What is Propr? A Full Breakdown of the On-Chain Prop Firm Built on Hyperliquid | From $25, 15.4% Pass Rate Published, USDC Payouts [September 2026]

※ Propr's rules and pricing change frequently, and there are places where the FAQ and rulebook numbers disagree. This article is based on rulebook v1.0.5 and the official site as of September 9, 2026 (the price comparison with Breakout was added on September 21, 2026). Check the Propr official site for the latest terms before buying.

TL;DR: unmatched transparency, but an expensive fee — this isn't a substitute for an FX prop firm, it's a different category entirely

• Propr is a crypto prop firm that plugs directly into the order book of Hyperliquid (a decentralized perpetuals exchange). You trade over 160 instruments — BTC, ETH, stocks, indices, gold, oil, and FX perpetuals — from the same account
• You can start from $25 (Turbo 1-Step $5K), and there's a free trial too. No minimum trading days, no time limit, no consistency rule, and bots/APIs/copy trading are all allowed
• The fee is expensive. The three 1-Step plans have the exact same targets, daily loss, and max DD as Kraken-backed Breakout Prop, but the list price is 25–36% higher. At $140–167 per $1,000 of loss allowance, that's roughly 3x an FX two-step ($54–55)
• The split is a fixed 80%, and payouts are USDC on-chain only. Minimum $20, with a median of 38 minutes measured on the official dashboard
• Revenue, payout totals, and pass rate are published in real time. As of September 9, 2026: total revenue $2.95M, total payouts $1.44M, a 15.4% pass rate on paid evaluations
• The terms explicitly state "all accounts are 100% simulated" and that payouts are "discretionary settlements." Registered in the BVI, unregulated. Propr is more upfront about this than most other firms, which makes for some heavy reading
• Leverage is low: BTC 10x (5x per the FAQ), FX perps 25x. That's about the same as Japanese domestic FX at 25x, and a different world from the 1:100 typical of FX prop firms
• Japan is not on the restricted-country list. KYC is required after passing, before the first payout
• There's an official 30% off first-challenge offer (/try-propr). A third-party-listed code, OWNTHEHOUSE, also exists

Who is Propr?

The only official URL is propr.xyz. Note that propr.trade and propr.io are unrelated.

The A-Book/B-Book decision algorithm is published on GitHub (XBorgLabs/ab-booking, MIT license), and is designed to only route the orders of traders meeting criteria such as a 70%+ score and a Sharpe ratio above 2.0 to the real Hyperliquid order book. Openly disclosing this structure — "profitable traders get routed to the real book, everyone else gets taken in-house" — sets Propr apart from other firms.

Pricing and rules for the four plans (rulebook v1.0.5)

The following conditions apply to all plans.

• Fixed 80% split (does not change with size or plan, no tiered scaling)
• No minimum trading days, no time limit, no consistency rule, no profit cap
• News trading, holding over weekends, scalping, bots, and copy trading (including across your own accounts) are all allowed
• Combined account cap: the rulebook says $300,000 (the FAQ says $200,000 — a mismatch)
• A breach is permanent. No resets, no appeals, no refunds. Trying again means buying a new evaluation
• A free trial exists (same rules; passing does not grant real funding)
• Trading fees are identical to Hyperliquid's (crypto perp taker 0.045% / maker 0.015%). Propr adds no markup

How DD is calculated

• Daily loss = daily % × opening balance for the day. Resets 00:00 UTC, judged on equity including floating losses
• 1-Step max DD is fixed at account creation (static)
• 2-Step max DD trails the high-water mark (HWM) and stops once it reaches the starting balance

The daily loss calculation method was changed three times, in April and July 2026. Get into the habit of checking which rulebook version applies before you buy.

Leverage (this is the wall FX traders hit)

If you're used to the 1:100 of FX prop firms, 25x on FX perps feels like you can only put on a quarter of the position size. Combined with the 3–6% drawdown rules, this really only works for a low-leverage, low-volatility style of trading.

Compared to Breakout, it's expensive: the same structure sold for 25–36% more

Propr's three 1-Step plans match, down to the last digit, the profit target, daily loss, and max DD of the Classic / Pro / Turbo plans sold by Kraken-group firm Breakout Prop. The only difference is price — and Propr is consistently more expensive.

The same holds at $5K: Classic $60 vs. $45, Pro $45 vs. $33, Turbo $25 vs. $20 (Breakout's prices were measured on the official site on September 16, 2026).

Looking at it per $1,000 of loss allowance, it's about 3x FX firms

On this site, we compare fees by "how much you pay per $1,000 of max-loss allowance." Lined up at list price on a $100K account, Propr's three 1-Step plans rank among the most expensive plans we cover, full stop.

※ FTMO's price is from a third-party site (propfirmkey, March 11, 2026). Fintokei SwiftTrader's price is the tax-inclusive ¥20M account price converted at 0.469% of account size. The "target ÷ DD" figure for 2-Step plans is the Phase 2 value.

There are three takeaways here.

• Classic 1-Step's $167 is even higher than Fintokei SwiftTrader ($156), which we've already flagged as "not worth it for most people." Turbo and Pro sit in that same range too
• Target ÷ max DD is heavy. Turbo can only lose 3% but must gain 9%, a ratio of 3.0x; Pro is 2.4x. Judged by the same yardstick we used to call Moneta's 1-Step (ratio 1.67x) "too tight a box," these are worse
• The only plan with a decent per-dollar rate is the 2-Step, at $94. That's the same level as FundedNext Stellar 1-Step ($95), but its max DD is trailing, and it still doesn't beat Moneta 2-Step 4%/8%'s list price of $83

The 30% off first challenge just hides the list price

Using the 30% off first-challenge offer brings a $100K Classic down to $699, which finally undercuts Breakout's $800 list price. But the discount only applies to your first purchase. Propr's own published pass rate on paid evaluations is 15.4%, which works out to buying an average of 6–7 evaluations before passing once. If only the first one gets 30% off and the rest are bought at list price, the average payment comes out to roughly 95% of list price. It's safer to think of the "30% off" as an effective discount of about 5%.

It also falls short of Breakout on split and fees

• The split is a fixed 80%. Breakout lets you upgrade to 90% for +20% of the fee, so for the same money, Breakout's payout ceiling is higher too
• The trading fee is Hyperliquid's one-way taker rate of 0.045%. Applied round-trip (0.09%) against notional, opening $100K at 10x leverage on BTC costs $900 per round trip — 0.9% of the account. Turbo's 3% max DD gets eaten up in a bit over 3 round trips. That's slightly higher than Breakout's round-trip 0.08%. Using limit orders to get maker rates (one-way 0.015%) would cut this to a third
• No refund on the fee. Breakout is the same, but among FX firms there are ones that do give it back, like Moneta (in full on the 4th payout) or The5ers (split into three parts)

Conclusion: pick Breakout if you want this ruleset, pick an FX firm if you want a cheap loss allowance

The remaining reasons to pick Propr at list price come down to three things: the transparency of publishing even the A/B-book decision logic, the free trial, and being able to touch Hyperliquid's 160+ instruments from a single account. If you want "the same target and DD for less," Breakout is 25–36% cheaper. If you want "the cheapest rate per unit of loss allowance," an FX two-step firm costs a third as much.

Payouts: USDC, full sweep, measured at 38 minutes

• Requirements: passed, at least $20 in profit, KYC complete, no violations. No stated waiting period
• Frequency: unlimited, on demand. Officially processed "within 24 hours." The measured figure on the official dashboard is a median of 37 minutes 47 seconds, average 2 hours 57 minutes (as of September 9, 2026)
• Method: USDC on-chain only. Explicitly states "no bank transfer, no PayPal." No payout fee
• Minimum $20, no cap
• Full sweep: no partial payouts — requesting a payout resets your balance to the starting amount, and DD resets too
• The formula is "(current balance − starting balance) × 0.80"

Section 5.3 of the Funded Terms defines payouts as "discretionary settlements for data generation." We didn't find any reports of payout refusals within the scope of this research, but it's worth understanding that legally, this is framed as a "discretion to pay," not an "obligation to pay."

The numbers on the transparency dashboard (September 9, 2026)

The one thing that decisively sets Propr apart from other firms is that it publishes all of its business numbers at /transparency.

Against $2.95M in revenue, $1.44M has been paid out. That works out to paying back roughly half of revenue to traders — a figure that's hard to compare against other firms simply because most don't publish it at all. A 15.4% pass rate isn't low, even measured against the prop firm pass rates we've compiled on this site.

Reputation: 4.4 on Trustpilot, fast payouts, but some bug reports

Trustpilot shows 4.4 / 67 reviews (88% five-star, 7% one-star, retrieved April 2026, a 71% response rate to negative reviews).

Positives: fast payouts ("received USDC in under a minute"), on-chain verifiability, Discord support, the CEO's public development streams.

Negatives:

• A bug with SL/TP placement (August 31, 2026)
• Delays in the settlement system and 24+ hour response times (September 8, 2026)
• Latency during congestion and "false breaches" (clustered June 29 – July 1, 2026). The CEO responded that "breaches caused by the platform will be refunded"
• Criticism that "on-chain is a marketing claim, the reality is centralized" (July 1, 2026). The CEO's response: "the order book, hedging, and payouts are on-chain, but account state and the simulation environment are not fully on-chain yet"

Mentions on Reddit are almost entirely promotional, with neither real experience reports nor complaints showing up. Since the track record only goes back to April 2026, it's accurate to say the reputation "hasn't settled yet."

Using it from Japan

• Restricted countries: Bangladesh, Belarus, Cuba, Iran, Iraq, Kazakhstan, Lebanon, Libya, Myanmar, Nigeria, North Korea, Pakistan, Russia, Syria, Venezuela, Yemen, and roughly 30 countries in total, plus OFAC-sanctioned regions. Japan is not on the list
• The US: not on the official list, but review sites and the March token-sale announcement said "not available to US/UK residents." Given the contradiction, US residents should double-check
• KYC: not required to buy or run an evaluation. Required before moving to funded status / before the first payout (government-issued ID + selfie, no proof of address needed). VPNs are allowed, but KYC must match your actual country of residence
• Payment: not stated officially. Third-party information suggests "card + crypto," with Stripe integration on the roadmap
• Payouts: USDC only. You'll need a USDC-compatible wallet to receive funds
• Japanese-language UI: none (multi-language support is on the roadmap)

Things FX traders should watch for

Treating Propr as "a cheap substitute for FTMO" is a mistake, for four reasons.

1. Leverage is a different world. FX perps at 25x, BTC at 10x. The lot sizing you're used to at 1:100 doesn't translate
2. You can't withdraw in fiat. You receive USDC and convert to yen yourself. Taxes are also on you to handle, including the treatment of crypto assets
3. The terms explicitly say "simulated" and "discretionary settlement." Other firms are effectively the same in reality, but Propr writes it out plainly instead of hiding it. Whether you're comfortable with that after reading it is up to you
4. The fee is expensive. 25–36% higher than the identically-structured Breakout, and roughly 3x an FX two-step per unit of loss allowance (see the "compared to Breakout" section above)

On the flip side, for people who trade crypto perps around the clock, want to run a bot, or care about order-book transparency, it's worth trying the free trial. But once you're ready to pay, put it side by side with Breakout, which sells the same rules for less, before you decide.

Coupons and promos

• Official /try-propr: 30% off your first challenge + airdrop points (all sizes and plans, no listed expiration; applied via a button on the page)
• Third-party-listed code: OWNTHEHOUSE (30% off first purchase, end date not disclosed), plus a 5% USDC cashback via affiliate links
• The affiliate program requires 5,000+ followers, and US, UK, and Russian affiliates are not eligible

FAQ

Q. Does Propr trade with real money?

No. The terms explicitly state "All Propr accounts, including Funded Accounts, are 100% simulated." Once funded, it runs an A-Book/B-Book hybrid where only the orders of traders meeting certain criteria are actually routed to Hyperliquid. Traders themselves are not moving real capital.

Q. What's the minimum amount to start with?

Turbo 1-Step's $5K account is $25. However, Turbo's max DD is an extremely tight 3%, so the practical cheapest options are Classic 1-Step $5K at $60 or Pro 1-Step $5K at $45 (with the identically-structured Breakout, those would be $45 / $33). There's also a free trial.

Q. Is Propr expensive?

Yes. The three 1-Step plans match Breakout Prop's Classic / Pro / Turbo in target, daily loss, and max DD, but the list price is set 25–36% higher. The fee per $1,000 of loss allowance is $140–167, roughly 3x an FX two-step's $54–55. Even using the 30% off first-challenge offer, assuming the 15.4% pass rate, you'll pay about 95% of list price on average.

Q. Does the profit split increase?

No. It's a fixed 80%, with no tiered scaling by size or plan.

Q. How long do payouts take?

Officially, "within 24 hours." The measured figure on the official dashboard (as of September 9, 2026) is a median of 37 minutes 47 seconds, average 2 hours 57 minutes. Payouts are USDC on-chain only, with a $20 minimum and a full-sweep system.

Q. Can I use it from Japan?

Japan is not on the restricted-country list. KYC is required before moving to funded status / before the first payout, and there's no Japanese-language UI.

Q. How is it different from Hypernova?

It's a competitor using the same Hyperliquid pricing, but Hypernova is still an invite-only beta, and the difference is that it publishes its payout reserves on-chain. See our Propr vs. Hypernova comparison for details.

Reference links

• Propr official site
• Propr rulebook
• Propr transparency dashboard
• Propr terms of service / Funded Terms
• A/B-Book decision algorithm (GitHub)
• Trustpilot: Propr
• XBorg: Introducing Propr

Related tools on prop-memo.com

• Web3 prop firms guide [September 2026]: 12 firms across on-chain, exchange-backed, and prediction-market types, in one list
• Breakout Prop guide: the Kraken-backed prop firm selling the same structure as Propr for 25–36% less
• Breakout Prop vs. Fintokei: an explanation of how the trading fee is charged against notional value
• Firm comparison: side-by-side pricing and DD comparison for FX prop firms
• Prop firm scam checklist: how to vet newer firms
• Prop firm tax guide: tax treatment of USDC payouts