- Carrot is migrating every new challenge and every new funded account onto Hyperliquid, moving its evaluation and execution infrastructure onto the deepest on-chain perpetuals venue in crypto.
- The change is infrastructure-first, but it is felt on every fill in the Trading Terminal - tighter spreads, deeper books, and access to Hyperliquid's continuously expanding market list (crypto, equities, commodities, and more) as soon as it lists there.
- Carrot's vault is moving from Arbitrum to HyperEVM, keeping payments and payouts verifiable on-chain - traders do not have to take Carrot's word for it.
Today Carrot is announcing its migration to Hyperliquid, moving the evaluation and trading infrastructure behind every Carrot challenge onto Hyperliquid's on-chain order book. The move extends Carrot's existing verification-first model, capital allocation traders can check on-chain, rather than a dealing desk or firm operators deciding outcomes behind closed doors. All the way into the execution layer itself.
Why Hyperliquid
Hyperliquid built the thing on-chain perpetual futures trading was missing: an order book that performs like a centralized exchange without asking traders to trust a black box. Real depth, real speed, and on-chain settlement are exactly what a transparent prop firm needs underneath it. Carrot built its evaluation layer on the same principle it now applies to its execution layer.
Hyperliquid has grown from under 1% of centralized-exchange perpetual futures volume at its early-2023 launch to a meaningful share of on-chain perpetuals trading today, and it carries more open interest than other tracked perp DEXs. Hyperliquid has cleared $4.93 trillion in perpetual futures volume since its 2023 launch, and today carries more open interest than every other perp DEX combined. That depth is where order flow, market makers, and tighter spreads already concentrate, it is the difference between a market that can absorb size and one where a single trade moves the price.
What it changes for traders
Liquidity compounds. Deeper liquidity means tighter spreads and fewer bad fills when trading with size. In evaluation, that means fill quality that reflects real market conditions, on funded capital, it shows up directly on the account as lower slippage. Meaning lower trading costs for our traders.
Hyperliquid's market listings are permissionless, and new markets go live continuously, spanning crypto, equities, commodities, and more. As new markets list on Hyperliquid, they become tradeable on Carrot.
Hyperliquid is also always-on. Weekend geopolitical shocks, after-hours earnings, overnight headlines. Legacy markets built around a trading-hours schedule are increasingly working against traders on exactly these moves. Price discovery is happening on-chain, sometimes hours before traditional markets open, and Carrot's evaluation and funded infrastructure now sit on that same always-open venue.
The vault lives on HyperEVM
This is the part traders can watch directly. Carrot's vault is migrating from Arbitrum to HyperEVM and with it, the things a prop firm normally asks you to take on faith:
- Proof of Reserves. Backing capital sits at published addresses. Check the balance yourself, any time you like.
- Payouts. Every payout settles on-chain. Not a screenshot - a transaction hash.
- The Book. We show how flow is routed, A-book and B-book both, instead of leaving you to work out which side we're on.
- Risk. Exposure is hedged dynamically against the same orderbook you're trading on.
- Idle Capital. Float that isn't backing open positions earns yield in HyperEVM's deepest lending markets, Felix Protocol and HyperLend. Payout reserves stay clear.
Lower costs, more markets, 24/7 → That's what Hyperliquid brings to Carrot.
