$999 buy-in for a $100K account with 6% max drawdown at 5x leverage — one bad wick on a 1.2% move against you and the challenge is over. Onchain execution via Hyperliquid at least solves the payout trust problem that's plagued every TradFi prop firm clone in crypto, though challenge fee economics still heavily favor the house regardless. SwissBorg backing (900K+ users, $1.5B AUM) gives them distribution most onchain prop desks will never have — but Hyperliquid's perps book is going to feel it when a wave of funded traders all pile into the same positions.

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