What a funded account is
A prop firm gives a trader capital and keeps a share of the profit. Access usually comes after an evaluation: hit a profit target without breaching a daily loss limit or a maximum drawdown. On Hyperliquid the firm typically issues a subaccount or an API-restricted wallet, so the positions are visible on-chain even when the capital is not the trader’s own.
The rules that end most evaluations
Two limits do the damage. The daily loss limit is measured from the day’s starting equity, so an early drawdown shrinks the room for the rest of the session. The maximum drawdown often trails the highest equity reached, which means a good run raises the floor a trader then has to defend. Funding costs and fees count against both, and on perps those accrue every hour whether the position moves or not.
How to check a funded track record
A screenshot of a payout proves nothing. A Hyperliquid wallet address does: open positions, leverage against account value, realised PnL, how long positions are held, and whether the equity curve came from consistent sizing or from one oversized bet that happened to work. All of it is public.
Before you pay an evaluation fee
Check that the firm actually trades on Hyperliquid rather than a demo environment, that the payout terms name the profit split and the payout schedule, and that the drawdown rule is stated as either static or trailing. Then read the numbers of any wallet they show you.