Carrot Funding review: rules, prices and payouts
Verdict: The pick if you care about verifiability and roomier limits. The 2-Phase plan allows 5% daily and 10% total loss, fills happen on Hyperliquid's order book and payouts settle in USDC on Arbitrum within 24 hours. In exchange, max loss trails your highest balance, leverage is capped at 5x, the referral discount only covers your first purchase and no legal entity is published.
Best for: Traders who want fills and payouts they can verify on-chain, wider loss limits and no news, weekend or inactivity rules.
Key facts
- Challenge model
- 1-step / 2-step
- Account
- $5K · $10K · $20K · $50K · $100K
- Profit target
- 5%–8%
- Daily loss
- 4%–5%
- Max loss
- 8%–10% · Trailing
- Profit split
- 80%
- Payouts
- On demand, any time you're eligible
- Platform
- Carrot terminal
- Markets
- Crypto, Stocks, Commodities, Indices
- Cheapest entry
- $58.50 · $5K 2-Phase
- Discount code
- PERPSCOPE · 10% off
Verdict
Carrot Funding runs 1-Phase and 2-Phase challenges through its own terminal, with Hyperliquid's on-chain order book as the execution venue. Fees, payouts and vault balances can be checked on-chain.
What works
- Orders execute on Hyperliquid's on-chain order book, and every fill can be checked on the explorer.
- Wide 2-Phase limits of 5% daily and 10% max loss.
- On-demand payouts in USDC on Arbitrum, processed within 24 hours.
- No minimum days, time limit or inactivity rule, and no restrictions on news or weekend holding.
- No markup on Hyperliquid fees or spreads, and no monthly or withdrawal fees.
Watch out for
- Max loss trails your highest balance until the floor reaches the starting balance.
- Leverage is capped at 5x per position, and lower where Hyperliquid caps a market.
- No legal entity or company registration is published on its site.
- The referral discount applies to the first challenge purchase only.
- Breaches are permanent, with no resets.
Challenge rules
| Rule | 2-Phase | 1-Phase |
|---|---|---|
| Phases | 2-step | 1-step |
| Profit target | 5% → 8% | 8% |
| Daily loss | 5% of day-start equity | 4% of day-start equity |
| Max loss | 10% of starting balance | 8% of starting balance |
| Drawdown type | Trailing, stops at starting balance | Trailing, stops at starting balance |
| Minimum trading days | None | None |
| Profit split | 80% | 80% |
| Consistency / best-day rule | None | Best Day Rule: your best day must stay under 50% of total profit (score 50+). Missing it doesn't fail the account, but you need 50+ to request a payout. |
| Account sizes | $5K, $10K, $20K, $50K, $100K | $5K, $10K, $20K, $50K, $100K |
2-Phase: Max loss is balance-based and trails your highest balance until the floor reaches the starting balance.
1-Phase: Max loss is balance-based and trails your highest balance until the floor reaches the starting balance.
- Daily reset
- 00:00 UTC
- Minimum trading days
- None
- Time limit
- None
- Daily loss basis
- A % of equity measured at 00:00 UTC (5% on 2-Phase and 4% on 1-Phase)
- News trading
- Allowed
- Weekend holding
- Allowed (markets trade 24/7)
- Inactivity rule
- None
- Breaches
- Permanent with no resets
- Max funded allocation
- $200K aggregate across funded accounts
Prices with code PERPSCOPE
List price, price after PERPSCOPE (10% off your first challenge purchase (1-Phase or 2-Phase, any size)), and the dollar profit target and max loss for each account.
| Account | List price | With PERPSCOPE | You save | Profit target | Max loss |
|---|---|---|---|---|---|
| $5K | $65 | $58.50 | $6.50 | $250 → $400 | $500 |
| $10K | $119 | $107.10 | $11.90 | $500 → $800 | $1,000 |
| $20K | $239 | $215.10 | $23.90 | $1,000 → $1,600 | $2,000 |
| $50K | $449 | $404.10 | $44.90 | $2,500 → $4,000 | $5,000 |
| $100K | $699 | $629.10 | $69.90 | $5,000 → $8,000 | $10,000 |
| Account | List price | With PERPSCOPE | You save | Profit target | Max loss |
|---|---|---|---|---|---|
| $5K | $75 | $67.50 | $7.50 | $400 | $400 |
| $10K | $129 | $116.10 | $12.90 | $800 | $800 |
| $20K | $249 | $224.10 | $24.90 | $1,600 | $1,600 |
| $50K | $499 | $449.10 | $49.90 | $4,000 | $4,000 |
| $100K | $799 | $719.10 | $79.90 | $8,000 | $8,000 |
Payouts
- Profit split
- 80%
- Frequency
- On demand, any time you're eligible
- Payout minimum
- 100 USDC per request (the full available amount, no partial payouts)
- Payout method
- USDC on Arbitrum to a verified wallet. Bank transfer is listed as coming soon.
- Processing
- Processed within 24 hours
- Max funded allocation
- $200,000
- Close every position and pending order before requesting.
- Trading pauses while a payout processes. Afterwards, both loss limits reset to their original values.
- 1-Phase accounts need a Best Day Score of 50 or higher to request a payout.
Platform and markets
Carrot runs its own terminal, and the firm says orders execute on Hyperliquid's on-chain order book. Every fill can be checked on the Hyperliquid explorer.
- Platform
- Carrot terminal · Orders execute on-chain
- Price / execution venues
- Hyperliquid
- Markets
- Crypto, Stocks, Commodities, Indices. 175+ perpetual markets. Stocks, indices and commodities trade as 24/7 perpetuals on Hyperliquid.
- Leverage
- Up to 5x per position, or lower where Hyperliquid caps a market below 5x.
Trading costs
- Trading fees
- Hyperliquid's volume-tiered maker/taker fees with no markup
- Funding rates
- Charged or credited on open positions, as on Hyperliquid
- Other fees
- No monthly, platform, data, inactivity or withdrawal fees
Company
- Legal entity
- Not published
- Website
- carrotfunding.io
Describes itself as the first DeFi-native prop firm. 50% of every evaluation fee goes into an on-chain vault on rethink.finance that backs funded accounts and payouts, and each challenge is minted as an NFT.
Frequently asked questions
Who owns Carrot Funding?
Carrot Funding does not publish a legal entity on its site. Describes itself as the first DeFi-native prop firm. 50% of every evaluation fee goes into an on-chain vault on rethink.finance that backs funded accounts and payouts, and each challenge is minted as an NFT.
What is the Carrot Funding profit split?
80% to the trader on funded accounts.
What is the max drawdown at Carrot Funding?
Max loss by plan, as a share of the starting balance: 2-Phase 10% (trailing), 1-Phase 8% (trailing). The daily loss limit is 4%–5%.
Does Carrot Funding have minimum trading days or a time limit?
There is no minimum number of trading days. There is no time limit on the evaluation.
How do Carrot Funding payouts work?
On demand, any time you're eligible. Minimum: 100 USDC per request (the full available amount, no partial payouts) Paid via USDC on Arbitrum to a verified wallet. Bank transfer is listed as coming soon. Processed within 24 hours.
Which platform does Carrot Funding use?
Carrot runs its own terminal, and the firm says orders execute on Hyperliquid's on-chain order book. Every fill can be checked on the Hyperliquid explorer.
Is there a Carrot Funding discount code?
Yes. Code PERPSCOPE gives 10% off your first challenge purchase (1-Phase or 2-Phase, any size). Verified October 11, 2026.
Does PERPSCOPE work on every Carrot Funding purchase?
No. It's a referral code, and Carrot Funding gives 10% off your first challenge purchase. Later purchases are charged list price.
Where do Carrot Funding trades execute?
In Carrot's own terminal. The firm says orders execute on Hyperliquid's on-chain central limit order book, so every fill can be verified on the Hyperliquid explorer.
How does Carrot Funding pay out?
On demand in USDC on Arbitrum, processed within 24 hours, with a 100 USDC minimum and an 80% profit split.
Sources
Every figure on this page comes from the firm's official site and checkout, last checked October 11, 2026. Terms change, so the checkout total is final.