Clear rules.
No surprises.
Version 2026-10-08 — rules of a purchased challenge are locked at purchase.
Every challenge runs on the same principles: fixed drawdown floors, an automatic risk engine, and rules that cannot change after you buy. This page explains exactly how each rule is measured.
The three plans
All plans share the minimum trading days and the 80% profit split. They differ in profit target and — most importantly — in the softness of the static drawdown. Prices shown for a $10,000 account.
| Plan | Fee ($10,000) | Profit target | Max daily loss | Static max loss | Min trading days | Profit split |
|---|---|---|---|---|---|---|
| Sprint | $45 | 9% | 3% | 3% | 3 | 80% |
| Core | $1 | 10% | 3% | 6% | 3 | 80% |
| Apex | $75 | 12% | 3% | 5% | 3 | 80% |
Worked example — Core, $10,000
The Core plan on a $10,000 account costs $1 and gives you $10,000 of simulated evaluation capital. Here is what each number means for this exact account.
10% — reach equity of $11,000. Your account passes when equity (balance plus unrealized PnL) reaches $11,000, you have traded at least 3 days, and no position is open.
6% — floor at $9,400, fixed forever. The floor is anchored to your initial $10,000: $10,000 × (1 − 6%) = $9,400. It never moves up, no matter how much profit you make. If equity touches $9,400, the challenge is failed — even from a profitable peak.
3% of day-start equity, reset at 00:00 UTC. Each trading day starts by recording your equity. Example: if a day starts at $10,400, that day's floor is $10,400 × (1 − 3%) = $10,088. Touch it and the challenge is failed. At 00:00 UTC the floor is recalculated from the new equity.
Both floors are measured on equity: realized balance plus unrealized PnL of open positions, with trading fees included. A breach is checked continuously by an automatic risk engine — there is no manual tolerance and no exception process.
How you pass
A challenge is marked PASSED when all of the following hold at the same time:
- Equity has reached the profit target — $11,000 in the Core $10,000 example.
- At least 3 trading days are completed.
- No position is open at the moment of evaluation.
- Neither drawdown floor has been breached at any point.
The check runs automatically on every mark-price update. Positions are executed in a simulator on real Phoenix market prices — fills, fees and liquidation mechanics follow the live market catalogue.
After you pass — funded stage and payouts
A PASSED account moves to a funded review. After approval you receive a funded account with the same rules and the same size, and your share of its profit is 80%.
- Your payout share is 80% of the profit above the starting size, paid in USDC on Solana.
- You request a payout from the funded workspace; each request is reviewed before payment.
- Already-requested and already-paid payouts are subtracted from what is available next.
The funded stage currently runs on simulated execution while real-capital trading is being rolled out. Payout mechanics and the split are already live.
What ends a challenge
- Static floor breach — equity at or below the fixed static floor.
- Daily floor breach — equity at or below that day's floor.
- Liquidation — equity no longer covers required maintenance margin.
Any breach closes all open positions at market and sets the account to FAILED permanently. A failed account cannot be resumed — you can start a fresh challenge at any time. Limit orders are cancelled as well, so nothing executes on a dead account.
What stays fixed
- Rules are locked at purchase. The exact rule set of your account is hashed when the challenge is created, and every risk check is compared against that hash. Rules cannot be changed mid-challenge — by us or by anyone else.
- Leverage is capped at 5x. Margin requirements follow the market catalogue of the exchange.
- Evaluation capital is simulated. Fees and price moves mirror the real market; the money at risk during the evaluation is only your one-time fee.