Propr: assets are delisted below $1M open interest / $500K daily volume, and a delisted market goes reduce-only — stated by the CEO on X, absent from the rulebook

Before (propr.xyz/rules §13 “Tradeable Markets”, header badge “v1.0”, read 18 September 2026): The public rulebook describes the tradeable catalogue as simply following Hyperliquid. §13 “Tradeable Markets”: “Propr operates on Hyperliquid. All perpetual futures contracts available on Hyperliquid are eligible for trading on Propr accounts, including crypto, equities, and commodities perpetuals, subject to the leverage limits above. The exact list of available pairs and instruments is determined by Hyperliquid's listed markets and may change as new markets are added or removed. A current list is always available on the Propr dashboard.” No liquidity threshold, no delisting criterion, and no mention of what happens to a position held in a market that disappears. After (x.com/louisregis/status/2100443189341516276 (17 September 2026 04:34 UTC), read 18 September 2026; propr.xyz/rules re-read in full the same morning ~03:30 UTC, read 18 September 2026): On 17 September 2026 at 04:34 UTC, answering a trader who had asked publicly on 15 September “One Question Why @ProprXYZ Keep delisting Crypto Coins ?”, Propr's founder wrote: “Assets are listed/delisted dynamically based on: - $1m in open interest - $500k in daily volume. Once delisted, the market is in reduce-only mode.” 456 views, 14 likes and one reply (“Thanks for clarification:)”) at our read. That is the entire public statement of the criterion. We then re-read propr.xyz/rules IN FULL the next morning, ~03:30 UTC on 18 September 2026: 33,633 characters, twenty numbered sections, and the strings “delist”, “reduce-only” and “open interest” appear ZERO times. §13 is unchanged and still attributes the catalogue to Hyperliquid's own listings. So the criterion is announced but not documented: two thresholds and a position-level consequence that a buyer cannot find in the rules they agree to. What it changes: Two practical consequences. First, your catalogue is filtered twice: by what Hyperliquid lists, and then by Propr's own liquidity floor of $1M open interest and $500K daily volume — the rulebook only tells you about the first filter. Second, and this is the one that costs money: if a market you hold falls below that floor, it goes reduce-only, meaning you can close and only close — no adding, no reversing, no re-entering after you exit. On a funded account whose drawdown is measured against a balance you have to defend, that removes your ability to manage the position on your own terms, and it is triggered by the market's liquidity rather than by anything you did. None of this is unreasonable risk management — a dried-up perp is a genuine hazard, and $1M/$500K is not a harsh bar. The finding is narrower: a criterion disclosed in a reply to one trader is not a published rule, it can move tomorrow with no changelog, and anyone who bought a challenge last week has no way of knowing it exists. If you run a Propr funded account on a small-cap perp, watch open interest and 24h volume on Hyperliquid itself, where both are public per market.