Best On-Chain Prop Firms 2026: 6 Firms Verified From Source

What actually makes a prop firm “on-chain”?

An on-chain prop firm routes some or all of its funded trading activity through a public blockchain instead of a private back office. The term gets used loosely. A firm that only pays out in USDC on Ethereum calls itself on-chain. A firm that executes every trade through a DEX smart contract and enforces drawdown rules via code also calls itself on-chain. Those are not the same thing.

The useful way to think about it: what parts of the operation can you independently verify on a block explorer? Payouts only? Trade execution? Risk rules? Capital reserves? The more pieces that live on a public ledger, the less you have to trust the firm’s internal dashboard. The fewer pieces, the closer it is to a traditional prop firm with a crypto payout option bolted on.

Every firm in this piece settles payouts on-chain. Beyond that, they differ a lot. Some execute trades through real DEX order books. Some simulate trades against live market data internally. Some use smart contracts for risk enforcement. Others run it server-side. I noted exactly what each one does and does not put on-chain, because the marketing copy almost never makes the distinction.

If you want the deeper technical breakdown of what “on-chain” means at each level of the stack, HyroTrader published a 4-level framework that maps it well. For this piece, I care about the practical output: can you verify the numbers yourself, and does the firm’s own documentation hold together when you actually read it.

Quick comparison: 6 on-chain prop firms (July 2026)

Every number below comes from the firm’s own website, docs, or rulebook. I fetched these pages directly. Where a firm publishes conflicting numbers across their own sources, I flag it in the firm’s section below the table.

Propr (Hyperliquid)

Propr is the most visible on-chain prop firm as of July 2026. It runs entirely on Hyperliquid, offers 150+ perpetual futures across crypto, equities, commodities, and forex, and pays 80% in USDC on-chain with an average claimed payout time of 5 hours. It has a full REST API with Python and JavaScript SDKs (1,200 requests/minute), and over 1,000 AI agents actively trade on the platform.

The operating entity is Propr Limited (Reg. No. 2211330), registered in the British Virgin Islands. It was built by XBorg and backed by SwissBorg with a $1.5M seed round. All payouts are published at propr.xyz/transparency with Ethereum block explorer links.

One thing to watch: Propr promised funded prediction market trading through Polymarket with a “Coming in June” callout on the homepage. That date has passed. As of July 27, 2026, prediction markets are not live and no new date has been posted.

I wrote a full breakdown of Propr’s Hyperliquid architecture, A/B-book execution model, and how its drawdown math actually works in Hyperliquid Prop Firms: Not All of Them Are Actually On-Chain.

HyperPNL (Hyperliquid)

HyperPNL is the second Hyperliquid-native prop firm. Accounts up to $100K with a $200K aggregate cap, 80% profit split, static drawdown, and USDC payouts on-chain. The rules are structurally similar to Propr’s 1-Step: a single profit target (8-10% depending on plan), a daily loss limit, and a static max drawdown.

HyperPNL is earlier-stage than Propr. Affiliate infrastructure is not live yet but is reportedly coming soon. The existing Hyperliquid prop firms piece covers HyperPNL’s specific rules, fees, and the differences between its evaluation structure and Propr’s.

DojiFunded (Arbitrum / GMX + Ostium)

DojiFunded runs on Arbitrum and routes funded trades through GMX and Ostium, two established on-chain perp DEXs. This is the first firm in this list that is not on Hyperliquid, and the execution venue choice matters: GMX uses its own liquidity pool model, Ostium covers equities, ETFs, forex, indices, commodities, and crypto. Together they give DojiFunded a real multi-asset trading environment comparable to Propr’s breadth.

What DojiFunded actually offers

Four account types: 1-Step, 2-Step Classic, 2-Step Elite, and Instant Funding (coming soon). Accounts range from $1,000 to $100,000. The cheapest entry is $13 for a $1,000 1-Step account. The standard profit split is 80%, with a 90% upgrade available as a paid add-on (adds 20% to the base account price). A second add-on removes the default 1% risk-per-trade limit.

Leverage: 5x crypto, 10x indices/stocks/commodities, 20x ETFs, 25x forex. Consistent across all account types.

The drawdown mechanic nobody else is using

DojiFunded calculates drawdown on realized balance, not equity. Per their own FAQ: “the drawdowns are based on realised account balance, not floating PnL. Open trades do not affect drawdown calculations until positions are closed.” That means an open position can float deep into the red without triggering a breach. Only your closed P&L moves the line.

This is the opposite of Propr, where floating losses on an open position can breach you in real time. For swing traders who hold positions for days and ride through drawdowns before closing in profit, this is a fundamental structural advantage. For firms that use equity-based drawdown (every other firm in this list except DojiFunded), the floating P&L itself is the risk surface. DojiFunded removes that surface entirely.

The 1-Step account also uses a “smart” drawdown: it trails your equity like a standard trailing drawdown, but locks permanently once you reach a defined profit level. That is a rare hybrid I have not seen on any other firm.

The discrepancy worth knowing about

I found a real contradiction between DojiFunded’s live checkout interface and its own documentation. The checkout screen shows 2-Step Elite with 8% static drawdown / 5% daily, and 2-Step Classic with 6% static / 3% daily. The written docs (both the rules page and the accounts comparison page) show the opposite: Elite = 6% / 3%, Classic = 8% / 5%.

Two official sources disagree on which tier gets which risk parameters. If you buy a DojiFunded 2-Step, confirm at checkout which drawdown rules are actually applied to your account. Do not trust any comparison table, mine included, without checking against the live product.

The transparency gap

DojiFunded has a public leaderboard (62 traders with live ROE and volume data) and a “Funded Wars” competition that was running a $1.017M prize pool with 447 active participants as of late July 2026. It has a full REST + WebSocket API at engine.dojifunded.com with Python and TypeScript SDKs, and an AI agent trading system that’s treated as a first-class product feature.

What it does not have: a named operating entity anywhere in its docs, FAQ, or Terms of Use. The terms only reference “DojiFunded’s operating entity” without naming it, and the governing law clause says disputes “may be subject to the jurisdiction determined by DojiFunded’s operating entity and applicable legal framework” without specifying the jurisdiction. Compare that to Propr (Propr Limited, BVI, Reg. No. 2211330 in the footer) or Solana Funded (SolaraX Markets FZCO, Dubai, named in the legal disclosure). No Trustpilot presence exists for DojiFunded as of July 2026.

Vanta Trading (Bittensor Subnet 8)

Vanta Trading is the only firm in this list that is explicitly and entirely simulated. Their own risk disclosure states plainly: “All trading activities occur in a simulated environment.” They do not call profits “profit.” They call them “rewards.” There is no ambiguity about this. Vanta is upfront about it in a way that some other firms are not.

Why include a simulated firm on a list about on-chain trading?

Because Vanta’s reward calculation and payout settlement happen through Bittensor’s decentralized infrastructure (Subnet 8, built by Taoshi). The rewards are verified on-chain and distributed without human discretion. Even though the trading itself is simulated, the money layer is decentralized in a way that most of the others are not. And the terms are aggressive: 100% reward split (the firm takes nothing), plus a 25% quarterly performance bonus for traders with a 2%+ return and a Sharpe ratio above 1.0. That effective 125% payout on quarterly profits is the highest of any firm in this piece, simulated or otherwise.

The numbers

One-step evaluation: 8% target for forex, 10% for crypto/commodities/equities. 5% daily loss limit + 5% end-of-day trailing drawdown during evaluation. On scaled accounts, the EOD trailing widens to 8%. No consistency rule. Accounts from $5K to $100K, with quarterly scaling up to $2.5M (5%+ return, Sharpe above 1.0).

Market coverage is the broadest here: 30 crypto pairs, 29 forex pairs, 6 commodities, 1000+ equities (Russell 1000 + sector ETFs), and 3 index products. You can buy an “All Markets” evaluation covering everything, or individual asset-class evaluations.

Leverage is expressed as “buying power” with per-pair, per-class, and overall portfolio caps across four tiered levels. During evaluation (Tier A), crypto is capped at 0.5x per pair and 2x per class. Forex goes up to 2.5x per pair and 5x per class. These are low compared to every other firm here, and they get even more conservative as account sizes scale up. At $1M+ (Tier D), the overall portfolio cap for an All Markets account is 24x total.

One detail that stood out during research

Vanta’s fee and slippage table shows that their crypto, commodity, index, and equity price feeds all come from Hyperliquid’s order book. A Bittensor-based firm, referencing Hyperliquid’s pricing as its source of truth. That tells you how dominant Hyperliquid has become as the liquidity layer for this whole category.

Operating entity: Taoshi VT Services. Payments via Stripe (card/bank) or NowPayments (50+ crypto assets). KYC only at scaled-account activation via Stripe. Payouts in USD via Stripe (crypto payouts coming soon). The firm is registered as a technology provider, not a financial services company.

Solana Funded (Solana)

Solana Funded is a memecoin-first prop firm. The pitch is specific: get funded to trade Solana tokens, including fast-moving memecoins launched on Pump.fun, through tools you already use. Over 500,000 tradable tokens. If you trade Solana DEXes, this is built for you. If you do not, nothing else here applies.

The architecture is different from every other firm here

Every other firm in this list has a proprietary trading terminal. Solana Funded does not. Traders execute through existing Solana trading tools like Axiom, Photon, and Padre using a Chrome extension called Solana Tap. The extension connects your funded account to the terminal you already use. No new interface to learn.

That makes it architecturally unique in this space. It is also a risk: the firm’s execution quality and rule enforcement depend on how well the browser extension integrates with third-party trading tools, not on infrastructure the firm fully controls.

The numbers look very different from the rest

Profit targets are dramatically higher than every other firm: 45% for 1-Step, 30%/20% for 2-Step Phase 1/2. The “Elite” variants push to 50% (1-Step) and 35%/25% (2-Step). Drawdown is correspondingly wider: 25% max for standard, 20% for Elite, 10% daily (end-of-day calculation). Minimum 5 trading days. Positions capped at 5 open at a time (standard) or unlimited (Elite).

These numbers look extreme next to a firm like Propr (10% target, 6% drawdown). They reflect a fundamentally different market. Solana memecoins regularly move 50-100% in a day. A 45% profit target on a $10K account is $4,500, which is one good memecoin call away. The 25% drawdown buffer exists because a 25% intraday swing on a memecoin portfolio is a Tuesday.

90% profit split. Payouts in SOL or USDC on Solana. Funded accounts have a paid reset option if you breach (instead of buying a new evaluation from scratch). No KYC required until cumulative withdrawals exceed $100,000 USDC, then verified via Veriff.

The red flag in the fine print

The FAQ copy says traders get “real on-chain execution” and “instant crypto payouts.” The legal disclosure in the footer of the same page invokes CFTC Rule 4.41 and states that the company’s services “consist solely of simulated trading activities.”

Marketing says real. Legal says simulated. Those are not the same claim, and they are on the same page. If you are evaluating this firm, read the footer and the Terms of Service, not just the FAQ.

Operating entity: SolaraX Markets FZCO, Dubai, UAE. Named directly in the footer disclosure. Trustpilot has 11 reviews. One trader reported a promised 12-hour payout that took 5 days. Another described a payout denial over an “insider trading” accusation after buying a token following a public figure’s tweet, with a week of back-and-forth that ended with “decision is final.”

Carrot Funding (Arbitrum / Gains Network)

Carrot Funding runs on Arbitrum and routes trades through Gains Network (gTrade), a decentralized synthetic leveraged trading protocol that uses Chainlink oracles for pricing. Every payout settles in USDC on Arbitrum with a verifiable Arbiscan transaction hash. The homepage shows live payout records with on-chain links.

Two challenge paths, and one of them goes to 200x

The 2-Phase challenge comes in two leverage modes: Normal (5x across all assets) and Aggressive (up to 200x on crypto/forex/commodities, 50x on stocks/indices). Both follow the same drawdown rules (5% daily, 10% max trailing loss) and the same 5%/8% profit targets. The 1-Phase challenge is Normal mode only (5x, 4% daily, 8% max loss, 8% target, plus a “Best Day Rule” capping any single day at 50% of total profit).

200x leverage on crypto with a 5% daily drawdown and a 10% max loss is an extremely narrow margin of error. A 0.05% adverse move on a fully leveraged position wipes 10% of your account. Carrot is transparent about offering it, but nothing about that math is forgiving.

Available collateral drops to just 10% of account size in Aggressive mode (vs 100% in Normal). That constraint is the built-in governor. You cannot open a $100K position on a $100K account at 200x. The effective exposure is lower than the headline leverage suggests, but it is still the highest of any firm in this piece by a factor of eight.

The NFT-based reputation layer

Every challenge mints an NFT (the “Carrot FBI” or Funded Bunny Initiative) that stores account size, leverage mode, phase, and profit milestones on-chain. The NFT is tradable on OpenSea. This is not just a gimmick: it creates a portable, on-chain trading record that follows you to any future platform, and it is independently verifiable. No other prop firm currently does this.

Carrot also uses Oasis Network’s ROFL framework to cryptographically verify all evaluation calculations. The idea: the math that decides whether you passed or breached is not just running on Carrot’s server. It runs in a verifiable compute environment that produces cryptographic proofs checkable on-chain.

Where the docs disagree

The homepage meta description says “230+ crypto pairs.” The FAQ says “250+ crypto pairs including 50+ meme coins, 35+ forex pairs.” The homepage body copy says “165+ assets across crypto, forex, and commodities.” Three different numbers, three official sources, same firm. The actual pair list at checkout will have the real answer.

Payouts: 80% split, on-demand, $100 USDC minimum, processed within 24 hours in USDC on Arbitrum. Trading is paused while a payout processes. All breaches are permanent, no resets except on the funded stage (only). Max aggregate funded balance: $200,000.

Address: Bay Square, Building 12, Dubai, UAE (from Trustpilot). No formal registered entity name found. 4.6 Trustpilot rating from 22-24 reviews.

What I found checking every firm’s own docs

The comparison sites ranking for “on-chain prop firms” right now, the onchainprop.wtf and onchainprops.xyz directories, roya-trading.com, propscorer.com, pull numbers from each other and from firm marketing pages without checking whether the numbers hold up. When I went to primary sources, here is what I found that those sites did not catch.

None of this means these firms are scams. It means their documentation is incomplete, inconsistent, or still catching up with their product. That is normal for firms launched in 2026. But the aggregator sites that rank for this keyword right now are presenting those numbers as verified facts, which they are not.

If you are writing about on-chain prop firms, or comparing them before buying a challenge, the rule is the same one it has always been in prop trading: check the primary source yourself.

Which on-chain prop firm should you pick?

This depends on what you actually trade, not on which firm has the best headline number.

If you are new to on-chain prop firms and want to understand the structural differences between firms that actually execute on-chain vs firms that simulate against on-chain data, start with the Hyperliquid prop firms piece and then come back here for the multi-chain comparison.

For the broader prop firm industry context, including why most prop firms operate offshore, how the evaluation-fee business model actually works, and what it takes to launch a prop firm from scratch, the rest of the site covers those angles in depth.