Rules & how it works: Evaluation, funded accounts, payouts

Program Rules 2026-07-14-v2 · ruleset v21

One simulator, three account stages

The market data and fill engine stay the same. What changes is the objective and whether your simulated performance can qualify for a discretionary payout.

Stage 1
Free simulator
practice + competition
- live venue books
- simulated cash and fills
- ranking uses P&L + disclosed promotional credits
→
Stage 2
The Evaluation
paid skill test
- 16.67% P&L target
- trailing drawdown
- consistency + minimum days
→
Stage 3
Funded program
simulated profit share
- fresh account at the tier size
- 90% current trader split
- USDC payout requests

Current free-simulator limits: up to 5 open binary positions, perp directions, and combos; 3,000 shares in each market + outcome bucket; and $3,000 of posted perp margin per market. These limits apply to free-play accounts rather than the selected Evaluation tier.

Important legal meaning

Every stage is simulated. A “funded account” is not a brokerage account and does not give you real market positions or ownership of capital. Passing enters an administrative review; it does not guarantee acceptance or a payout.

Prediction markets, from zero

A contract asks a yes-or-no question. Its price is in dollars between $0 and $1 and can be read roughly as the market’s probability.

YES at 42¢You pay $0.42 per share

If YES wins, each share settles at $1. If NO wins, it settles at $0.

NO at 58¢The opposite side

YES and NO are complementary outcomes. Choose the side you believe is underpriced.

100 sharesMaximum payout: $100

Your cost, fees, and eventual sale or settlement determine profit—not the displayed balance alone.

Buying opens or adds to a held outcome. Selling can only reduce shares you already hold; naked binary short-selling is not supported. A market must be open and have a usable live book for a new entry.

General markets are buy-eligible only when the YES book has both bids and asks and at least $500 of resting notional within 7¢ of its midpoint. Thin markets stay visible but become sell-only. Live Up/Down windows use a freshness rule instead, and perps use their own book-health check.

SimulatorHow prices become fills and P&L

Simulated fills use the displayed reference book

Current reference-book prices and available depth determine each simulated taker fill. The same inputs always produce the same result.

BUY walks asks from cheapest upward. SELL walks bids from highest downward. The result is a volume-weighted average price (VWAP).
Simulated slippage is book-derived. It is the adverse difference between top-of-book and VWAP produced by walking the displayed depth.
Orders are fill-and-kill. Available size fills immediately; any unfilled remainder is canceled. An empty, stale, non-marketable, or too-small order is rejected.
Dollar orders include fees in their budget. The engine finds the largest whole-contract fill whose cost plus fee fits the amount entered.
Quotes are previews. Submission uses the latest server book, so a moved or stale book can produce a different fill or a rejection.

Paid-seat depth is shared. Evaluation and funded accounts reserve the displayed venue depth across all paid seats for that exact book update, so the same visible liquidity cannot be reused simultaneously. The free simulator does not consume that shared paid-seat pool.

Execution fails closed when required market data or paid-depth coordination is unavailable. A repeated request with the same client order ID is idempotent: it cannot create a second fill with different intent.

Venue-shaped fees, shown before the trade

Binary and combo fees follow the captured venue model. There is no separate hidden refract spread; the spread and slippage come from the book itself.

Kalshi-style fee. A market-specific multiplier is applied to contracts × price × (1 − price), rounded under Kalshi’s centicent convention across the fill levels.
Polymarket-style fee. The market/category rate is applied to shares × price × (1 − price) and floored to venue precision.
Fees are charged on entries and exits. Entry fees remain attached to the open shares and are recognized proportionally when those shares close or settle.
No new settlement fee. The already-paid entry fee is included when final realized P&L is booked.
Perps currently charge no simulated trade fee. Displayed funding is informational and does not move simulated cash.

P&L methodology: what counts, and when

Prediction markets and combos count when profit or loss is realized by an exit or settlement. Perpetuals never resolve, so their P&L is always classified and counted as mark-to-market (unrealized) P&L.

Binary BUY: cash falls by cost + fee; realized P&L does not change. Added shares use an integer-micro weighted average cost.
Binary SELL: realized change = sale proceeds − proportional entry cost − proportional entry fee − exit fee. Partial sells leave the remaining cost and entry fee attached to the unsold shares.
Final settlement: a winning share pays $1, a losing share pays $0. A void refunds cost basis, but the original entry fee remains a realized cost.
Open binary display value: shares × the best live bid for the held outcome. A known final result uses $1/$0; provisional results use the venue’s determined or closing-line mark until cash settlement.
Open combo value: the latest estimated sell value. Like an open binary mark, it is display-only and does not enter rule P&L until a sale or settlement.
Perpetual P&L: current executable liquidation value − posted margin. It uses the bid side to close a long and the ask side to cover a short. Both gains and losses count in portfolio P&L, free-simulator ranking, and Evaluation target, peak, floor, and headroom.
No double counting: after a partial or full perp close, that result stays in the perpetual component; only the remaining open quantity is marked. It is never also added to realized prediction-market P&L.

Why the methods differ

Short-lived prediction contracts have a final $1/$0 result, so requiring an executable exit or settlement prevents a temporary quote from manufacturing profit. Perpetuals have no final resolution, so continuously counting their executable mark prevents a trader from hiding an open loss—or an open gain—forever.

Balance and P&L are different. Balance is uncommitted simulated cash. P&L combines realized prediction-market/combo results with the separate perpetual component. They are never added together: closing a profitable position returns cash and records its P&L, so adding cash to P&L would count the same result twice. In the free competition only, eligible Discord invite and X repost bonuses are included in leaderboard P&L.

Live leaderboard discounts. During an active season, an account qualifies only while its current rank is within the top percentage displayed on the leaderboard and its P&L is above $0. The cutoff is rounded up to a whole rank and moves as the board changes. Eligibility is checked again at checkout, may apply to each eligible checkout of the configured Evaluation tier, and ends with the season. Final standings do not create a discount or award.

Settlement, combos, and perpetuals

Binary markets and combos become rule P&L on exit or settlement. Perpetuals are continuously marked because they have no settlement date.

Binary settlement

$1 or $0

Venue results are recorded first, then every open position settles atomically. Disputed results wait; voids refund cost basis.

Venue combos

2+ legs

Build a single-venue combo from eligible Kalshi or Polymarket markets. A fresh maker RFQ prices entry and sale; acceptance re-quotes server-side.

Kalshi perps

Long or short

Dollar-priced contracts that do not settle. Leverage presets are 1×, 2×, 3×, 5×, and 10×, capped by the venue’s market maximum.

Combos: every leg must be an eligible open market on the selected venue; Kalshi and Polymarket legs never mix in one slip. One losing leg makes the combo worth $0 and won legs contribute ×1. A voided Kalshi leg uses its captured last price (or a neutral ×1 push without a safe snapshot); a voided Polymarket leg uses the finalized underlying payout from its closing line.
Combo acceptance: the server rejects a moved quote if the fresh buy price is worse than the displayed maximum. A combo counts as one open position, while its contracts also count against every leg’s share bucket.
Combo realized P&L: sale proceeds − proportional entry cost − proportional entry fee − exit fee. At settlement it is final payout − remaining entry cost − remaining entry fee.
Perp margin: margin = quantity × entry price ÷ leverage. P&L uses full notional. Loss is floored at posted margin; once position value reaches zero, the position is effectively wiped.
Perp direction: long P&L = quantity × (exit − entry); short P&L = quantity × (entry − exit), subject to the posted-margin loss floor. You must close the current direction before opening the opposite one in the same market.
Perp classification: all perpetual results remain in the perpetual/unrealized component. Closing changes cash and freezes that portion’s result; it does not reclassify it as realized prediction-market P&L.
Availability: perps can be traded in free simulator and Evaluation accounts when enabled. They are currently unavailable in funded accounts. Combos are available in all three account contexts when enabled.

EvaluationThe rulebook

Every current tier, every current number

These are the current published values for every tier — the table below always shows all of them side by side. The picker instead sets which tier’s numbers appear in every other example throughout this guide.

This guide uses

Rule	$15,000	$30,000	$60,000	$120,000
Entry fee	$127	$199	$356	$613
Simulated balance	$15,000	$30,000	$60,000	$120,000
P&L target	+$2,500 16.67%	+$5,000 16.67%	+$10,000 16.67%	+$20,000 16.67%
Trailing drawdown	$1,000	$2,000	$4,000	$8,000
Entry-risk ceiling	110% of headroom	110% of headroom	110% of headroom	110% of headroom
Minimum trading days	5	5	5	5
BUY stake for a day to count	$25	$50	$100	$200
Best-day consistency	≤ 30%	≤ 30%	≤ 30%	≤ 30%
Best market/perp/combo	≤ 30%	≤ 30%	≤ 30%	≤ 30%
New-entry price band	1¢–85¢	1¢–85¢	1¢–85¢	1¢–85¢
Shares per market + outcome	2,000	4,000	8,000	16,000
Evaluation perp margin per market	$1,000	$2,000	$4,000	$8,000
Open positions + combos	10	10	10	10
Hard deadline	30 days	30 days	30 days	30 days
Funded trailing drawdown	$1,000	$2,000	$4,000	$8,000
Funded best-day consistency	≤ 30%	≤ 30%	≤ 30%	≤ 30%
Funded best market/perp/combo	≤ 30%	≤ 30%	≤ 30%	≤ 30%
Funded profit split	90% trader	90% trader	90% trader	90% trader
Minimum gross payout	$500	$1,000	$2,000	$4,000
Gross payout-cycle cap	$1,000	$2,000	$4,000	$8,000
Payout cadence	Every 7 days	Every 7 days	Every 7 days	Every 7 days
Rolling 7-day activity stake	$1,000	$2,000	$4,000	$8,000
Activity-warning cure	7 days	7 days	7 days	7 days
Fully-flat inactivity close	30 days	30 days	30 days	30 days

An affiliate code or affiliate link currently reduces an Evaluation checkout by 10%. The fee buys one attempt; a later attempt requires its own entry unless a promotion explicitly says otherwise. The fee is not a deposit or trading stake.

Rule snapshots

A started Evaluation and a created funded seat store a snapshot of their rules. Later program-rule changes normally apply to new accounts, so the terms attached to an active account remain clear.

How to pass the Evaluation

You pass only when all five conditions are true at the same moment. Reaching the profit target by itself is not enough.

01
P&L reaches +$10,000
That is 16.67% of the displayed $60,000 balance. Realized prediction/combo results and perpetual P&L count; the book must still be flat to pass.
02
At least 5 qualifying ET trading days
A day needs a fill and at least $100 of BUY cost basis. SELL-only activity does not supply that stake.
03
Best positive ET day is ≤ 30% of total P&L
Prediction/combo realizations and perp close changes are assigned to the Eastern Time day on which they book. A pass requires all perps closed, so the final day totals contain the complete perp result.
04
Best market, perp, or combo group is ≤ 30%
All entries, exits, sides, and cycles in the same market remain one cumulative group; identical combo definitions remain one combo group.
05
The book is completely flat before the deadline
Zero open binary positions, perps, and combos. The system does not force-close winners to create a pass.

Verdict order matters: drawdown failure is checked first, expiry second, and pass third. A trader below the floor cannot pass; a trader who first satisfies the checklist at or after the hard deadline expires instead.

Trailing drawdown, in P&L coordinates

The displayed cash balance is not the breach line. Floor = highest rule P&L ever observed − the tier drawdown.

Starting floor: peak is $0, so this tier begins with a $4,000 loss allowance and a floor of −$4,000 P&L.
One-way ratchet: profitable realized events and profitable perp marks raise the peak. Later losses never lower it. At funded payout completion, P&L and the peak are rebased into a fresh cycle while the same remaining drawdown room carries forward.
Strict breach: P&L below the floor fails. Exactly equal to the floor is still active, with zero headroom.
Perpetual marks: open perp gains and losses both move current P&L. A gain can raise the peak; if that gain reverses, the peak stays high and headroom falls.
Event granularity: one atomic batch settlement is evaluated on its net result, not on artificial intermediate wins and losses inside that batch.

The entry risk limit, in plain English

Your open trades are capped at 110% of your remaining drawdown room. This applies across the whole Evaluation or funded account—not separately to each market.

Drawdown headroom$4,000

The total loss cushion available in this simple starting example.

110% entry-risk ceiling$4,400

The most total open risk the account may carry at that headroom.

After $1,000 is already open$3,400 available

The most additional risk a new entry can add in this example.

The one formula to remember

Available for new entries = 110% of drawdown headroom − open risk. If the result is $0, you can still close trades, but you cannot add risk.

Why the default is 110%, not 100%: the drawdown breach happens only below the floor. The default 10% buffer means a fully lost position can actually cross that floor and fail the account. It does not increase the drawdown or move the floor. Your dashboard shows the percentage frozen for your account.
What counts as open risk: for a binary or combo, the remaining purchase cost plus its remaining entry fee. For a perp, the posted margin plus its remaining entry fee.
Everything adds together: risk in BTC, ETH, sports, politics, combos, and perps shares one account-wide limit. Splitting a position across markets does not create more room.
What the order check does: it adds the proposed entry to all open risk. The order is accepted only when that total is less than or equal to the current 110% entry-risk ceiling.
Closing makes room: selling or settling removes the closed trade’s remaining open risk. However, any loss or fee booked by that close also reduces drawdown headroom, so the amount released can be slightly smaller than the position’s old risk.
The dashboard stays live: “Open risk” shows what is already committed, “Available now” shows what another entry may risk, and “Entry-risk ceiling” shows the current total cap. The final order-time check is authoritative.

Consistency rewards repeatable traders, not gamblers

The rule is a pass gate, not a penalty. It keeps one lucky day or one oversized bet from representing the entire evaluation.

If a contribution is too large, nothing is deducted and the Evaluation does not fail. It stays active while additional P&L lowers that contribution’s percentage. Losses do not help the denominator because the denominator is current positive total P&L.

Entry limits, deadline, and terminal outcomes

The entry gates keep risk measurable and markets executable. They apply to new risk; ordinary exits remain available unless an emergency full-stop is active.

Price band: every consumed level of a new binary entry, or the combined price of a combo, must be inside 1¢–85¢, inclusive.
Share cap: at most 8,000 contracts in one market + outcome bucket. Direct shares and every open combo leg share that bucket.
Perp margin cap: up to $4,000 posted margin in one perp market. It is separate from binary shares.
Open-position cap: 10 total binary positions, perp directions, and combos. Adding to an already-open position does not consume a new slot.
Cash only: a BUY or perp open cannot make simulated cash negative. A binary SELL cannot exceed held shares; a perp close cannot exceed held contracts.
Resolvable in time: an Evaluation cannot open a binary market scheduled to resolve after its 30-day deadline. This prevents hiding a loss in an unresolvable position.

PassFlat book + all objectives

The account closes as passed and enters funded-seat review. No open position is carried forward.

FailP&L falls below floor

The terminal P&L snapshot is recorded; open rows are then voided without an invented favorable liquidation.

Expire30 wall-clock days

Trading does not reset the deadline. Open rows are voided using the same terminal disposition as a failure.

One pipeline per user. You cannot start or purchase another Evaluation while one is active, while a pass awaits funded review, or while a funded seat remains live. Administrative holds can pause trading, but the hard deadline and risk review continue unless the displayed account state says otherwise.

FundedSimulated performance, discretionary profit share

What happens after a pass

A passed Evaluation is reviewed by the risk desk. If approved, a completely new funded-stage simulator account is created at the tier’s configured balance.

Approval is separate and discretionary. Passing proves the automated objectives; it does not guarantee a seat. Refunds, disputes, eligibility, fair-play review, capacity, region, and program controls can affect activation.
Fresh account: the funded seat starts at $60,000. Evaluation cash, positions, peak, and P&L do not transfer.
One live seat: a user can have only one active or frozen funded seat at a time. A new Evaluation unlocks after the funded pipeline is resolved.
No funded profit target or completion deadline: the seat continues until closed by a risk, activity, inactivity, administrative, refund, or program action.
Rules are snapshotted: the funded tier’s current rules are stored when the seat is created, subject only to an explicit audited resync.

Funded trading and account-maintenance rules

Funded seats currently block perps, so their P&L remains realized prediction-market/combo P&L. They also add activity rules designed to keep seats genuinely in use.

Drawdown: the current $60,000 funded drawdown is $4,000. The same one-way peak, derived floor, and strict-below test apply; because perps are blocked, only realized prediction/combo events move funded P&L. A payout never refills drawdown room.
Shared entry limits: the account-wide entry risk limit, share cap, open-position cap, price band, and combo leg accounting inherit the tier’s Evaluation settings. Perps are currently blocked on funded seats.
Firm direction lock: all live funded seats must face the same YES/NO direction in a given binary market. If the funded book already holds YES, a new funded NO entry is rejected. Reducing existing risk remains allowed unless full-stopped.
Rolling activity: during today plus the prior six ET days, either stake at least $4,000 in BUY cost basis or have held a position at any point. Sells count as fills but add no BUY stake.
Activity warning: if both rolling tests are absent, a warning begins. Cure it within 7 days by meeting either test; otherwise the seat closes.
Fully-flat inactivity: 30 consecutive calendar days with no fill and no held position closes the seat. Missing day records still count as flat days.
Payout pause: while a payout owns the seat, trading and both activity clocks pause. A normal administrative freeze blocks trading but does not hide the seat from risk evaluation.

If a funded seat closes

Open positions and combos are voided; they are not sold at a favorable invented mark. Already-realized history remains. Any positive terminal entitlement is still subject to flat-book status, fair-play and payout review, identity, operational, and legal requirements—simulated profit is not guaranteed cash until paid.

Payouts: amount, requirements, and cycle reset

A payout request automatically takes the full eligible positive cycle P&L, up to the tier’s gross cap, then applies the trader split. It is paid manually in USDC after review.

Every requirement

01
Active funded seat and payouts enabled
No request while the seat is closed, already frozen by a payout, or the firm-wide payout control is paused.
02
Cadence elapsed
First request: 7 days after seat start. Later requests: 7 days after the latest request—not its approval or payment. A rejected request still starts that interval.
03
Completely flat book
No open binaries or combos. Perpetuals are currently unavailable in funded accounts. This ensures every gain and loss in the quote is realized.
04
Both consistency checks pass
Current-cycle best day ≤ 30% and best market/combo group ≤ 30% of positive cycle profit.
05
At least $2,000 gross eligible profit
The gross amount is min(positive cycle P&L, $4,000). The 90% split is applied afterward.
06
Identity and destination ready
Discord connected, KYC verified, and an active nonzero Ethereum or Solana wallet owned by the user. The payout rail is USDC. Up to eight unique active wallets may be saved; a wallet attached to an unresolved request cannot be disabled.

What happens after Request

Requested

The amount, split, destination, and eligibility snapshot are frozen. Trading pauses and the account switches away from funded.

Reviewed

Admin can approve or reject. Rejection resumes the seat, but the cadence still runs from request time.

Disbursing

Before sending, the system rechecks KYC, wallet, flat book, consistency, available P&L, floor, and payout controls.

Settled

After external confirmation, effective cycle P&L resets to $0 and the peak is rebased so the same drawdown headroom carries forward. A payout does not refill lost room. Trading then resumes.

If an external transfer fails, the payout stays unresolved. Its ledger debit remains reserved and the seat stays on payout hold. Admin can retry the transfer—using another active wallet owned by the same user if needed—or reverse it. A reversal restores the reserved internal debit and resumes trading without completing or resetting the payout cycle.

Cycle-cap rule—read this carefully

Completing a payout resets the entire cycle, not only the paid portion. If cycle profit exceeds the gross cap, the excess does not roll into the next cycle. The trader cannot choose a smaller partial payout to preserve it.

For the current $60,000 tier, up to 4 capped requests fit in 28 days. That makes the current $4,000 gross cap up to $16,000 gross about every month—before the 90/10 split and subject to every requirement above.

ReferenceControls, conduct, and exact terms

Fair play, risk controls, and corrections

The rules are designed to reward repeatable decision-making. Attempts to manufacture activity, exploit data, or coordinate accounts can invalidate results and payouts.

One person, one account: no multi-accounting, coordinated opposite-side trading, account sharing, or identity evasion.
No fake activity: no wash trading, self-matching, or round trips intended to farm volume, trading days, activity, or consistency.
No data or platform exploitation: do not farm stale books, feed gaps, venue discrepancies, implementation errors, payout errors, or other behavior you know is erroneous.
No market manipulation: do not trade or coordinate on an external venue to distort the live book, mark, resolution, or simulated result used by refract.
Operational controls: pause-open can block new risk while allowing exits; full-stop can block all orders. Controls may apply globally, by venue, market, instrument, tier sales, funded activation, or payouts.
Corrections: delayed, duplicated, malformed, disputed, or incorrect third-party data can be corrected, repriced, voided, reversed, or reviewed under the Terms. Platform records control over a transient display.

Other forms of misconduct which are not listed here may also result in denial of our services.

Payouts are discretionary and not guaranteed. They remain subject to identity, fair-play, anti-fraud, regional, legal, data-quality, and administrative review until actually confirmed and paid. This guide explains current product mechanics; the Terms, Risk Disclaimer, and the account’s frozen rule snapshot control where they are more specific.

Plain-English glossary

The words the dashboard uses, without trading jargon.

Ask: The lowest visible price a seller will accept. A BUY starts here.
Bid: The highest visible price a buyer will pay. A SELL starts here.
Book / flat book: Your open positions. “Flat” means there are none—not even a combo.
Cost basis: What the still-open shares cost, using their weighted average entry.
Gross payout: Cycle profit included before the trader/firm split.
Headroom: Current enforcement P&L minus the trailing floor. Below $0 is a breach.
Margin: Simulated cash posted to hold a perp; not a fee.
Open risk: What all open entries can still lose: remaining purchase cost or perp margin, plus remaining entry fees.
Available for new entries: The account’s configured percentage of drawdown headroom minus open risk. A new entry cannot risk more than this amount.
Peak: The highest rule P&L observed in the current account or payout cycle.
Realized P&L: Prediction-market or combo profit/loss booked by a sale or settlement.
Slippage: The difference between top-of-book and average fill caused by consuming depth.
VWAP: Volume-weighted average price: the average across every level your order filled.
Unrealized P&L / mark: An open position’s estimated executable result. Binary/combo marks are display-only; perpetual P&L always counts.

That is the complete current rulebook. If a dashboard number ever disagrees with this page, stop before trading and contact support so the frozen account snapshot can be checked.