What is Perps Fund
A simulated trading evaluation on live prices. Pass the target, get funded, withdraw your share.
Draft — verify against the live product. This page was drafted from the product code and is pending verification. Some details may differ from the current build.
Perps Fund is a simulated (paper) trading evaluation on live Hyperliquid prices. You trade a simulated account against the real market, and if you hit the profit target without breaching the risk floors, you move to a funded account and keep a share of the profit.
You never trade personal capital
The account is simulated. Fills, fees, and funding are simulated against real market prices, so the most you can lose on an evaluation is its one-time fee.
How it works
- Pay the evaluation fee. Pick an account size and an evaluation type. One-time fee, no subscription.
- Trade on live prices. Paper-trade a simulated account on live prices, within the risk limits.
- Hit the profit target. Reach the target without breaching the daily-loss or max-drawdown floor. No time limit, no minimum days.
- Get funded, withdraw. Pass to a funded account, keep your profit split, and withdraw in USDC.
The limits that matter
Every limit is measured on equity (your balance plus the open profit or loss on live positions), not just balance. The two floors are:
- Daily loss limit — a floor that trails up on new intraday highs and resets at
00:00 UTC. - Maximum drawdown — a fixed overall floor set at phase start that never trails up.
Touching either floor ends the phase. For the exact percentages per evaluation type, see the Rules page, which reads its values straight from the live risk engine.
Where to go next
- Using the terminal — the trading screen, panel by panel.
- Placing an order — market and limit orders, leverage, and the caps.
- The dashboard — tracking equity, targets, and your cushion to breach.