Web3 Prop Firms Special [September 2026] | Sorting 22 Firms — from On-Chain Settlement to Exchange-Backed and Prediction-Market Types — by 'Is This Actually On-Chain?'

※ This article reflects information we directly confirmed against each company's official site, rulebook, terms of service, and Trustpilot as of September 20, 2026. It is not investment advice. Rules and pricing in this space change weekly, so please re-confirm with the official site before purchasing. Hyper Stack, Upscale, and FundedHive had parts of their official sites blocked from access, so we supplemented with search-result official wording, press releases, third-party measurements, and Trustpilot (noted where applicable).

TL;DR: There are 6 kinds of "Web3 prop firm." The name alone won't tell you which one you're looking at

Since 2026, prop firms calling themselves "on-chain," "Web3," or "blockchain payout" have surged. But what's actually behind that label varies wildly. We've sorted 22 firms into 6 categories.

Every one of these 22 firms runs the evaluation phase as a simulation. Whether real orders actually get routed to the market after funding is explicitly stated as "at the operator's discretion" in Propr's, HyperPNL's, and Breakout's terms. "On-chain" is about transparency — it's not a claim that "your order is actually hitting the market."

Here's the conclusion up front.

• For track record, go with Propr (①). The only publicly listed firm to disclose revenue, payouts, and pass rates. Trustpilot 4.4 (69 reviews). That said, its fee is 25–36% higher than Breakout (④), which has the same structure
• For the underlying mechanism, go with Hypernova (①). It publishes a $789K reserve on Arbitrum, settles in an average of 6 seconds, and has paid out $1.01M cumulatively. But it's still invite-only
• To try it cheap, HyperPNL ($5K for $42, no KYC) or Investabl ($1K for $11, fee fully refunded on first payout). Investabl also lets you trade FX, gold, and the S&P 500
• Want to trade beyond crypto? Carrot (①, 175 symbols) or SizeProp (⑤, Hyperliquid + Trade.xyz + Bybit order books, up to 95% profit split)
• For exchange-level trust, go with Breakout (④, Trustpilot 4.7, 1,096 reviews). Kraken Prop is identical in substance to Breakout, but Kraken accounts can't be opened from Japan
• Avoid: Solana Funded (Trustpilot 2.5, withdrawal delays). Watch and wait: Crypto Fund Trader, Upscale, FundedHive, and AI Prop (all with Trustpilot rating suspended), DojiFunded and PropMarket (zero track record), and GT Funded (which went dark in June)

There are 3 common pitfalls: max drawdown as tight as 3–6%, trading fees charged on notional value (at 10x leverage, a round trip costs 0.8% of the account), and no regulation, no public audits. Whether you can live with these three is what decides whether Web3 prop firms are for you.

Comparison table (September 20, 2026)

Where the "Japan" column says "not restricted," this means Japan doesn't appear on the firm's official restricted-country list. None of these firms offer a Japanese-language UI.

① On-chain settlement type — 5 firms

Propr (propr.xyz) — the only publicly listed firm disclosing its actual track record

• Operator: Propr Limited (BVI, Reg. 2211330). Developed by XBorg, backed by SwissBorg. Seed round $1.5M (FDV $17.5M). $PROPR token completed its TGE on August 24, 2026
• How it works: Directly connects to Hyperliquid's order book (160+ symbols, including HIP-3). Evaluation is a simulation; once funded, it's a hybrid of A-Book / B-Book execution, and the decision logic for which bucket you're routed to is published on GitHub (XBorgLabs/ab-booking). This disclosure is unique in the industry
• Plans (Rulebook v1.0.5, July 27, 2026): Classic 1-Step 10% / daily 3% / max 6% static ($5K $60 to $200K $1,998), Turbo 1-Step 9% / 3% / 3% static ($25–$899), Pro 1-Step 12% / 3% / 5% static ($45–$1,399), Classic 2-Step 5→10% / 5% / 8% trailing ($50–$1,499). All plans 80% split, no minimum trading days, no expiry, no consistency rule. Leverage: BTC/ETH/SOL 10x, other crypto 2x, stocks 4x, FX 25x
• Payout: On demand, USDC only, $20 minimum, "within 24 hours" (third-party measurements show a median of 38 minutes). Full sweep system — a payout resets both the balance and the drawdown
• Published data (as of September 9, 2026): total revenue $2.95M, total payouts $1.44M, 4,460 paid evaluations, 15.4% pass rate, 330 traders funded. As of September 20, the dashboard was loading and not showing figures
• Concerns: The fee runs on the expensive side. The three 1-Step plans have the same target/daily/max-DD structure as Breakout's Classic/Pro/Turbo, and the list price is 25–36% higher, with the cost per $1,000 of loss room at $140–167 — about 3x the 2-step FX firms (comparison table in the standalone guide). The terms explicitly state "100% simulation" and "rewards are a discretionary settlement." The daily-loss formula was changed 3 times in April and July. The FAQ and rulebook disagree on the account cap ($200K vs $300K) and leverage (BTC 5x vs 10x). Trustpilot is 4.4 (69 reviews); the most recent one-star review, from a cautious reviewer, reads "a real BVI-registered entity, but unregulated, non-refundable, and there are reports of outages"
• Japan: Not among the 29 restricted locations. No KYC required at purchase; required at funding transition. VPN is allowed, but KYC must match your actual country of residence

More detail: Propr's standalone guide and Propr vs Hypernova.

Hypernova (hypernova.xyz) — publishes its reserve and settlement speed. Still invite-only

• Operator: Hypernova Systems (Cayman). Raised a $3M pre-seed round in May 2026 (led by Lemniscap), with $1M allocated to the payout reserve
• How it works: Prices, order books, and funding rates come from Hyperliquid, but orders are internally matched by its own engine. Account rules, equity, and payouts are recorded on an Arbitrum One smart contract
• Plans (Rulebook v1.1): 1-Step only, 4 risk tiers. Tight 9% / 3% / 3% static ($25K $120), Low 10% / 3% / 6% static ($25K $275), Medium 10% / 4% / 7% static ($25K $365). $100K is $400 / $999 / $1,350. 80% split, no minimum trading days, no expiry, no consistency rule
• Payout: Closing your last position auto-settles your equity on-chain; a single signature sends USDC to your embedded wallet. Average 6.0 seconds, gas paid by the operator, no minimum amount, 24/7
• Published data (September 19, 2026): cumulative payouts of $1.01M, $849.8K in the last 30 days, reserve of $789.1K USDC, 94 traders funded, AUM $5.47M, 23.2% pass rate (604 of 2,599). The reserve had dropped to $627K in early September but has since recovered
• Concerns: The homepage still says "closed beta · invite only." Trustpilot has 0 reviews. No public third-party audit of the smart contract. Payment is USDC (Arbitrum) only — no card
• Japan: The only restricted locations are Iran, North Korea, Cuba, Syria, Russia, and OFAC-sanctioned parties. The terms only say KYC "can be requested" — actual practice is unconfirmed

HyperPNL (hyperpnl.com) — starts at $42 with no KYC. Worth reading the terms first

• Operator: Hyperpnl Ltd. (Cayman, Reg. CO-425378). Terms dated January 29, 2026
• How it works: Uses Hyperliquid (crypto) and Ostium (FX, indices, stocks, commodities). The terms explicitly state that evaluation is a simulation. Once funded, your trades are treated as "trade ideas," and Section 4.2 of the terms states: "HYPERPNL has sole discretion over whether to execute on its own account, and you have no way of knowing how it was handled," and "the operator retains any rebates or similar income tied to execution, and a conflict of interest may arise." This is nearly the same structure as Breakout's terms
• Plans: 1-Step Flex is $5K $42 / $10K $86 / $25K $215, $50K–$100K is "Coming Soon." Target 10%, daily 3% (recalculated at 00:00 UTC), max 5% static, judged against both balance and equity. 2-Step is 10→5%, daily 5%, max 9% static, minimum profit days (0.5%+) of 2 and 3. No expiry
• Payout: Auto-executed via smart contract, minimum is 1% profit, once per day, "within 3 seconds." 80% split. Fee is USDC only
• Fees: Crypto is maker 0.015% / taker 0.045% (same as Hyperliquid), non-crypto is Hyperliquid 0.003% / 0.009%, Ostium 0.015% / 0.030%. Leverage: crypto 20x, FX 50x
• Concerns: Trustpilot 4.3 (23 reviews). One 1-star review points out "it calls itself on-chain, but the site gives no way to verify the pool" — the contract address and any audit are not public. Copy trading and hedging are banned; one account per person
• Japan: Not among the 18 restricted locations in Section 3.1 of the terms (which does include the US and Canada). Using a VPN is a "material breach" that forfeits payout eligibility. KYC is "currently not required, but may be introduced in the future"

Carrot Funding (carrotfunding.io) — 175 symbols, uses NFTs to manage challenge slots. Official figures don't line up

• Operator: C Technologies Gaming Development - FZCO (UAE). Arbitration seat: Dubai
• How it works: The homepage says "Powered by Hyperliquid," while the docs say gTrade (Gains Network, Arbitrum) — the official sources contradict each other on the execution venue (third parties report a move to Hyperliquid completed in September 2026). Each challenge is issued as an NFT with performance recorded on-chain. Once funded, trades "may be mirrored to actual on-chain positions"
• Plans (measured September 20, 2026): 2-phase $5K $65 / $10K $119 / $20K $239 / $50K $449 / $100K $699. Target 5%→8%, daily 5%, max 10%. 1-phase $75 / $129 / $249 / $499 / $799. Target 8%, daily 4%, max 8%, 50% best-day rule. Max leverage 5x, 80% split. The homepage's description text lists max loss as "under 8%," which doesn't match the card on the same page (10%)
• Payout: USDC (Arbitrum), "24-hour guarantee," 100 USDC minimum. The docs say "weekly," the homepage says "on demand" — the two don't agree. You can apply 15 minutes after closing all positions
• Concerns: Fee is non-refundable, chargebacks are treated as fraud. VPN banned. There's a 1% management fee plus a 20% performance fee on the vault side, layered on top of the 50% payout split structure. Trustpilot 4.6 (25 reviews; the site's own widget shows 22) with zero 1-star reviews
• Japan: No published restricted-country list; operates on an agreement that "you do not reside in a prohibited jurisdiction" plus KYC submission

DojiFunded (dojifunded.com) — a $1K 1-Step for $17. Still zero track record

• Operator: Neither the company nor location is confirmable on the official site. Trustpilot has 0 reviews (profile claimed in April 2026, flagged with a note about "potential relation to high-risk investing")
• Plans (from the docs pricing page): 1-Step / 2-Step Classic / 2-Step Elite / Instant (coming soon). $1K to $100K, priced $17 to $963. Each add-on costs +20% of the base price (a 90% split is also treated as an add-on)
• Rules: 1-Step target 10% / daily 3% / max 6% static, 2-Step Classic 10→5% / 3% / 6%, Elite 10→5% / 5% / 8%. Max DD is "a floor that doesn't move from the initial balance," daily resets at 00:00 UTC. No minimum trading days, no consistency rule, but you must trade at least once every 30 days. Leverage: crypto 5x, indices/stocks/commodities 10x, FX 15x
• Concerns: The execution venue (third parties report GMX + Ostium), company, KYC, and restricted countries are all absent from the docs. Third-party reviews report that "the checkout and docs show different drawdown numbers." There's nothing that lets you confirm any actual payout history.

② Chain-recorded type — 3 firms (trading is simulated)

Vanta Trading (vantatrading.io) — 100% profit split, and you can even get paid by bank transfer

• Operator: Taoshi VT Services (Taoshi, founded 2023, San Francisco). Records performance on Bittensor's Subnet 8 (Vanta Network)
• Explicitly a simulation: The site states "All accounts are simulated," and its press release states that "no customer funds and no real-market execution are involved whatsoever"
• Plans: Classic $5K–$100K, target 10%, max 5% static, daily 5%, no expiry. Pro goes up to $1M, target 6%, max 8% trailing, minimum 90 days. Pricing, per the February 17, 2026 press release: $25K $199 / $50K $349 / $100K $549 (launch pricing $149 / $249 / $349)
• Profit split: Choose 60 / 70 / 80 / 90 / 100% at purchase (default is 100%). Explicitly states "account equity doesn't decrease when you withdraw"
• Payout: Weekly, no cap, USD bank transfer or on-chain USDC. All payouts are recorded on a public ledger
• Concerns: It's "Web3," but trading itself is entirely simulated — the blockchain here is just a ledger. Trustpilot 4.6 (25 reviews). There's one 2-star review over promotion of the free $1K account

Hyper Stack (hyperstack.trade) — mirrors trades from your own wallet for evaluation

• How it works: You trade Hyperliquid normally from your own wallet, and it's mirrored into a simulated account for evaluation. Uses Vanta's technology (a Bitcast partnership)
• Official wording (via search results): Challenges start at $59, run $5K–$100K, target 10%, 90% reward, payouts every 30 days, scales up to $400K max. Legal disclosure: "all trading uses simulated assets and is simulated," and "payments are performance-based compensation to an independent contractor, not a profit split on actual positions"
• Concerns: The official site was access-restricted when we tried to confirm it for this article, so we couldn't directly verify the pricing table or drawdown rules. Trustpilot 3.8 (2 reviews, both 5-star, from June 2026)

Solana Funded (solanafunded.com) — memecoin-style specs: 45% target, 25% DD. Trustpilot 2.5

• Operator: SolaraX Markets FZCO (Dubai). Legal disclosure: "the service is simulated trading only." Payouts are in real currency, SOL or USDC
• Plans: $2.5K–$100K, $100K priced $759–$1,318. 1-Step target is 45%, daily 10%, max 25%. Elite target 50%, max 20%. 2-Step is 30→20%. KYC not required until cumulative withdrawals exceed $100K
• Concerns: Trustpilot 2.5 (27 reviews, 63% 1-star). Reports of "withdrawal request held for a month," "execution bug forced 4 liquidations," and "accused of collusive trading and ignored" clustered in August–September 2026, with the operator not responding to negative reviews. This is the only firm in this feature that we recommend against buying.

③ On-chain payout type — 3 firms (also trades FX, gold, indices; trading is simulated)

Investabl (investabl.ai) — $1K for $11, with the fee fully refunded on first payout. The most readable rulebook

• Operator: The company and location aren't confirmable on the official site (it's an SPA). The help center has an article on KYC, but no article on restricted countries
• How it works: You can trade FX, XAU, XAG, BTC, ETH, WTI, Brent, and the S&P 500 — 8 instruments in total. It's a multi-asset CFD-style simulation, not a Hyperliquid-based one. Payouts go through a Safe (multisig) via contract transfer in USDC/USDT, and it's designed to publicly list every payout on a "proof of payment" page (the page was still loading with no count showing as of September 20; the official wording from search results says 168). Rules are hashed and locked to the account at purchase, so later rule changes don't affect existing accounts — that's one of its selling points
• Plans (measured September 20, 2026): $1K $11 / $5K $45 (list price $69) / $10K $89, with $25K listed as an option in the rulebook. 1 phase, target 8% (equity-based), minimum 3 trading days, no expiry, 50% best-day rule (both during evaluation and at payout), daily 4% (re-anchored up and down based on that day's starting equity), max 8% static, single hit ends it
• Payout: 80%, $10 minimum, 3 profit days of 0.25%+ required between payouts, no lifetime cap, KYC only once, at the first payout. The fee is added in full to the first payout
• Fine print: Bots, EAs, and copy trading are allowed; martingale, cross-account hedging, and HFT are banned. There are "news windows" around indicators — profit closed within the window doesn't count toward the target or payout (positions opened 5+ hours before are exempt). Profit from positions held under 20 seconds also doesn't count. Leverage 1:20
• Concerns: Third parties note it's recorded as "beta," and that "the funded account is also a simulation." Trustpilot 4.6 (19 reviews, claimed July 2026), mostly reports of "credited within seconds" from India, Pakistan, Nigeria, and Bangladesh. Since the company and restricted countries aren't readable, verify availability from Japan yourself

FundedHive (fundedhive.com) — a blockchain-based CFD prop promising "credited within 60 seconds." Has a $1,000/day withdrawal cap

• Operator: FundedHive DAC, represented by TradingHive Technologies Ltd (Dubai DIFC, license CL9878). Founded 2025. Uses cTrader and its own HiveTrader
• How it works: Trading is a simulated CFD environment. Payouts go out in USDC (ERC-20) from a smart contract; the FAQ says "processed within 60 seconds, with $1,000 compensation for delays." But there's no corresponding compensation clause in the terms (a third party checked all 41 pages of the terms to confirm this)
• Plans: Classic (2-step) from $9.90, Pay-After-Pass, Instant Growth from $149. Split starts at 60%, up to a max of 99%. Details in the FundedHive guide
• Concerns: Withdrawals are capped at $1,000/day per connected wallet (Section 8.4 of the terms, resets at 00:00 UTC). Withdrawing $18,000 in profit means 18 consecutive days of applications. A -1% loss switches you to B-Book (demo profit that can't be withdrawn) until you're back to the initial balance. Trustpilot's rating is suspended for guideline violations (removal of fake reviews) — 141 reviews, 28% 1-star. The operator claims this is "an attack by competitors"
• Japan: Not on the restricted-country list

AI Prop (aiprop.com) — a UAE CFD prop touting "blockchain-traceable payouts"

• Operator: AI PROP - FZCO (Dubai, company number 63721). Uses cTrader. Explicitly states "accounts are simulated"
• Plans: $10K–$200K. The site displays both "$10K $159" and "$100K $109," while third-party aggregation shows a lowest price of $198 — the pricing display is inconsistent. 80% split (95% with add-on), biweekly (5 days with add-on)
• Payout: "Crypto only," "blockchain traceable," "within a few days." Chain and currency not stated
• Concerns: Trustpilot's rating is suspended for "misleadingly displaying Trustpilot content" — 1 review in the last 12 months. Its own blog has published multiple posts titled "AI Prop reviews" and "Trustpilot audit," making it hard to tell third-party information apart from the company's own content

④ Exchange-backed type — Kraken's 3 products

Breakout (breakoutprop.com) — the largest track record. Usable from Japan

We ran a full check across all Breakout products on September 16, 2026; see Breakout vs Fintokei and the guide for details. Here's the summary.

• Operator: The Kraken (Payward) group. The funded stage is run by Payward Oceanic Ltd
• Plans: 3 single-step plans. Classic 10% / daily 3% / max 6% ($100K $800), Pro 12% / 3% / 5% ($545), Turbo 9% / 3% / 3% ($330). 90% split for +20%. Max DD is static across all plans, judged on equity
• Rules: Consistency, minimum trading days, expiry, news restrictions, and per-trade risk caps are all absent. 11 prohibited practices (cross-account hedging, third-party signals, off-the-shelf methods, etc.)
• Payout: On demand 24/7, $50 minimum, USDC (ERC-20) only. A public payout leaderboard exists
• Fees: A one-way 0.04% commission on notional value, from evaluation onward. Plus a daily 0.033% swap per position. At 10x leverage on $1M notional, a round trip costs $800 (0.8% of the account), meaning Classic's 6% DD is consumed by 7.5 round trips
• Terms: The operator explicitly states it holds no positions itself and has discretion over whether trade ideas are processed on internal books or executed on its own account
• Japan: Restricted locations are the 23 sanctioned countries plus 3 Ukrainian regions only. Trustpilot 4.7 (1,096 reviews)

Kraken Prop (kraken.com/prop) — the same substance as Breakout. Kraken accounts can't be opened from Japan

• Launched inside Kraken Pro on May 27, 2026. The plans and prices are entirely identical to Breakout's (confirmed against the official plan table on September 20, 2026). Advanced 9% / 3% / 3% is $5K $20 to $200K $660, Intermediate 12% / 3% / 5% is $33–$1,090, Starter 10% / 3% / 6% is $45–$800 ($200K only available for Advanced and Intermediate). The operator listing is also Payward Oceanic Ltd
• Differences: Payout is USD or USDG to your Kraken account ("usually within 12 hours, 24-hour guarantee") rather than USDC. 60+ symbols, 5x max leverage. Buying an evaluation only needs basic verification (email, country), full verification is required when transitioning to funded
• Unavailable: The official FAQ explicitly lists Canada, India, and the UK. Japan isn't listed, but since Kraken itself withdrew from Japan in January 2023 and still lists Japan as an unsupported country, Japanese residents can't use it, given that it requires a Kraken account

Kraken Funded — the mobile app version. Max $10K

• Launched inside the app on July 30, 2026. $1K $20 / $5K $50 / $10K $90. Target 12%, max 5%, no daily loss limit, no expiry, 80% split, paid in USD to your Kraken account within 24 hours. No trading fees on the funded account
• Same reason as Kraken Prop: unusable from Japan

⑤ Crypto-native type — 6 firms (simulates against exchange prices, pays out in stablecoin)

These firms often don't call themselves "Web3," but since they let you "trade crypto and get paid in stablecoin," they're worth listing alongside the on-chain types for comparison.

SizeProp (sizeprop.com) — backed by Pudgy Penguins' Igloo. Up to 95% split, usable from Japan

• Operator: SIZ EDU Limited (Cayman). Led by a pre-seed round from Igloo Inc. (the operator of Pudgy Penguins). Explicitly states "simulated trading service only"
• How it works: Its own terminal (with TradingView integration). Order book prices come from Hyperliquid, Trade.xyz, and Bybit. Crypto, stocks, FX, and metals
• Plans (September 20, 2026, official site): Degen $5K $19 to $100K $580 (target 8%, daily 2%, max 3% static), 1-Step $100K $999 (10% / 3% / 5% static), 2-Step (max 6% static, daily 4%). No minimum trading days, no expiry, no consistency rule, news trading allowed. Leverage: BTC 5x, altcoins 2x
• Split: 80%. At purchase, +$350 for 90%, +$450 for 95% (can't change later)
• Payout: USDT (ERC-20), same day (average 24h), no cap, no minimum, no first-time waiting period. Claims "zero rejections." Over $50M in cumulative funding provided, in 150+ countries
• Japan: Not on the restricted-country list (UAE, China, Vietnam, and others are restricted). Trustpilot 4.4 (44 reviews, 11% 1-star)

HyroTrader (hyrotrader.com) — hits the real order book via Bybit's API

• Operator: Founded 2022, based in Prague (with offices in Dubai and Miami). Explicitly states "challenge, verification, and funded accounts are a simulated environment"
• How it works: You trade by connecting your own Bybit account via API (Tealstreet / Cleo terminals also work). 700+ USDT perpetual futures pairs
• Plans: 1-Step $5K $59 / $10K $119 / $25K $249 / $50K $379 / $100K $579 / $200K $969, target 10%, minimum 5 trading days, no expiry. 2-Step is 10→5% at the same prices. Daily 4%, max 6%. Altcoins under $100M market cap are capped at 5% of the account
• Payout: 80→90%, USDT or USDC, within 12 hours of applying, $100 minimum, first payout available from 1 day after funding. Over $7M paid cumulatively
• Japan: HyroTrader itself has no country restriction, but you're subject to Bybit's terms (US/UK users trade a Bybit demo). Bybit isn't registered with Japan's FSA and has received a warning, so weigh that. Trustpilot 4.0 (226 reviews, 14% 1-star, operator responds to 95% of negative reviews)

Crypto Fund Trader (cryptofundtrader.com) — a Swiss entity, $21M paid cumulatively. Trustpilot rating suspended

• Operator: SWISS RLCRATES AG (Zug, CHE-162.567.204). MT5 / Match-Trader / Bybit. Explicitly states "everything is demo, no real funds involved"
• Plans: 2-phase $5K $58 to $200K $1,250 ($100K $660, target 8→5%, daily 5%, max 10%), 1-phase Accelerated $100K $619 (10% / 4% / 6% trailing), Ascend $100K $899. Split from 50% up to a max of 90%
• Payout: Bank transfer (EUR/USD) or USDT (ERC-20/TRC-20), BTC, ETH. Average 8 hours, review takes up to 48 business hours. $21.27M paid cumulatively
• Japan: Match-Trader has no country restriction; MT5 only excludes the US; Bybit follows Bybit's terms. KYC before withdrawal
• Concerns: Trustpilot's rating is suspended for guideline violations (removal of fake reviews) — 1,092 reviews, 13% 1-star. In August 2026, a detailed allegation surfaced that "the FAQ says judgment is equity-based, but in practice it was judged on balance"

Bitfunded (bitfunded.com) — crypto-only, USDT payouts. Company undisclosed

• Operator: Neither the company nor location is confirmable on the official site. Explicitly states "a fully simulated environment"
• Plans: 2-Step $5K $79 to $100K $799, 1-Step $5K $99 to $150K $1,399, Instant Day Trader $2.5K $129 to $10K $449 (a unique format where you choose a time limit of 1–8 hours and a payout multiplier of 2–5x). 100+ pairs, 1–5x leverage
• Payout: 80/20, USDT, within 24 hours. Trustpilot 4.4 (204 reviews), but there are reports of "margin usage, position count, and hedging rules being unclear upfront, resulting in a penalty that deducted 72% of profit"

TradeXProp (tradexprop.com) — the same Prop Account LLC family as PropMarket

• Operator: An affiliate of Prop Account, LLC (same as PropMarket), listed as GMT+8. cTrader / Match-Trader / DXtrade
• Plans: Crypto evaluation $5K $35 to $100K $615 to $400K $2,465 (target 8→5%, daily 5%, max 8%), Forex evaluation $100K $795 (10% / 5% / 6%), Instant Funded X $5K $200 to $100K $5,000 (daily 5%, 8% trailing)
• Payout: 80% (90% with add-on), biweekly, claims "zero rejections" but doesn't state the payout currency
• Concerns: Trustpilot 4.0 (40 reviews). A 1-star review in August 2026 alleges "withdrawal denied and account failed with no reason given," to which the operator responded that it was a copy-trading violation

Upscale (upscale.trade) — runs entirely through Telegram, no KYC. Trustpilot rating suspended

• Operator: A press release (November 3, 2025) lists Dubai; Trustpilot lists Seychelles — the location doesn't match up. Company name is undisclosed. Browser-based TradingView terminal plus a Telegram mini-app
• Plans (third-party aggregation as of September 1, 2026): Basic (2-stage) $59–$1,399, target 5→8%, daily 5%, max 10%. Accelerated (1-stage) $69–$1,499, target 10%, daily 3%, max 6%. Turbo (instant funding) $199–$1,099, $5K–$25K only, max 6% trailing. Pricing differs across crypto / RWA / all-markets
• Payout: 80% (90% with upgrade), USDT via TON / Base / BSC, once every 14 days, minimum 5 profit days, withdrawal cap 50% ($5K) down to 15% ($200K) of account size. Also pays out in USDT, BNB, TON, ETH, etc. No KYC
• Concerns: Trustpilot's rating is suspended for guideline violations (removal of fake reviews) — 11 reviews in the last 12 months. The official site was unreadable when we checked for this article, so pricing relies on third-party aggregation

⑥ Prediction-market type — 2 firms

Funding Predicts (fundingpredicts.com) — evaluated against Polymarket prices. Backed by MyFundedFutures

• Operator: Funding Predicts Holdings, Inc. (Delaware). Backed by futures prop giant MyFundedFutures
• How it works: Explicitly states "all accounts are simulated, a non-execution environment." Models fills and settlement by referencing Polymarket's public data. The Polymarket relationship is limited to the builders program
• Plans: $1K free / $10K $85 / $25K $125 / $50K $209 / $100K $359 / $150K $535. Elite is $105–$700. Target $60–$9,000, daily loss $20–$3,000, trailing EOD drawdown $40–$5,500, within 45 days. Up to 90% split, weekly payouts (Elite: on demand after 3 profit days)
• Concerns: Trustpilot 4.6 (65 reviews), but there are 1-star reviews from August–September citing "the platform became extremely laggy at a critical moment" and "support doesn't respond," to which the operator counters with claims of "organized fake reviews and extortion attempts." Trustpilot itself has noted that "review invitations haven't gone out recently"
• Japan: Restricted only to Cuba, Iran, North Korea, Syria, Russia, and Belarus — 6 countries total

PropMarket (prop.market) — supports both Polymarket and Kalshi

• Operator: An affiliate of Prop Account, LLC (same family as TradeXProp). Reported in 2026 as a New York-based startup
• Plans: $5K–$100K, starting at $59. Target 20%, max 10% trailing (based on equity high), within 30 days, 10% per-market consistency rule (upgradeable to 20%). 70% split (+30% for 90%). Weekly direct transfer, minimum 2%, 7-day waiting period
• Concerns: Neither track record data nor Trustpilot is confirmable. Evaluation is a simulation; how execution actually works once funded isn't documented

Outliers, and a firm that disappeared

• FUNDED by Foxify: Deposit $100, get a $500 funded account (max $15K); Pro is deposit $500, get $2,500. 70% split, DD ranges 20%→7% depending on tier. States it executes on real DEX order books (Kodiak / What.exchange / PERPTools, with Hyperliquid "coming soon") and uses an A-Book model that captures fee revenue. No KYC, instant USDC payout. It's closer to a "leveraged own-capital account" than a classic prop firm; company and restricted countries aren't disclosed
• GT Funded (gtfunded.xyz): Promoted itself as "up to $500K, 90% split, fully on-chain." A third-party comparison site recorded it as having gone inactive in June 2026. As of September 20, the site shows only a title, and Trustpilot has no profile. Even a firm that calls itself on-chain will stop paying out once the operator itself stops.

Reading "on-chain" at 3 different levels

Lining up each firm's terms, "on-chain" splits into 3 distinct levels.

And every one of these 22 firms' evaluation phase is a simulation. "On-chain" and "real orders actually flowing to the market" are separate things — whether that happens after funding is spelled out clearly as "discretionary" in Propr's, HyperPNL's, and Breakout's terms. HyperPNL's Section 4.2 puts it bluntly: "You have no right to demand that your trade idea be executed, replicated, or transmitted, and there may be no way for you to know how the operator handled it."

This isn't necessarily a bad thing — it's simply putting into writing what traditional prop firms have historically kept unsaid. Just don't mistake "it's on-chain, so it's transparent" for "real orders are actually hitting the market."

One more point. Within the scope of what we could confirm, not a single firm publishes a third-party audit of its smart contracts. We couldn't find an audit report link for Hypernova's reserve contract, HyperPNL's Payment Router, or Investabl's Safe.

4 firms have a Trustpilot "rating suspended" flag

Of the 22 firms, Crypto Fund Trader, Upscale, FundedHive, and AI Prop have had their Trustpilot rating suspended for guideline violations (3 for "removed fake reviews," AI Prop for "misleadingly displaying Trustpilot content"). A suspended rating just means the score isn't displayed — you can still read the reviews themselves. FundedHive is 28% 1-star, Crypto Fund Trader 13%.

We've placed these 4 in "watch and wait" for this feature. If the suspension is lifted, we'll update our assessment.

4 things that trip you up using these from Japan

1. Kraken products can't be used. You can use Breakout, but Kraken Prop and Kraken Funded require a Kraken account, and Kraken doesn't accept Japanese residents. The reason Japan isn't listed in Kraken Prop's FAQ is simply that "it's already excluded by Kraken's own restricted-country list." The Bybit route via HyroTrader and Crypto Fund Trader is also subject to Bybit's terms.

2. KYC timing varies by firm. Propr and Investabl require it at funding transition / first payout, HyperPNL, Solana Funded, and Upscale generally require none, Carrot and FundedHive require it under their terms, and Hypernova says it "can be requested." Not needing KYC to buy is different from not being asked for it at payout time. Every firm treats VPN use as a violation, and HyperPNL and Carrot explicitly state it forfeits payout eligibility.

3. Payouts come in USDC/USDT (on Arbitrum, Ethereum, TON, etc.). To convert to yen domestically, you'll need to send that stablecoin to a domestic exchange that supports it, or swap it for another crypto asset first. The yen value at the time you receive it becomes taxable income, and any subsequent price movement can also be taxable — so record the exchange rate and amount at the time you receive it. Confirm with a tax accountant to be safe. Vanta and Crypto Fund Trader also offer USD/EUR bank transfer.

4. Payment is often in crypto too. Hypernova and HyperPNL only accept USDC for the fee; Propr and SizeProp also accept cards. Having a wallet ready is a prerequisite.

Which one should you buy?

• First Web3 prop firm: Propr's Turbo ($5K for $25 — the same structure at Breakout Turbo is $20), HyperPNL ($5K for $42), Investabl ($1K for $11, with the fee returned on first payout). All are startable with no KYC and pay out fast. Max DD is 3% at Propr, 5% at HyperPNL, 8% at Investabl
• Trusting the mechanism, sizing up: Wait for Hypernova's public launch. It publishes its reserve, settles in 6 seconds, and has the highest pass rate in this feature at 23%
• Also trading beyond crypto: Carrot (175 symbols, Hyperliquid), SizeProp (Hyperliquid + Trade.xyz + Bybit, up to 95% split, usable from Japan), HyperPNL (via Ostium), Investabl (FX, gold, S&P 500 — 8 instruments)
• Trading on a real order book: HyroTrader (connects your own Bybit account via API). But depends on Bybit's terms
• Choosing on exchange trust: Breakout. Just understand the fee structure first. Kraken Prop has the same substance but can't be used from Japan
• Prediction markets: Funding Predicts. But check the August–September 2026 reports of glitches first
• Avoid: Solana Funded (concentrated reports of withdrawal delays, unresponsive operator). Watch and wait: the 4 firms with a suspended Trustpilot rating (Crypto Fund Trader, Upscale, FundedHive, AI Prop), and DojiFunded, PropMarket, Bitfunded, and TradeXProp, whose track record we couldn't confirm

FAQ

Q. Is "on-chain prop firm" different from "crypto prop firm"?

Yes. A crypto prop firm is "a prop firm where you can trade BTC or ETH" — you can trade BTC at FTMO or Fintokei too, and all 6 firms in category ⑤ specialize in exactly that. An on-chain prop firm is "a prop firm that uses a DEX and blockchain for pricing or settlement" — that's categories ① through ③ in this article. Exchange-backed firms (like Breakout) are a type of crypto prop firm where the only on-chain element is the USDC payout.

Q. If evaluation is a simulation, how is this different from a traditional prop firm?

Evaluation is the same. The difference is that payouts after funding are auto-executed via smart contract, and the reserve and payout history can be viewed by anyone (Hypernova, HyperPNL, Carrot, Investabl), and that the A/B-Book routing logic is publicly disclosed (Propr). The selling point is "structurally minimal room for refusing a withdrawal," not "your order is actually hitting the market."

Q. Can I use an EA or bot?

Propr, Hypernova, HyperPNL, and Carrot all publish REST/WebSocket APIs and SDKs, and are designed with self-built bots in mind. Investabl explicitly allows "bots, EAs, and copy trading; HFT is not allowed." Only Crypto Fund Trader (MT5) offers MT4/MT5 — none of categories ① through ④ do. Breakout's official rulebook makes no mention of an API at all, and off-the-shelf methods and third-party signals are banned.

Q. Isn't a 3–6% max DD too tight?

Yes, it's tight. Compared to a 2-step FX prop's typical 10% max DD, the standard in this feature's single-step plans is 3–6%, giving a target-to-max-DD ratio of 1.5–3.0x. And since trading fees are charged on notional value, part of that DD gets eaten by fees anyway. Without a design that lowers leverage and keeps per-trade risk around 0.5%, you'll just be churning through your fee.

Q. Where does "the fee gets refunded"?

Investabl (added in full to the first payout), FundedHive's Pay-After-Pass (pay after passing), and Crypto Fund Trader (depends on the plan). Propr, Hypernova, HyperPNL, Carrot, and Breakout offer no refund.

Q. Does holding the token ($PROPR) give me an advantage?

Propr officially offers "30% off + airdrop points." However, the token's price is outside the scope of this article, and we haven't confirmed it offers any benefit beyond the fee discount. Hypernova says nothing about a token at all.

Assumptions and limits of this investigation

• Pricing and rules were confirmed against each firm's official site, rulebook, and terms of service on September 20, 2026. Propr's public stats and Hypernova's reserve are as of September 9 and September 19 respectively
• Hyper Stack, Upscale, and FundedHive had parts of their official sites blocked from access, so we supplemented with search-result official wording, press releases, third-party measurements (September 2026), and Trustpilot. Upscale's pricing is from third-party aggregation
• Investabl's company and restricted countries aren't readable on its official site (the terms page doesn't render, since it's an SPA). DojiFunded's data is only from the docs pricing table and rules — the company, execution venue, and KYC aren't confirmable. Bitfunded's company is also undisclosed
• "Not available in Japan" for Kraken Prop / Kraken Funded is derived from Kraken's own restricted-country list (third-party aggregation updated September 16, 2026, plus the January 2023 withdrawal announcement) — there's no Japan-specific exclusion clause unique to Kraken Prop
• "Real execution vs. internal books" is classified based on each firm's terms wording — the actual operations can't be verified from outside
• Trustpilot review counts are as of September 20. Carrot shows a discrepancy between its own site widget (22) and Trustpilot itself (25)
• The tax notes here are general information; consult a tax accountant for individual guidance

Sources referenced

• Propr: propr.xyz (/rules v1.0.5, /transparency, /funded-terms), github.com/XBorgLabs/ab-booking, trustpilot.com/review/propr.xyz
• Hypernova: hypernova.xyz (homepage, /stats, /rulebook v1.1, /docs/terms-of-use)
• HyperPNL: hyperpnl.com, hyperpnl.gitbook.io/docs (Evaluation Rules / Payouts / Fees / Assets / FAQ), app.hyperpnl.com/terms (v. Jan 29, 2026), trustpilot.com/review/hyperpnl.com
• Carrot Funding: carrotfunding.io (2-phase/1-phase pricing cards), carrotfunding.gitbook.io (Terms, Payment and Payout Flows, Forbidden Trading Practices), trustpilot.com/review/carrotfunding.io
• DojiFunded: docs.dojifunded.com (account-pricing, rules-risk-parameters), trustpilot.com/review/dojifunded.com
• Vanta Trading: vantatrading.io, prnewswire.com (Taoshi, 2026-02-17), trustpilot.com/review/vantatrading.io
• Hyper Stack: hyperstack.trade (official wording via search results), trustpilot.com/review/hyperstack.trade
• Solana Funded: solanafunded.com (legal disclosure, FAQ), trustpilot.com/review/solanafunded.com
• Investabl: app.investabl.ai (/rules, all 24 rules, /payout-proofs, pricing cards), help.investabl.ai, trustpilot.com/review/investabl.ai
• FundedHive: fundedhive.com, theindustryspread.com (terms verification, 2026-09-16), trustpilot.com/review/fundedhive.com
• AI Prop: aiprop.com, trustpilot.com/review/aiprop.com, propfirmmap.com/firms/aiprop
• Breakout / Kraken: breakoutprop.com (measured 2026-09-16), kraken.com/prop (plan table), support.kraken.com (Kraken Prop FAQ), blog.kraken.com (2026-05-27), fxnewsgroup.com (Kraken Funded, 2026-07-30), datawallet.com (Kraken restricted countries, 2026-09-16)
• SizeProp: sizeprop.com, help.sizeprop.com (eligible countries), theblock.co (Igloo pre-seed), trustpilot.com/review/sizeprop.com
• HyroTrader: hyrotrader.com (homepage, FAQ), trustpilot.com/review/hyrotrader.com
• Crypto Fund Trader: cryptofundtrader.com (homepage, FAQ), trustpilot.com/review/cryptofundtrader.com
• Bitfunded: bitfunded.com, trustpilot.com/review/bitfunded.com
• TradeXProp: tradexprop.com, trustpilot.com/review/tradexprop.com
• Upscale: globenewswire.com (2025-11-03), propfirmmap.com/blog/upscale-review (2026-09-01), trustpilot.com/review/upscale.trade
• Funding Predicts: fundingpredicts.com (terms, pricing), trustpilot.com/review/fundingpredicts.com
• PropMarket: prop.market
• FUNDED by Foxify: docs.foxify.trade
• GT Funded: gtfunded.xyz, roya-trading.com (record of the June 2026 shutdown)
• Third-party comparisons (used to supplement primary confirmation): roya-trading.com, alexfirdaus.com, onchainprops.xyz, defiprime.com, ambcrypto.com, coingecko.com

Related articles

• Propr — a standalone guide to the on-chain crypto prop firm
• Propr vs Hypernova — comparing 2 Hyperliquid-based firms
• Breakout Prop vs Fintokei — a tight ruleset with narrow room, versus a broad ruleset with wide room
• FundedHive complete guide
• Prop firm recommendations (September 2026 edition)