Decentralized prop firms ranked by on-chain reserves (2026)

Propr has the larger readable figure on our latest reads: Propr $1,025,662.96 USDC across three public wallets (read 4 October 2026 at 02:43 UTC), Hypernova $360,302.43 in USDC on Arbitrum (read 6 October 2026). They differ in kind: Hypernova's sits in one vault its payouts draw from and has been readable since August 2026; Propr's is a first reading on plain wallets, with about half of it Hyperliquid margin for open hedges. Neither is the only readable one, and that is partly a correction of ours from 10 September 2026: Carrot Funding publishes a named address table in its GitBook, and its Vault Custody Contract on HyperEVM is a Safe we read at about $15,016 in the Felix/Morpho USDC vault plus $98 on HyperCore, with funds stated to be mid-migration from Arbitrum — a partial picture, but a readable one, and we had wrongly written that it could not be located. Of the 10 firms we track, the rest publish nothing verifiable at all.

Yes, if the firm publishes the address — that is the entire point of an on-chain reserve. Paste it into a block explorer like Arbiscan and read the USDC balance; no account, no permission, no trust required. Hypernova's reserve wallet is 0x43c5f0a81d538a527dbf35d27faa583ac7fada07 on Arbitrum. If a firm claims a reserve but won't give you an address, treat the claim as marketing.

Yes, since 3 October 2026. Since 3 October 2026 Propr publishes a Proof of Reserve across three public wallets (cold and hot reserve on Ethereum, margin on Hyperliquid); we read them ourselves on 4 October 2026 at 02:43 UTC: $1,025,662.96 USDC of stablecoin, plus $76,715.38 of perps account value under open hedges. It is a balance read at one moment, on plain externally-owned wallets, with about half of it Hyperliquid margin that moves with open hedges — a snapshot, not a guarantee. Propr also publishes its payout addresses on Ethereum, so every payout is verifiable by transaction hash: we verified one first-hand, 119.79 USDC received in our own wallet on 31 July 2026.

No — and since 9 September 2026 that is a first-hand finding rather than a documentary one. HyperPNL's docs promise a payout reserve that is public on-chain and name three contracts — Payment Router, Payout Treasury, Data Recorder — but not one address is published anywhere: not on the site, not in the GitBook, not in the Terms of Use readable once logged in, not in the app's JavaScript bundle. On 9 September 2026 we bought a 1-Step Flex $5,000 evaluation there for $42, funded it in USDC on Arbitrum, traded it the same day, and traced the payment end to end from a public RPC. The only on-chain event is a deposit into RelayDepository, the deposit contract of the third-party bridging protocol Relay; the $42 was then debited off-chain in HyperPNL's internal ledger, with no Payment Router transaction, no allocation to a Payout Treasury, no revenue split and no referral commission. We are not saying those contracts do not exist; we are saying that for the part of the chain we control there is nothing to verify, while the homepage sells "Everyone can see everything on-chain". The same docs also state that "Trading is handled off-chain for performance and scalability", with only fund routing and result anchoring on-chain. So there is no number to report in the table above: you cannot check a balance you are never told where to find.

Yes — and this answer is a correction of ours, published on 10 September 2026. For a few hours this page said no. That was a reading failure on our side, not a gap on Carrot's. Its GitBook publishes a full address table with named roles: Vault Custody Contract, Vault Integrations, a 2-of-4 payout multisig, and the EOA that executes the payouts. Having finally read that page we checked it the same day: the Vault Custody Contract on HyperEVM is a Safe holding about $15,016 in the Felix/Morpho USDC vault, plus $98 on HyperCore. Two limits on how far that reading goes. First, Carrot states its funds are mid-migration from Arbitrum to HyperEVM, so what you can read is one contract on one chain on one day, not everything the firm holds. Second, do not compare it to the $788,521 of "funding capital" on Carrot's Analytics page: the firm told us that figure is an internal risk metric — the capital still free before it stops taking on new funded traders — which is a different quantity from a reserve balance. The payout side is verifiable too: the four payout hashes Carrot publishes are genuine USDC transfers on Arbitrum (733.22 · 384.38 · 399.24 · 799.41), checked one by one. Reading an address table is not a solvency guarantee — no page here is — but publishing which address does what, by name, is more than most of this category offers.

Because a readable reserve is the one claim that cannot be faked and cannot be un-published gracefully. Once the address is public, anyone can watch the balance every day — including the day it goes to zero. Most firms that call themselves on-chain settle payouts on-chain but keep their solvency off-chain. As of 6 October 2026, 2 of the 10 firms we track accept that scrutiny at scale — Hypernova, and since 3 October 2026 Propr — and one other publishes a named custody address you can read, Carrot Funding, whose Safe we read at about $15,016 on 10 September 2026 while its funds migrate from Arbitrum to HyperEVM.