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Markets & instruments

Ultraprop evaluations are traded on crypto perpetual futures. You get a broad catalog, real market prices, and the same per-market constraints a live venue would apply, because the goal is for your evaluation to behave exactly like the real thing.

What you can trade

The catalog mirrors the Hyperliquid perpetuals universe, on the order of ~180 active markets. BTC, ETH, and SOL are front and center, and the full list loads into the market browser: majors, mid-caps, and the k-prefixed small-caps (kPEPE, kSHIB, kBONK, priced per 1,000 tokens).

You can go long or short on any listed market. Browse markets from the cockpit or the markets page, and deep-link straight into a position with a symbol and a side.

Leverage

Leverage is capped two ways, and the lower of the two always applies:

  • Your tier cap: Starter 10×, Basic and Pro 8×. See Tiers.
  • The market's own max: each market has its own ceiling, from 3× on the thinnest markets up to 40× on the deepest. A 40×-capable market still tops out at your tier cap.

So a Pro trader (8× tier cap) on a market that allows 40× is held to 8×; on a market that allows only 3×, they're held to 3×.

Margin modes

Both cross and isolated margin are supported:

  • Isolated: margin is confined to the single position; its liquidation is independent of the rest of your account.
  • Cross: positions share account margin.

A handful of markets force isolated margin; the cockpit shows which mode applies and the resulting liquidation price before you open.

Funding and fees

Perpetuals carry funding (a periodic payment between longs and shorts that keeps the perp tethered to the underlying) and a taker fee on each fill. Both are modeled against your notional balance:

  • Funding accrues to open perp positions on the venue's cadence.
  • Taker fee is charged on every fill (and on every bracket that closes a position). The reference taker rate is 0.045%.

How these combine into your fill price is broken out in The fill & slippage model.

Prices are live, not synthetic

Market prices come from live mainnet sources, not a testnet feed or a random walk. Your fill is built from the live mark price at the moment you submit. If the price feed goes stale, trading is paused rather than filled against a bad number. See Prices & oracles.