The $10,000 notional account on US stocks
The same account, sold on a different market. Everything on The $10,000 notional account applies unchanged: the $79 entry, the 14 days, the four bars, the $50 and $200 size limits, the $125 daily loss limit, the $250 drawdown, the 90/10 split. This page is only about what is different when the thing you trade is a stock rather than a prediction round.
What you trade
Nine names: SPY, QQQ, AAPL, NVDA, TSLA, MSFT, GOOGL, AMZN, META.
They trade as cash-settled perpetuals on Phoenix, an on-chain order book, and they settle in USDC. A perpetual is a contract that tracks the stock's price and never expires, so there is no round to wait for and nothing resolves: you open a position, the price moves, you close it. The book is quoted around the clock, including outside US market hours, by a market maker, and the price it shows in the middle of the night is a real price you can trade at and not a stale print.
On the funded seat you go long or short, on isolated margin. Each position lives in its own account at the venue with the margin you posted to it and nothing else, so the most a position can lose is that margin. You may carry up to 5x of exposure on the margin you post, and the $50 per-position limit is on the margin, not the notional: the most a position may be worth to you is the most it can lose. An order that would take a position past the seat's bound is refused before anything is spent. Closing a position is never blocked by these rules.
Fortell closes a position for you at 20% of its margin - when 80% of the margin is gone - before Phoenix's own liquidator would touch it. Phoenix sells at market with no fixed fee, so closing first is cheaper for you; the seat's keeper does it at a price bounded a fraction of a percent from the venue's mark, and anyone may. Both numbers, the 5x and the 20%, are written into your seat when it is issued and never change under you.
You can set your own stop-loss and take-profit on a position, in dollars per share, and the position closes at that price without you online: the seat holds the two lines and its keeper - or anyone - closes the position the moment the venue's price reaches one, the same way it closes at the floor, at a price bounded a fraction of a percent from the mark, with no fee to you. A stop has to sit inside the auto-close (a stop the floor would reach first is refused rather than accepted and never fired), a stop goes on the losing side of the price and a take-profit on the winning side, and each position carries at most one of each. A line belongs to the position it was set on: when that position is closed the line is spent, and a new position in the same slot starts with none. If the price reaches your line at a moment the venue has nobody to fill against inside that bound, the position stays open and shows Stop reached · no fill yet (or Take reached); the keeper tries again every few minutes and the line stands until it fills, you move it, or the price moves back off it. The venue's own bracket orders are not used, because only the exchange can fire them and the seat could neither see nor guarantee that.
The challenge's practice board rehearses these names the way the seat trades them: long or short, on isolated margin, up to the same 5x on the margin you post, closed for you at the same 20% floor. The paper position is the seat's child account rehearsed on paper - the same four numbers, read off the same record your challenge was sold under, never typed on a surface - so what you learn on the challenge is the game the seat plays. Where the two still differ is written down below rather than left to be discovered on the seat.
How a paper position works
Open. You post margin to a name (at most $50 to one name, $200 across names) and choose the multiple you carry on it, up to 5x. A $50 position at 5x is $250 of exposure. Long or short. A name holds one position on one side at a time; opening the same side again adds to it, the other side is refused until you close (a seat's child account holds one position). Eight positions at once, the seat's eight accounts.
Price. The open fills at the venue's mark plus the measured half-spread for the name (a short at the mark less it) and pays the venue's 3.5 basis point taker fee on the exposure. The fee is charged beside your margin from the challenge balance; on the seat the venue takes it out of the margin itself, so the seat grades "5x on $50" on $49.91 and sizes the position down by the fee - a nine-cent difference on $250, in the challenge's disfavour, so the rehearsal is not softer than the seat. The paper fee is the venue's published default (350 micro on every equity market, measured), fixed in the software; the funded ticket reads the fee off each market's own order book live. A close fills at the mark less the half-spread (a short at the mark plus it) and pays the fee again.
Equity. A position is worth
margin + unrealised P&Lat the venue's mark, never less than zero - the seat's own formula for a child account. Your challenge equity is your balance plus every open position's equity, and the drawdown and daily rules are measured on it exactly as before. A position whose mark has gone stale is valued at its margin and labelled, never on a guess.Auto-close. When a position's equity reaches 20% of its margin - when 80% of the margin is gone - the engine closes it for you at the venue's mark, whether or not the 20-second hold has passed, exactly as the seat's keeper closes a child at its floor. The screen shows the price at which that happens for every position (
auto-close at $X; a long carrying under 1.25x of its margin has no such price, because it cannot lose 80% of its margin). It fires at the next order you place, the next time your board is read, or the mark loop's sweep, and never on a stale mark: a forced close at an unknown price would be a liquidation at a guess.What a position can lose. Its margin plus the fee that opened it, and not a cent more. A gap past the margin returns nothing rather than owing anything; the seat's child account stops at zero the same way.
Scored. A round trip - open to full close, adds included - is one scored call, decided on the realised result after the spread and both fees. An auto-close is a realised loss and a losing call, counted exactly as the seat's force-close is counted against the seat.
What the seat does that the challenge still does not
The seat's keeper marks every position about once a minute whether or not you are looking; the challenge's floor fires when your board is read, when you place an order, or when the indexer's mark loop sweeps - so an unattended paper position may sit under its floor longer than a funded one would. It cannot lose more than its margin plus fee either way.
The seat takes the fee out of the margin and sizes the position down by it; the challenge charges the fee beside the margin (above).
The seat's forced close is a bounded market order on the real book (one percent from the mark); the paper close is priced at the mark and the measured half-spread, so a real gap through a thin book can fill a seat worse than the challenge would have.
Funding is charged on neither today (it is not charged on the seat's permissionless path), and a paper position held for days is stated as slightly flattered for it, as before.
The reason this venue and not another is the same reason the prediction venue was chosen: a program account can trade it with a single signature and no third party in the loop, and Fortell established that by executing real trades through the seat's own account and inspecting what they required. The same rule from What happens when you pass holds here too: a challenge may only list a stock a funded seat could trade, and the list on your challenge is the list on the seat.
The price you are held to
Every stock has a mark: the venue's own reference price for that name, written on chain with the slot it was written at. Your positions are valued at the mark, your drawdown and your daily limit are computed from it, and your challenge fills are priced off it.
A mark has an age. If the venue's mark for a name is more than 150 slots old, about a minute, that name is stale, and every action that needs a price on it is refused rather than priced on an old number. That includes closing: a close on a stale mark is a close at an unknown price, so it waits for the venue to refresh rather than guessing. Nothing is spent on a refused order. The board shows you each name's mark, its age, and whether it is tradeable right now, and the same rule is applied by the funded seat's program on chain, so the challenge is not softer than the seat.
How a challenge fill is priced
The challenge is paper: no transaction reaches the venue, and there is no order book to walk. So each fill is priced the way a small order on the real book would be:
Open long: the mark, plus the measured half-spread for that name, plus a 3.5 basis point taker fee on the exposure. That is what a buy at the ask costs on Phoenix. Open short: the mark less the half-spread, the same fee.
Close: a long closes at the mark less the half-spread, a short at the mark plus it, less the same fee. Your open positions are valued at the mark itself - the seat's own formula for a child account - and the auto-close price the screen shows is where that value reaches the floor.
The half-spread per name is a measured figure from the live book, a few basis points for each of the nine, and it is fixed in the software rather than re-read from the venue at each fill, so two traders buying the same name at the same mark pay the same price. A round trip therefore costs a little over the spread plus 7 basis points before the stock moves at all, which is what it costs a funded seat on the real book too. A challenge that filled you at the mark for free would be teaching you a game the seat cannot play.
The chart and the day's figures
The line on a stock's chart is made of the marks Fortell actually read. The mark is read from the venue every half minute, and each reading at which the venue had written a new mark becomes a point on the line, stamped with the moment it was read. Nothing is drawn between readings, nothing is estimated for a period Fortell was not reading, and no history is invented for a name before Fortell started reading it: a gap in the readings is a gap in the line. You can view the last hour, four hours, day or week. The last day is kept reading by reading; beyond a day the line keeps one reading per minute, and readings older than seven days are dropped, which is why the week view is the longest one offered.
The day's figures beside the chart, the change over 24 hours with its high, low and the price 24 hours ago, are computed from those same readings. They appear only once a full day of readings exists for that name. A name Fortell began reading two hours ago shows no 24-hour change rather than a two-hour change wearing a day's label, and a name whose readings stopped across the day boundary shows none either. Where a figure is missing, the screen says so; it is never shown as zero.
Two figures a perpetual venue often shows are not shown here at all: a funding rate and open interest. Fortell publishes only what it reads, and it does not read those for these markets today. The session label beside the chart says whether it is US hours, the regular New York session on a weekday, or outside them. It is a note about how thick the book is likely to be, not a door: the venue quotes around the clock and orders are accepted either way.
How stocks are graded
The four bars are the same four, and the money bars need nothing new: profit, drawdown and the daily limit are computed from your own fills exactly as they are on rounds.
What needs a word is the scored call, because on a round it is defined by the round resolving, and a perpetual never does. On this account a scored call is a completed round trip: you opened a position in a name and closed it - or the floor closed it for you. The call's outcome is whether it made money after the spread and the fees; a floor close is a losing call. Each round trip is one call, adds to the position included, and the hold rule still applies to your own close: you cannot close inside 20 seconds of the last fill that raised the position. The floor does not wait for the hold.
The forecast score treats a stock call as a bet at even odds. A round gives the grader a price you paid against a result that was 0 or 1, and your edge on it is the distance between them; a perpetual has no such pair, so the grader scores each trip as a fair coin you called right or wrong. That is deliberately no more generous than the round version: a trader who wins half their trips scores zero edge, and the score is still the lower end of a confidence interval, shrunk when you have few calls.
How hard is this, actually
Not measured. The prediction account's pass rate is derived from a model of the rounds it trades, run tens of thousands of times against the published rules, and The $10,000 notional account states that figure with its resolution. No such model exists for a continuous perpetual on a single-maker book, and running the round model "at a stocks spread" would produce a number about a game nobody is playing. So this page, the tier card, the FAQ and the Academy print the account's terms and no pass rate, and the build refuses a figure on any of them until there is a measurement behind it. When there is one it will appear here, with its resolution, in the same words the other account uses. The practice engine's move to isolated margin (2026-09-20) changes what such a model would have to simulate - long and short, leverage and the auto-close floor, the shape PRE-MAINNET section 0 already names - and not the verdict: the round model was never the instrument, and nothing was regenerated from it.
The funded seat
A pass funds the same $10,000 notional seat, with Fortell's $250 of first-loss cover behind it, and the seat trades the same nine names on the same venue through its own on-chain account. What your challenge enforced in software, the seat's program enforces on chain, with the same numbers: the $50 per-name limit, the $200 open limit, the daily limit, the drawdown floor, the 20-second hold, the 5x bound on a position's margin, the auto-close at 20% of it, and the stale-mark refusal. The seat deposits USDC as collateral at the venue, posts margin from that pool into a position's own account, opens and closes positions signed by the account itself, and brings the margin and the collateral back when it is flat. Anyone can mark a seat against the venue's current price, anyone can close a position that has reached its floor, and a seat that breaches a limit is frozen and its positions closed, exactly as Limits, breaches and payouts describes.
Claiming works as Getting paid says. A claim is refused, by name, when the seat holds no profit above its principal: a seat that has only paid spread and fees has nothing to claim, and the program says so rather than paying out of the cover.