Crypto prop firm

Carrot Funding

Hyperliquid-based perps prop firm with 1-Phase and 2-Phase evaluations from $5K to $100K and USDC payouts.

Founded: 2025 (1 year)
Headquarters: United Arab Emirates
CEO: Alex Masten
Max funding: $200K
Profit split: Up to 80%
Programs: 2-step, 1-step

NewsAllowed
EAsAllowed with limits
CopyNot stated
OvernightAllowed
WeekendAllowed

Overview

Carrot Funding (carrotfunding.io) is a crypto prop firm run by CTECHNOLOGIES GAMING DEVELOPMENT - FZCO, a company registered in the UAE. Its co-founder and CEO, Alex Masten, opened public access in May 2026 after a closed beta that the firm says lasted more than a year. Traders take a 2-Phase or 1-Phase evaluation in sizes from $5K to $100K in Carrot's own terminal, which runs on the Hyperliquid order book and lists 175+ perpetual markets in crypto, commodities, stocks and indices at up to 5x leverage. Each challenge is minted as an NFT. The maximum loss trails the highest balance until it reaches the starting balance, funded traders keep 80% of profit, and payouts are made on demand in USDC on Arbitrum.

What you trade: Crypto perpetuals: Crypto, Commodities, Stocks, Indices, Forex
Broker or liquidity provider: Hyperliquid (order book and prices; A-booked funded trades are routed there through Carrot's vault)
Featured challenge: 2-Phase Challenge, $100K for $699
Accounts on offer: 10 across 2 programs

PropFirmly score

4.5/10

Trader reputation 25%: 5.2; Trustpilot 4.7 from 26 reviews.
Track record 20%: 1.3; 1 year in operation.
Payout terms 20%: 5.0; Profit split up to 80%.
Pricing 15%: 5.0; Featured challenge costs about the same than the crypto median per $100K.
Rule flexibility 12%: 8.0; News, EAs, copy trading, overnight and weekend holding.
Platform choice 8%: 2.5; 1 trading platform.

Weights and formulas are on the methodology page.

Carrot Funding challenges

All 10 account options. Prices are list prices before discounts, in the currency Carrot Funding charges.

SizeStepsSort

Challenges 10

How we check and rank firmsChecked 25 October 2026

Carrot Funding challenges
	Steps	Profit target	Daily loss	Max loss	Loss type			Payouts			Buy
$5K	2 Steps2-Phase Challenge	5%8%	5%	10%	Balance trailing	1.30	80%	On demand	$1,300	$65	Buy
$5K	1 Step1-Phase Challenge	8%	4%	8%	Balance trailing	1.00	80%	On demand	$1,500	$75	Buy
$10K	2 Steps2-Phase Challenge	5%8%	5%	10%	Balance trailing	1.30	80%	On demand	$1,190	$119	Buy
$10K	1 Step1-Phase Challenge	8%	4%	8%	Balance trailing	1.00	80%	On demand	$1,290	$129	Buy
$20K	2 Steps2-Phase Challenge	5%8%	5%	10%	Balance trailing	1.30	80%	On demand	$1,195	$239	Buy
$20K	1 Step1-Phase Challenge	8%	4%	8%	Balance trailing	1.00	80%	On demand	$1,245	$249	Buy
$50K	2 Steps2-Phase Challenge	5%8%	5%	10%	Balance trailing	1.30	80%	On demand	$898	$449	Buy
$50K	1 Step1-Phase Challenge	8%	4%	8%	Balance trailing	1.00	80%	On demand	$998	$499	Buy
$100K	2 Steps2-Phase Challenge	5%8%	5%	10%	Balance trailing	1.30	80%	On demand	$699	$699	Buy
$100K	1 Step1-Phase Challenge	8%	4%	8%	Balance trailing	1.00	80%	On demand	$799	$799	Buy

Target ÷ loss is the total profit target divided by the max loss limit. Lower means less profit is needed for each unit of risk. Prices are list prices; "Apply discount" takes off the firm's current public code, which may not cover every program. Per $100K converts EUR and GBP at a fixed rate for ranking only. Buy links go to the firm's site; some are affiliate links (PropFirmly may earn a commission).

2-Phase Challenge

2-step

Account sizes: $5K to $100K
Price: $65 to $699
Drawdown: Balance trailing
Profit split: 80%
Payouts: On demand
Minimum trading days: None
Time limit: None
Fee refunded: No

Payouts: on demand once the funded account can pay out at least 100 USDC, with all positions and orders closed. Each request takes the full available amount and is paid within 24 hours in USDC on Arbitrum.
Phase 1 (Evaluation) needs 5% and Phase 2 (Verification) needs 8%, both measured from the starting balance; the rulebook gives $105,000 and $108,000 as the passing balances on a $100K account.
The 5% daily loss is set each day at 00:00 UTC from the account's equity at that time. The 10% maximum loss trails the highest closed balance and stops trailing once the floor reaches the starting balance.
Both limits carry over unchanged to the funded account, which has no profit target.
The homepage's step-by-step text mentions an 8% maximum loss for 2-Phase, but its price cards, the rulebook and the FAQ all give 10%.
Account balances are in USDC; prices are charged in US dollars. The fee is not refunded once the account is activated.

1-Phase Challenge

1-step

Account sizes: $5K to $100K
Price: $75 to $799
Drawdown: Balance trailing
Profit split: 80%
Payouts: On demand
Minimum trading days: None
Time limit: None
Fee refunded: No

Payouts: on demand under the same terms as 2-Phase, but the Best Day Score must also be 50 or higher before a request.
A Best Day Score below 50 does not fail the account; the trader keeps trading until the best day falls under half of total profit.
The 4% daily loss is set each day at 00:00 UTC from equity. The 8% maximum loss trails the highest closed balance until it reaches the starting balance.
The FAQ and the rulebook's summary table give a 10% maximum loss once funded, while the rulebook's funded-account table says the limit stays the same as in the evaluation.
Shown as a new challenge on the homepage.
Account balances are in USDC; prices are charged in US dollars. The fee is not refunded once the account is activated.

Trading rules

What Carrot Funding lets you do on its accounts, taken from its rules and FAQ pages.

News trading
Allowed
The rulebook has no news rule, and the FAQ says trading through news events is not restricted.
Expert advisors
Allowed with limits
Automated software, high-frequency systems and mass order entry that give an unfair advantage or depart from normal trading are forbidden; automation is not banned outright.
Copy trading
Not stated
Overnight holding
Allowed
Weekend holding
Allowed
Hyperliquid markets trade 24/7, and the rulebook has no weekend rule.

Rules to read before you buy

A breach of either loss limit is final: positions are closed and the account ends, with no resets.
Extreme overleverage, one-sided exposure without risk controls, account flipping and sudden jumps in position size compared with past trading are prohibited.
Exploiting platform bugs, feed errors or delays, and collusion or coordinated trading across related accounts, are prohibited.
Accounts are for personal use only; trading for someone else or giving a third party access ends the account and forfeits payouts.
Funded balances are capped at $200,000 per trader in total. There is no cap on challenges, and passed challenges above the cap wait in a queue until funded balance frees up.
Funded trades are either routed to Hyperliquid through Carrot's vault (A-book) or booked internally (B-book) at the firm's discretion, and the dashboard labels each one.
Each challenge is an NFT. Transferring it to another wallet ends the seller's access and resets the challenge to the evaluation stage.
Profit targets count closed trades only, and all positions must be closed before a phase is passed.
There are no minimum trading days, time limits, stop-loss requirements or risk-per-trade limits.
No list of restricted countries is published; the terms bar use from jurisdictions where the service is prohibited, including through VPNs.
Funded accounts are opened after a compliance review that usually takes 1–2 business days.

Inactivity: No inactivity rule.

How the drawdown works

Balance trailing (2-Phase Challenge, 1-Phase Challenge): The loss limit rises with your closed balance as you make profit, so it follows your gains.

Consistency rules

2-Phase Challenge: None
1-Phase Challenge: Best Day Rule in evaluation and funded stages: the best day must be under 50% of total profit

Leverage and fees

Leverage

Carrot Funding leverage
Crypto, commodities, stocks and indices	Up to 5x per position, or the lower Hyperliquid maximum for that market

Commissions

Carrot Funding commissions
All perpetuals	Hyperliquid maker/taker fees passed through without markup: 0.045% taker and 0.015% maker at the base tier
Funding	Hyperliquid funding payments are debited or credited on open positions and count toward the loss limits

Payouts

Full Carrot Funding payout guide

Profit split: 80% on both challenge types, with no published increases.
How often: On demand, processed within 24 hours. The terms and conditions separately say payouts are processed no more than once a week.
First payout: Any time after the funded account is active, once profit covers a 100 USDC payout (about 125 USDC of profit at 80%). 1-Phase accounts also need a Best Day Score of 50 or more.
Minimum withdrawal: 100 USDC.

Payouts are sent in USDC on Arbitrum to the trader's wallet; bank transfer is listed as coming soon.
All positions and orders must be closed, and the docs ask traders to wait 15 minutes after the last trade before requesting. Partial payouts are not allowed.
Trading is disabled while a payout is processed; afterwards both loss limits reset to their original levels.
Carrot charges no withdrawal, platform or monthly fees.
Half of every evaluation fee goes into an on-chain vault that backs funded accounts and payouts. An August 2026 blog post says the vault is moving from Arbitrum to HyperEVM.

Ways to get paid

Crypto

Platforms and payments

Trading platforms

In-house platform

Markets

Crypto
Commodities
Stocks
Indices
Forex

Pay for a challenge with

Crypto
Credit or debit card
Apple Pay
Google Pay

Who can sign up

Carrot Funding accepts traders from the United States. It does not publish a separate list of restricted countries beyond standard sanctions screening.

Compare Carrot Funding

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Sources

We checked these pages on or before 25 October 2026. Firms change their terms often, so confirm the details on Carrot Funding's site before you pay.

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Carrot Funding questions

How much does a Carrot Funding challenge cost?

List prices run from $65 for the $5K 2-Phase Challenge account to $799 for the $100K 1-Phase Challenge account, before any discount.

What profit split does Carrot Funding pay?

80% on both challenge types, with no published increases.. The highest split across its programs is 80%.

How often does Carrot Funding pay out?

On demand, processed within 24 hours. The terms and conditions separately say payouts are processed no more than once a week.. First payout: Any time after the funded account is active, once profit covers a 100 USDC payout (about 125 USDC of profit at 80%). 1-Phase accounts also need a Best Day Score of 50 or more..

Does Carrot Funding allow news trading?

Allowed. The rulebook has no news rule, and the FAQ says trading through news events is not restricted.

Can I use expert advisors (EAs) with Carrot Funding?

Allowed with limits. Automated software, high-frequency systems and mass order entry that give an unfair advantage or depart from normal trading are forbidden; automation is not banned outright.

Does Carrot Funding accept traders from the United States?

Yes. Carrot Funding's terms allow US residents to sign up.

Which platforms can I trade on with Carrot Funding?

In-house platform.

How long has Carrot Funding been operating?

Carrot Funding was founded in 2025 and is based in United Arab Emirates. Its CEO is Alex Masten.

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Last checked 25 October 2026.