Kraken Prop, Funded or Breakout: the three routes compared

Kraken now offers three ways to trade with Kraken's money: Kraken Funded in the regular app, Kraken Prop in Kraken Pro, and the standalone platform Breakout. You pay a one-off evaluation from $20, and if you pass, you keep 80 to 90% of the profit on an account of up to $200,000. With the code CRYPTOCODES you get 2% off every Kraken Prop evaluation. Kraken Prop and Kraken Funded run through Payward Oceanic Ltd in the British Virgin Islands, outside Kraken's European MiCA authorisation.

What is prop trading at Kraken?

You pay a one-off fee for an evaluation, the ‘challenge’. In it you trade with a simulated balance and have to reach a profit target without breaching a loss limit. If you succeed, you get a funded account and share the profit with Kraken. If you fail, the fee is gone. Kraken itself says it is not refunded, whatever the outcome.

Kraken started in September 2025 with the acquisition of Breakout, launched Kraken Prop in Kraken Pro on 27 May 2026, and Kraken Funded for the regular app on 30 July. On 18 September Kraken put the three side by side on one page for the first time.

The three routes side by side

What the three share, according to Kraken: no time limit, no minimum number of trading days and no consistency rules. You request a payout once you have no open positions or orders; Kraken promises processing within 24 hours.

Kraken Funded

The simplest route. Three plans: $20 for $1,000 of capital, $50 for $5,000 and $90 for $10,000. You need to make 12% profit before you lose 3%. There is no added leverage and there are no advanced order types.

The overview of 18 September mentions capital ‘up to $200,000’ for Kraken Funded, but the support page of 22 September only lists these three plans. We go by the support page.

One thing to watch: the announcement of 30 July stated a loss limit of 5%. Kraken's support page, updated on 22 September, says 3%. Assume 3% and check at checkout which rule applies to your plan.

Kraken Prop

The extended route, in the Kraken Pro trading environment. Three plans, each with its own balance between price and room to manoeuvre:

What an evaluation costs, in dollars as Kraken charges it:

On payouts Kraken contradicts itself: the FAQ says USD or USDG to your Kraken account, the overview of 18 September says USDC. Check in your account what applies to you.

The drawdown is static: it is calculated from your starting balance and does not move up with your profit. On a $10,000 Advanced account the floor is therefore always $9,700. Advanced is the cheapest, but leaves the least room: one wrong position at 5x leverage can use up the 3% on its own.

With the code CRYPTOCODES you get 2% off every evaluation you buy, on all three plans and on a new attempt as well. On a $5,000 Advanced evaluation that saves $0.40, on a $200,000 Intermediate evaluation $21.80. Kraken calls it an always-on discount; you enter the code at the Kraken Prop checkout and see the 2% on the payment step. It is listed in our partner account with Kraken, not on the public prop page. The terms are on our Kraken Prop page. An overview of the plans from June is in our earlier article on Kraken Prop.

Breakout

Breakout is the prop platform Kraken acquired in September 2025. It runs separately from Kraken, with its own web and mobile app, and pays out in USDC. According to Kraken the profit target is around 9 to 12%, depending on the route. We did not check Breakout's exact prices for this article.

What you need to know before you pay

It is not a MiCA service. Kraken Prop and Kraken Funded are offered by Payward Oceanic Ltd, based in the British Virgin Islands. Kraken itself calls it ‘an unregulated service’, separate from Kraken's regulated services. The protection offered by Kraken's European MiCA authorisation therefore does not apply here.

The evaluation is simulated. Kraken writes that during the challenge you trade in a simulated environment that reflects live market conditions. The fee is the only real money you spend in that phase, and you do not get it back.

Kraken publishes no pass rate. How many traders pass the challenge is not stated anywhere. A profit target of 9 to 12% with a loss limit of 3% means you have to gain three to four times as much as you are allowed to lose.

A breach closes everything. If you hit the loss limit, Kraken immediately closes all your positions and orders and the account is disabled. You can try again, with a new evaluation and therefore a new fee.

Not available everywhere. According to Kraken, Kraken Prop is not available in Canada, India and the United Kingdom. Kraken Funded says it is available in more than 150 countries, including the US and the EEA; whether it appears in your account, you can tell from the Funded tab in the app.

Verification comes later. For an evaluation, email and country are enough. Full identity verification is only required once you get a funded account.

Which route suits whom?

• You have never traded with leverage. Kraken Funded, the smallest plan. Twenty dollars is the maximum loss, and there is no leverage to catch you out.
• You already trade on Kraken Pro and know your risk management. Kraken Prop, Intermediate or Starter. The 5 or 6% drawdown gives more room than Advanced.
• You mainly want to try it cheaply. Advanced, but expect the strictest rules.
• You are looking for a standalone prop platform with its own app. Breakout.

And do not do it if the fee is money you cannot afford to lose, or if you see the challenge as a way to earn a lot with a small stake. Most of the costs are fees for attempts, and what most attempts yield is something Kraken does not publish.

Disclosure: the link to Kraken Prop on our promo code page and the code CRYPTOCODES come from our partner programme with Kraken. If you buy an evaluation through that link or with that code, CryptoCode receives a fee; it does not cost you more. Trading with leverage is risky; you can lose your entire stake.

More on Kraken: Kraken cashback on trading fees, what the Nasdaq investment means and the Kraken partner page.

Frequently asked questions

Is Kraken Prop trustworthy?

Kraken holds a MiCA authorisation for its European exchange services. Kraken Prop does not fall under it: it runs through Payward Oceanic Ltd in the British Virgin Islands, and Kraken itself calls it an unregulated service.

What is the difference between Kraken Prop and Kraken Funded?

Kraken Funded sits in the regular Kraken app, goes up to $10,000 according to the support page, with no added leverage and no commission. Kraken Prop sits in Kraken Pro, goes up to $200,000, with leverage up to 5x and three plans with different rules.

Do I get the evaluation fee back if I pass?

Kraken calls the fee non-refundable once you start trading, whatever the outcome.

How quickly are payouts made?

Kraken promises a payout within 24 hours, usually within 12. You can only request a payout when you have no open positions or orders.

Is Kraken Prop available in the EU?

Kraken excludes Canada, India and the United Kingdom and does not name any EU country. Whether it is available in your account, you can see in Kraken Pro or from the Funded tab in the app.

Do I have to pay tax on prop profits?

That depends on your country and your situation. This article is not tax advice; check with the tax authority in your own country.

Sources

Last checked on 28 September 2026.

• Kraken, overview of the three routes (published 18 September 2026): kraken.com/learn/best-crypto-prop-firms
• Kraken Prop, plans, prices and terms: kraken.com/prop
• Kraken Prop, frequently asked questions (countries, payouts, verification): support.kraken.com/articles/kraken-prop-faq
• Kraken Funded, support page (updated 22 September 2026): support.kraken.com/articles/funded
• Kraken Blog, introduction of Kraken Prop (27 May 2026): blog.kraken.com/product/prop/introducing-kraken-prop
• CRYPTOCODES discount (always-on 2% on every Kraken Prop evaluation): CryptoCode's partner dashboard at Kraken, read on 28 September 2026.
• FX News Group, launch of Kraken Funded (30 July 2026): fxnewsgroup.com