Simulated trading and risk

Simulated accounts

All Backed accounts, evaluation and funded, are simulated trading accounts. Trades are priced from live market data (on-chain pools, Hyperliquid, Polymarket and reference prices for traditional markets), but no order is placed on an exchange and account balances are not deposits, loans or investments. You do not own the assets you trade on Backed.

What is real

• The fee you pay for an account.
• Payouts, paid in crypto or through Rise under the payout rules in these docs.
• Backed balance as a credit inside Backed only. It cannot be withdrawn.

Your fee buys access, not capital

The account fee pays for access to the evaluation and the platform. It is not a deposit and is not returned if an account breaches.

Risk

Trading memecoins, leveraged perpetuals and prediction markets is high risk. Past results in a Backed account do not predict future results, and most traders do not pass an evaluation. Only buy an account with money you can afford to lose.

Packs

Backed Packs are a game of chance. Open them only with balance you are comfortable losing.

Terms

These docs explain how Backed works. If anything here differs from our Terms of Service, the Terms of Service apply.