IQ Challenges
The rules
Make 10% without ever sitting 5% below where you started. Keep everything you earn on it. These are the rules in full, including the ones that end an account.
Passing
- Profit target
- 10% of the account balance. On a $100,000 account that is $10,000.
- Time limit
- None. The trading period is unlimited.
- Minimum trading days
- None. You can pass in a single day if you hit the target.
- Activity
- Place at least one trade within 60 days of activation.
Loss limits
Both limits are static. They are measured against your starting balance and never trail your profits upward, and they do not change once you are funded.
- Balance
- Your balance cannot drop more than 5% below your starting balance, at any time.
- Equity
- At the 00:00 UTC check, your equity including unrealized P&L cannot be more than 5% below your starting balance.
- Breach
- Breaching either ends the account.
Once you are funded
- Profit split
- You keep 100%. IQ takes 0%, including on funded accounts.
- Payouts
- Every 7 days, on realized profit.
- Minimum payout
- None.
- Profit target
- None. There is no target on a funded account.
- Loss limits
- The same 5% static limits. They do not loosen.
- Bonus
- Funded traders returning 2% or more in a quarter at a Sharpe of 1.0 or better earn a further 25% of quarterly realized P&L.
What you may trade
- News events
- Allowed. No restrictions around news.
- Holding
- Overnight and over the weekend are both allowed.
- Bots and EAs
- Allowed, running your own strategies.
- Consistency rule
- None. There is no single-day profit cap. You may make any proportion of your profit in one day.
What ends an account immediately
This one matters most on SN89. Trading your own calls is the whole point and is fine. Trading somebody else’s is not.
- Copying others
- Using signals, copy-trading services, or strategies that are not your own is prohibited and disqualifies the account.
- Copying yourself
- Mirroring your own strategy across your own accounts is fine.
Fees
Charged on notional traded.
- Crypto
- 0.03% (3 bps)
- Equities
- 0.01% (1 bp)
- Commodities
- 0.005% (0.5 bps)
- Indices
- None
- Forex
- None
- Forex swap
- 3% annualized, charged every 24 hours
- Equity borrow, shorts
- 3% annualized, charged at 00:00 UTC
- Interest on borrowed cash
- 6.6% annualized, charged at 00:00 UTC
- Crypto and commodity funding
- Same as Hyperliquid
Leverage
Buying power as a multiple of your account balance. An evaluation trades on the first band and lifts as the account scales.
Any single position
| Asset | I | II | III | IV |
|---|---|---|---|---|
| Crypto | 0.5x | 1.0x | 1.5x | 2.0x |
| Forex | 2.5x | 5.0x | 7.5x | 10.0x |
| Equities | 0.5x | 1.0x | 1.5x | 2.0x |
| Indices | 1.5x | 3.0x | 4.5x | 6.0x |
| Commodities | 0.5x | 1.0x | 1.5x | 2.0x |
| Gold | 1.0x | 2.0x | 3.0x | 4.0x |
Combined across one asset class
| Asset | I | II | III | IV |
|---|---|---|---|---|
| Crypto | 2x | 2x | 3x | 4x |
| Forex | 5x | 10x | 15x | 20x |
| Equities | 1x | 1.5x | 2x | 2x |
| Indices | 3x | 6x | 8x | 10x |
| Commodities | 2x | 2x | 3x | 4x |
- Whole portfolio
- 6x, 12x, 18x, 24x across the four bands, on all-markets accounts.
- Equities held as spot
- Hard capped at 2x by the Reg T overnight rule.
The evaluation fee
- Price
- For a $100,000 account. Forex $474. Crypto, commodities and equities $499. All markets $599.
- SN89 miners
- $200 off, paid in SN89 alpha. Forex $274. Crypto, commodities and equities $299. All markets $399.
- With a promo code
- $100 off the miner price. Forex $174. Crypto, commodities and equities $199. All markets $299. A code is issued to one miner and spends once.
- Refunds
- The fee is not returned when you pass. It buys the attempt, it is not a deposit.