On the surface these two look like twins: both are on-chain prop firms, both pay an 80% split in USDC, both settle in under 24 hours, both cap funded capital at $200,000, and both let you verify the money flow on a block explorer. But once you lift the hood, Propr.xyz and Carrot Funding are built on completely different engines — and that engine difference decides who each one is actually for. I run my own challenges and my own bot on Propr, so I'll be upfront about my bias and just as upfront about the things Carrot does genuinely well.
The short answer
Carrot Funding is the verifiable, multi-asset, trade-by-hand firm. It runs on Arbitrum through Gains Network's gTrade, gives you crypto, forex, commodities and stocks from one terminal, offers leverage up to 200x, asks for no KYC, and proves every rule calculation cryptographically. Propr is the deep-liquidity, automation-friendly firm. It runs on Hyperliquid's real perps orderbook, ships a public API, allows bots and copy trading, and offers a static-drawdown format that's far kinder to a systematic strategy. If you trade discretionarily and want maximum on-chain verifiability, Carrot is a legitimate pick. If you automate — or want a fixed drawdown floor and real orderbook depth — it's Propr.
Two verifiable firms, two very different engines
Carrot Funding bet on transparency-as-a-product, and that bet is real. Execution routes through gTrade by Gains Network on Arbitrum — synthetic leveraged trading priced by Chainlink oracles, so there are no scam wicks and zero price impact on BTC and ETH. Every challenge is minted as an NFT that stores your performance on-chain, 50% of each evaluation fee flows into a verifiable vault, and Oasis Network's ROFL layer re-checks every daily-loss, drawdown and payout calculation and proves it cryptographically. Carrot even labels each funded trader A-book or B-book on the dashboard. For a trader who's been burned by opaque firms, that's a genuinely strong pitch — I walk through the details in my full Carrot Funding review.
Propr.xyz bet on Hyperliquid — the venue with the deepest on-chain perps liquidity in 2026. It's a SwissBorg-backed firm with five account sizes (5K / 10K / 25K / 50K / 100K), published fees ($60–$999 for 1-Step, $50–$749 for 2-Step), and a rulebook (v1.0.2) that spells out every limit: 1-Step with a 10% target, 3% fixed daily loss and a 6% static drawdown; 2-Step with 5% then 10% targets, 5% fixed daily loss and an 8% trailing drawdown. Payouts are USDC on-chain — $50 minimum, processed within 24 hours and about 5 hours on average per the public transparency page. Bots and copy trading are explicitly allowed, the REST API with Python/JS SDKs is official infrastructure, KYC only kicks in at funded, and the funded cap is $200K. Leverage is 5x on BTC/ETH, 2x on other crypto, 4x on stocks and commodities.
Head to head: the numbers
- Chain & engine: Carrot — Arbitrum, gTrade synthetic perps, Chainlink-oracle pricing · Propr — Hyperliquid native perps orderbook.
- Profit split: both 80% trader / 20% firm.
- Account sizes: Carrot — $5K / $10K / $20K / $50K / $100K · Propr — $5K / $10K / $25K / $50K / $100K. Funded cap $200K aggregate on both.
- Formats: Carrot — 1-Phase (8% target, 4% daily, 8% max loss + Best Day Rule) / 2-Phase (5% then 8%, 5% daily, 10% max loss) · Propr — 1-Step (10% target, 3% daily, 6% static DD) / 2-Step (5% then 10%, 5% daily, 8% trailing DD).
- Drawdown type: Carrot — trailing on both formats (locks at start) · Propr — static 6% on 1-Step, trailing 8% on 2-Step.
- Fees: Carrot — 2-Phase $65–$699, 1-Phase $75–$799 · Propr — 2-Step $50–$749, 1-Step $60–$999.
- Leverage: Carrot — 5x normal, up to 200x aggressive (2-Phase, on 10% collateral) · Propr — 5x BTC/ETH, 2x alts, 4x stocks/commodities.
- Markets: Carrot — 250+ crypto (50+ memecoins), 35+ forex, commodities, stocks/indices · Propr — Hyperliquid crypto perps plus stocks/commodities.
- Payouts: both USDC on-chain, <24h. Min: Carrot 100 USDC · Propr $50 (~5h average, published).
- Automation: Carrot — bans automated/AI tooling, copy trading and third-party access; no public API · Propr — bots, copy trading and a public REST API/SDKs explicitly allowed.
- KYC & extras: Carrot — no KYC documented, NFT proof-of-skill, ROFL-verified rules, A/B booking labeled · Propr — KYC at funded, SwissBorg-backed, public payout transparency. Both have airdrop points.
What Carrot Funding genuinely gets right
An honest comparison gives Carrot its due, and it earns four real points. First, verifiability: between ROFL-proven rule math, on-chain reserves, A/B labels and NFT performance records, it's arguably the most auditable firm in the category — if "don't trust, verify" is your whole reason for going on-chain, Carrot leans into it harder than anyone. Second, market breadth: 250+ crypto pairs including 50+ memecoins, plus forex, commodities and stocks from one terminal, beats Propr's crypto-centric lineup if you want to trade macro or FX alongside coins. Third, leverage ceiling: an Aggressive mode up to 200x is there if you want it (capped to 10% collateral, which quietly limits the damage). Fourth, no KYC: you sign up with a wallet, Google or email and start — more permissionless than Propr's KYC-at-funded step. If on-chain verifiability is what drew you to this category, both firms qualify, and I rank the whole field in my decentralized prop firm guide.
The caveats mirror the strengths. gTrade is synthetic: you're trading oracle-priced positions, not filling against a real orderbook, and Carrot's hybrid model means a funded order can be B-booked (held against the firm's own risk) — disclosed and on-chain, but still a different animal from Hyperliquid's live book. It's also newer, with a thinner public track record, and its minimum payout (100 USDC) is double Propr's. None of that is disqualifying — it's just the trade-off for the synthetic, multi-asset design.
Where Propr wins: automation, depth and a static floor
Three things decide it for how I trade. First, automation. This is the clean dividing line: Carrot's rulebook bans "automated software, high-frequency trading systems, AI-driven tools, or mass order entry systems," its FAQ forbids copy trading outright, and accounts are personal-use-only with no third-party access — and there's no public API anyway. Propr does the exact opposite, which is the whole reason Bubbles can run a disciplined DCA strategy with hard guardrails on your own Propr account, non-custodial, through the official Propr API. If you care which firms actually permit bots, I keep a running breakdown in best prop firm for trading bots & API.
Second, real orderbook depth. Hyperliquid's perps book lets a systematic strategy scale in and out on majors without slippage eating the edge — that matters more to a bot than a higher leverage number on a synthetic venue. Third, a static-drawdown option. Carrot trails the max loss on both of its formats; Propr's 1-Step gives you a fixed 6% floor that never moves, which is dramatically easier to encode as a hard stop and far harder to breach while you're still green. I broke down why that single rule decides most challenges in trailing vs static drawdown, and the format math in my 1-Step vs 2-Step breakdown. Add the lower $50 minimum payout, the published ~5h average speed and SwissBorg backing, and Propr is the firm I trust with my own money — the long version is in my Propr.xyz review.
The drawdown rules, side by side
Drawdown is where these firms feel most different in practice. Carrot measures Max Loss from your high-water-mark balance — 10% on the 2-Phase, 8% on the 1-Phase — trailing upward as you profit and locking once it clears your starting balance, with a daily loss (5% / 4%) recalculated each day at 00:00 UTC on your equity. It's a coherent, modern ruleset, but it's trailing, so early in a run you can give back gains and breach while still net-positive. Propr's 2-Step behaves similarly (8% trailing, locking at start), but Propr's 1-Step is the outlier: a 6% static floor under your starting balance that simply doesn't move. For a bot — or any trader who hates getting breached in profit — that fixed line is the safer foundation, and it's why I default to the 1-Step for automation. Carrot's 1-Phase adds a Best Day Rule (no single day above 50% of profits) that the Propr formats don't impose.
The verdict
Pick Carrot Funding if you're a discretionary trader who wants the most verifiable rule engine in the category, a true multi-asset terminal (crypto, forex, commodities, stocks), the option of very high leverage and a no-KYC, NFT-native experience. It's a real, transparency-first firm — just go in knowing it's synthetic gTrade execution, a no-bot rulebook and a shorter track record.
Pick Propr if you want Hyperliquid's real orderbook depth, a static drawdown option, a lower minimum payout and the right to automate or copy-trade. It's the firm I run my own money and my own bot on, and my overall #1 in the best decentralized prop firms ranking. You can create your Propr.xyz account here — through that link you get 5% USDC cashback on your challenge fee, which takes a $50 2-Step down to $47.50 net. Prefer another matchup? See Propr vs Solana Funded.
FAQ — Propr vs Carrot Funding
What's the main difference between Propr and Carrot Funding?+
The engine under the hood. Propr.xyz settles on Hyperliquid, the deepest on-chain perps venue, with a real orderbook, a documented rulebook and a public API. Carrot Funding settles on Arbitrum through gTrade by Gains Network — synthetic leveraged trading priced from Chainlink oracles, with an NFT-based account and a hybrid A/B-booking model. Both pay an 80% split in USDC and both are verifiable on-chain; the split that matters most is real orderbook fills plus automation (Propr) versus oracle-priced synthetic markets plus a strict no-bot rule (Carrot).
Do Propr and Carrot Funding have the same profit split?+
Yes — both pay funded traders 80% of net profits and keep 20%. On the headline economics they're close: both cap funded capital at $200,000 aggregate, both pay USDC on-chain within 24 hours, and both have no time limit. The differences are in the minimum payout ($50 on Propr vs 100 USDC on Carrot), the published payout speed (Propr averages about 5 hours), and everything around automation and execution.
Can I run a trading bot on Carrot Funding?+
No — that's the decisive split for systematic traders. Carrot's rulebook lists 'automated software, high-frequency trading systems, AI-driven tools, or mass order entry systems' under forbidden practices, its FAQ explicitly forbids copy trading, and accounts are 'personal use only' with no third-party access permitted. There's also no public trading API. Propr is the opposite: bots and copy trading are explicitly allowed and it ships an official REST API with Python/JS SDKs — which is exactly what Bubbles runs on.
Which has the safer drawdown rule?+
Propr, if you want a fixed floor. Carrot uses a trailing Max Loss on both formats — 10% (2-Phase) or 8% (1-Phase) measured from your high-water-mark balance, locking once it passes your starting balance. Propr's 1-Step instead uses a 6% static drawdown: a fixed line under your starting balance that never moves. A static floor is far easier to automate and harder to breach while you're in profit. Propr's 2-Step uses an 8% trailing drawdown similar in spirit to Carrot's.
Is Carrot Funding legit?+
It looks like a real, transparency-first firm: execution runs through gTrade with Chainlink oracle pricing, payouts and reserves are verifiable on Arbiscan, evaluation logic is checked by Oasis Network's ROFL layer, and each account is an on-chain NFT. It's newer and smaller (Trustpilot 4.6 from a couple dozen reviews as of mid-2026), so it has a shorter public track record than SwissBorg-backed Propr. Always verify current terms on its own rulebook before paying.
Which should I pick in 2026?+
Pick Carrot Funding if you want a multi-asset terminal (crypto, forex, commodities, stocks via gTrade), the option of very high leverage, no-KYC sign-up and a cryptographically verifiable rule engine — and you trade fully by hand. Pick Propr if you want Hyperliquid's real orderbook depth, a static-drawdown option, a lower minimum payout, and the right to automate or copy-trade with a bot. I trade systematically, so it's Propr — and it's the firm Bubbles is built on.
Trade the one you can automate.
Bubbles runs a DCA bot with hard guardrails on your own Propr account through the official API — non-custodial, set up from Telegram in 3 minutes.
Launch BubblesNot on Propr yet? Create your Propr.xyz account with 5% USDC cashback on your challenge fee.
⚠️ Trading carries risk. Propr figures come from the official rulebook (v1.0.2); Carrot Funding figures come from its official rulebook and FAQ as of June 2026 — terms can change, so verify both on each firm's own site before paying any fee. This article is informational, contains affiliate links, and is not investment advice. Only trade what you can afford to lose.