PROPR GUIDE / GLOSSARY

Propr glossaryPropr terms, explained simply.

Plain explanations of terms used in Evaluations, loss rules, trading and payouts, based on the Official Rulebook.

Key facts

Includes: 30terms
Based on: Official Rulebook
How to use: 4 categories

SourcesOfficial Propr RulebookVerified 2026-09-27

At a glance

What is the Propr glossary?

The 3 key Propr terms are Equity (account value including unrealized P&L), Daily Loss Limit and Max Drawdown. Passing and breaches are determined by whether Equity reaches a target or a floor.

Source: Official Propr Rulebook ↗ · Verified 2026-09-27

01GLOSSARY

Accounts and Evaluations

Simulated account: An account for trading with a simulated balance rather than real money. All Propr Evaluation and Funded accounts use this format.
1 STEP / 2 STEP: The number of stages required to pass. In 1 STEP, reach the target 1 time. In 2 STEP, complete 2 stages: 5%→10%.
Funded account: An account available after passing the Evaluation and completing identity verification. It has no Profit Target, and you can request 80% of profits as a reward. This account is also simulated.
Balance: The balance reflecting only realized P&L from closed trades. It excludes unrealized P&L on open positions.
Equity: The current value of your account: realized balance plus unrealized P&L on positions that have not yet been closed. Propr uses this figure to assess passing criteria and loss limits.
High Water Mark (HWM): The highest Equity reached so far, including unrealized P&L. It is the reference value for the trailing floor.
Evaluation: A trading period with passing criteria that you enter by paying a fee. There is no deadline or minimum number of trading days.
Profit Target: The profit percentage required to pass: 9–12% for 1 STEP and 5%→10% for 2 STEP, assessed using Equity.
Passed (PASSED): Reaching the Profit Target without touching any loss limit. The result is assessed automatically, without a manual review.

02GLOSSARY

Loss rules

Daily Loss Limit: The maximum loss allowed in 1 day: that day's starting balance × 3% (5% for 2 STEP). It resets daily at 00:00 UTC (9 a.m. Japan time).
Max Drawdown: The maximum loss allowed across the account. If the account falls below this limit, it is terminated regardless of how many days have passed.
Static: A floor determined by the starting balance. Its level stays unchanged regardless of how much the account grows (1 STEP plans).
Trailing: An equity floor that rises with the account's highest value. As profits grow, the floor rises too (2 STEP plans).
Account termination (Breach): Equity has reached a loss limit. All positions are closed, and the account is permanently disabled.
Consistency rule: A rule limiting 1 day's profit as a proportion of total profit. Propr does not impose this rule.

03GLOSSARY

Trading and orders

Hyperliquid: The decentralized crypto exchange used as Propr's trading venue. Trading is limited to perpetual futures.
Perpetual futures (Perpetual): Futures contracts with no expiry. You can trade rising or falling prices, and periodic funding payments apply.
Leverage: The multiplier that allows you to trade amounts larger than your account's capital. Propr sets limits for each asset and applies them automatically.
Maker / taker: A maker places a limit order on the order book; a taker fills against an existing order. Their fee rates differ.
Funding rate (Funding): Periodic payments between buyers and sellers that help keep perpetual futures prices close to spot prices. You may receive or pay them.
A-book / B-book: A-book sends orders to Hyperliquid for live execution; B-book records them and calculates P&L internally. P&L is identical for both, and the method is shown for each trade.
Return on investment (ROI): The percentage increase relative to the initial capital. For the same profit amount, a smaller starting capital produces a higher percentage.
HIP-3: A mechanism that allows external providers to create perpetual futures markets on Hyperliquid. Some equity and index markets use this format.
Stop-loss: An order that automatically closes a position at a specified price to limit losses. It is optional but recommended on Propr.

04GLOSSARY

Payouts and procedures

KYC (identity verification): Identity verification using a government-issued ID and a live selfie. It is required before activating a Funded account.
USDC: A crypto asset (stablecoin) designed to maintain the same value as the US dollar. Propr rewards are transferred in USDC.
Onchain: Recorded on the blockchain. Anyone can later verify the date, amount and destination of a transfer.
Full profit sweep: A rule requiring you to request all available profit together, rather than only part of it, when requesting a payout.
Profit Split: The share of profit received by the trader. On Propr it is 80%.
PEP: A politically exposed person. Identity verification checks the PEP database as well as sanctions lists.

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