 25x on $200,000) and further constrained per position by risk brackets that mirror exchange risk limits: as position notional grows, the maximum leverage falls and the maintenance margin rate rises.

Both isolated and cross margin are available. Liquidation is triggered by the mark price, not the last traded price, using the tiered maintenance margin for the position's notional bracket.

A liquidation is not itself a breach. It is a loss like any other — it only ends the account if it takes equity through the daily or total limit, which at meaningful size it usually does.

USDⓈ-M perpetual futures only, quoted and settled in USDT. BTC, ETH, SOL, BNB and XRP are available on every plan; the live list is published in the dashboard.

Markets are open continuously, including weekends and holidays. Funding settles every eight hours at 00:00, 08:00 and 16:00 UTC and is debited from or credited to the account at each window.

Scalping, intraday, swing and position trading are all permitted, with no minimum holding time and no maximum trade count. Positions may be held overnight and over weekends. Trading through news and macro releases is permitted.

Automation is permitted on your own account through the trading API with your own keys. Hedging within a single account is permitted.

There is no consistency rule. A phase passed on one strong day and two flat ones is passed. We would rather fund a trader with a lumpy return distribution than reward one who learned to look average.

Exploiting platform defects. Trading against a stale mark, a mispriced index, a delayed liquidation or a known erroneous book state, rather than against the market.

Coordinated or group trading. Offsetting positions across two or more accounts — your own or those of traders acting together — so that one account is guaranteed to hit a target while others absorb the loss.

Latency arbitrage. Systematically taking fills against prices our engine has not yet updated.

Account sharing or transfer. Sharing credentials, trading an account on behalf of another person, or selling a passed account. Payouts are made only to the individual named on the KYC record.

Copy trading across Propology accounts. Running the same signal across multiple accounts you control or influence.

When a limit is crossed, the engine cancels resting orders, closes open positions at the prevailing mark and moves the account to a breached state. The account cannot be traded again. The reason, the triggering equity and the timestamp are written to your account log.

Where a fill is demonstrably the product of a platform fault, we void that fill and its profit or loss and tell you which fill and why, rather than closing the account. Where the conduct rules in section 10 are broken, the account is closed, any pending payout is withheld, and the evaluation fee is not refunded.

Breach decisions can be appealed by email within 14 days. An appeal is reviewed against the same logs you can see, and the outcome is written, not verbal.

The first payout may be requested after 14 calendar days on a funded account, then every 14 days. The account must be above its high-water mark at the time of the request.

The split is 80% to the trader for the first three payouts and 90% from the fourth onward, calculated on realised profit net of fees and funding since the previous payout. Your evaluation fee is returned with your first payout.

Requests are reviewed within one business day and paid in USDT on Ethereum, Arbitrum or Tron within 72 hours of approval. KYC must be complete before the first payout.

After two consecutive profitable payout periods, allocation increases by 50% of the original account size — a $100,000 account becomes $150,000 — up to the $1,000,000 per-trader ceiling.

Loss limits scale with the new balance and the high-water mark is carried forward. Scaling never resets a drawdown anchor in the trader's favour.

An evaluation account with no executions for 60 consecutive days is closed and the attempt ends. A funded account with no executions for 30 consecutive days is suspended; it can be reinstated once by contacting support.

You may close a funded account at any time. Profit accrued above the high-water mark is paid out on the normal schedule after closure.

Traders must be at least 18 and resident outside the restricted jurisdictions listed at checkout. Verification requires a government photo ID, a liveness selfie and proof of address dated within three months.

KYC is required before the first payout, not before trading. If verification shows that an account was opened from a restricted jurisdiction, the evaluation fee is refunded and no payout is made.

This rulebook is versioned. Changes apply to accounts opened on or after the effective date; accounts already open continue under the version they started on until they are closed or renewed.

Material changes are emailed to every active trader at least 14 days before they take effect. We do not make retroactive rule changes to invalidate a passed evaluation.