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Problem
Prop trading is a simple idea.
A firm puts its own capital behind skilled traders and shares the results. To find those traders, firms sell evaluations.
It is a genuinely good idea but the industry deserves a better process.
Why would a firm design its exam that way?
Because of where the money goes when someone wins.
Passing is not the finish line either.
At most firms, a second set of rules begins after you pay: rules about how you must trade once funded, and what you must clear before you are actually paid. Few people ever see that list written down in one place.
* Pass rates are per evaluation purchased, taken from the published performance statistics of the firms that disclose them, 2025–26. "1 in 25" and "0.7%" are derived from those same disclosures: the published pass rate multiplied by the same firm's published funded-to-payout and funded-to-live rates. Sources and arithmetic available on request.
The barrier to entry collapsed.
White-label software turned launching a firm into a monthly subscription, so the market filled with brands running the same playbook on rented infrastructure.
Solution
A firm that earns when qualified traders perform
We went back to first principles and rebuilt the idea around one belief: a firm should build its future on developing successful live traders, not on subscriptions, resets and repeated failure.
Here is the stage everyone hates. You pass the evaluation, and the reward is another simulated account. More rules, more waiting, a live market somewhere on the horizon.
In our model there is no mandatory simulated stage in between. You qualify against published criteria, and the next step is consideration for live firm capital.
To be clear about who you are joining: qualified traders trade at TRADEFUNDED CAPITAL, our proprietary trading firm. TRADEFUNDED runs the examinations; TRADEFUNDED CAPITAL runs the desks.
We watched the first generation of this category get built. We think the second belongs to whoever fixes it.
Certification Examinations
Two published standards and a format that treats candidates like professionals.
Our evaluations are structured like professional examinations.
Timed, standardized, and judged on what actually matters.
Qualify, and it should mean something.
Both standards are published in full before launch, with the whole rulebook alongside them.
The formats differ only in length. What never changes is what the account is: as close to a real account as we can make it.
Before we wrote a single rule we read what traders say about this industry, in their own words, and built against the list.
That was the exam. The list gets longer after it.
Each pass adds its allocation on top of what you already hold.
That only works if the number of accounts you can hold keeps growing too.
Platform and Infrastructure
We watched firms lose their entire trading stack when the vendor decided it wanted the business for itself.
Renting the thing your company runs on is a risk we were not willing to carry, so Tachyon is ours.
For the parts we cannot own, we chose carefully. Clearing and order routing sit with TRADEFUNDED CAPITAL, the entity that trades.
And for the feed itself, we went to the people who carry a large share of the futures market every day.
Market
Modeled operator revenue for futures and FX-pair evaluation firms, CFD-only economics excluded. Independent published estimates put all retail prop direct revenue at $4.0–4.5B for 2026. Base case assumes a 12% CAGR to 2031; bear 5.1%, bull 18.9%. These are modeled figures, not audited industry statistics. Independent industry analysis also describes a broader ecosystem value of roughly $20 billion once partner brokerage economics and nominally allocated capital are included. The chart models direct operator revenue only, the smaller and harder number.
The category is large enough to matter and still early enough for a new operator to take a real position.
It is also consolidating: the firms pulling ahead are the ones that own their platform and have a genuine route to live markets, not the ones with the cheapest challenge.
Business Model
Examinations fund the funnel. Tachyon improves who we select. Qualified traders create the long-term upside. Each line supports a different stage, and none of them requires candidates to keep failing.
What that model can produce, at scale, looks like this.
Management illustration at a $299 average examination fee. Above projection is based on roughly 2,200 monthly examination purchases, only about 0.1–0.2% of the modeled futures and FX category. Dollar figures represent illustrative gross revenue, not profit, EBITDA or net income. Projections are illustrative, not guarantees, and actual results will depend on launch timing, capacity, demand, operating costs and execution.
Forward-looking statement: These projections are illustrative estimates based on management’s current assumptions and are not guarantees of future performance. Actual results may differ materially due to risks, uncertainties, and factors beyond the company’s control. Investors should not place undue reliance on these projections. Please review Republic’s Forward-Looking Financial Projections Disclaimer.
What Comes Next
The model is new, and it is not carrying the structural problems the first generation was built on.
There is more in development than the examination and the platform. We will show it when it ships.
Benefits
5% of Pre-Distribution Cash is allocated to TRADEFUNDED CAPITAL. Pre-Distribution Cash means cash available for distribution after company obligations and reasonable reserves are accounted for.
The Five Percent exists because of what this industry does to its best people.
That is the trader this firm is built for, and there are a lot of them.
We are not building another temporary stop in a trader's journey.
We are building the place the journey can continue, and the Five Percent is the part of that written down where it cannot quietly disappear.
What it funds each year is discretionary. Who it is spent on is not.
Leadership
The same team, by role.
Officers, ownership and risk factors are set out in the Form C.
Community Ownership
This category has spent its whole existence working for one side.
The firm sells the exam, the firm writes the rules, the firm keeps what is left. The trader is the other side of that trade.
We would rather not run it that way, so we are letting the people who use the firm own part of it.
Trader on one side, owner on the other. The same person, on both sides of the table.
That is not a badge, and the stake is not symbolic.
Backing the raise comes with its own ladder.
All allocations come from revenue, not from the raise. Offering proceeds never become trading capital.
Summary
The category's first act proved people will pay to be evaluated. The second act belongs to whoever builds the firm they stay at afterward.
That is what we are building, and the full model publishes on launch day, in the rulebook every trader reads before they buy.
