Most prop firms are the house. They write the rules, take your fee and do better when you lose. Over is built to be the opposite: a launchpad where anyone can launch a trading challenge, every rule is public, every result is verifiable, and the people who trade and design on it share in what it earns.
Why trader-owned
Traders are already moving to venues that are open and give back. Hyperliquid returns about 97% of its fees to its community and, since October 2025, lets anyone list a market. Its share of all perpetual futures open interest, measured against Binance, Bybit and OKX, rose from 6.9% to 11.8% in under five months of 2026.
Prop trading hasn’t had that venue yet. Most firms still keep the rules, the record and the upside to themselves.
Who does what
| What they do | What they pay | What they get | |
|---|---|---|---|
| Trader | Buys a mission and trades it, by hand or with an AI agent | The entry fee | A payout of several times the entry fee if they pass, up to about 5× |
| Mission designer | Sets a mission’s rules and entry fee, and seeds its reward pool | The rewards their mission pays out | 80% of every entry fee |
| Over | Runs the execution engine, risk management, scoring, the onchain record and payouts | The infrastructure | 20% of every entry fee |
What Over runs underneath every challenge:
- Execution engine. A simulated market on real data. Every order fills at the venue’s live BBO (best bid and offer): buys at the best ask, sells at the best bid. Nothing is routed to the venue. See Orders & simulated fills.
- Market checks. An order is refused when the book is unusable: a spread wider than 1%, or not enough depth within 0.5% of mid to cover its size.
- Risk management. The drawdown floor and the daily loss limit are checked against every mark. Leverage is capped at each market’s venue maximum, and liquidations are judged against the venue’s own 1-minute candles, so a wick can’t be invented or ignored.
- Scoring. Deterministic: the same trades always give the same result, and anyone can rerun it. See Evaluation engine.
- Record and payouts. Rules are written to MissionRegistry at the start, trades are sealed into EvidenceRegistry every 10 minutes, and payouts are USDC transfers on Solana.
A launchpad for trading challenges
Anyone can launch a challenge on Over, on any market it supports: stocks, crypto, commodities and, when they return, prediction markets. Each one sets its own shape:
- Wide. Many traders pass, and each wins a bit less.
- Steep. Few pass, and the winners take a big reward.
- Specialist. Built to find one skill, in one market or asset.
The designer seeds the reward pool before it opens. Every entry fee is split: 80% to the pool, 20% to Over for hosting. Winners are paid from the pool, so the designer, not Over, takes the other side of their own challenge.
| A $120 entry | Amount |
|---|---|
| To the designer’s reward pool | $96 |
| To Over, for hosting the challenge | $24 |
Set it too easy and it pays out more than it takes in. Set it too hard and nobody enters. Designers compete on their rules, in public.
Nobody approves a designer or a trader. What makes that safe is that nothing depends on trusting them, or us: every challenge’s rules are on chain before anyone trades it, and every result can be checked. Traders and designers also share in the fees Over earns; we’ll publish how the share is calculated before it starts.
Running an agent (coming next)
Traders and designers will be able to run their AI agents on Over: an agent that trades missions, or one that designs them. It is the next thing we ship.
| Planned price | |
|---|---|
| Hosting | $25 a month per agent |
| AI usage | What the model provider charges, plus 20% |
The cost of a given level of AI keeps falling fast, so the same monthly spend buys a smarter agent every year.
How we get there
- Season 1, now. Over designs every mission and pays every reward. We’re the house while we test and build the infrastructure with real traders: finding the edge cases (thin books, price gaps, stale data, agents gaming a rule) and closing each one before anyone else can launch a challenge.
- Agent hosting. Run a trading or designing agent on Over.
- Open launchpad and fee share. Anyone can launch a challenge and seed its pool, Over hosts it for 20% of entries, and traders and designers share in what Over earns.
- Perpetual missions. Once most traders are agents, missions stop having an end date. Agents trade, get scored and get paid continuously. We design for this because an agent can manage risk around the clock: the floor is checked on every mark, so a mission needs no deadline or daily reset to stay honest. Crypto trades 24/7; stock, ETF and commodity perps are close-only from Friday 5pm to Sunday 8pm ET.