We bought a Bungee Funded Perps Turbo $10K and failed it. What the account showed us about the firm.

The short answer

Bungee Funded Perps is a one-step crypto prop program on simulated accounts, run by the team behind the Bungee bridge, with the most open payout record we have seen at a firm this young: a public list of 210 payouts with their hashes. We bought a Turbo $10K on 22 October 2026 and lost it the next day on the static drawdown — our trade, our error, and the rule did exactly what the rulebook says. Nothing has been paid to us, so our grade is provisional: 78.6/100, #3 of 11 on the grid, “not yet paid to us”. The full scored review lives on the Bungee Funded Perps fiche; this page is the account diary.

1. Who is behind Bungee Funded Perps

The product page sits on bungee.exchange, Bungee’s bridge and swap site. The only legal document we found is Socket’s Terms of Use (last updated 2 March 2026): they name Socket Technologies Limited, a company incorporated in the British Virgin Islands, and describe a cross-chain bridging and routing platform that “does not provide … any regulated financial service”. Those Terms never mention Funded Perps, a challenge or a payout. The rulebook and the FAQ cite “Bungee Funded Perps Terms”; we found no URL for them, and no privacy or refund policy for the product (read 22 October 2026).

The program is young. Bungee’s X account announced it on 24 September 2026 (“Introducing Funded Perps. Invite-only.”), the GitHub repository of the rulebook was created on 22 September, and the first public payout is dated 1 October 2026. The big numbers on the landing page — “$40B+ in volume served”, “150K+ traders served” — are Bungee’s bridge figures, not the prop program’s. For the prop program, the public API counted 941 purchases by 368 buyers on 22 October.

2. The product: twelve challenges, one step

Three tracks, four sizes each, one price, paid once in USDC. No time limit, no minimum trading days, no consistency rule, an 80% split on every track, and a combined cap of $110,000 of active account size per trader, which the checkout applies live.

List prices read in the app and in the public API on 22 October 2026. $5K and $200K sizes were shown “Coming soon”.

3. Simulated accounts, Hyperliquid implicit

The FAQ says it plainly: “Challenge and funded trading both use simulated accounts.” Behind the scenes Bungee “may simulate your trades internally, hedge some or all of the exposure, net exposure across accounts, or execute externally, at its discretion”. No venue is named. The FAQ and the rulebook talk about markets “listed on Hyperliquid” and the market icons come from Hyperliquid’s app, so Hyperliquid is the obvious price source — but the firm never commits to it. Thirty markets: 19 crypto, 6 stocks, 3 commodities, 2 indices. Leverage is fixed per market and cannot be changed: BTC and gold 10×, S&P 500 and Nasdaq 100 20×, ETH 5×, 2× to 3× almost everywhere else. Isolated margin only, one position per market.

4. Our account, trade by trade

Raphael bought the Turbo $10K on 22 October 2026 (list price $45; the price he paid was not read — the app has no purchase history). Turbo means a 9% target, a 3% daily loss and a 3% static drawdown: on $10,000, the account dies at $9,700, whatever happens first.

• HYPE long, 385.17 HYPE at 77.852 ($29,986.25 of notional, 3× fixed), closed 12 seconds later in 6 fills: $-22.52 fees included.
• CL (WTI crude) short, 197.956 CL at 99.723–99.726, about $19,740 of notional at a fixed 2× ($9,870.46 of margin). It went against us. We held it overnight; it was closed on 23 October 2026 at 09:26:29 UTC at 101.11, for $-277.41.

Every fill was charged 1.5 basis points taker — $3.63 on $24,215.25, exactly the published rate. That settles one of Bungee’s own contradictions: its products API carries a field “fee_bps 3.5”, the rulebook, the FAQ and the markets API say 1.5. The fills say 1.5.

5. How it failed — and what the failure proves

After the CL close, the account read $9,687.19 of equity and balance, $-312.81 overall, 12 fills, $99,710.74 of volume. The static floor was $9,700: crossed by $12.81. Status: “Failed · Maximum drawdown breached”. This is our error — a 2× crude-oil short on a Turbo account with 3% of room, held against the move. The rule was published, displayed in dollars on the account, and applied as written.

The same screen proves something more useful. The daily floor shown there is $9,668.04, not $9,700: at the 00:00 UTC reset the app recomputed it as 97% of the settled balance ($9,967.05, funding included), as the rulebook says. Meanwhile the overall floor stayed at $9,700, measured on the starting balance and never trailing. On that day the overall floor was the tighter one, and it is the one that killed the account. The details of both rules are in our Bungee rules guide.

On 23 October 2026 Raphael opened two Turbo $25K (list price $100 each; prices paid not read). On 24 October 2026, one carried a BTC long at a fixed 10× ($99,847.88 of notional, $9,983.91 of margin, floor $24,250), the other was untouched. No pass, no funded account, no payout yet.

6. Payouts: the part Bungee does better than most

Bungee publishes a payout list through its own API: on 22 October 2026, 210 payouts, 156,166.73 USDC to 46 traders, from 1 October 2026, each with its amount, chain, time and transaction hash — 200 on Base, the first 10 on Ethereum. We read three of them directly on a Base RPC (5,936.21, 1,591.23 and 827.80 USDC, sent on 22 October between 11:46 and 11:47 UTC): amounts and times match the API to the second. The payer is a Gnosis Safe with a 1-of-4 signing threshold, holding 27,775.53 USDC at 13:17 UTC that day — a working float, not a reserve. The median time between request and payment over the 210 was about 12.6 hours, against a stated target of one business day.

Rules for getting paid, as the in-app Rules page showed them on 22 October (rulebook v0.5): 80% split, a $50 minimum after the split, at most $20,000 gross per funded account per rolling 24 hours, KYC with Sumsub after the pass. The FAQ said something different that day (per user, “no fixed minimum”); we use the Rules page, which the app treats as the source of truth.

7. Contradictions we found, and how the app settled them

• Payout rule — rulebook: per account, 24 h rolling, $50 minimum; FAQ: per user, shared, no minimum. The app’s Rules page (v0.5) says per account and $50.
• Fees — products API 3.5 bp vs 1.5 bp everywhere else. Our fills: 1.5 bp.
• Leverage — landing “up to 5x” vs Assets page “up to 20x”. The terminal: BTC 10×, S&P 500 and Nasdaq 100 20×.
• Maximum allocation — landing “$100k” vs rulebook $110,000 combined. The checkout enforces $110,000.
• Payment — FAQ “USDC on Base” vs five networks in the checkout (Arbitrum, Base, BNB Chain, Ethereum, Solana), USDC only.
• “Invite-only” — the launch post; in practice the checkout is public and a referral code is required for a first purchase.
• Still open — an “Active days / 30” counter on an account whose rulebook says “no time limit”.

Sources, read 22 October 2026: Rules page, FAQ, rulebook on GitHub, FAQ on GitHub, Bungee’s public API, and our own account.

8. Verdict: 78.6/100, provisional

Sub-scores on our grid: rules 70, payouts 78, survival 64, freedom 62, value 82, Roya’s note 25/25. That puts Bungee #3 of 11. The note of 25/25 is Raphael’s own opinion after using the firm — “hyper transparent”, in his words — and it is the only subjective line of the grid; without it Bungee scores 53.6 on the five documentary criteria. We are Bungee’s affiliate, which is a conflict of interest, and we say so. What would move the grade: our first payout received and readable on-chain, Terms written for the product, and a few more months of the same public payout list. What it already does better than most: a payout registry anyone can audit, the lowest fee we have measured (1.5 bp), and the cheapest price per dollar of account on our grid. What to watch: bots, APIs, HFT and scalping are banned at Bungee’s judgement, and the cheapest track has a 3% static drawdown — the one that got us.

FAQ

Want to try it?

Code ROYA: 10% off every Bungee challenge — read on our referral dashboard and confirmed by Bungee's public code-preview endpoint on 24 October 2026 (Classic 10K: 90 → 81 USDC); not yet confirmed by a third-party purchase.

Step by step, with the cart screenshot: the Bungee promo code page. Read the rules guide before you size your first trade.

18+ only. A prop firm challenge can lose you the full fee, and a passed challenge is no promise of payouts. Bungee’s FAQ says challenge and funded accounts are simulated. Nothing here is investment advice. Sources: our own Bungee account (screenshots and reads, 22 October 2026 and 24 October 2026), Bungee’s Rules page, FAQ, public API and Socket’s Terms of Use, read on 22 October 2026.