Funded trading desks on Perpl
Trading credit with risk enforced at the order layer.
Stake a small amount, trade it under fixed rules, and graduate to a desk five times larger, funded by a liquidity pool. You trade the pool's credit but can never withdraw it. Every order is checked by the contract, and realized profit above your previous high is paid by the contract.
How it works
Testnet demo cohort: a 2% equity-gain target over at least two completed trades, with no minimum duration. These are the configured qualification rules, not anyone's results. Every step is a contract call you can verify.
- 1
Sign in
Create a passkey account (Mera). No seed phrase, no browser extension.
- 2
Stake
Get test AUSD and a little testnet MON for gas, then open a desk with at least 100 AUSD. The desk opens its own Perpl account.
- 3
Evaluation
Trade BTC or ETH perps on your own stake. Target: +2% equity over at least two closed trades, within the risk limits.
- 4
Graduation
The contract checks the target; anyone can trigger it, usually the keeper. The pool adds credit: a 100 AUSD stake becomes a 500 AUSD desk.
- 5
Funded trading
Same per-order rules, plus pool exposure caps. A credit fee accrues only while a position is open, capped at 25% of your stake.
- 6
Claim
With all positions closed, claim realized profit above your high-water mark. Fees are netted first; you receive 80% of the rest.
If equity falls 6% below where the tier started, or 3% in a day, new risk is refused and anyone can close the desk. Your stake absorbs losses first. The checks run when an order is placed: prices can still move against an open position between orders, and a fast price gap can lose more than your stake. The limits bound the risk; they do not prevent every loss.
Why Monad and Perpl
Each order runs the desk's rule checks, the Perpl fill and a post-fill equity check in one transaction, so a rule can't be skipped by trading somewhere else. That needs an onchain order book with a programmable account interface (Perpl), on a chain where a multi-call trade is cheap (measured on Monad testnet: about 0.07 MON for a guarded relayed trade).
How it differs from a prop-firm evaluation
The qualification rules, the trading limits and the payout split are contract code, not a policy a company applies. The credit sits in the desk's own Perpl account and can only flow back to the pool, so it can be lent without trusting the trader's custody. What it does not have yet: real users, mainnet, or an independent audit.
Verified on Monad testnet
Every item is backed by a transaction receipt, read back on a second, independent RPC.
- Contracts deployedverified
- Bytecode matches the buildverified
- Contract-level risk rejectionverified
- Real Perpl tradesverified
- Contract settlementverified
- Independent RPC verificationverified
- Gasless relayed trades (script and browser)verified
- Earned graduation, keeper-executedverified
Not yet: profit claim (needs genuine profit), mainnet, independent security audit.
Risk rules, enforced at the order layer
The same rules run for every desk. No rule depends on the app or on a reviewer.
- MarketDesk contract
BTC and ETH perps only (allowlisted per cohort)
- Order typeDesk stamp
Immediate-or-cancel or fill-or-kill; nothing rests on the book
- LeverageDesk contract
At most 5.00x per order
- PriceDesk contract
Limit within 50 bps of mark, closes included
- Loss per fillPerpl
50 bps negative-PnL cap stamped into the order
- Risk floorDesk contract (atomic)
6% below tier start equity, re-checked after the fill
- Daily lossDesk contract
3% below equity at the first trade of the UTC day
- ExposurePool contract
Gross notional per market and per desk under pool caps
- Credit feeDesk contract
Accrues only while a position is open; capped at 25% of stake
- PayoutDesk contract
Flat desks only; realized profit above the high-water mark
Labeled demo cohort on testnet: graduation at +2% after two closed trades. Standard cohort: +8%, five trades, 24 hours.
Questions
Is this real money?
No. Imprest runs on Monad testnet with test AUSD and test MON. Nothing is deployed on mainnet.
What is the difference between my stake and the credit?
Your stake is your own AUSD and absorbs losses first. Credit is the pool's AUSD added at graduation. Both sit in your desk's Perpl account and can be traded; only the stake (minus losses and fees) and claimed profit can ever come back to you.
Can I withdraw the credit?
No. The desk contract only sends AUSD to the pool, to you (claimed profit or the final residual), to the protocol treasury, or to a keeper as a one-time capped bounty.
What happens if I lose?
If equity breaches the floor or daily limit, new risk is refused and anyone can close the desk. The pool is repaid first from what remains. A price gap larger than your stake can still cost the pool money; that risk is disclosed, not eliminated.
What are the fees?
On the funded tier, a credit fee accrues only while a position is open, capped at 25% of your stake. Perpl trading fees apply as usual. Profit is split 80% to you, 15% to the pool and 5% to the protocol.
Do I need gas?
Yes, on this site. Transactions are signed by your passkey. Trades go through the hosted relayer, which pays the gas (gasless; you can switch to paying it yourself). Opening a desk, approvals, claims and closing a desk are paid by you with testnet MON from the Monad faucet.
Is there a mobile app?
There is an Expo app with the same screens. It runs in Expo Go, but passkey sign-in inside the app needs a linked domain, so for now sign in on the website in your phone's browser.
Has it been audited?
No independent audit. The contracts have an internal automated review and a red-team test suite; details are on the proof and docs pages.
Contracts
- ImprestPool
- 0x85ff…f457(opens explorer)
- DeskFactory
- 0x1569…c544(opens explorer)
- Perpl exchange
- 0x1964…80cc(opens explorer)
Reproduce
The full contract suite runs against Perpl's own exchange bytecode:
pnpm proof:localLimitations
Testnet only. No independent audit. Profit claims wait for genuine market results. Full list