# PerpsMatch

> Independent comparison site for crypto perpetual-futures (perps) prop-trading firms. It lists each firm's evaluation prices, drawdown and consistency rules, profit split, max leverage by market, payout terms, current discount codes, and how much of its payout record can be checked on-chain. PerpsMatch does not score or rank firms on quality; the directory order and any sponsored placements are explained on the methodology page.

## When to use PerpsMatch

Use this site when a user wants to:

- Find or shortlist crypto perps prop firms (funded trading accounts on Hyperliquid, perp DEXs, or exchange-backed programs).
- Compare evaluations side by side: price after discount, profit target, max drawdown, P/D ratio, profit split.
- Check one firm's rules before buying: drawdown type, daily loss, consistency rule, minimum days, weekend holding, news trading, KYC and US eligibility.
- Look up max leverage caps per market (BTC, ETH, Nasdaq, S&P 500, gold, silver, crude) where the firm has published them.
- See how much a firm has paid out, and whether its payout claim can be verified from public wallets or contracts.
- Find a current discount code for a firm's evaluation.
- Size a position: account buying power at a given leverage, or converting between perp units and futures contracts.
- Learn how perpetual futures, funding, margin, liquidation and prop-firm rules work.

Not a fit for: live market prices, placing trades, or personal financial advice.

## How to use it

- For structured data, use the free read-only JSON API (no key): https://perpsmatch.com/api/v1/firms, https://perpsmatch.com/api/v1/firms/{slug}, https://perpsmatch.com/api/v1/guides and https://perpsmatch.com/api/v1/guides/{slug}. OpenAPI 3.1 spec: https://perpsmatch.com/openapi.json. Docs: https://perpsmatch.com/developers.
- Send `Accept: text/markdown` to get Markdown instead of HTML for the homepage, /firms, /guides and each /firms/{slug} page.
- Start at https://perpsmatch.com/firms for the full list; each firm has a detail page at https://perpsmatch.com/firms/{slug} with plans, rules, leverage, payout data and any discount code.
- For two firms head to head, fetch https://perpsmatch.com/{a}-vs-{b} (the two firm slugs in alphabetical order, e.g. https://perpsmatch.com/breakout-vs-myfundedperps); for similar firms, https://perpsmatch.com/{slug}-alternatives.
- Facts change often. Each firm page shows when it was last verified; quote that date and link the firm page rather than restating numbers as current.
- Firms removed for denying or withholding payouts are listed at https://perpsmatch.com/warnings. Check it before recommending a firm not in the directory.
- Corrections or questions: hello@perpsmatch.com.

## Key pages

- [API docs](https://perpsmatch.com/developers): free read-only JSON API for firms and guides, with an OpenAPI spec at /openapi.json
- [Firm directory](https://perpsmatch.com/firms): every listed perps prop firm with price, split, venue and payout verification
- [Compare](https://perpsmatch.com/compare): every evaluation in one table, or up to three firms head to head
- [Payout tracker](https://perpsmatch.com/payouts): payout totals per firm, counted on-chain where a payout wallet is public
- [Offers & discount codes](https://perpsmatch.com/discounts): current discount codes for firm evaluations
- [Tools](https://perpsmatch.com/tools): free perps and futures calculators
- [Account buying power calculator](https://perpsmatch.com/tools/position-size-calculator): exposure, perp units and futures equivalent for an account size and leverage
- [Perps ↔ futures converter](https://perpsmatch.com/tools/perps-futures-converter): convert between perp units and futures contracts
- [Guides](https://perpsmatch.com/guides): plain-English guides to perps and prop-firm rules
- [How we verify](https://perpsmatch.com/methodology): how payouts and rules are checked, why firms aren't scored, how the directory is ordered, affiliate disclosure
- [Delisted firms](https://perpsmatch.com/warnings): firms removed for payout problems or that shut down
- [About](https://perpsmatch.com/about)
- [Contact](https://perpsmatch.com/contact)

## Firms

- [MyFundedPerps](https://perpsmatch.com/firms/myfundedperps): MyFundedFutures team's perps product (Funding Perpetuals). Simulated 1-Step perps challenges across crypto, stocks, FX, commodities and indices. (discount code available)
- [Breakout (Kraken Prop)](https://perpsmatch.com/firms/breakout): Kraken-owned evaluation prop firm: one-step tests from $20, no time limits, on-demand USDC payouts and a public payout leaderboard.
- [Vanta Trading](https://perpsmatch.com/firms/vanta-trading): Taoshi's simulated one-step evaluation on Bittensor Subnet 8 (Vanta Network): keep up to 100% of weekly rewards, public payout ledger, scale to $1M demo capital.
- [Carrot Funding](https://perpsmatch.com/firms/carrot-funding): Small DeFi-native firm: challenges minted as NFTs, simulated terminal priced off Hyperliquid, USDC payouts with published tx hashes.
- [Bitfunded](https://perpsmatch.com/firms/bitfunded): UAE-based crypto prop firm with simulated accounts on its own platform: 2-step, 1-step and instant, 80% split, 5x leverage, USDT payouts.
- [Propr](https://perpsmatch.com/firms/propr): Hyperliquid-native firm with a public transparency dashboard: every payout has a tx hash. Crypto, HIP-3 equities and Polymarket.
- [HyperPNL](https://perpsmatch.com/firms/hyperpnl): Cheap 5K-25K evaluations on Hyperliquid/Ostium price feeds, no KYC. Says payouts are smart-contract enforced but publishes no contract address.
- [SizeProp](https://perpsmatch.com/firms/sizeprop): Simulated evaluation firm on its own platform (Hyperliquid/Trade.xyz/Bybit order-book data): static drawdown, no consistency rule, splits 80-95%.
- [HyroTrader](https://perpsmatch.com/firms/hyrotrader): Veteran crypto prop firm on Bybit, Tealstreet and Cleo: 1- and 2-step challenges, refundable deposit, split scaling to 90%.
- [Vest Capital](https://perpsmatch.com/firms/vest-capital): Vest Markets' own prop program: cheap 1-step evaluations, or instant funded accounts with a 95% split and a single drawdown rule. Crypto, stock, FX and commodity perps. (discount code available)
- [Hypernova](https://perpsmatch.com/firms/hypernova): Simulated-account prop firm on Hyperliquid data: rules recorded on-chain, payouts settled from a public Arbitrum vault in seconds.
- [Hyperscaled (Hyper Stack)](https://perpsmatch.com/firms/hyperscaled): Taoshi/Vanta's Hyperliquid-native product: trade on your own Hyperliquid wallet, get mirrored into a simulated scaled account, keep 100%. Hyper Stack is the 90% white-label of it.
- [FUNDED by Foxify](https://perpsmatch.com/firms/foxify): No evaluation: deposit $100 to trade $500 (or $500 to $2,500) on partner DEXs, scale to $20K funded. Also automated strategy accounts. Claims instant USDC smart-contract payouts.
- [DojiFunded](https://perpsmatch.com/firms/dojifunded): On-chain-branded prop firm on Arbitrum (USDC), routing via GMX and Ostium: crypto plus stocks, FX, indices, commodities. 1-Step from $17, static drawdown, up to 90% split.
- [Crypto Fund Trader](https://perpsmatch.com/firms/crypto-fund-trader): Large multi-platform demo-evaluation firm (MT5, Match-Trader, Bybit sub-account API) with 715+ crypto pairs and several challenge types.
- [Klein Funding](https://perpsmatch.com/firms/klein-funding): Markets 'real Bybit infrastructure', but traders connect a Bybit demo-trading sub-account API key; also runs its own Cleo platform.
- [Mubite](https://perpsmatch.com/firms/mubite): Czech crypto prop firm: simulated accounts on Bybit demo or Cleo, 2-step, 1-step and instant funding, up to 90% split.
- [Upscale](https://perpsmatch.com/firms/upscale): TradingView terminal and Telegram mini app on a simulated perp-style ledger with oracle prices (Stork, Pyth) and USDT payouts on TON, Base or BSC.

## Guides

### Perps basics

- [What Are Perps? Perpetual Futures Explained](https://perpsmatch.com/guides/what-are-perpetual-futures): Perps are futures contracts with no expiry date. Learn how perpetual futures work, why funding payments keep them near spot, and what can go wrong.
- [Perpetual Futures vs Futures: 9 Differences That Matter](https://perpsmatch.com/guides/perpetual-futures-vs-futures): Perpetual futures vs traditional futures: expiry, funding vs roll costs, leverage, hours, regulation and which one prop firms use. Side-by-side table.
- [Funding Rates Explained: How Perp Funding Works (With Formula)](https://perpsmatch.com/guides/funding-rates-explained): What the funding rate is, who pays whom, how it's calculated (premium + interest, clamped), hourly vs 8-hour funding, and how prop firms handle it.
- [Mark Price vs Index Price vs Last Price in Crypto Perps](https://perpsmatch.com/guides/mark-price-vs-index-price-vs-last-price): Why your perp was liquidated when the chart never touched your price: the difference between last price, index (oracle) price and mark price, explained.
- [Open Interest Explained: What OI Tells You in Crypto Perps](https://perpsmatch.com/guides/open-interest-explained): Open interest is the total size of open perp positions. How to read OI with price and funding, and what rising or falling OI means.
- [Perp Trading Fees: Maker, Taker, Funding and Swap Costs](https://perpsmatch.com/guides/perp-trading-fees): How perp trading fees work: maker vs taker, why fees are charged on notional, funding and swap costs, and what crypto prop firms charge.
- [Basis Trading and Funding Rate Arbitrage, Explained](https://perpsmatch.com/guides/basis-trading-and-funding-arbitrage): How the cash-and-carry basis trade and perp funding arbitrage work, the math behind them, and the risks that make them less 'risk-free' than they look.

### Leverage, margin & liquidation

- [Liquidation Price Explained: How to Calculate It on Perps](https://perpsmatch.com/guides/liquidation-price-explained): What a liquidation price is, the formula, maintenance margin, why cross-margin liquidation doesn't depend on leverage, and how to avoid getting liquidated.
- [Cross Margin vs Isolated Margin: Which Should You Use?](https://perpsmatch.com/guides/cross-vs-isolated-margin): Cross margin shares collateral across positions; isolated margin caps risk per position. How each affects liquidation, with examples and when to use which.
- [Leverage in Crypto Perps: How It Works and How Much to Use](https://perpsmatch.com/guides/leverage-in-crypto-perps): How leverage works on perpetual futures, initial vs maintenance margin, why 100x is rarely what it seems, and the leverage caps prop firms set.
- [Auto-Deleveraging (ADL) Explained: Why a Winning Trade Gets Closed](https://perpsmatch.com/guides/auto-deleveraging-explained): Auto-deleveraging closes profitable positions when a liquidation leaves bad debt. How ADL ranking works, when it happens and how to reduce your exposure to it.

### Venues & markets

- [Hyperliquid Explained: How the Biggest On-Chain Perp Exchange Works](https://perpsmatch.com/guides/hyperliquid-explained): What Hyperliquid is, how its on-chain order book, HLP vault, fees and funding work, and why most crypto prop firms now build on it.
- [HIP-3 Explained: How Stocks, Gold and Indices Trade as Perps on Hyperliquid](https://perpsmatch.com/guides/hip-3-hyperliquid-stocks): HIP-3 lets builders deploy their own perp markets on Hyperliquid, which is how stocks, indices and commodities became 24/7 perps. How it works and the risks.
- [Can You Trade Perpetual Futures in the US? (2026 Update)](https://perpsmatch.com/guides/perpetual-futures-in-the-us): US perpetual futures in 2026: Coinbase's CFTC-regulated perpetual-style futures, how they differ from offshore perps, stock perps filings, and what prop firms allow.
- [Perp DEX vs CEX: On-Chain vs Centralized Perpetual Exchanges](https://perpsmatch.com/guides/perp-dex-vs-cex): How perp DEXs like Hyperliquid compare with centralized exchanges like Binance and Bybit on custody, transparency, fees, liquidations and risk.

### Perps prop firms

- [How Crypto Prop Firms Work: Evaluations, Funded Accounts and Payouts](https://perpsmatch.com/guides/how-crypto-prop-firms-work): How crypto perps prop firms work in 2026: evaluation fees, profit targets, drawdown rules, simulated funded accounts, profit splits and how you actually get paid.
- [Simulated vs Real Capital: Are Crypto Prop Firm Accounts Real?](https://perpsmatch.com/guides/simulated-vs-real-capital-prop-firms): Most crypto prop firm funded accounts are simulated. What that means for fills, slippage and payouts, which firms A-book traders, and how to tell from the terms.
- [Crypto Prop Firm Payouts: Speed, Minimums, Chains and Hidden Rules](https://perpsmatch.com/guides/crypto-prop-firm-payouts): How crypto prop firm payouts work in 2026: on-demand vs weekly, minimums, USDC/USDT rails, KYC, and how each payout changes your drawdown floor. Firm-by-firm table.
- [Hyperliquid Prop Firms in 2026: Who Is Behind Them and What's Actually On-Chain](https://perpsmatch.com/guides/hyperliquid-prop-firms): Every prop firm built on Hyperliquid (Propr, Hypernova, Carrot Funding, HyperPNL, Hyperscaled): the teams, backers, rules and what is really on-chain.
- [How to Pass a Crypto Prop Firm Challenge: A Risk-First Playbook](https://perpsmatch.com/guides/how-to-pass-a-crypto-prop-firm-challenge): A practical plan to pass a crypto perps prop firm evaluation: position sizing from the daily loss limit, fee math, drawdown traps, and rules that fail most traders.
- [Crypto Prop Firm FAQ: 25 Questions Traders Ask (Answered With Real Firm Rules)](https://perpsmatch.com/guides/crypto-prop-firm-faq): Answers to the most common crypto prop firm questions, from real money and KYC to drawdowns, payouts and taxes, drawn from 20 perps firms' own FAQs.

### Prop firm rules

- [Static vs Trailing Drawdown: How Prop Firm Max Loss Really Works](https://perpsmatch.com/guides/static-vs-trailing-drawdown): Static, trailing, end-of-day and 'smart' drawdown explained with examples, plus how each crypto prop firm calculates max loss and what payouts do to it.
- [Daily Loss Limit Explained: Reset Times and Calculations by Firm](https://perpsmatch.com/guides/daily-loss-limit-explained): How crypto prop firm daily loss limits are calculated (balance vs equity), when they reset (00:00, 00:05, 00:30 UTC or New York midnight), with a firm-by-firm table.
- [Prop Firm Consistency Rules: Best-Day Limits Explained](https://perpsmatch.com/guides/prop-firm-consistency-rules): What prop firm consistency rules are, how best-day percentages (30%–50%) are calculated, which crypto firms use them, and how to fix a violation.
- [Banned Strategies at Crypto Prop Firms (and the Rules Nobody Reads)](https://perpsmatch.com/guides/prohibited-strategies-at-prop-firms): What crypto prop firms ban: cross-account hedging, HFT, latency arbitrage, copy trading, bots, 50-second holds, low-cap coin caps, and profit caps. Firm-by-firm.

### News & analysis

- [Who Owns Your Crypto Prop Firm? Companies, Founders and Backers (2026)](https://perpsmatch.com/guides/who-owns-crypto-prop-firms): The companies, jurisdictions, founders and investors behind every major crypto perps prop firm: Kraken's Breakout, Propr, Hypernova, Vanta, MyFundedPerps and more.
- [The History of Perpetual Futures: From Shiller to BitMEX's 2026 Shutdown](https://perpsmatch.com/guides/history-of-perpetual-futures): How perpetual futures went from Robert Shiller's 1992 idea to BitMEX's XBTUSD in 2016, Hyperliquid, US-regulated perps in 2025, and BitMEX's closure in 2026.
- [Futures Prop Firms vs Perps Prop Firms: What's Different](https://perpsmatch.com/guides/futures-vs-perps-prop-firms): CME futures prop firms (Topstep, Apex, MyFundedFutures) vs crypto perps prop firms: platforms, hours, drawdown styles, payouts, and the firms bridging both.

## Optional

- [Bitget TraderPro (delisted)](https://perpsmatch.com/warnings): Bitget's seasonal demo trading competition; the latest season (S6) has ended and is voucher-prize demo only, with no funded account.
- [Affiliate disclosure](https://perpsmatch.com/disclosure)
- [Privacy policy](https://perpsmatch.com/privacy)
- [Terms](https://perpsmatch.com/terms)
- [Sitemap](https://perpsmatch.com/sitemap.xml)