The $10,000 notional account on US stocks
The same account, sold on a different market. Everything on The $10,000 notional account applies unchanged: the $79 entry, the 14 days, the four bars, the $50 and $200 size limits, the $125 daily loss limit, the $250 drawdown, the 90/10 split. This page is only about what is different when the thing you trade is a stock rather than a prediction round.
What you trade
Nine names: SPY, QQQ, AAPL, NVDA, TSLA, MSFT, GOOGL, AMZN, META.
They trade as cash-settled perpetuals on Phoenix, an on-chain order book, and they settle in USDC. A perpetual is a contract that tracks the stock's price and never expires, so there is no round to wait for and nothing resolves: you open a position, the price moves, you close it. The book is quoted around the clock, including outside US market hours, by a market maker, and the price it shows in the middle of the night is a real price you can trade at and not a stale print.
You go long only. Buy to open, close to exit. There is no short side on this account.
You trade without leverage. Phoenix would let a position be several times its collateral; your seat is not allowed to put more stock notional at the venue than it holds there in cash, and an order that would is refused before anything is spent. Closing a position is never blocked by this rule.
The reason this venue and not another is the same reason the prediction venue was chosen: a program account can trade it with a single signature and no third party in the loop, and Fortell established that by executing real trades through the seat's own account and inspecting what they required. The same rule from What happens when you pass holds here too: a challenge may only list a stock a funded seat could trade, and the list on your challenge is the list on the seat.
The price you are held to
Every stock has a mark: the venue's own reference price for that name, written on chain with the slot it was written at. Your positions are valued at the mark, your drawdown and your daily limit are computed from it, and your challenge fills are priced off it.
A mark has an age. If the venue's mark for a name is more than 150 slots old, about a minute, that name is stale, and every action that needs a price on it is refused rather than priced on an old number. That includes closing: a close on a stale mark is a close at an unknown price, so it waits for the venue to refresh rather than guessing. Nothing is spent on a refused order. The board shows you each name's mark, its age, and whether it is tradeable right now, and the same rule is applied by the funded seat's program on chain, so the challenge is not softer than the seat.
How a challenge fill is priced
The challenge is paper: no transaction reaches the venue, and there is no order book to walk. So each fill is priced the way a small order on the real book would be:
Buy: the mark, plus the measured half-spread for that name, plus a 3.5 basis point taker fee. That is what a buy at the ask costs on Phoenix.
Close: the mark, less the half-spread, less the same fee. Your open positions are valued the same way, at the bid side, so what the screen says you would get is what a close would give you.
The half-spread per name is a measured figure from the live book, a few basis points for each of the nine, and it is fixed in the software rather than re-read from the venue at each fill, so two traders buying the same name at the same mark pay the same price. A round trip therefore costs a little over the spread plus 7 basis points before the stock moves at all, which is what it costs a funded seat on the real book too. A challenge that filled you at the mark for free would be teaching you a game the seat cannot play.
How stocks are graded
The four bars are the same four, and the money bars need nothing new: profit, drawdown and the daily limit are computed from your own fills exactly as they are on rounds.
What needs a word is the scored call, because on a round it is defined by the round resolving, and a perpetual never does. On this account a scored call is a completed round trip: you opened a position in a name and closed it. The call's outcome is whether it made money after the spread and the fees. Each round trip is one call, and the hold rule still applies to it: you cannot close inside 20 seconds of opening.
The forecast score treats a stock call as a bet at even odds. A round gives the grader a price you paid against a result that was 0 or 1, and your edge on it is the distance between them; a perpetual has no such pair, so the grader scores each trip as a fair coin you called right or wrong. That is deliberately no more generous than the round version: a trader who wins half their trips scores zero edge, and the score is still the lower end of a confidence interval, shrunk when you have few calls.
How hard is this, actually
Not measured. The prediction account's pass rate is derived from a model of the rounds it trades, run tens of thousands of times against the published rules, and The $10,000 notional account states that figure with its resolution. No such model exists for a continuous perpetual on a single-maker book, and running the round model "at a stocks spread" would produce a number about a game nobody is playing. So this page, the tier card, the FAQ and the Academy print the account's terms and no pass rate, and the build refuses a figure on any of them until there is a measurement behind it. When there is one it will appear here, with its resolution, in the same words the other account uses.
The funded seat
A pass funds the same $10,000 notional seat, with Fortell's $250 of first-loss cover behind it, and the seat trades the same nine names on the same venue through its own on-chain account. What your challenge enforced in software, the seat's program enforces on chain, with the same numbers: the $50 per-name limit, the $200 open limit, the daily limit, the drawdown floor, the 20-second hold, no leverage, and the stale-mark refusal. The seat deposits USDC as collateral at the venue, opens and closes positions signed by the account itself, and withdraws the collateral back when it is flat. Anyone can mark a seat against the venue's current price, and a seat that breaches a limit is frozen and its positions closed, exactly as Limits, breaches and payouts describes.
Claiming works as Getting paid says. A claim is refused, by name, when the seat holds no profit above its principal: a seat that has only paid spread and fees has nothing to claim, and the program says so rather than paying out of the cover.