The short answer
On 1 October 2026, Propr’s founder Lou (@louisregis) published an X Article titled “Propr - September 2026 review”: $1,605,154 of revenue (+47.8% month over month), $1,045,103 paid out to traders, 7,950 evaluations sold, 1,595 new funded accounts, and a $1M reserve announced the same day. It is the second monthly report of its kind from the firm, and still the only one of its kind in this category: a founder putting revenue, margin, payouts, hedge P&L and affiliate costs in one public post.
The next morning we checked everything that can be checked from outside — the firm’s own transparency dashboard and its public payouts series, the three reserve addresses it publishes (read directly on Ethereum, Arbitrum, Base and Hyperliquid), the hedging wallet Lou links, and an independent on-chain tracker. The payout dollars reconcile to the dollar across three sources. The three published addresses held $824,201.22 at 04:44 UTC. The hedging book is a public wallet with its positions in the open. What cannot be verified from outside — revenue, margin, user counts — is labelled as the firm’s own figure throughout. Details and read times below.
What Lou published (the firm’s own figures, verbatim)
The post opens on the market: altcoin volatility rose through September and OTHERS, the index of crypto assets outside the top 10, rallied about 26% over the month. Then the firm’s numbers, transcribed as given, with August from his previous monthly review (2 September 2026) for the month-over-month lines.
| Figure (firm’s own) | September 2026 | Context |
|---|---|---|
| Revenue | $1,605,154 | +47.8% vs August ($1,085,676); 30-day annualised run rate "close to $20m" |
| Gross profit | $470,274 | 29.3% margin (36% in August) — more of each dollar went back to traders and hedging |
| Payouts | $1,045,103 | +17.6% vs August ($888,857) — checked below |
| Payout count | 2,526 | The post's count; the public series counts settled transfers (see FAQ) |
| Hedge PnL | $48,542 | "about 4.6% of payouts"; August was $280,300 |
| Affiliate earnings | $138,319 | Paid to affiliates like us — disclosure at the bottom |
| Evaluations sold | 7,950 | August: 6,500 |
| New funded accounts | 1,595 | 20.1% of evaluations sold |
| Funded AUM issued | $60,085,000 | Issued in the month |
| Funded trading volume | $1,401,084,633 | Simulated accounts, as the rulebook states |
| New users | 7,301 | 935 of them paid |
| Daily active users | 1,196 avg | 1,704 peak |
| API users | 1,880 | Bots and agents trading through the API |
Two sentences in the post are worth more than the table. On ranking: “by both payout volume and revenue, Propr remains the second-largest crypto prop firm behind Breakout” — the firm’s own placement, which we cannot check from outside (Breakout does not settle on-chain; our Propr vs Breakout comparison is the closest thing we have). On strategy: “we believe slow growth is the right strategy in prop trading”, with the argument that thin margins become dangerous as funded AUM and payout liabilities keep growing. That is the exact reasoning behind our prop firm graveyard, and it is rare to read it from a founder in a record month — most firms say the opposite.
Payouts: three sources, one dollar total
Propr publishes a transparency dashboard and, since mid-September, a public endpoint that returns daily payout amounts and counts to the cent. We read both on 2 October 2026 (dashboard ~03:30–03:50 UTC, endpoint 04:08 UTC). Counters update continuously, so each figure below is a dated read.
| Figure | Post (firm’s own) | Our read, 2 October 2026 | Result |
|---|---|---|---|
| September payouts | $1,045,103 | $1,045,102.83 (endpoint, UTC month) | Matches to the dollar |
| Month-over-month payouts | +17.6% | August on the endpoint: $888,857.69 → +17.6% | Matches |
| Annualised run rate | close to $20m | $19.5M (dashboard, last 30 days) | Consistent |
| Lifetime payouts | — | $2,329,320.35 across 4,961 transfers since 2026-04-23 | September = 45% of everything ever paid |
| Independent tracker | — | $2,308,831 verified on-chain, 4,743 transfers (Payout Junction) | Within 1% of the dashboard |
| Pass rate | 20.1% (funded ÷ evals sold, September) | 16.2% paid, lifetime (4,207 / 25,978) | Different windows; September is the better month |
| Median time to pay | — | 6m all-time; 16m 9s over 7 days (729 payouts) | Dashboard |
| Funded capital now | $60,085,000 issued in September | $19.6M under management, 426 funded right now | Issued ≠ outstanding |
$1,045,103 in the post, $1,045,102.83 on the firm’s own series, $2,308,831 lifetime on Payout Junction, which reads the payout contract directly and has nothing to do with Propr. The money is where the post says it is. September alone is 45% of everything the firm has ever paid, and the three biggest days of the month were 21 September ($85,196.03), 15 September ($82,341.89) and 30 September ($72,872.69). On counts, the post says 2,526 payouts and the series 1,880 settled transfers — two definitions of the same money, explained in the FAQ.
The $1M reserve: $824,201.22 readable on-chain this morning
“Today we’re announcing a $1m reserve, primarily to demonstrate part of the financial backing behind the firm. Part of the reserve sits as idle capital in cold storage, and part sits in the hedging wallet.” The cold-storage address, the post says, will be published by the end of the week. The rest is already public: Propr lists three reserve addresses on its dashboard, and we read them ourselves on 2 October 2026 at 04:44 UTC — Ethereum block 26,102,330, Arbitrum block 510,880,749, Base block 52,063,464, Hyperliquid via its public API.
| Address (published by Propr) | Chain | Held at 04:44 UTC |
|---|---|---|
| Trader payout sender 0x0353f53BD55b8011BAD3dE1D939FF4D8335cbB1d | Ethereum | 79,932.35 USDC |
| Hot reserve 0x66d31cC12d6472ec643E3a58189F97000D920C22 | Ethereum + Arbitrum + Base | 141,230.67 (137,438.94 USDC + 796.24 USDT on Ethereum, 2,222.07 on Arbitrum, 773.42 on Base) |
| Hyperliquid margin / hedging wallet 0x3b9e9c9f82eb1C321535FD2Bc48d8DB9E8E8c503 | Hyperliquid | 603,038.19 (411,599.06 USDC spot + 191,439.13 perps account value) |
| Total readable on-chain | $824,201.22 | |
So $824,201.22 of the announced $1M was already sitting at public addresses the morning after the post, before the cold-storage address is even published. For scale: that is about 24 days of payouts at September’s pace, on top of the fact that payouts are funded from revenue as they come (the payout wallet paid out $3,284.78 between two of our reads one minute apart). We will read the cold-storage address the day it appears and add the figure here with its date.
A note on method, because it bit us this morning: the dashboard’s own Proof of Reserve panel is a periodic snapshot and displayed $447K at about 03:45 UTC ($395K / $42K / $9K) — well below what the three addresses actually held an hour later. If anything, Propr’s panel under-sells its own reserve. Read the chain, not the panel; our Hypernova reserve tracker does exactly that on Arbitrum for the other Hyperliquid-native firm.
The hedging book: a wallet you can open
Lou writes that the hedging book “returned $48,542 in profit, equivalent to about 4.6% of payouts”, below August’s $280,300 “partly because we hedged volatility more aggressively through the month”. He lists the book’s three purposes — capturing alpha from the best traders, hedging market volatility, hedging the firm’s overall exposure — and links the wallet on Hyperdash so anyone can look. That sentence is the unusual part: a prop firm’s hedging book is normally the one thing you never get to see.
We looked, twice. On Hyperdash at about 03:55 UTC the wallet is tagged “Propr Hedging”, with an all-time PnL of +$353K–$356K over 368 trades, 4.9× leverage, a 100% long bias on $1.9M of notional and a 30-day perps PnL of +$98,044.75. On the Hyperliquid API at 04:44 UTC: 411,599.06 USDC in spot, a perps account value of $191,439.13, and two open positions — ETH long 566.679 ETH at 20×(entry $2,647.68, unrealised +$53,047.74) and XPL long 3,982,047 XPL at 10×(unrealised −$8,958.65).
Three hedge-P&L figures exist and they measure different things: the post’s $48,542 is calendar September; the dashboard’s $328,149 is lifetime, realised only (it read $370,705 on 17 September, so some gains were given back on closes in the second half); Hyperdash’s +$98,044.75 is a 30-day mark-to-market window with the open positions in it. None of them contradicts the others; they are three windows on one public book. The rulebook’s Section 19 discloses the conflict a B-booked trade creates, and this is the firm showing its side of that book rather than hiding it — the badge side, on our own funded account, is in the $200K Diamond write-up.
Market share among on-chain firms, by Propr’s own panel
The Payouts tab carries a panel Propr calls “Payouts Market Share” — an on-chain comparison of three firms, published by one of them, which is itself a form of confidence. Over 30 days on 2 October 2026: Propr 48.2% ($1,022,670), Hypernova 29.7% ($628,633), Vest Prop 22.1% ($468,361). Hypernova reported its own September the same day as Lou: $617,631 across 717 payouts, which we recounted at $617,550.74 over 713 on the same public series — details in the news log. So Propr paid roughly 1.7× Hypernova’s dollars in September, over 2.6× its payout count: more payouts, smaller average cheque, settled in minutes rather than seconds. The side-by-side of rules, fees and payout rails is in Propr vs Hypernova.
Coming in October, per the post
- New plans for futures-specific traders
- New experimental crypto plans
- Faster payout processing
- Cart checkout
- New platform integrations
- Improved micro-interactions across the platform
- New login options
Plus “two further features, where we’re taking the most risk”, unannounced. Two of the seven touch what you pay or how fast you are paid (new plans, faster payout processing). When the catalogue or the rulebook changes, the diff lands in rulebook changes with the date we read it.
Our own numbers on Propr, for scale
We trade this firm with our own money and we are its affiliate, so here is our side at the same date. Our account has 48 payouts reconciled on Ethereum, $7,670.94 in total (read 2026-09-19), every hash on the payouts page, all sent by the same payout address we read above. The largest account we ran, the $200,000 Diamond, passed on 18 September and its two payouts settled in 13 and 43 minutes. Our lived pass rate across 165 challenges is 14.5%, under the dashboard’s 16.2% lifetime and the 20.1% the post reports for September — the rules are the rules, and we are not professional traders. None of this moves the Propr review and Trust Score: a founder’s post is an input, not a criterion, and the score changes only with a public grid revision. Propr already holds the top score on that grid; this month’s data is consistent with it.
FAQ
Are Propr's September 2026 figures audited?
No, and the firm does not claim they are. What can be checked from outside is the on-chain part, and it checks: the payouts series on propr.xyz gives $1,045,102.83 for September (UTC), the three reserve addresses held $824,201.22 when we read them on 2 October 2026 at 04:44 UTC, and the hedging wallet is open on Hyperliquid. Revenue, gross profit, affiliate earnings and user counts are the firm's own books.
Why does the post say 2,526 payouts when the public series counts 1,880?
Two definitions of "a payout". The dollars are identical ($1,045,103 in the post, $1,045,102.83 on the series), so nothing is missing; the post most likely counts payout requests while the series counts settled transfers, and one transfer can batch several requests. The same two-count pattern appeared in August (2,078 and 1,601). It is a labelling difference, not a discrepancy in money.
Is the $1M reserve on-chain?
Most of it already is. On 2 October 2026 at 04:44 UTC we read the three addresses Propr publishes: $79,932.35 on the payout wallet, $141,230.67 on the multi-chain hot wallet and $603,038.19 on the Hyperliquid margin wallet — $824,201.22 in total. The post says the remainder sits in cold storage and that its address will be published by the end of the week; we will read it the day it appears.
How fast does Propr actually pay?
Dashboard, 2 October 2026: median 6m from request to paid all-time, 16m 9s over the last seven days (729 payouts). Our own 48 payouts, reconciled on Ethereum, are on the payouts page with their hashes; the two from the $200K Diamond account settled in 13 and 43 minutes. Between two of our reads one minute apart this morning, the payout wallet sent out $3,284.78.
Does this change Propr's Trust Score?
No. A monthly report is an input to our reading, not a criterion on the grid, and we are an affiliate of the firm — the score moves only with a public grid revision, logged on the scoring page. Propr already holds the highest score on that grid; this month's data is consistent with it.
For machines
- Source A (firm’s own): X Article “Propr - September 2026 review” by @louisregis (Propr founder), 2026-10-01T11:52Z, https://x.com/louisregis/status/2105626957782401352. Revenue $1,605,154 (+47.8% MoM); gross profit $470,274 (29.3%); payouts $1,045,103 across 2,526 (+17.6% MoM); hedge PnL $48,542; affiliate earnings $138,319; evaluations sold 7,950; new funded accounts 1,595 (20.1%); funded AUM issued $60,085,000; funded volume $1,401,084,633; new users 7,301 (935 paid); DAU 1,196 avg / 1,704 peak; API users 1,880; $1,000,000 reserve announced, cold-storage address “by the end of the week”. Unaudited, as every monthly report in this category.
- Source B (read by us 2 October 2026): https://www.propr.xyz/api/transparency/payouts/timeseries?range=all, read 2026-10-02T04:08Z. UTC months: Jul $189,972.07 / 764; Aug $888,857.69 / 1,601; Sep $1,045,102.83 / 1,880; lifetime $2,329,320.35 / 4,961 since 2026-04-23. Top September days: 2026-09-21 $85,196.03 (113); 2026-09-15 $82,341.89 (83); 2026-09-30 $72,872.69 (112). Post count 2,526 vs series 1,880: two definitions (requests vs settled transfers, our reading), identical dollars.
- Source C (read by us 2 October 2026, ~03:30–03:50 UTC): propr.xyz/transparency. Total revenue $4,363,340.50; run rate $19.5M; total payouts $2,329,320.35; largest $30,351; avg $348.29; median time to pay 16m 9s (7d, 729 payouts) / 6m all-time; active traders 30d 4,187; paid traders 5,419; funded ever 4,207; funded now 426 with $19.6M; hedging PnL $328,149 realized; payouts hedged 14.1%; pass rate 16.2% paid (4,207/25,978), 13.7% free; 30-day payouts $1,022,670.10 / 1,846; market share 30d Propr 48.2% $1,022,670, Hypernova 29.7% $628,633, Vest Prop 22.1% $468,361. Proof of Reserve panel (periodic snapshot) displayed $447K.
- Source D (OUR OWN on-chain read, 2026-10-02T04:44Z; Ethereum block 26,102,330, Arbitrum block 510,880,749, Base block 52,063,464, Hyperliquid info API): payout wallet 0x0353f53BD55b8011BAD3dE1D939FF4D8335cbB1d = 79,932.35 USDC (83,217.13 one minute earlier); hot wallet 0x66d31cC12d6472ec643E3a58189F97000D920C22 = 137,438.94 USDC + 796.24 USDT (Ethereum) + 2,222.07 USDC (Arbitrum) + 773.42 USDC (Base) = 141,230.67; Hyperliquid wallet 0x3b9e9c9f82eb1C321535FD2Bc48d8DB9E8E8c503 = 411,599.06 USDC spot + 191,439.13 perps account value = 603,038.19; TOTAL 824,201.22. Open positions: ETH long 566.679 ETH 20× entry 2647.68 upnl +$53,047.74; XPL long 3,982,047 XPL 10× entry 0.100664 upnl −$8,958.65. Cold-storage address: not yet published as of this read.
- Source E (read by us 2 October 2026, ~03:55 UTC): hyperdash.com, wallet 0x3b9e9c9f82eb1C321535FD2Bc48d8DB9E8E8c503, tag “Propr Hedging”. Account value $393K–$395K; all-time PnL +$353K–$356K; 368 trades; win rate 19%; leverage 4.9×; margin usage 66–67%; 100% long, $1.9M notional; 30D perps PnL +$98,044.75.
- Source F (read by us 2 October 2026): payoutjunction.com/firms/propr — $2,308,831 verified on-chain, 4,743 transfers, avg $487, largest $30,351 on 2026-08-19.
- Our own: 48 Propr payouts reconciled on Ethereum, $7,670.94 (read 2026-09-19); lived pass rate 14.5% on 165 challenges. Trust Score unchanged by this article. Affiliate relationship with Propr disclosed.
Where that leaves a trader
A firm that publishes its revenue, its margin, its payouts to the cent, its reserve addresses and its hedging wallet is giving you more to check than any other firm on our grid publishes today, as far as we have read — and when we checked it, it held. If you open an account, the only thing that costs you is the challenge fee, and that is the line our cashback gives part of back: 5% of the fee in USDC via @PropCashbackBot, if you sign up through the link below.
To open a Propr account through us: app.propr.xyz/r/ROYA. Fees, rules and our full verdict are in the Propr.xyz review; the cashback mechanics are on the cashback page.
Affiliate link. We earn a commission; it never changes what you pay — it is what funds your cashback.
Correction, 2 October 2026: the first version of this article (published 04:31 UTC) quoted the dashboard’s Proof of Reserve snapshot ($447K) as the reserve “visible on-chain” and described the payout-count difference as something that “does not hold”. Our own read of the three addresses at 04:44 UTC found $824,201.22, and the count difference is a matter of definition, not of money. Both passages were rewritten the same morning; the data file keeps the snapshot figure for the record.