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For most traders, getting access to meaningful trading capital remains difficult. A trader can have a profitable strategy and still be limited by the size of their own account.
<a style="text-decoration:none" href="https://www.propr.xyz/" rel="noopener noreferrer nofollow">Propr</a> is built around a simple proposition: Traders prove their ability in a trading challenge, upon passing they can trade simulated funded accounts of up to $200,000, keeping 80% of what they make. Propr mirrors the Hyperliquid order book 1:1, and manages its own exposure onchain. Since launching in April 2026, Propr has generated over $5 million in revenue, reached a run rate of around $20 million a year and paid out $3 million to traders, all tracked live on its public&nbsp;<a style="text-decoration:none" rel="noopener noreferrer nofollow">transparency dashboard</a>.
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Its current platform supports more than 150 perpetual markets across crypto, equities and commodities, with the available instruments tied to the markets listed on Hyperliquid.
Hyperliquid is the foundation the whole product is built on.
Hyperliquid operates an onchain order book for perpetual futures, giving Propr access to an established trading environment rather than requiring the firm to build a separate derivatives venue from scratch. Perpetual futures have also become the dominant part of Hyperliquid's activity, accounting for the large majority of its trading volume and revenue.
For Propr, the attraction is the combination of market depth, around-the-clock trading and the ability to make parts of its execution publicly verifiable - like trader payouts and the firm’s own risk management system
<h3 id="span-span-strong-the-firm-that-started-the-perps-prop-category-strong-span-span">The firm that started the perps prop category</h3>
Before Propr, prop trading was built for forex and futures, along with the rules that came with them: minimum trading days, consistency rules, time limits and payout windows measured in weeks. Crypto traders got a few pairs on a centralised exchange and the same restrictive rulebook.
Propr built a prop firm around perpetual futures from day one, on the venue where onchain perps volume already lives. The rest of the industry has had to respond. Established prop firms have launched perps products of their own, cut back their rules and started publishing more about how they operate. Propr set the standard they are now measured against: perps-native markets, minimal rules and numbers anyone can check.
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<h2 id="span-span-strong-how-the-propr-model-works-strong-span-span">How the Propr model works</h2>
The process starts with an evaluation. Traders select an account size and challenge type, pay a one-time fee and attempt to reach a profit target while staying within the account's risk limits.
The current rulebook offers Classic, Turbo and Pro one-step evaluations, alongside a Classic two-step option. Account sizes range from $5,000 to $200,000, while traders can hold up to $300,000 in funded capital across multiple accounts.
The rules are deliberately straightforward. There is no minimum number of trading days, no time limit for completing an evaluation and no consistency rule. Traders can also hold positions over weekends and trade during major market events. Once funded, there is no profit target.
Risk is controlled through two limits: maximum daily loss and maximum drawdown. The daily loss limit is based on account equity, while the maximum drawdown is calculated from the account balance. That means traders need to manage both their realised account balance and the value of open positions when staying within Propr's risk limits.
The reward structure is also consistent across the platform. Funded traders can keep up to 80% of their profits, with payouts made in USDC.
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<h2 id="span-span-strong-the-part-of-propr-that-separates-it-from-a-traditional-prop-firm-strong-span-span">The part of Propr that separates it from a traditional prop firm</h2>
The firm's strongest argument is transparency.
Propr maintains a public&nbsp;<a style="text-decoration:none" href="https://www.propr.xyz/transparency" rel="noopener noreferrer nofollow">dashboard</a> showing platform metrics including revenue, payouts, funded traders, capital under management, pass rates, hedging activity and reserves. The company describes the dashboard as a real-time view of how the business operates.
Propr's trading accounts are simulated accounts that mirror the Hyperliquid order book on a 1:1 basis. Traders therefore get an environment that reflects the same market conditions and order-book activity they would see on Hyperliquid, while Propr manages its own exposure separately.
When Propr hedges that exposure, it does so onchain through Hyperliquid. The firm also settles trader payouts onchain in USDC. Those two elements, hedging and payouts, are central to the parts of Propr's operation that are publicly verifiable onchain.
This structure allows Propr to keep the trader-facing account simulated while using Hyperliquid as the venue for managing the firm's market exposure. Its transparency dashboard gives users a view into the firm's revenue, payouts, hedging activity and other operating metrics.
In an October interview, Propr CEO Louis Régis&nbsp;<a style="text-decoration:none" href="https://techbullion.com/inside-propr-how-louis-regis-is-taking-perp-prop-trading-onchain/" rel="noopener noreferrer nofollow">described</a> the company's approach in direct terms: “Visibility isn’t a nice-to-have for us, it’s the product.” He pointed to the firm's published payouts, revenue, pass rates and hedging positions as part of that approach.
<h2 id="span-span-strong-built-for-traders-and-trading-agents-strong-span-span">Built for traders and trading agents</h2>
Propr is also treating automation as part of its product rather than restricting the platform to manual traders.
Its&nbsp;<a style="text-decoration:none" href="https://www.propr.xyz/developers" rel="noopener noreferrer nofollow">developer platform</a> provides a REST API alongside Python and JavaScript SDKs. Traders can generate API keys from their accounts and use them to access orders, positions and trades. The documentation also lists a production environment for trading on Hyperliquid markets.
That matters as algorithmic and AI-assisted trading becomes more common in crypto markets. Propr says more than 1,800 AI agents are already using the platform and presents its API as a way for developers to connect automated strategies.
Propr is also being built into the platforms where traders already work. Trading apps including<a style="text-decoration:none" href="https://app.mmt.gg" rel="noopener noreferrer nofollow">&nbsp;MMT</a> and<a style="text-decoration:none" href="https://tread.fi" rel="noopener noreferrer nofollow">&nbsp;Tread.fi</a> have integrated Propr, so traders can take a challenge and trade their Propr account without leaving the tools they already use. That is what a new category looks like as it forms: third-party apps building for perps prop trading the way they once built for exchanges.
The result is a prop trading model built around the infrastructure crypto traders already use. Hyperliquid supplies the perpetual markets, while Propr adds the evaluation, risk management, funding and payout layer.
Six months after launch, Propr is the #1 perps prop firm and has pushed the wider industry towards perps, fewer rules and more transparency, with its own numbers public the whole time. Hyperliquid supplies the markets, and Propr supplies the challenge, the risk layer, the funding and the onchain payouts. That combination is quickly becoming the template for what a modern prop firm looks like.
For now, its strategy is clear. Rather than competing as another generic funded-account provider, Propr has built its identity around perpetuals, Hyperliquid and public verification. That gives it a specific place in the growing crypto prop trading market and explains why the company sees Hyperliquid as its primary venue.
Links:&nbsp;<a style="text-decoration:none" href="https://www.propr.xyz/" rel="noopener noreferrer nofollow">website</a> |&nbsp;<a style="text-decoration:none" href="https://app.propr.xyz/login" rel="noopener noreferrer nofollow">app</a> |&nbsp;<a style="text-decoration:none" href="https://x.com/ProprXYZ" rel="noopener noreferrer nofollow">X</a>&nbsp;

Propr Is Building a Perpetuals Prop Trading Venue Around Hyperliquid

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