♠️ Spadez ♠️

❇️ On-chain prop firms: the full map (and what you can still farm) ❇️ Prop firms are the next meta after the perp DEX airdrop wave Here's every on-chain one worth knowing, green and red flags, and where points are still cheap 👇 Cheap challenge → If you pass, you get free-ish leverage → regardless of whether you pass or not, you (generally) get points (airdrop?) It's still trading, and many will lose money here, but at least they'll lose less than with regular perp DEXs TL;DR → Farm now: Propr, Iceberg → Fool around: Hypernova, Carrot → Watch: HyperPNL → Token already live: Vanta 1️⃣ @ProprXYZ Current market leader, funded accounts up to $300k, you keep 80% of the profits, built on @HyperliquidX with 150+ perps (also equities, FX, and commodities) Their revenues are just crazy: $1.6M in September alone, with almost a 50% increase from August, and they paid out more than $1M to traders That's ~$20M annualized revenues here + a $1M+ in USDC payout reserves across 3 verifiable public wallets REF → app.propr.xyz/r/FWE4KF54 🟢 Revenues are real, full transparency on dashboards and payouts, most liquid community out there 🔴 Of course, it's the most crowded one if you're going in just for farming, but there's still time till the airdrop, and making points is not much harder than in its early days (yet) Still very much worth farming, with the airdrop not too far from here (team set specific milestones to decide TGE date) 2️⃣ @HypernovaX Biggest challenger to Propr, with a $3M pre-seed led by Lemniscap Some numbers: $617k paid in September, settled on average within 6s Bonus point here: Connect your Hyperliquid account, and you can get 10-80% off on challenge prices REF → hn.xyz/r/ozh858 🟢 2nd biggest name, with the lowest prices if you get a good discount 🔴 No confirmed token, no points Despite the red flag, many rumors are saying it WILL have a token, and they ARE collecting activity data, so who knows Worth at least using it a bit, just to avoid regrets + they have the October Funded Trader Cup with $5k USDC in prizes and a $500k+ in assessment accounts (invites only so far) 3️⃣ @Icebergdotcash @Pasta_Capital is part of the team here, and I'm going to be proud of my country once in a while 🍝 Unique prop firm with no-challenges options and no KYC for the payouts (If you're a good trader, this is free leverage) 👇 Pay ~$330 to trade with $10k, with a daily breach at $300 and a total breach at $600 And they've also just went live with the classic evaluation accounts, cheaper then the rest of prop firms in this list They've made $25k+ in revenue in a single week and have already shipped $4k+ in instant payouts to traders (initial payout pool was $30k to give an idea) → nitter.gq/Icebergdotcash/status/… REF → iceberg.cash/?ref=91675E2700… 🟢 Different from every other name in the list, and working well so far 🔴 No mention of tokens, we don't know if the points will get us an airdrop, and they're still on testing grounds for long-term sustainability I'd use it regardless right now and accrue points + they're about to launch a banger feature this week 👀 4️⃣ @VantaTrading This is an absolutely huge one, with lots of liquidity for traders (up to $1M in funding and $750k+ paid to traders) This one is different in the sense that they have an already live token, the SN8 (Subnet of $TAO) Vanta token You can get your payouts in either that or USDC on Base 🟢 Another unique model + SN8 chart is gorgeous, and every connection to Bittensor is bullish in my eyes 🔴 Token is already live, if you just want exposure, you can technically buy it (although you have to pass through TAO) Definitely worth keeping an eye on and studying if a direct buy of SN8 is more worth the hassle They also might add instant funded accounts 👀 5️⃣ @carrotfunding Funded up to $100k, less known one but still relevant One nice extra here is that the points also pay weekly revenue distributions to the top 10 point earners of the week = Points + Yield 🟢 Real yield on top of everything and much less crowded (if you have size) 🔴 Smaller community, smaller cap compared to other $300K funded accounts, and will likely have a lower valuation I'd prioritize it less than the rest of the list, but it's still worth checking out and trying, at the very least, the real yield is noice 6️⃣ @HyperPNL Weird one I don't know too much about They claim to be the first onchain prop firm, which I'm not too sure of, as I'm pretty sure Propr was here first 🟡 They claim to be the first, but are they really? 🔴 Very small prop firm, no public points and no token mentions I'd keep an eye on it, but I have to research better before trying this out and spending money/time on it ▶️ Wrap-up If I had to use only one, I'd go with Propr right now: points aren't too hard to accrue, the platform is well honed, and TGE shouldn't be far Once that's done, I'd move to Iceberg But if liquidity blesses me well enough, I'll obviously use more of them at once: Propr, Iceberg, Hypernova in primis, Carrot right after just to be sure (Thanks to @onchain_props for the constant stream of news on prop firms and @LekimXBT's post where I discovered Hypernova 🙏)

So... @Enter_Elysium? I'm seeing mixed feelings on CT about it Some old butt-hurt about $KNTQ's airdrop, some new butt-hurt about the supposed MEV farming on early bridgooors But also people hyped for stuff building on it Should I just punt some random shitter on FOMO?

Back from slumber, what did I miss? - ICE and @tradexyz picked @HyperliquidX to run perps for US traders - @extendedapp closed its points programme at ~4.2857 $XTEN per point - $NVDA's CEO side affair sent us to the netherworld and $BTC briefly fell below $74K GM ♠️

Thanks god Octover is truly over with today Did you enjoy the pumps? At least $HYPE and the $XTEN pre-markets are both up

Did I miss anything? SAFU in DEX points $XTEN

Wtf, did Jeff announce the @HyperliquidX S3?

It's impossible not to be bullish on $HYPE literally every market condition @krakenfx to become the first CFTC-regulated deployer on HIP3 $HYPE is about to conquer the US

Ayyyyy $XTEN about to do an X10

Something new landed on @Lighter_xyz just today 👀 $XTEN's pre-market with 5x leverage, already $235k in volumes Keep in mind that this is not the @extendedapp point value Every point is worth ~4.28 $XTEN tokens, meaning Lighter is currently pricing a ~$300M FDV

Seems like people managed to use AI to create entire prop firms (fake ones, of course) Quick guide on how to ensure you're not getting scammed + updates from the onchain props space + a new tool to keep track of everything ❗ Is Perpify a scam project? I first came to this because of a @MattLeech post (from MyFundedPerps), who is technically a competitor, but then many more posts appeared on my TL Basically boiling down to: - Retroactive rule changes to deny payouts - No transparency on payouts and users DYOR before being sure of this, but I'd stick with the main platforms that ensure transparency anyway 👇 🟢 @ProprXYZ - $3M paid since April It got listed on Prop Firm Match, which claims that a third of Propr's users are AI agents - They also added new rules this weekend: banning hedging against positions on other venues and high-risk, hard-to-replicate LTF bot strategies 🟢 @Icebergdotcash - $35k paid in the first month Still relatively small, but it's only the first month and the pool has already doubled in size 💹 🟢 @HypernovaX - 90% split add-on They have a new look, lifetime payout cards on the homepage, and a 20.8% pass rate 🟢 @VantaTrading - $930k paid, $1.3M backing onchain They've expanded quite a bit with API trading for bots, $100k accounts discounted until the end of the month and up to 10x promotions for accounts ($100k → $1M) Only dubious point here is that part of the payout reserves are paid with token emissions (Sustainable?) 🟢 @MyFundedPerps - $1M+ paid out And half of it was paid out in a single week + they had a fee-halving add-on and 35% off if you switch from another firm ⚪ @VestExchange - $50k accounts with no daily loss limit (only max drawdown) They have both instant and evaluated accounts, but I'm still DYORing this one since there's some drama going around 🟡 @cashedfun - $125k paid in one week Banned a wave of cheaters, launched an auto-approving payout vault, and added a 0.04% fee on trades closed within a 0.1% move to stop latency arbitrage Still rough around the edges, but who knows how it will evolve in time 🟡 @BungeeExchange - $158k paid in under a month Every payout was shipped within 24h, which isn't bad, but it's also nothing crazy compared to other props with sub10-second times They have interesting Founding Trader programs though, with $10M Founding Trader programs each for HYPE, ZEC and NEAR traders 🔧 @FundedMatchxyz A new tool to check them all Just released two days ago, this compares firms, tracks cashback, verifies payout reserves Being this new, I'd still take it with a pinch of salt, but useful nonetheless 🆕 Next names to DYOR @sizedotclub - @hyper_stack - @foxifytrade

Another week has passed, and $BTC is still holding the $80k line (for now), who got liquidated? Quick week recap: - @extendedapp announced the ticker name $XTEN and some preliminary tokenomics, TGE in November - @papertrade_xyz's meteoric rise was followed by a meteoric dump in metrics - BTC's quick dip below $80k caused $820M in liquidations - Starknet lost 75% of its TVL - OIL reached a 5-month high

As a huge $XTEN bull, the variational vs extended difference boils down to two things: - CT mindshare placing $VAR on a pedestal, similarly to $HYPE, basically nothing they do can harm the opinion now - points program's length: extended "delayed" thrice vs variational delaying only once while still having a program that will last in total less (if they launch in 2026) Anyway, sentiment in crypto shifts like the winds, and half of the people bearish on extended before, were super bullish at first, and will be bullish again as soon as a tge date is confirmed

Me when @extendedapp publishes something new We have a name ladies 'n gentlemen $XTEN

After the perp DEX race settles down, the next two new narratives will be props and options Who's fighting the Options War before it goes mainstream? 👇 ▶️ @DeriveXYZ / $DRV, which you might have heard of because of the turbo-pump $14.2B traded this year (75% of the total market) with ~$1B in the first week of October alone ▶️ @Lighter_xyz / $LIT just launched its binary options as 15-minute $BTC / $ETH up/down contracts They're already planning for full European options, sharing margin with perps ▶️ @variational_io / $VAR? Pro is coming for options and structured products, with insti-grade quality That's scheduled for 2027 though ▶️ Other perps? @HyperliquidX's obviously the main candidate, Jeff wants to house all of finance after all, and one of the future HIPs will inevitably bring options in I also have a feeling that @extendedapp will expand to options and leverage its European market dominance for it Before Hyperliquid and its airdrop, perps were relegated as something only CEXs could do → Then we thought $HYPE was the only possible exception to the dominance, before other perps came with points and volumes exploded If protocols start incentivizing onchain options, we'll see another Cambrian explosion of new onchain primitives and protocols (and maybe airdrop farming gains? 👀 )

With @extendedapp migrating from @Starknet to @arc, the former had an instant bleed of $100M+ in TVL ~75% of the total Last time a big TVL dip happened, price followed Short $STRK?

Very rich people work a lot usually, unless they're heir or shit like that Broke people also work a lot to have enough money to pay rent, food, school for children and medical expenses I'd flip the chart around, but making the poor side much larger and the rich side tiny

I've been replaying all the metroid games + the ones I hadn't played yet in anticipation for Ravenous I'm still missing Other M, Metroid II, Samus Return, and Federation Force (lol) I can confirm the best one so far is without a doubt Metroid Pinball

More than $62M in revenue was made on @papertrade_xyz in the first 12 days Yesterday it made ~$177k A 99% drop from launch day, the kind you'd expect from a ponzi like it, maybe a bit sooner than I thought Is $PAPER never coming? Is the protocol doomed? All the answers you're looking for are (not) below 👇 🧻 Launched on 10/10 as a nudge to Crypto's biggest liquidation day 🧻 And to be truthful to their launching ethos, it seems like they're liquidating all of their users and probably never giving them anything for it TL;DR → Synthetic $BTC / $ETH perps on HyperEVM, up to 1000x lev priced off @HyperliquidX's order book, losses mint PAPER tokens that can be staked for USDC rewards (no VCs, no Airdrops, no team allocation) They managed to make more than $678B in (synthetic) volume on day 1 with a whopping $25M in revenue For its first couple of days, it surpassed Hyperliquid in daily revenue, entering top 3, with super-early PAPER minters recovering the losses right away By Oct 15, it had surpassed $1.1T in (synthetic) volume 🧻 Oct 19, the team announces a slight tiny weeny change 🧻 PAPER stays non-transferable because someone could short the token and attack the pool at the same time (if pool goes down, winning traders can't get paid) Plus, they change the mint curve to be about 0.1% of supply every $1M lost, with hard dilution to early users (these few whales were the only small fraction of users not at a loss) Does it make sense overall as a change? Mayyyybe, but that's completely different from what was told and promised to the community, which went hard on willing losses to mint paper to stake it AND trade it at TGE 🧻 Current situation 🧻 The team hasn't cancelled the transferability of PAPER, but it has postponed it indefinitely to when the revenue and pool are strong enough to support it This requires a constant influx of deposits and volume, and traders not winning too much, draining the reserves As it stands, volume and deposits are crashing to the ground due to PAPER possibly never launching + turbo-dilution making the USDC rewards 50% less enticing every new day This might be dying a quick death soon 🧻 What next? 🧻 Papertrade wasn't a bad idea, I liked it I still like it! Execution might have been subpar, though, and this communication by the team + current metrics drop might be the final nail in the coffin If you managed to farm a lot in the first hours of launch (I couldn't), you probably recovered everything already and are at worst going to get a low, free yield from now on But from now on, the casino is out of gamblers, and I don't see how this recovers without a hard change to what they're offering

I'm fiending for Tokenomics and TGE info like every other xPoint holder out there BUT I'm more bullish than I ever was on @extendedapp now that they have @circle's full backing 👀 Reminder of how much the points might be worth at different FDVs 👇

Do you hate leverage and miss the old days of investing in a good alt in spot to hold it for months at least? $PEAR is live on @HyperliquidX Spot and is only $25M MC Live for ages and still one of the best protocols built on top of Hyperliquid Pair Trading rules 🍐