Rules & how it works: funded accounts and payouts

Program Rules 2026-07-25 · ruleset v38

What you get

One payment starts a simulated funded account. No evaluation, no challenge phase.

No hurdles. No profit target, minimum trading days, consistency rule, or time limit. Only one rule can end your account on its own: the trailing drawdown.
You keep 90% of everything you withdraw. We review each request by hand and pay in USDC.
Everything is simulated. Prices come from the live Kalshi and Polymarket books; your cash and fills are simulated. A funded account is not a brokerage account and never holds real positions or money.
The price is a fee, not a deposit. It buys one account and does not guarantee a payout. An affiliate code takes 5% off.
Your rules freeze when you buy. Your account keeps the rules from the day you bought it. Later program changes only apply to new accounts.
Up to five accounts at once. Each one is bought separately and runs on its own: its own balance, drawdown, buffer, and payouts. Your Accounts page shows every seat and which one your orders go to. Checkout shows how many live accounts you can hold; buy past that limit and the extra purchase waits, already paid, until one of your seats frees up.

The free simulator

Same books, same fill engine, no payout. Its limits: 2 open positions, 3,000 shares per market and outcome, and $3,000 of perp margin. Leaderboard P&L there also counts disclosed Discord and X bonuses. During a season, the top-ranked accounts above $0 win a free funded account at the tier shown on the leaderboard, set up by hand after a fair-play review. The number of winners and the tier can change during a season.

Tier rules

Every current number, side by side. These are the values the risk engine uses today.

Examples use

Rule	$1,000	$5,000	$10,000	$20,000	$50,000
One-time price	Giveaways and contests only.	$39	$69	$129	$309
Simulated balance	$1,000	$5,000	$10,000	$20,000	$50,000
Trailing drawdown	$50	$250	$500	$1,000	$2,500
Starting safety buffer	$100	$500	$1,000	$2,000	$5,000
Trader payout split	90% trader	90% trader	90% trader	90% trader	90% trader
Minimum gross withdrawal	$10	$10	$10	$10	$10
Withdrawal reserve	$10	$10	$10	$10	$10
Payout cadence	Daily	Daily	Daily	Daily	Daily
Account-wide share cap	80	400	800	1,600	3,200
Account-wide perp margin cap	$50	$250	$500	$1,000	$2,500
Open positions + combos	10	10	10	10	10
New-entry price band	5¢–85¢	5¢–85¢	5¢–85¢	5¢–85¢	5¢–85¢
Profit target	None	None	None	None	None
Minimum trading days	None	None	None	None	None
Consistency rules	None	None	None	None	None
Time limit	None	None	None	None	None

Examples below use the $5,000 funded account.

Equity and P&L

Every risk rule runs on one number: equity P&L. Your dashboard shows the same number the risk engine enforces.

Equity P&L = cash + open-position liquidation value − starting balance. In plain terms: your cash, plus what your open positions would fetch if closed right now, minus what you started with. Cash alone is never the enforced number.
An open binary marks at instant-liquidation value. That is what your whole position would fetch sold into the live bids right now, net of the exit fee. Not quantity × best bid: a big position fills deeper into the book at worse prices, and shares the book cannot absorb count as $0.
A stopped market freezes its mark. Once it settles, a winner pays $1, a loser pays $0, and a void returns what you paid. A result that is known but not yet official holds the winner at 99¢ and the loser at 1¢. A market that closes with no result keeps its last live mark; it never snaps to a closing line.
An open combo marks at its live cash-out estimate. Each open leg is priced as if the combo’s full size were sold into that market’s live bids right now, net of that venue’s fee; the leg prices multiply together, and a 1% haircut comes off the total. Legs that already resolved pass through at their settled value — won ×1, lost ×0, void at the voided-leg rule. If a leg’s book goes quiet, the combo keeps its last good value instead of dropping to $0.
An open perp marks at liquidation value − posted margin. Closing a long uses the bid side of the book; closing a short uses the ask side.
Buying costs cash plus a fee. Add to a position and your entry price becomes the weighted average of your buys.
Selling locks in P&L: proceeds − the entry cost and entry fee of the shares you sold − the exit fee. Sell part of a position and the rest of the cost stays with the unsold shares.
Settlement pays $1 per winning share, $0 per losing share. A void refunds what your shares cost, but the entry fee is not returned.
Nothing is counted twice. Equity is your cash plus each open mark, once each.

Trailing drawdown

Fall below your floor and the account closes. The floor is max($0, peak equity P&L) − $250, so it rises as you profit.

The starting floor is −$250. The peak begins at $0, so a new account opens with $250 of loss allowance.
The peak only rises. Gains lift it in real time, open positions included. Losses and withdrawals never bring it back down.
A breach means going below the floor. Below it, the account closes. Exactly on it, the account stays open with zero room left.
Withdrawals use up headroom too. Taking money out lowers your equity exactly like a loss does. That is why the withdrawal reserve exists.
A breach needs complete data. The engine only closes an account when every open position has a value, so a data gap can never fail you.

Worked example: the peak ratchets, the floor follows

Step	Equity P&L	Peak	Floor	Headroom
Open	$0	$0	−$250	$250
Up a good day	$500	$500	$250	$250
Give some back	$300	$500	$250	$50
Give more back	$225	$500	$250	−$25breach

The $500 win lifted the floor to $250, and the floor never comes back down. So giving back $275 of that gain is a breach, even though the account is still $225 in profit.

Entry limits

These limits apply when you open or add to positions. Exits are always allowed unless a full trading stop is active.

Price band 5¢–85¢, inclusive. Every price level a new binary entry fills at must sit inside the band. A combo’s combined price must too.
Share cap 400 contracts. Binary shares and combo contracts count against one account-wide cap, keeping your total exposure near $400.
Perp margin cap $250. The total margin posted across all your perps. Separate from the share cap.
At most 10 open positions. Binaries, perps, and combos all count toward it. Adding to a position you already hold does not take a new slot.
One direction per market, firm-wide. Every live funded account must hold the same side of a market, so an entry on the opposite side is rejected. Reducing what you hold is always allowed.
You can only spend cash you have. A buy or a new perp cannot take your cash below zero, and you cannot sell or close more than you hold.
Low headroom never blocks an entry. With $50 of headroom you can still open a $250 position.
A combo only costs its round trip up front. The moment it fills, it marks at its live cash-out estimate, so equity moves by the spread, the fees, and the 1% haircut — not by the full stake.

Safety buffer

Your first profit stays in the account. Only profit above the buffer can be withdrawn.

It starts at $500. Nothing is withdrawable until your equity P&L is above that.
Every withdrawal raises it, dollar for dollar. The bar for your next withdrawal rises by exactly what you took out.
It never shrinks. No trading result lowers it. If a failed payout is reversed, the buffer simply returns to where it was before that request.

Worked example: the buffer after a withdrawal

Starting buffer$500
You withdraw $200 gross+$200
Buffer now$700

Each withdrawal raises the profit you need before the next one. Nothing lowers the buffer except a reversed payout.

Withdrawals

You choose an amount, we review it, and you receive 90% of it in USDC.

Withdrawable = max($0, min(equity P&L − buffer, headroom − $10)). In words: you can take your profit above the buffer, as long as the withdrawal leaves more than $10 of headroom behind. The smaller limit wins.

Worked example: what is actually withdrawable

Equity P&L, sitting at a new peak: $1,100
Profit above the buffer ($1,100 − $500): $600
Headroom after the reserve ($250 − $10): $240
Withdrawable (the smaller one): $240
You receive (90% of gross): $216

Headroom after the reserve is the smaller limit here, so it sets the amount. The $10 reserve keeps a routine withdrawal from leaving the account with exactly $0 of headroom.

Every requirement

Active account, payouts on. Not while the account is closed, while another payout is in flight, or while payouts are paused firm-wide.
Enough time since your last request. The first can come any time; each later one comes a day after the previous request. The clock runs from the request itself, not its approval or payment, and a rejected request still starts it.
A flat book. Close every binary, combo, and perp first. With nothing open, equity equals cash and the quote is exact.
At least $10, before the split. The amount you type must also fit inside your withdrawable balance.
Identity verified, wallet ready. Payouts go as USDC to an Ethereum or Solana wallet you own. You can keep up to eight active wallets; one attached to a pending request cannot be disabled.

After you request

Requested. The amount, split, destination, and your eligibility lock in, and trading pauses.
Reviewed. We approve or reject. A rejection resumes trading right away, but the waiting period still counts from the request.
Disbursing. Everything is rechecked one last time before the money moves: identity, wallet, flat book, withdrawable balance, floor, and payout controls.
Settled. The full amount has left your equity, the buffer has grown by the same amount, the peak has not moved, and trading resumes.
Failed transfer. The payout stays open and the money stays set aside. An admin can retry it to another wallet you own, or reverse it. A reversal puts the cash back, lowers the buffer back, and resumes trading.

The close-out withdrawal. Once your profit above the buffer is enough to withdraw your entire remaining headroom, a separate, clearly labeled close-out option appears. It pays your split of that full amount and closes the account when it settles. It only happens if you choose it; a routine withdrawal can never close your account.

How an account ends

Only four things end an account. There is no expiry date and no inactivity clock.

A drawdown breach. The account’s final state is recorded, and open positions are voided as they stand rather than given an invented favorable exit. Profit you had not withdrawn is forfeited; withdrawals already settled stay yours.
A close-out withdrawal. You withdraw your full remaining headroom and the account closes when that payout settles.
A refund. A refunded purchase ends the account, as set out in the Terms.
An administrative closure. A program action under the Terms. Settled withdrawals are unaffected.

Fills and fees

A contract is a yes-or-no question priced between $0 and $1: winners settle at $1, losers at $0. Simulated orders fill against the same book you see on screen.

Worked example: selling 500 into this book

Bid	Resting	You fill	Proceeds
62¢	120	120	$74.40
60¢	300	300	$180.00
57¢	500	80	$45.60
VWAP 60¢	500 filled		$300.00

Quantity × best bid$310.00What the book pays$300.00Slippage2¢

The best bid only holds 120 contracts, so the rest of the order fills at lower prices. Quantity × best bid promises $310.00; the book actually pays $300.00.

Buys fill up through the asks; sells fill down through the bids. Your price is the volume-weighted average (VWAP) of every level you consumed. Slippage is the gap between the top of the book and that average.
Orders fill immediately or not at all. Whatever the book can fill right now fills; the rest is canceled, never left resting. Orders that are empty, stale, too small, or unable to fill are rejected.
Selling only reduces. You can only sell shares you hold; there is no binary short-selling.
A new entry needs a healthy book. The market must be open, with bids and asks and at least $500 resting within 7¢ of the mid price. Thinner markets are sell-only. Live Up/Down windows use a data-freshness rule instead, and perps have their own book-health check.
Dollar orders include the fee. Enter a dollar amount and you get the most whole contracts whose cost plus fee fits inside it.
Quotes are previews. Your order fills against the book as it stands when the server receives it, so a market that moved can change or reject the fill.
Funded accounts share the displayed liquidity. They draw from one shared pool of each book update’s displayed size, so the same resting size is never sold twice. The free simulator does not draw from that pool.
When in doubt, the engine rejects. Missing market data or a failed liquidity check rejects the order rather than guessing, and submitting the same order twice can never fill twice.
Fees follow each venue’s own model. Kalshi-style: multiplier × contracts × price × (1 − price), rounded to the nearest centicent as Kalshi does. Polymarket-style: the market’s rate × shares × price × (1 − price), floored to venue precision. There is no extra refract spread on top.
Fees are charged on entry and exit. The entry fee stays attached to your open shares and is counted as they close, so settlement adds no new fee.
Perps have no trade fee. The funding rate you see is informational only and never moves simulated cash.

Fee shape: price × (1 − price)

A contract near 50¢ carries the most fee per contract. One near either end carries almost none.

Combos and perps

Beyond single yes-or-no markets, funded accounts can trade combos and Kalshi perpetuals whenever those are enabled.

Binaries settle all at once. The venue result is recorded first, then every open position in that market settles together. Disputed results wait, and a void refunds what your shares cost.
A combo wins only if every leg wins. It bundles two or more eligible open markets from one venue; Kalshi and Polymarket legs never mix. One losing leg makes the whole combo worth $0, and each winning leg passes through at ×1.
A voided leg does not kill the combo. It falls back to its venue’s rule: a Kalshi leg pays at its captured last price, or counts as a neutral ×1 push if no safe price was captured; a Polymarket leg pays at the underlying market’s finalized payout.
Combo prices come from a live market-maker quote. Entry and sale are each quoted fresh. When you accept, the server re-quotes once more, and a price worse than the worst you were shown is rejected. A combo takes one open-position slot, and its contracts count against the share cap.
An open combo shows a live value. It is the product of each leg’s instant-liquidation price net of venue fees, less a 1% haircut — the same number your equity and drawdown run on. Cashing out still executes at a fresh quote, which can differ from the shown value.
Combo realized P&L = proceeds − the entry cost and entry fee of what you sold − the exit fee. At settlement it is the final payout minus the remaining entry cost and entry fee.
Perps never settle. They track a dollar price rather than a yes-or-no outcome, at 1×, 2×, 3×, 5×, or 10× leverage, capped by the venue maximum.
Margin is your stake; P&L runs on the full position. Margin = quantity × entry ÷ leverage. Long P&L = quantity × (exit − entry); short is the reverse. You can never lose more than the margin you posted, and a position worth zero is closed automatically.
One perp direction at a time. To flip from long to short in a market, close the long first.

Fair play and controls

Faking activity, exploiting bad data, or coordinating across accounts can invalidate results and payouts.

One person, limited seats. No running more accounts than the seat cap allows, no account sharing, no identity evasion. Your own accounts are independent and may hold opposite sides of a market; coordinating with other people’s accounts to do the same is not allowed.
No fake activity. No wash trading, no trading against yourself, no round trips run just to manufacture volume or withdrawable profit.
No exploiting errors. Do not build profit on stale books, feed gaps, venue discrepancies, software bugs, payout errors, or anything else you know is wrong.
No market manipulation. Do not trade or coordinate on an outside venue to move a price, mark, resolution, or simulated result that refract uses.
Trading can be paused. Pause-open blocks new positions but lets you exit; a full stop blocks all orders. Either can apply platform-wide or to one venue, market, instrument, seat sales, or payouts.
Bad data can be corrected. Third-party data that arrives late, doubled, malformed, disputed, or wrong can be repriced, voided, reversed, or reviewed under the Terms. Platform records control, not a momentary display.
This list is not exhaustive. Other forms of misconduct which are not listed here may also result in denial of our services.

Payouts are discretionary and stay subject to identity, fair-play, anti-fraud, regional, legal, data-quality, and administrative review until the moment they are paid. Where they say more, the Terms, the Risk Disclaimer, and your account’s frozen rule snapshot are what count.

Glossary

The words the dashboard uses.

Ask: The lowest price any seller is asking right now. A buy starts here.
Bid: The highest price any buyer is offering right now. A sell starts here.
Book / flat book: Your open positions. A flat book means you have none, not even a combo.
Cost basis: What your still-open shares cost you, at your weighted-average entry price.
Equity P&L: Cash + open-position liquidation value − starting balance. The number every rule checks.
Floor: max($0, peak equity P&L) − the tier drawdown. Fall below it and the account closes.
Gross withdrawal: The amount you request, before the trader and firm split.
Headroom: Equity P&L − floor. How far you are from a breach; below $0 is one.
Margin: Simulated cash set aside to hold a perp open. Not a fee.
Peak: The highest your equity P&L has ever been. It never falls and never resets.
Safety buffer: Profit that must stay in the account: the starting buffer plus every settled withdrawal.
Slippage: The gap between the best price shown and your average fill price.
VWAP: Volume-weighted average price: your average across every level your order filled.
Withdrawable: max($0, min(equity P&L − buffer, headroom − reserve)) on a flat book.

If a number on your dashboard ever disagrees with this page, stop trading and contact support so it can be checked against your account’s frozen rule snapshot.