Rulebook · Cashed

One account. Both markets. No KYC.
These terms apply to new CAS-1.0 checkouts. Existing accounts retain the rules saved to them — see your dashboard for your version.

AT A GLANCE

Choose your rules.

Account	Multiplier	Target	Daily loss	Static drawdown	Split
Standard	120×	10%	3%	6%	80%
Flex	80×	8%	4%	7%	80%
Instant	40×	None	3%	6%	80%
Build Your Own	40–220×	8 / 10 / 12%	2–5%	3 / 5 / 6 / 7 / 8%	80 / 85 / 90%

No minimum days. No consistency rule. No minimum holding time.Configure account

Understanding Cashed

What is Cashed?

Cashed is a performance-based funded trading platform.

Instead of choosing a predetermined account size such as $10,000, $25,000 or $100,000, traders choose a Deposit.

Cashed then applies a multiplier to that Deposit.

Deposit × Multiplier = Trading Power

Example:

Deposit: $100 Multiplier: 120×

Trading Power: $12,000

Your Trading Power determines your simulated account balance and the dollar value of your applicable trading rules.

Important terminology

Deposit

The Deposit is the amount selected when purchasing a Cashed account.

It determines the Trading Power provided to the trader.

Unless specifically stated otherwise, the Deposit is an account activation payment and is not money deposited into a personal brokerage account.

It is not part of the trader's withdrawable trading balance.

Multiplier

The Multiplier determines how much Trading Power Cashed provides relative to the selected Deposit.

For example:

$100 × 120 = $12,000.

Trading Power

Trading Power is the simulated starting balance assigned to the Cashed account.

It is not customer-owned capital and is not a custodial balance.

Starting Trading Power

The Trading Power assigned when an account begins.

Most risk limits are calculated using this amount.

Balance

Balance represents account value after closed trades, trading fees, realised funding payments and other realised adjustments.

Open positions are not included.

Equity

Equity is the real-time value of an account.

Equity = Balance + Unrealised P&L

Where applicable, accrued costs may also affect equity.

Realised P&L

Profit or loss from positions that have been closed.

Unrealised P&L

Current profit or loss on open positions.

Closed Profit

Net realised profit after trading fees, funding and other applicable trading costs.

Mark Price

The reference price used by Cashed to calculate unrealised P&L, margin and risk.

Where supported, Cashed uses the underlying venue's mark or risk reference price rather than relying solely on the most recent trade price.

Breach

A breach occurs when an account violates a hard account rule such as Daily Loss or Maximum Drawdown.

A breached account is disabled and open positions may be automatically closed.

Trading Day

A Cashed Trading Day runs from:

00:00 UTC to 23:59:59 UTC

Daily risk limits reset at 00:00 UTC.

Cashed plans

Standard

Multiplier: 120×

Designed for traders who want maximum Trading Power.

Rules:

120× Deposit Multiplier
10% evaluation profit target
3% Daily Loss
6% Static Maximum Drawdown
80% starting profit split
No minimum trading days
No challenge time limit
No consistency rule
No minimum position holding time
On-demand funded payouts

Example:

$100 Deposit

$100 × 120

$12,000 Trading Power

Profit Target:

$1,200

Daily Loss:

Maximum Drawdown:

Flex

What is Flex?

Flex provides additional risk room in exchange for a lower multiplier.

Multiplier: 80×

Rules:

80× Deposit Multiplier
8% evaluation target
4% Daily Loss
7% Static Maximum Drawdown
80% starting profit split
No minimum trading days
No challenge time limit
No consistency rule
No minimum holding time
On-demand funded payouts

Example:

$100 Deposit

$100 × 80

$8,000 Trading Power

Profit Target:

$640

Instant

What is Instant?

Instant accounts skip the evaluation stage.

Multiplier: 40×

Rules:

40× Deposit Multiplier
No evaluation
No profit target
3% Daily Loss
6% Static Maximum Drawdown
80% starting profit split
No consistency requirement
No minimum trading days
No expiry while actively used
First payout subject to Instant payout qualification rules

Example:

$100 Deposit

$100 × 40

$4,000 funded Trading Power

Build Your Own

What is Build Your Own?

Build Your Own allows traders to customise the challenge rather than choosing a predefined Cashed plan.

The trader selects:

Profit Target
Daily Loss
Maximum Drawdown
Profit Split

or higher than:

220×

Example:

Base: 120×

12% target: +20×

2% Daily Loss: +20×

3% Maximum Drawdown: +80×

80% split: 0×

Raw Multiplier:

240×

Maximum permitted:

220×

Therefore:

$100 Deposit × 220

= $22,000 Trading Power

Invalid Build Your Own combinations

Daily Loss cannot exceed Maximum Drawdown.

For example:

5% Daily Loss

3% Maximum Drawdown

would not create a meaningful additional daily allowance because the Maximum Drawdown would breach first.

The Cashed builder will prevent invalid combinations.

Deposit amounts

Traders may select a Deposit between:

$25 and $1,000

unless another range is specifically displayed.

Deposits do not need to use preset values.

Examples include:

$50

$75

$100

$137

$250

$500

$1,000

Promotions and Deposit value

Promotional discounts reduce the amount payable at checkout but do not reduce the selected Deposit used to calculate Trading Power unless explicitly stated.

Example:

Selected Deposit:

$100

Promotion:

20% discount

Amount paid:

$80

Standard Multiplier:

120×

Trading Power:

$12,000

The selected $100 Deposit remains the multiplier basis.

Evaluation profit targets

Standard, Flex and Build Your Own evaluation accounts have a profit target.

Instant accounts do not.

A profit target is considered reached using closed account Balance, not temporary floating profit.

An open winning trade cannot by itself complete an evaluation.

The position must be closed and the applicable profit realised.

What happens when I pass?

Once the evaluation profit target is achieved without any rule breach, the challenge is marked as passed.

No KYC or identity-document verification is required for funded activation. Account security and applicable eligibility checks still apply.

A new funded account is issued.

Evaluation profits do not carry over.

Example:

Starting Trading Power:

$12,000

Evaluation target:

10%

Evaluation ending balance:

$13,200

Funded account starts at:

$12,000

The $1,200 evaluation profit is not withdrawable.

Minimum trading days

There are no minimum trading days on:

Standard
Flex
Build Your Own
Instant

A trader may pass an evaluation as quickly as they legitimately reach the target.

Challenge time limit

There is no maximum time limit to pass a Standard, Flex or Build Your Own evaluation.

Accounts remain active subject to Cashed's inactivity rule.

Inactivity

An account may be automatically closed if no trading activity occurs for 90 consecutive days.

This applies to:

Evaluation accounts
Funded accounts
Instant accounts

Placing artificial trades solely to circumvent inactivity controls may be treated as system abuse.

Consistency rule

Cashed does not use a consistency rule.

There is no rule requiring profits to be distributed evenly across trading days.

A trader may generate a significant percentage of total profit on a single trading day.

Best-day rule

Cashed does not use a Best Day Rule.

There is no maximum percentage of total profit that can originate from one day.

Daily Loss

Daily Loss limits the amount an account may lose during one Trading Day.

Standard:

Flex:

Instant:

Build Your Own:

Selected by the trader.

How Daily Loss is calculated

At 00:00 UTC, Cashed takes the greater of:

1. Starting Trading Power; or 2. Current Balance.

The Daily Loss percentage is applied to that figure.

This means profitable traders may receive a larger dollar Daily Loss allowance, but the allowance does not shrink below the original starting allowance merely because an account is currently below its Starting Trading Power.

Formula:

Daily Loss Allowance = Daily Loss % × greater of Starting Trading Power or Start-of-Day Balance

Yes.

Daily Loss is enforced using Equity.

That means unrealised losses on open positions count.

A trader does not need to close a losing position for a Daily Loss breach to occur.

What else counts toward Daily Loss?

Daily account performance includes applicable:

Realised trading losses
Unrealised trading losses
Trading commissions
Funding payments
Execution costs
Other market-related charges displayed by Cashed

When does Daily Loss reset?

Daily Loss resets at:

00:00 UTC

The current Daily Loss floor will always be displayed inside the Cashed dashboard.

Maximum Drawdown

Maximum Drawdown is the lowest account Equity permitted over the entire life of an account.

Cashed uses Static Maximum Drawdown across Standard, Flex and Instant.

Build Your Own also uses Static Maximum Drawdown unless another drawdown type is specifically introduced in the future.

Static Maximum Drawdown

Static drawdown is calculated from Starting Trading Power.

It does not trail upward as the trader generates profit.

Example:

Starting Trading Power:

$12,000

Maximum Drawdown:

Maximum loss:

$720

Permanent equity floor:

$11,280

If the trader grows the account to $15,000, the Maximum Drawdown floor remains $11,280.

Does floating P&L count toward Maximum Drawdown?

Yes.

Maximum Drawdown is enforced using Equity.

If a floating loss causes Equity to touch or fall below the Maximum Drawdown floor, the account is breached.

Does the Maximum Drawdown reset every day?

No.

Daily Loss resets each day.

Maximum Drawdown does not.

Does Maximum Drawdown move after a payout?

No.

The static drawdown floor remains based on the applicable Starting Trading Power.

A payout can reduce the profit buffer between current Balance and the Maximum Drawdown floor, but the floor itself does not move upward.

Which loss limit applies if both are different?

Both.

Daily Loss and Maximum Drawdown operate simultaneously.

Whichever produces the higher Equity floor at any moment is effectively the tighter restriction.

Breach precision

Cashed's backend uses full numerical precision.

Values shown visually in the dashboard may be rounded for readability.

The backend-calculated value controls whether a breach occurred.

What happens during a breach?

When a hard risk limit is breached:

1. Open positions may be automatically closed. 2. New positions are disabled. 3. The account is marked breached. 4. The account can no longer generate payout-eligible profit. 5. The account cannot continue trading.

Can I appeal a breach?

A correctly calculated trading breach cannot be reversed simply because the trader disagrees with the rule.

However, Cashed allows a Technical Breach Review where a trader believes the breach was caused by:

Incorrect market data
A confirmed Cashed platform outage
Duplicate execution
A software defect
Incorrect risk calculation

Requests should be submitted within 72 hours of the breach.

If Cashed confirms a technical error, the account may be restored to the last reliable state.

Soft breaches

Cashed does not use hidden soft-breach rules for normal trading performance.

Hard numerical rules either remain within limits or are breached.

Conduct investigations are handled separately under the Prohibited Conduct section.

Funded accounts

Once a Standard, Flex or Build Your Own challenge is completed, the trader receives a funded account, subject to the published aggregate funded-capital limit. No KYC is required.

Funded accounts:

Have no profit target
Retain the applicable Daily Loss
Retain the applicable Maximum Drawdown
Retain the applicable starting profit split
Allow eligible payouts
Remain subject to trading and conduct rules

Funded account profit target

There is no funded profit target.

Once funded, the trader's objective is simply to generate profit while remaining within risk rules.

Profit split

Standard:

80% Trader / 20% Cashed

Flex:

80% Trader / 20% Cashed

Instant:

80% Trader / 20% Cashed

Build Your Own:

80%, 85% or 90% depending on selected configuration.

Payout eligibility

For Standard, Flex and funded Build Your Own accounts, payouts become available once:

The account is funded
Closed net profit exists
The minimum payout threshold is met
All positions are closed
Account security requirements have been met; no KYC is required
The account is not breached or under a legitimate compliance review

There is no minimum funded trading-day requirement.

Minimum payout

Minimum trader payout:

$20 USDC

On-demand payouts

Standard, Flex and Build Your Own funded traders may request eligible payouts on demand.

There is no fixed:

Friday payout day
Weekly withdrawal window
Biweekly payout cycle
Monthly payout cycle

Only one payout request may be pending at a time.

Partial payouts

Cashed allows partial payouts.

Traders are not required to remove all available profit.

Example:

Starting Trading Power:

$12,000

Current closed Balance:

$13,000

Gross funded profit:

$1,000

The trader may choose to distribute only $500 of that profit.

At an 80% split:

Trader receives:

$400

Cashed receives:

$100

Account Balance is reduced by:

$500

Remaining Balance:

$12,500

The trader therefore retains a $500 profit buffer on the account.

The payout form also limits the gross distribution so the remaining balance stays above the active Daily Loss and Maximum Drawdown floors. Payouts do not reset either floor. You can request less or wait for the next UTC daily reset.

Gross profit distribution

Payout calculations operate on the gross amount of profit being distributed.

Formula:

Trader Reward = Gross Profit Distribution × Trader Profit Split

Example:

Gross distribution:

$1,000

Profit split:

80%

Trader receives:

$800

Cashed share:

$200

Account Balance reduction:

$1,000

Can I withdraw my original Trading Power?

No.

Trading Power is simulated account allocation.

Only eligible funded trading profit can generate payouts.

Can I withdraw evaluation profit?

No.

Challenge profit exists solely to determine whether the evaluation was passed.

Do positions need to be closed for a payout?

Yes.

All positions and open orders capable of changing account exposure must be closed or cancelled before submitting a payout request.

Trading while a payout is pending

New positions cannot normally be opened while a payout request is in final processing.

Once the payout has been confirmed or cancelled, trading may resume.

Instant first payout

Instant accounts use a different first-payout requirement because no evaluation was completed.

The first Instant payout becomes available when:

At least 4% closed net profit has been generated; and
At least 72 hours have passed since the account's first completed trade; and
Account security requirements have been met; no KYC is required.

Instant first payout cap

The first Instant gross profit distribution may not exceed:

5% of Starting Trading Power

Example:

$4,000 Instant account

Maximum first gross distribution:

$200

At an 80% split:

Trader receives:

$160

Instant payout cooldown

After an Instant payout is completed, another Instant payout may be requested after:

48 hours

This restriction applies to Instant accounts only.

Instant account expiry

Cashed Instant accounts do not have a fixed 30-day, 60-day or 90-day expiry.

They remain active subject to:

Risk rules
Conduct rules
The 90-day inactivity rule

Payout currency

Cashed payouts are made in:

USDC

unless the dashboard specifically offers another payout option.

Blockchain network

Supported payout networks are displayed when submitting a payout.

The trader is responsible for providing a compatible wallet address.

Blockchain transfers may be irreversible.

The currently supported payout network is Solana (USDC). Confirm the network and your receiving wallet in the payout form. Cashed stores that destination with the request.

Incorrect payout address

Cashed is not responsible for cryptocurrency permanently lost because a trader supplied an incorrect or incompatible wallet address where the transaction was processed correctly.

Wallet security

Cashed may require wallet verification or signature confirmation before a new payout wallet is approved.

Changing a payout wallet may trigger a temporary security hold.

This is a security control rather than a trading restriction.

Network fees

Cashed intends to cover standard network transaction costs on supported payout routes where commercially practical.

Any exceptional recovery or unsupported-network costs may be passed to the trader with prior disclosure.

Stablecoin disruption

If USDC experiences a material technical disruption, freeze, network failure or market dislocation, Cashed may temporarily pause settlements or offer another supported settlement asset.

This does not remove an otherwise valid payout obligation.

Payout processing

Normal payouts should be processed as quickly as operationally possible.

Certain payments may require manual review due to:

Fraud alerts
Identity mismatches
Sanctions screening
Account-security concerns
Technical incidents
Suspected prohibited conduct

Cashed will not deny payouts simply because a trader is legitimately profitable.

Scaling

Funded traders can increase Trading Power through Cashed's scaling programme.

Scaling adds firm capital to the account; that capital adjustment is not trading profit. The daily opening basis and account risk limits are adjusted for the capital increase. The dashboard shows the new Trading Power, equity floors and profit split. Scaling never reduces a higher existing Build Your Own profit split and remains subject to the aggregate capital cap.

Scaling Level 1

Requirements:

3 qualifying successful payouts
At least 10% lifetime net funded trading profit

Reward:

125% of original funded Trading Power

Profit split:

Up to 85%

Scaling Level 2

Requirements:

6 qualifying successful payouts
At least 20% lifetime net funded trading profit

Reward:

150% of original funded Trading Power

Profit split:

Up to 90%

What is a qualifying payout for scaling?

For scaling purposes, Cashed may require each qualifying payout to represent at least:

1% of the account's current Trading Power in gross distributed profit

This prevents scaling from being gamed through repeated extremely small payout requests.

Build Your Own scaling

Build Your Own traders who already selected an 85% or 90% starting split do not receive a profit split above 90%.

They may still qualify for increased Trading Power.

Maximum funded Trading Power

A trader may initially hold up to:

$250,000 aggregate funded Trading Power

across Cashed accounts.

Maximum scaled Trading Power

Through scaling, total funded allocation may increase to:

$500,000

subject to Cashed risk limits.

Evaluation account limit

A trader may hold up to:

5 active evaluation accounts

at one time.

Cashed may also impose an aggregate evaluation Trading Power limit where required by risk management.

Instant account limit

A trader may hold up to:

2 active Instant accounts

at one time unless another limit is displayed.

Combining accounts

Separate Cashed accounts cannot normally be merged.

Each account keeps:

Its original Deposit
Its own Multiplier
Its own Trading Power
Its own risk settings
Its own Rule Version

Leverage

Cashed applies leverage limits by market.

Maximum leverage is available headroom, not a requirement.

Traders can always use less.

Indicative launch limits:

BTC:

Up to 10×

ETH:

Up to 10×

SOL:

Up to 10×

Other major crypto:

Up to 5×

Long-tail / higher-risk crypto:

Up to 2–3×

Equity, index and commodity perpetuals:

Generally up to 5×

Individual market limits are shown directly inside the trading interface.

For CAS-1.0, the 5× major-crypto group is HYPE, XRP, DOGE, BNB, ADA, AVAX, LINK, LTC, DOT, BCH, SUI and TRX. Other crypto launches at 2×. The available leverage is the lower of the saved Cashed limit and the market limit.

Can leverage change?

Cashed may reduce leverage available for new exposure during unusually volatile or illiquid market conditions.

Cashed will not retrospectively change an account's Daily Loss or Maximum Drawdown percentage simply because market leverage has changed.

Existing positions remain subject to applicable margin and market-risk requirements.

Maximum position size

Cashed does not impose an arbitrary "lot size" rule.

Maximum position size is determined by:

Available margin
A maximum of 50% of current account equity in margin per perpetual position
Market leverage
Market-specific notional limits
Liquidity
Risk-engine constraints

All entries in the same perpetual market and direction count towards one position’s margin limit. Adding to a position uses its remaining allowance; splitting an order does not increase that allowance. Market orders, limit fills and copied entries are checked at execution against current equity.

A later fall in equity does not close a position solely for exceeding this margin cap, but can prevent further additions. Account loss limits and saved risk rules still apply. The margin cap is separate from the amount you could lose on a position.

These limits are displayed within the trading platform.

CAS-1.0 supports up to 100 simultaneous open positions, including prediction combinations. Orders are checked again before execution.

Risk per trade

Cashed does not impose a fixed percentage risk-per-trade rule.

A trader may determine their own risk per position provided the account remains within all other rules.

Mandatory stop losses

Stop-loss orders are not mandatory.

Risk management is the trader's responsibility.

Margin

Cashed accounts use the margin system displayed by the platform.

Where cross margin is used, available account equity supports positions across the portfolio.

Where isolated margin is used, margin and liquidation are calculated for that particular position or instrument.

Liquidation

A market-position liquidation and a Cashed account breach are separate events.

A leveraged position may be liquidated by the platform's margin engine before the overall Cashed account reaches its Maximum Drawdown.

A liquidation does not automatically terminate the Cashed account unless the account also breaches a Cashed rule.

Trading fees

Applicable execution fees are deducted from account P&L.

They therefore affect:

Balance
Equity
Profit targets
Payout eligibility
Risk limits

Cashed will display applicable trading fees in the interface.

Funding payments

Perpetual futures may incur periodic funding payments.

Funding may either:

Be paid by the trader; or
Be received by the trader.

Any funding charged or credited is included in account P&L.

Current platform behaviour: displayed venue funding rates are reference data only. Cashed does not currently debit or credit recurring funding payments. Do not treat a displayed funding estimate as an account ledger transaction.

Tradable markets

Cashed may provide perpetual markets including:

Crypto
Equity perpetuals
Index perpetuals
Commodity perpetuals
Pre-IPO markets
Other supported perpetual products

The live Markets page controls which products are currently available.

Market availability

A market can be:

Added
Suspended
Placed into reduce-only mode
Delisted

based on the underlying venue, available price data, liquidity or Cashed risk controls.

Delisted markets

Where possible, Cashed will provide notice before a planned delisting.

If a market is unexpectedly terminated by the underlying venue, open positions may be closed using the venue's official settlement methodology or another objectively determined reference price.

News trading

News trading is allowed.

There is no rule prohibiting trading around:

CPI
FOMC
Elections
Earnings
Token announcements
Economic releases
Major market events

Normal risk limits continue to apply.

Overnight positions

Overnight holding is allowed.

Weekend positions

Weekend holding is allowed where the relevant market remains tradable.

Scalping

Scalping is allowed.

Minimum holding time

There is no minimum trade duration.

Cashed does not automatically invalidate a legitimate trade simply because it was held for:

5 seconds

20 seconds

30 seconds

or less than one minute.

Latency abuse remains prohibited.

High-frequency trading

Fast trading and algorithmic execution are permitted subject to published API and order-rate limits.

Cashed does not ban a strategy merely because it trades frequently.

However:

API spam
Deliberate infrastructure overload
Rate-limit circumvention
Latency exploitation

are prohibited.

Grid trading

Grid trading is allowed.

The strategy remains subject to normal:

Margin
Daily Loss
Maximum Drawdown

rules.

Martingale

Martingale-style position sizing is not specifically prohibited.

Traders remain responsible for complying with all risk limits.

Dollar-cost averaging

Scaling into or averaging into a position is permitted.

Hedging within one account

Holding offsetting or partially hedged positions within the same account is permitted where supported by the trading engine.

Bots and automated trading

Automated trading is permitted.

This includes:

Trader-built bots
API strategies
Algorithmic systems
Automated execution software

subject to the same rules as manual trading.

Third-party software

Third-party trading software is permitted provided:

The Cashed account remains controlled by the registered trader
The software does not exploit Cashed infrastructure
The software complies with API limits
The software does not facilitate prohibited account farming or manipulation

Copy trading

A trader may copy their legitimate strategy between Cashed accounts they personally own. Cashed's built-in copy feature also lets traders explicitly authorise copying another trader's shared active account into their own selected active account. Credentials must never be shared.

Only trades filled after copying starts are eligible. Margin is sized proportionally to both accounts' original starting capital, fixed when copying is enabled, not current equity. Leverage and percentage stop/target distances are mirrored subject to the destination account's rules. Partial and full closes are mirrored.

Source evaluations transition to their newly issued funded accounts automatically. If your destination account becomes inactive or progresses, choose a new active destination yourself.

Each destination can follow one source at a time. Copy chains are not allowed. Aggregate account, exposure, drawdown, margin and market limits still apply. Entries may be skipped for risk limits, unavailable pricing, slippage or delays. Execution prices and results can differ. Copying never guarantees returns or payouts.

Stopping copying prevents new positions; existing copies continue to receive close and protection updates. You retain the ability to manage and close your own positions.

Trading signals

Using publicly available or privately purchased trading ideas is permitted.

Receiving a signal is different from allowing another person to control the account.

The registered account holder must remain responsible for the account.

Account management

Third-party account management is prohibited.

Another person may not:

Log in and trade your account
Control your account via API
Operate the account on your behalf
Sell account-passing services using your credentials

Your explicit use of Cashed's built-in copy trading under section 94 is permitted. It does not give the source trader access to your account or credentials. You remain responsible for all copied activity and account limits.

Account sharing

Cashed accounts are personal to the registered trader.

Accounts may not be:

Sold
Rented
Transferred
Shared

Opposite hedging across Cashed accounts

Traders may not deliberately open opposite positions across multiple Cashed accounts for the purpose of creating a risk-free or substantially risk-neutral structure where one account is designed to pass or profit while another is intentionally sacrificed.

Example:

Account A:

Large BTC long

Account B:

Equivalent BTC short

with both accounts intentionally risked to maximum limits so one account is effectively guaranteed to benefit.

This is prohibited.

External hedging

Normal portfolio hedging on external trading venues is not automatically prohibited.

However, intentionally combining Cashed accounts and external positions to construct a coordinated risk-free challenge exploitation scheme may be treated as account gaming.

100

Group hedging

Coordinating opposite positions with another person to guarantee that one trader benefits from an evaluation or payout is prohibited.

101

Similar trades are not automatically collusion

Cashed will not consider traders to be colluding merely because:

They traded the same market
They followed a common public signal
Their strategies generated similar entries
They used a popular algorithm

A collusion finding requires additional evidence of coordinated abuse.

102

Account farming

Buying multiple accounts is not itself prohibited.

Failing multiple challenges is not itself prohibited.

Repeatedly taking aggressive trades is not itself prohibited.

What is prohibited is operating multiple accounts as a coordinated scheme designed to remove genuine market risk and exploit Cashed's evaluation economics.

103

Account cycling

Purchasing repeated accounts for legitimate retries is allowed.

Account cycling becomes prohibited where Cashed identifies an organised structure involving:

Intentionally sacrificed accounts
Opposite trades
Coordinated identities
Risk-free portfolio construction
Payment abuse

designed to guarantee payout from another account.

104

Platform exploits

Traders may not knowingly profit from:

Incorrect prices
Duplicate fills
Stale market data
Broken margin calculations
Incorrect contract specifications
Software bugs
Execution glitches

If an obvious technical error occurs, traders should report it.

105

Latency arbitrage

Using known latency differences between Cashed and an underlying venue to systematically obtain fills at prices that are no longer available in the real market is prohibited.

Normal fast execution is not latency arbitrage.

106

Tick sniping

Trading solely to exploit stale or delayed quote updates rather than genuine market movement is prohibited.

107

Impossible fills

Profits generated from fills that could not reasonably have occurred under the published execution model may be corrected where Cashed can objectively demonstrate a technical execution failure.

Such corrections should be documented.

108

Wash trading

Wash trading is prohibited.

Traders may not create artificial trading activity through coordinated transactions lacking genuine economic exposure.

109

Spoofing and layering

Submitting orders with no genuine intention of execution for the purpose of manipulating a market or external order book is prohibited.

110

Market manipulation

Any activity designed to unlawfully manipulate an underlying market is prohibited.

111

API abuse

Attempting to:

Bypass API rate limits
Flood order endpoints
Interfere with Cashed infrastructure
Cause deliberate system degradation

is prohibited.

112

Technical reverse exploitation

Discovering a bug does not give a trader permission to exploit it.

Responsible reports should be made to Cashed support.

113

Identity fraud

Providing false identity information is prohibited.

This includes:

Using another person's identification
Fake documents
Creating identities under another person
Multiple accounts under deliberately false identities

114

Multiple Cashed profiles

A person may maintain only one Cashed profile unless Cashed has expressly approved otherwise.

Multiple trading accounts can exist under that profile.

115

Age requirement

Traders must be:

18 years or older

and legally capable of entering into the Cashed agreement in their jurisdiction.

116

No KYC

Cashed does not require government-issued ID, selfies or liveness checks to trade, activate a funded account or request an Instant payout.

You must still be at least 18, use your own account and comply with applicable geographic restrictions and sanctions.

117

Account security

Email verification, secure sign-in and confirmation of a payout destination protect your account. These are account-security checks, not KYC.

Never share your password or transfer control of your account to someone else.

118

Security reviews

Cashed may review objective evidence of stolen payment funds, compromised account access, sanctions alerts or prohibited account coordination.

Reviews must not be used simply because a trader is profitable. No identity-document or selfie requirement is imposed under this ruleset.

119

Restricted jurisdictions

Cashed is unavailable where providing its services would violate applicable law or sanctions restrictions.

The current list of restricted jurisdictions will be maintained on a dedicated Eligibility page.

The Eligibility page should be checked before purchase.

120

VPN usage

Using a VPN is not automatically prohibited.

VPNs may be used for ordinary security and privacy purposes.

A VPN may not be used to deliberately circumvent:

Restricted-jurisdiction rules
Sanctions controls
Account security controls
Account bans

121

IP addresses

A change in IP address is not by itself a rule breach.

Legitimate users travel, change internet providers and use mobile networks.

IP data may, however, form part of a broader fraud or account-sharing investigation.

122

Devices

Traders may access Cashed using multiple personal devices.

Device changes are not automatically prohibited.

Shared-device patterns may trigger an account-security review where they reasonably suggest unauthorised account sharing.

123

Payment methods

Cashed primarily accepts supported cryptocurrency payments.

The checkout shows:

Selected Deposit
Discount
Amount due
Payment asset
Supported network

before payment.

124

Underpayment

If a crypto payment is lower than the required amount, Cashed may request the outstanding difference before activating the account.

125

Overpayment

Accidental overpayments should be reported to support.

Any refundable amount may be returned subject to blockchain transaction costs.

126

Refunds

Once an account has been activated and trading has begun, the Deposit/payment is generally non-refundable.

Refunds may still be issued for:

Duplicate charges
Payment processing errors
Failure to deliver an account
Other circumstances required by applicable law

127

Breached accounts and refunds

Breaching a trading rule does not create a right to a refund.

128

Failed evaluations and refunds

Failing an evaluation does not create a right to a refund.

129

Recurring fees

Standard, Flex, Instant and Build Your Own accounts have no recurring subscription fee unless clearly stated before purchase.

130

Market data

Cashed may use market data from one or more external venues and market-data providers.

Displayed prices can differ slightly between venues.

The Cashed execution and risk engine uses the reference feed designated for that market.

131

Mark price versus last price

Risk calculations may use Mark Price rather than Last Price.

This reduces the risk of account breaches caused purely by isolated trades or temporary wick prints.

The active mark/reference price should be visible in the trading interface.

132

Order types

Cashed may support:

Market orders
Limit orders
Stop Market
Stop Limit
Take Profit
Stop Loss
Reduce Only
Good-Til-Cancelled
Immediate-or-Cancel
Other supported order instructions

Availability may vary by market.

133

Market orders

Market orders attempt immediate execution against available market liquidity.

The final execution price is not guaranteed.

134

Limit orders

Limit orders execute only at the selected price or better, subject to available liquidity and the Cashed execution model.

135

Slippage

Slippage can occur.

Larger positions, volatile markets and thin liquidity may result in a different average fill price than the price shown when an order is submitted.

136

Partial fills

Orders may be partially filled.

Any remaining quantity may continue resting, be cancelled or otherwise behave according to the order instruction selected.

137

Simulated execution

Cashed challenge and funded accounts may operate within a simulated trading environment using real market data.

Where simulated, fills are intended to reflect reasonable market conditions including:

Price
Spread
Available liquidity
Order size
Slippage

138

Live execution and risk copying

Cashed may choose to replicate, hedge or otherwise use trader-generated signals in live markets.

Traders do not control whether Cashed chooses to do so.

The trader's contractual reward remains based on the Cashed account result rather than ownership of any Cashed live-market position.

139

No ownership of firm capital

Trading Power does not represent money owned by the trader.

A funded account does not create ownership rights in:

Cashed corporate funds
Cashed exchange accounts
Cashed hedging positions
Cashed wallets

140

Market halts

Cashed may halt a market where:

Reliable pricing is unavailable
The underlying venue halts the market
An oracle fails
Extreme disorderly market conditions exist
The contract is being settled or delisted

141

Reduce-only mode

During unusual risk conditions, a market may temporarily be placed into Reduce Only mode.

This allows existing exposure to be reduced without allowing additional risk to be added.

142

Cashed platform incidents

A Cashed Platform Incident may include:

Widespread inability to submit orders
Incorrect system-wide pricing
Risk-engine malfunction
Duplicate order execution
Major API failure

Cashed should publish confirmed incidents on a public status page.

143

What happens during a confirmed Cashed incident?

Where Cashed determines that a trader was materially disadvantaged by a confirmed Cashed technical failure, it may:

Restore the account
Reverse an erroneous fill
Remove an erroneous loss
Restore the account to its last reliable state
Extend an inactivity deadline where appropriate

144

Trader internet outages

Problems caused solely by the trader's:

Internet connection
Device
Local software
Private API infrastructure

are generally not Cashed Platform Incidents.

145

Underlying venue incidents

An outage or failure of an external market venue may result in:

Market suspension
Order cancellation
Reduce Only mode
Delayed execution

Cashed will use reasonable measures to handle such events consistently.

146

Price errors

An objectively incorrect price caused by a confirmed data-feed error may be corrected.

Cashed should not retrospectively cancel legitimate trades merely because they were highly profitable.

147

Rule enforcement

Cashed should use automated rule enforcement wherever technically possible.

Objective numerical rules should be visible live inside the dashboard.

148

Prohibited-conduct reviews

Where Cashed reasonably suspects prohibited conduct, it may temporarily:

Restrict trading
Pause a payout
Request additional information

while completing a review.

149

Evidence in prohibited-conduct reviews

Relevant evidence may include:

Trade timing
Order correlation
Device information
Login information
Account ownership
Wallet transactions
API activity
Position correlation between accounts

No single data point should automatically determine abuse where there is a reasonable legitimate explanation.

150

Profitability is not prohibited conduct

A trader will not be penalised solely because they:

Made large profits
Passed quickly
Had a high win rate
Used large positions
Scalped successfully
Traded news successfully
Used automation
Had one exceptionally profitable day

provided all published rules were followed.

151

Payout denial

A valid funded payout should only be refused where there is a defined reason such as:

Account breach
Proven prohibited conduct
Fraud
Unresolved, evidenced account-security or payment-fraud concerns
Legal or sanctions restriction
Technical correction affecting the claimed profit

152

Taxes

Traders are responsible for determining and paying any taxes applicable to payouts in their own jurisdiction.

Cashed does not provide individual tax advice.

153

Account security

Traders are responsible for maintaining the security of their:

Password
Email
Two-factor authentication
API credentials
Wallet credentials

Cashed support will never require a wallet seed phrase.

154

Compromised accounts

Suspected account compromise should be reported immediately.

Cashed may temporarily restrict account activity to protect the trader.

155

Perpetuals and prediction markets

One Cashed account supports both perpetual futures and prediction markets. The same account balance, equity-based Daily Loss, static Maximum Drawdown, profit target, profit split and payout rules apply across both products.

Prediction contracts also follow the resolution source, settlement outcome, voiding policy and dispute process shown on each market. Open prediction positions count toward equity and must be closed or settled before a payout. Perpetual leverage does not apply to fully paid prediction contracts.

156

Rule Version

Every account displays its Rule Version.

Example:

CAS-1.0

The relevant Rule Version determines the account's trading rules.

157

Rule updates

Cashed may release new Rule Versions.

New rules normally apply to accounts created after the new version becomes effective.

Existing accounts remain governed by the version attached to them.

158

Emergency rule changes

Cashed may make an immediate rule change where necessary due to:

Applicable law
Sanctions obligations
Critical security vulnerabilities
Underlying-market discontinuation

Where practical, affected traders will be notified.

159

Public changelog

CAS-1.0 — published and effective 28 September 2026 for new checkouts.

Standard, Flex, Instant and Build Your Own now share one versioned rulebook across perps and prediction markets. No KYC. Static drawdown, UTC balance-based daily limits, on-demand funded payouts and the Instant payout conditions are published here.

Existing accounts and previously created invoices retain their saved terms. New rules are locked when a checkout is created; existing account terms are not rewritten.

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Account dashboard rule card

Every account should display the following in one place:

Deposit

Multiplier

Starting Trading Power

Current Balance

Current Equity

Profit Target

Daily Loss %

Current Daily Equity Floor

Maximum Drawdown %

Maximum Drawdown Equity Floor

Profit Split

Payout Eligibility

Rule Version

This information should not require traders to manually calculate whether their account is safe.

One account. Both markets. No KYC.
These terms apply to new CAS-1.0 checkouts. Existing accounts retain the rules saved to them — see your dashboard for your version.

AT A GLANCE

Choose your rules.

Account	Multiplier	Target	Daily loss	Static drawdown	Split
Standard	120×	10%	3%	6%	80%
Flex	80×	8%	4%	7%	80%
Instant	40×	None	3%	6%	80%
Build Your Own	40–220×	8 / 10 / 12%	2–5%	3 / 5 / 6 / 7 / 8%	80 / 85 / 90%

No minimum days. No consistency rule. No minimum holding time.Configure account

Understanding Cashed

What is Cashed?

Cashed is a performance-based funded trading platform.

Instead of choosing a predetermined account size such as $10,000, $25,000 or $100,000, traders choose a Deposit.

Cashed then applies a multiplier to that Deposit.

Deposit × Multiplier = Trading Power

Example:

Deposit: $100 Multiplier: 120×

Trading Power: $12,000

Your Trading Power determines your simulated account balance and the dollar value of your applicable trading rules.

Important terminology

Deposit

The Deposit is the amount selected when purchasing a Cashed account.

It determines the Trading Power provided to the trader.

Unless specifically stated otherwise, the Deposit is an account activation payment and is not money deposited into a personal brokerage account.

It is not part of the trader's withdrawable trading balance.

Multiplier

The Multiplier determines how much Trading Power Cashed provides relative to the selected Deposit.

For example:

$100 × 120 = $12,000.

Trading Power

Trading Power is the simulated starting balance assigned to the Cashed account.

It is not customer-owned capital and is not a custodial balance.

Starting Trading Power

The Trading Power assigned when an account begins.

Most risk limits are calculated using this amount.

Balance

Balance represents account value after closed trades, trading fees, realised funding payments and other realised adjustments.

Open positions are not included.

Equity

Equity is the real-time value of an account.

Equity = Balance + Unrealised P&L

Where applicable, accrued costs may also affect equity.

Realised P&L

Profit or loss from positions that have been closed.

Unrealised P&L

Current profit or loss on open positions.

Closed Profit

Net realised profit after trading fees, funding and other applicable trading costs.

Mark Price

The reference price used by Cashed to calculate unrealised P&L, margin and risk.

Where supported, Cashed uses the underlying venue's mark or risk reference price rather than relying solely on the most recent trade price.

Breach

A breach occurs when an account violates a hard account rule such as Daily Loss or Maximum Drawdown.

A breached account is disabled and open positions may be automatically closed.

Trading Day

A Cashed Trading Day runs from:

00:00 UTC to 23:59:59 UTC

Daily risk limits reset at 00:00 UTC.

Cashed plans

Standard

Multiplier: 120×

Designed for traders who want maximum Trading Power.

Rules:

120× Deposit Multiplier
10% evaluation profit target
3% Daily Loss
6% Static Maximum Drawdown
80% starting profit split
No minimum trading days
No challenge time limit
No consistency rule
No minimum position holding time
On-demand funded payouts

Example:

$100 Deposit

$100 × 120

$12,000 Trading Power

Profit Target:

$1,200

Daily Loss:

Maximum Drawdown:

Flex

What is Flex?

Flex provides additional risk room in exchange for a lower multiplier.

Multiplier: 80×

Rules:

80× Deposit Multiplier
8% evaluation target
4% Daily Loss
7% Static Maximum Drawdown
80% starting profit split
No minimum trading days
No challenge time limit
No consistency rule
No minimum holding time
On-demand funded payouts

Example:

$100 Deposit

$100 × 80

$8,000 Trading Power

Profit Target:

$640

Instant

What is Instant?

Instant accounts skip the evaluation stage.

Multiplier: 40×

Rules:

40× Deposit Multiplier
No evaluation
No profit target
3% Daily Loss
6% Static Maximum Drawdown
80% starting profit split
No consistency requirement
No minimum trading days
No expiry while actively used
First payout subject to Instant payout qualification rules

Example:

$100 Deposit

$100 × 40

$4,000 funded Trading Power

Build Your Own

What is Build Your Own?

Build Your Own allows traders to customise the challenge rather than choosing a predefined Cashed plan.

The trader selects:

Profit Target
Daily Loss
Maximum Drawdown
Profit Split

or higher than:

220×

Example:

Base: 120×

12% target: +20×

2% Daily Loss: +20×

3% Maximum Drawdown: +80×

80% split: 0×

Raw Multiplier:

240×

Maximum permitted:

220×

Therefore:

$100 Deposit × 220

= $22,000 Trading Power

Invalid Build Your Own combinations

Daily Loss cannot exceed Maximum Drawdown.

For example:

5% Daily Loss

3% Maximum Drawdown

would not create a meaningful additional daily allowance because the Maximum Drawdown would breach first.

The Cashed builder will prevent invalid combinations.

Deposit amounts

Traders may select a Deposit between:

$25 and $1,000

unless another range is specifically displayed.

Deposits do not need to use preset values.

Examples include:

$50

$75

$100

$137

$250

$500

$1,000

Promotions and Deposit value

Promotional discounts reduce the amount payable at checkout but do not reduce the selected Deposit used to calculate Trading Power unless explicitly stated.

Example:

Selected Deposit:

$100

Promotion:

20% discount

Amount paid:

$80

Standard Multiplier:

120×

Trading Power:

$12,000

The selected $100 Deposit remains the multiplier basis.

Evaluation profit targets

Standard, Flex and Build Your Own evaluation accounts have a profit target.

Instant accounts do not.

A profit target is considered reached using closed account Balance, not temporary floating profit.

An open winning trade cannot by itself complete an evaluation.

The position must be closed and the applicable profit realised.

What happens when I pass?

Once the evaluation profit target is achieved without any rule breach, the challenge is marked as passed.

No KYC or identity-document verification is required for funded activation. Account security and applicable eligibility checks still apply.

A new funded account is issued.

Evaluation profits do not carry over.

Example:

Starting Trading Power:

$12,000

Evaluation target:

10%

Evaluation ending balance:

$13,200

Funded account starts at:

$12,000

The $1,200 evaluation profit is not withdrawable.

Minimum trading days

There are no minimum trading days on:

Standard
Flex
Build Your Own
Instant

A trader may pass an evaluation as quickly as they legitimately reach the target.

Challenge time limit

There is no maximum time limit to pass a Standard, Flex or Build Your Own evaluation.

Accounts remain active subject to Cashed's inactivity rule.

Inactivity

An account may be automatically closed if no trading activity occurs for 90 consecutive days.

This applies to:

Evaluation accounts
Funded accounts
Instant accounts

Placing artificial trades solely to circumvent inactivity controls may be treated as system abuse.

Consistency rule

Cashed does not use a consistency rule.

There is no rule requiring profits to be distributed evenly across trading days.

A trader may generate a significant percentage of total profit on a single trading day.

Best-day rule

Cashed does not use a Best Day Rule.

There is no maximum percentage of total profit that can originate from one day.

Daily Loss

Daily Loss limits the amount an account may lose during one Trading Day.

Standard:

Flex:

Instant:

Build Your Own:

Selected by the trader.

How Daily Loss is calculated

At 00:00 UTC, Cashed takes the greater of:

1. Starting Trading Power; or 2. Current Balance.

The Daily Loss percentage is applied to that figure.

Formula:

Daily Loss Allowance = Daily Loss % × greater of Starting Trading Power or Start-of-Day Balance

Yes.

Daily Loss is enforced using Equity.

That means unrealised losses on open positions count.

A trader does not need to close a losing position for a Daily Loss breach to occur.

What else counts toward Daily Loss?

Daily account performance includes applicable:

Realised trading losses
Unrealised trading losses
Trading commissions
Funding payments
Execution costs
Other market-related charges displayed by Cashed

When does Daily Loss reset?

Daily Loss resets at:

00:00 UTC

The current Daily Loss floor will always be displayed inside the Cashed dashboard.

Maximum Drawdown

Maximum Drawdown is the lowest account Equity permitted over the entire life of an account.

Cashed uses Static Maximum Drawdown across Standard, Flex and Instant.

Build Your Own also uses Static Maximum Drawdown unless another drawdown type is specifically introduced in the future.

Static Maximum Drawdown

Static drawdown is calculated from Starting Trading Power.

It does not trail upward as the trader generates profit.

Example:

Starting Trading Power:

$12,000

Maximum Drawdown:

Maximum loss:

$720

Permanent equity floor:

$11,280

If the trader grows the account to $15,000, the Maximum Drawdown floor remains $11,280.

Does floating P&L count toward Maximum Drawdown?

Yes.

Maximum Drawdown is enforced using Equity.

If a floating loss causes Equity to touch or fall below the Maximum Drawdown floor, the account is breached.

Does the Maximum Drawdown reset every day?

No.

Daily Loss resets each day.

Maximum Drawdown does not.

Does Maximum Drawdown move after a payout?

No.

The static drawdown floor remains based on the applicable Starting Trading Power.

A payout can reduce the profit buffer between current Balance and the Maximum Drawdown floor, but the floor itself does not move upward.

Which loss limit applies if both are different?

Both.

Daily Loss and Maximum Drawdown operate simultaneously.

Whichever produces the higher Equity floor at any moment is effectively the tighter restriction.

Breach precision

Cashed's backend uses full numerical precision.

Values shown visually in the dashboard may be rounded for readability.

The backend-calculated value controls whether a breach occurred.

What happens during a breach?

When a hard risk limit is breached:

Can I appeal a breach?

A correctly calculated trading breach cannot be reversed simply because the trader disagrees with the rule.

However, Cashed allows a Technical Breach Review where a trader believes the breach was caused by:

Incorrect market data
A confirmed Cashed platform outage
Duplicate execution
A software defect
Incorrect risk calculation

Requests should be submitted within 72 hours of the breach.

If Cashed confirms a technical error, the account may be restored to the last reliable state.

Soft breaches

Cashed does not use hidden soft-breach rules for normal trading performance.

Hard numerical rules either remain within limits or are breached.

Conduct investigations are handled separately under the Prohibited Conduct section.

Funded accounts

Once a Standard, Flex or Build Your Own challenge is completed, the trader receives a funded account, subject to the published aggregate funded-capital limit. No KYC is required.

Funded accounts:

Have no profit target
Retain the applicable Daily Loss
Retain the applicable Maximum Drawdown
Retain the applicable starting profit split
Allow eligible payouts
Remain subject to trading and conduct rules

Funded account profit target

There is no funded profit target.

Once funded, the trader's objective is simply to generate profit while remaining within risk rules.

Profit split

Standard:

80% Trader / 20% Cashed

Flex:

80% Trader / 20% Cashed

Instant:

80% Trader / 20% Cashed

Build Your Own:

80%, 85% or 90% depending on selected configuration.

Payout eligibility

For Standard, Flex and funded Build Your Own accounts, payouts become available once:

The account is funded
Closed net profit exists
The minimum payout threshold is met
All positions are closed
Account security requirements have been met; no KYC is required
The account is not breached or under a legitimate compliance review

There is no minimum funded trading-day requirement.

Minimum payout

Minimum trader payout:

$20 USDC

On-demand payouts

Standard, Flex and Build Your Own funded traders may request eligible payouts on demand.

There is no fixed:

Friday payout day
Weekly withdrawal window
Biweekly payout cycle
Monthly payout cycle

Only one payout request may be pending at a time.

Partial payouts

Cashed allows partial payouts.

Traders are not required to remove all available profit.

Example:

Starting Trading Power:

$12,000

Current closed Balance:

$13,000

Gross funded profit:

$1,000

The trader may choose to distribute only $500 of that profit.

At an 80% split:

Trader receives:

$400

Cashed receives:

$100

Account Balance is reduced by:

$500

Remaining Balance:

$12,500

The trader therefore retains a $500 profit buffer on the account.

Gross profit distribution

Payout calculations operate on the gross amount of profit being distributed.

Formula:

Trader Reward = Gross Profit Distribution × Trader Profit Split

Example:

Gross distribution:

$1,000

Profit split:

80%

Trader receives:

$800

Cashed share:

$200

Account Balance reduction:

$1,000

Can I withdraw my original Trading Power?

No.

Trading Power is simulated account allocation.

Only eligible funded trading profit can generate payouts.

Can I withdraw evaluation profit?

No.

Challenge profit exists solely to determine whether the evaluation was passed.

Do positions need to be closed for a payout?

Yes.

All positions and open orders capable of changing account exposure must be closed or cancelled before submitting a payout request.

Trading while a payout is pending

New positions cannot normally be opened while a payout request is in final processing.

Once the payout has been confirmed or cancelled, trading may resume.

Instant first payout

Instant accounts use a different first-payout requirement because no evaluation was completed.

The first Instant payout becomes available when:

At least 4% closed net profit has been generated; and
At least 72 hours have passed since the account's first completed trade; and
Account security requirements have been met; no KYC is required.

Instant first payout cap

The first Instant gross profit distribution may not exceed:

5% of Starting Trading Power

Example:

$4,000 Instant account

Maximum first gross distribution:

$200

At an 80% split:

Trader receives:

$160

Instant payout cooldown

After an Instant payout is completed, another Instant payout may be requested after:

48 hours

This restriction applies to Instant accounts only.

Instant account expiry

Cashed Instant accounts do not have a fixed 30-day, 60-day or 90-day expiry.

They remain active subject to:

Risk rules
Conduct rules
The 90-day inactivity rule

Payout currency

Cashed payouts are made in:

USDC

unless the dashboard specifically offers another payout option.

Blockchain network

Supported payout networks are displayed when submitting a payout.

The trader is responsible for providing a compatible wallet address.

Blockchain transfers may be irreversible.

The currently supported payout network is Solana (USDC). Confirm the network and your receiving wallet in the payout form. Cashed stores that destination with the request.

Incorrect payout address

Cashed is not responsible for cryptocurrency permanently lost because a trader supplied an incorrect or incompatible wallet address where the transaction was processed correctly.

Wallet security

Cashed may require wallet verification or signature confirmation before a new payout wallet is approved.

Changing a payout wallet may trigger a temporary security hold.

This is a security control rather than a trading restriction.

Network fees

Cashed intends to cover standard network transaction costs on supported payout routes where commercially practical.

Any exceptional recovery or unsupported-network costs may be passed to the trader with prior disclosure.

Stablecoin disruption

If USDC experiences a material technical disruption, freeze, network failure or market dislocation, Cashed may temporarily pause settlements or offer another supported settlement asset.

This does not remove an otherwise valid payout obligation.

Payout processing

Normal payouts should be processed as quickly as operationally possible.

Certain payments may require manual review due to:

Fraud alerts
Identity mismatches
Sanctions screening
Account-security concerns
Technical incidents
Suspected prohibited conduct

Cashed will not deny payouts simply because a trader is legitimately profitable.

Scaling

Funded traders can increase Trading Power through Cashed's scaling programme.

Scaling Level 1

Requirements:

3 qualifying successful payouts
At least 10% lifetime net funded trading profit

Reward:

125% of original funded Trading Power

Profit split:

Up to 85%

Scaling Level 2

Requirements:

6 qualifying successful payouts
At least 20% lifetime net funded trading profit

Reward:

150% of original funded Trading Power

Profit split:

Up to 90%

What is a qualifying payout for scaling?

For scaling purposes, Cashed may require each qualifying payout to represent at least:

1% of the account's current Trading Power in gross distributed profit

This prevents scaling from being gamed through repeated extremely small payout requests.

Build Your Own scaling

Build Your Own traders who already selected an 85% or 90% starting split do not receive a profit split above 90%.

They may still qualify for increased Trading Power.

Maximum funded Trading Power

A trader may initially hold up to:

$250,000 aggregate funded Trading Power

across Cashed accounts.

Maximum scaled Trading Power

Through scaling, total funded allocation may increase to:

$500,000

subject to Cashed risk limits.

Evaluation account limit

A trader may hold up to:

5 active evaluation accounts

at one time.

Cashed may also impose an aggregate evaluation Trading Power limit where required by risk management.

Instant account limit

A trader may hold up to:

2 active Instant accounts

at one time unless another limit is displayed.

Combining accounts

Separate Cashed accounts cannot normally be merged.

Each account keeps:

Its original Deposit
Its own Multiplier
Its own Trading Power
Its own risk settings
Its own Rule Version

Leverage

Cashed applies leverage limits by market.

Maximum leverage is available headroom, not a requirement.

Traders can always use less.

Indicative launch limits:

BTC:

Up to 10×

ETH:

Up to 10×

SOL:

Up to 10×

Other major crypto:

Up to 5×

Long-tail / higher-risk crypto:

Up to 2–3×

Equity, index and commodity perpetuals:

Generally up to 5×

Individual market limits are shown directly inside the trading interface.

Can leverage change?

Cashed may reduce leverage available for new exposure during unusually volatile or illiquid market conditions.

Cashed will not retrospectively change an account's Daily Loss or Maximum Drawdown percentage simply because market leverage has changed.

Existing positions remain subject to applicable margin and market-risk requirements.

Maximum position size

Cashed does not impose an arbitrary "lot size" rule.

Maximum position size is determined by:

Available margin
A maximum of 50% of current account equity in margin per perpetual position
Market leverage
Market-specific notional limits
Liquidity
Risk-engine constraints

These limits are displayed within the trading platform.

CAS-1.0 supports up to 100 simultaneous open positions, including prediction combinations. Orders are checked again before execution.

Risk per trade

Cashed does not impose a fixed percentage risk-per-trade rule.

A trader may determine their own risk per position provided the account remains within all other rules.

Mandatory stop losses

Stop-loss orders are not mandatory.

Risk management is the trader's responsibility.

Margin

Cashed accounts use the margin system displayed by the platform.

Where cross margin is used, available account equity supports positions across the portfolio.

Where isolated margin is used, margin and liquidation are calculated for that particular position or instrument.

Liquidation

A market-position liquidation and a Cashed account breach are separate events.

A leveraged position may be liquidated by the platform's margin engine before the overall Cashed account reaches its Maximum Drawdown.

A liquidation does not automatically terminate the Cashed account unless the account also breaches a Cashed rule.

Trading fees

Applicable execution fees are deducted from account P&L.

They therefore affect:

Balance
Equity
Profit targets
Payout eligibility
Risk limits

Cashed will display applicable trading fees in the interface.

Funding payments

Perpetual futures may incur periodic funding payments.

Funding may either:

Be paid by the trader; or
Be received by the trader.

Any funding charged or credited is included in account P&L.

Tradable markets

Cashed may provide perpetual markets including:

Crypto
Equity perpetuals
Index perpetuals
Commodity perpetuals
Pre-IPO markets
Other supported perpetual products

The live Markets page controls which products are currently available.

Market availability

A market can be:

Added
Suspended
Placed into reduce-only mode
Delisted

based on the underlying venue, available price data, liquidity or Cashed risk controls.

Delisted markets

Where possible, Cashed will provide notice before a planned delisting.

If a market is unexpectedly terminated by the underlying venue, open positions may be closed using the venue's official settlement methodology or another objectively determined reference price.

News trading

News trading is allowed.

There is no rule prohibiting trading around:

CPI
FOMC
Elections
Earnings
Token announcements
Economic releases
Major market events

Normal risk limits continue to apply.

Overnight positions

Overnight holding is allowed.

Weekend positions

Weekend holding is allowed where the relevant market remains tradable.

Scalping

Scalping is allowed.

Minimum holding time

There is no minimum trade duration.

Cashed does not automatically invalidate a legitimate trade simply because it was held for:

5 seconds

20 seconds

30 seconds

or less than one minute.

Latency abuse remains prohibited.

High-frequency trading

Fast trading and algorithmic execution are permitted subject to published API and order-rate limits.

Cashed does not ban a strategy merely because it trades frequently.

However:

API spam
Deliberate infrastructure overload
Rate-limit circumvention
Latency exploitation

are prohibited.

Grid trading

Grid trading is allowed.

The strategy remains subject to normal:

Margin
Daily Loss
Maximum Drawdown

rules.

Martingale

Martingale-style position sizing is not specifically prohibited.

Traders remain responsible for complying with all risk limits.

Dollar-cost averaging

Scaling into or averaging into a position is permitted.

Hedging within one account

Holding offsetting or partially hedged positions within the same account is permitted where supported by the trading engine.

Bots and automated trading

Automated trading is permitted.

This includes:

Trader-built bots
API strategies
Algorithmic systems
Automated execution software

subject to the same rules as manual trading.

Third-party software

Third-party trading software is permitted provided:

The Cashed account remains controlled by the registered trader
The software does not exploit Cashed infrastructure
The software complies with API limits
The software does not facilitate prohibited account farming or manipulation

Copy trading

Source evaluations transition to their newly issued funded accounts automatically. If your destination account becomes inactive or progresses, choose a new active destination yourself.

Stopping copying prevents new positions; existing copies continue to receive close and protection updates. You retain the ability to manage and close your own positions.

Trading signals

Using publicly available or privately purchased trading ideas is permitted.

Receiving a signal is different from allowing another person to control the account.

The registered account holder must remain responsible for the account.

Account management

Third-party account management is prohibited.

Another person may not:

Log in and trade your account
Control your account via API
Operate the account on your behalf
Sell account-passing services using your credentials

Account sharing

Cashed accounts are personal to the registered trader.

Accounts may not be:

Sold
Rented
Transferred
Shared

Opposite hedging across Cashed accounts

Example:

Account A:

Large BTC long

Account B:

Equivalent BTC short

with both accounts intentionally risked to maximum limits so one account is effectively guaranteed to benefit.

This is prohibited.

External hedging

Normal portfolio hedging on external trading venues is not automatically prohibited.

However, intentionally combining Cashed accounts and external positions to construct a coordinated risk-free challenge exploitation scheme may be treated as account gaming.

100

Group hedging

Coordinating opposite positions with another person to guarantee that one trader benefits from an evaluation or payout is prohibited.

101

Similar trades are not automatically collusion

Cashed will not consider traders to be colluding merely because:

They traded the same market
They followed a common public signal
Their strategies generated similar entries
They used a popular algorithm

A collusion finding requires additional evidence of coordinated abuse.

102

Account farming

Buying multiple accounts is not itself prohibited.

Failing multiple challenges is not itself prohibited.

Repeatedly taking aggressive trades is not itself prohibited.

What is prohibited is operating multiple accounts as a coordinated scheme designed to remove genuine market risk and exploit Cashed's evaluation economics.

103

Account cycling

Purchasing repeated accounts for legitimate retries is allowed.

Account cycling becomes prohibited where Cashed identifies an organised structure involving:

Intentionally sacrificed accounts
Opposite trades
Coordinated identities
Risk-free portfolio construction
Payment abuse

designed to guarantee payout from another account.

104

Platform exploits

Traders may not knowingly profit from:

Incorrect prices
Duplicate fills
Stale market data
Broken margin calculations
Incorrect contract specifications
Software bugs
Execution glitches

If an obvious technical error occurs, traders should report it.

105

Latency arbitrage

Using known latency differences between Cashed and an underlying venue to systematically obtain fills at prices that are no longer available in the real market is prohibited.

Normal fast execution is not latency arbitrage.

106

Tick sniping

Trading solely to exploit stale or delayed quote updates rather than genuine market movement is prohibited.

107

Impossible fills

Profits generated from fills that could not reasonably have occurred under the published execution model may be corrected where Cashed can objectively demonstrate a technical execution failure.

Such corrections should be documented.

108

Wash trading

Wash trading is prohibited.

Traders may not create artificial trading activity through coordinated transactions lacking genuine economic exposure.

109

Spoofing and layering

Submitting orders with no genuine intention of execution for the purpose of manipulating a market or external order book is prohibited.

110

Market manipulation

Any activity designed to unlawfully manipulate an underlying market is prohibited.

111

API abuse

Attempting to:

Bypass API rate limits
Flood order endpoints
Interfere with Cashed infrastructure
Cause deliberate system degradation

is prohibited.

112

Technical reverse exploitation

Discovering a bug does not give a trader permission to exploit it.

Responsible reports should be made to Cashed support.

113

Identity fraud

Providing false identity information is prohibited.

This includes:

Using another person's identification
Fake documents
Creating identities under another person
Multiple accounts under deliberately false identities

114

Multiple Cashed profiles

A person may maintain only one Cashed profile unless Cashed has expressly approved otherwise.

Multiple trading accounts can exist under that profile.

115

Age requirement

Traders must be:

18 years or older

and legally capable of entering into the Cashed agreement in their jurisdiction.

116

No KYC

Cashed does not require government-issued ID, selfies or liveness checks to trade, activate a funded account or request an Instant payout.

You must still be at least 18, use your own account and comply with applicable geographic restrictions and sanctions.

117

Account security

Email verification, secure sign-in and confirmation of a payout destination protect your account. These are account-security checks, not KYC.

Never share your password or transfer control of your account to someone else.

118

Security reviews

Cashed may review objective evidence of stolen payment funds, compromised account access, sanctions alerts or prohibited account coordination.

Reviews must not be used simply because a trader is profitable. No identity-document or selfie requirement is imposed under this ruleset.

119

Restricted jurisdictions

Cashed is unavailable where providing its services would violate applicable law or sanctions restrictions.

The current list of restricted jurisdictions will be maintained on a dedicated Eligibility page.

The Eligibility page should be checked before purchase.

120

VPN usage

Using a VPN is not automatically prohibited.

VPNs may be used for ordinary security and privacy purposes.

A VPN may not be used to deliberately circumvent:

Restricted-jurisdiction rules
Sanctions controls
Account security controls
Account bans

121

IP addresses

A change in IP address is not by itself a rule breach.

Legitimate users travel, change internet providers and use mobile networks.

IP data may, however, form part of a broader fraud or account-sharing investigation.

122

Devices

Traders may access Cashed using multiple personal devices.

Device changes are not automatically prohibited.

Shared-device patterns may trigger an account-security review where they reasonably suggest unauthorised account sharing.

123

Payment methods

Cashed primarily accepts supported cryptocurrency payments.

The checkout shows:

Selected Deposit
Discount
Amount due
Payment asset
Supported network

before payment.

124

Underpayment

If a crypto payment is lower than the required amount, Cashed may request the outstanding difference before activating the account.

125

Overpayment

Accidental overpayments should be reported to support.

Any refundable amount may be returned subject to blockchain transaction costs.

126

Refunds

Once an account has been activated and trading has begun, the Deposit/payment is generally non-refundable.

Refunds may still be issued for:

Duplicate charges
Payment processing errors
Failure to deliver an account
Other circumstances required by applicable law

127

Breached accounts and refunds

Breaching a trading rule does not create a right to a refund.

128

Failed evaluations and refunds

Failing an evaluation does not create a right to a refund.

129

Recurring fees

Standard, Flex, Instant and Build Your Own accounts have no recurring subscription fee unless clearly stated before purchase.

130

Market data

Cashed may use market data from one or more external venues and market-data providers.

Displayed prices can differ slightly between venues.

The Cashed execution and risk engine uses the reference feed designated for that market.

131

Mark price versus last price

Risk calculations may use Mark Price rather than Last Price.

This reduces the risk of account breaches caused purely by isolated trades or temporary wick prints.

The active mark/reference price should be visible in the trading interface.

132

Order types

Cashed may support:

Market orders
Limit orders
Stop Market
Stop Limit
Take Profit
Stop Loss
Reduce Only
Good-Til-Cancelled
Immediate-or-Cancel
Other supported order instructions

Availability may vary by market.

133

Market orders

Market orders attempt immediate execution against available market liquidity.

The final execution price is not guaranteed.

134

Limit orders

Limit orders execute only at the selected price or better, subject to available liquidity and the Cashed execution model.

135

Slippage

Slippage can occur.

Larger positions, volatile markets and thin liquidity may result in a different average fill price than the price shown when an order is submitted.

136

Partial fills

Orders may be partially filled.

Any remaining quantity may continue resting, be cancelled or otherwise behave according to the order instruction selected.

137

Simulated execution

Cashed challenge and funded accounts may operate within a simulated trading environment using real market data.

Where simulated, fills are intended to reflect reasonable market conditions including:

Price
Spread
Available liquidity
Order size
Slippage

138

Live execution and risk copying

Cashed may choose to replicate, hedge or otherwise use trader-generated signals in live markets.

Traders do not control whether Cashed chooses to do so.

The trader's contractual reward remains based on the Cashed account result rather than ownership of any Cashed live-market position.

139

No ownership of firm capital

Trading Power does not represent money owned by the trader.

A funded account does not create ownership rights in:

Cashed corporate funds
Cashed exchange accounts
Cashed hedging positions
Cashed wallets

140

Market halts

Cashed may halt a market where:

Reliable pricing is unavailable
The underlying venue halts the market
An oracle fails
Extreme disorderly market conditions exist
The contract is being settled or delisted

141

Reduce-only mode

During unusual risk conditions, a market may temporarily be placed into Reduce Only mode.

This allows existing exposure to be reduced without allowing additional risk to be added.

142

Cashed platform incidents

A Cashed Platform Incident may include:

Widespread inability to submit orders
Incorrect system-wide pricing
Risk-engine malfunction
Duplicate order execution
Major API failure

Cashed should publish confirmed incidents on a public status page.

143

What happens during a confirmed Cashed incident?

Where Cashed determines that a trader was materially disadvantaged by a confirmed Cashed technical failure, it may:

Restore the account
Reverse an erroneous fill
Remove an erroneous loss
Restore the account to its last reliable state
Extend an inactivity deadline where appropriate

144

Trader internet outages

Problems caused solely by the trader's:

Internet connection
Device
Local software
Private API infrastructure

are generally not Cashed Platform Incidents.

145

Underlying venue incidents

An outage or failure of an external market venue may result in:

Market suspension
Order cancellation
Reduce Only mode
Delayed execution

Cashed will use reasonable measures to handle such events consistently.

146

Price errors

An objectively incorrect price caused by a confirmed data-feed error may be corrected.

Cashed should not retrospectively cancel legitimate trades merely because they were highly profitable.

147

Rule enforcement

Cashed should use automated rule enforcement wherever technically possible.

Objective numerical rules should be visible live inside the dashboard.

148

Prohibited-conduct reviews

Where Cashed reasonably suspects prohibited conduct, it may temporarily:

Restrict trading
Pause a payout
Request additional information

while completing a review.

149

Evidence in prohibited-conduct reviews

Relevant evidence may include:

Trade timing
Order correlation
Device information
Login information
Account ownership
Wallet transactions
API activity
Position correlation between accounts

No single data point should automatically determine abuse where there is a reasonable legitimate explanation.

150

Profitability is not prohibited conduct

A trader will not be penalised solely because they:

Made large profits
Passed quickly
Had a high win rate
Used large positions
Scalped successfully
Traded news successfully
Used automation
Had one exceptionally profitable day

provided all published rules were followed.

151

Payout denial

A valid funded payout should only be refused where there is a defined reason such as:

Account breach
Proven prohibited conduct
Fraud
Unresolved, evidenced account-security or payment-fraud concerns
Legal or sanctions restriction
Technical correction affecting the claimed profit

152

Taxes

Traders are responsible for determining and paying any taxes applicable to payouts in their own jurisdiction.

Cashed does not provide individual tax advice.

153

Account security

Traders are responsible for maintaining the security of their:

Password
Email
Two-factor authentication
API credentials
Wallet credentials

Cashed support will never require a wallet seed phrase.

154

Compromised accounts

Suspected account compromise should be reported immediately.

Cashed may temporarily restrict account activity to protect the trader.

155

Perpetuals and prediction markets

156

Rule Version

Every account displays its Rule Version.

Example:

CAS-1.0

The relevant Rule Version determines the account's trading rules.

157

Rule updates

Cashed may release new Rule Versions.

New rules normally apply to accounts created after the new version becomes effective.

Existing accounts remain governed by the version attached to them.

158

Emergency rule changes

Cashed may make an immediate rule change where necessary due to:

Applicable law
Sanctions obligations
Critical security vulnerabilities
Underlying-market discontinuation

Where practical, affected traders will be notified.

159

Public changelog

CAS-1.0 — published and effective 28 September 2026 for new checkouts.

Existing accounts and previously created invoices retain their saved terms. New rules are locked when a checkout is created; existing account terms are not rewritten.

160

Account dashboard rule card

Every account should display the following in one place:

Deposit

Multiplier

Starting Trading Power

Current Balance

Current Equity

Profit Target

Daily Loss %

Current Daily Equity Floor

Maximum Drawdown %

Maximum Drawdown Equity Floor

Profit Split

Payout Eligibility

Rule Version

This information should not require traders to manually calculate whether their account is safe.