documentation.

Trench Capital is a proprietary-trading firm built for the Solana memecoin trenches. In plain terms: you prove you can trade by passing a skill evaluation on a simulated account, and once you pass we back you with a funded account whose profits are split in your favor and paid out in SOL.

You never deposit or risk trading capital. You pay a single, up-front evaluation fee in SOL (or in $props at a discount) to unlock an account. From there everything you trade is priced against real, live on-chain prices — pump.fun bonding-curve coins and graduated DEX pairs — but the balance is simulated. That means real market conditions, real slippage, real volatility, zero risk to your own bag beyond the one-time entry fee.

The whole thing runs on the same kind of mechanical rules a futures prop firm uses (FTMO, Topstep, MFFU), adapted for how memecoins actually behave: thin liquidity, violent wicks, instant rugs, and graduations. Every rule below is enforced server-side by the simulation engine — there is no risk desk making judgment calls.

Memecoin trading rewards a very specific skill set: speed, conviction, risk control, and the discipline to size correctly when a single candle can move 300%. Most traders blow their own money learning those lessons. Trench Capital lets you learn and earn on house capital instead.

• No personal capital at risk — Your downside is capped at the evaluation fee. The trading balance is simulated.
• Real market microstructure — Fills use live prices with modeled slippage and liquidity — not a friendly demo feed.
• Skill, not luck — Consistency and drawdown rules filter for traders who can repeat results, not one-time gamblers.
• Aligned incentives — We only make money on payouts when you make money. The split is built to keep good traders trading.

Every account moves through the same four phases:

• Evaluation — Your fresh account. Hit a +8% profit target across at least 3 distinct trading days without breaking a risk rule.
• Funded — You passed. The account flips to funded and starts accruing real, withdrawable profit. Risk rules still apply.
• Breached — You broke a hard limit (max drawdown or daily loss). The account is terminated and can no longer trade.
• Paid out — A funded account that has completed a payout cycle. You can keep trading and request the next payout when eligible.

1. 1Install a Solana wallet — we support Phantom. Fund it with a little SOL for the evaluation fee (and gas).
2. 2Open Trench Capital and connect your wallet from the top-right.
3. 3Go to Plans, pick a plan and account size that match your style and budget.
4. 4Pay the evaluation fee in SOL (or $props for a discount). The account is created the instant the transfer confirms on-chain.
5. 5Open the Terminal, pick a coin, and start trading. Your evaluation clock starts on your first trade.
6. 6Hit the profit target inside the rules across the minimum trading days to get funded.

Browse plans →Open the terminal →Read the rules →

An account is unlocked with a one-time evaluation fee. You pay in SOL at the live SOL/USD rate, which is pinned the moment you create the order so the price can't drift while you confirm in your wallet.

How payment confirmation works

• On-chain memo — We ask your wallet to attach a short unique memo to the transfer so we can match the payment to your order with certainty.
• Treasury address — Funds go to the published treasury SOL address. The amount, rate, and memo are all recorded against your order.
• Automatic verification — A Helius webhook watches the treasury. The moment your transfer lands and confirms, your account is created automatically — no manual step.
• Order expiry — Orders are valid for 30 minutes. If you don't pay in time the quote expires and you simply create a new one.

Paying in $props (discount)

Trench Capital has its own pump.fun token, $props. You can pay the evaluation fee in $props instead of SOL for a discount. The $props you spend are burned on-chain, which ties demand for accounts directly to the token.

Plans differ in account size, price, profit split, and payout cadence. Pick the size you can trade with discipline — a bigger account isn't better if it tempts you to oversize. Prices below are USD reference; you pay the SOL equivalent at the live rate.

Two limits can breach (terminate) an account. They are checked both at the moment you place a trade and continuously while a position is open — so even a passively-held bag that bleeds out will trip the floor.

7.1 — Max drawdown (10%, trailing)

Your equity may never fall more than 10% below your peak realized balance (the high-water-mark, or HWM). The critical detail: the HWM trails money you have actually banked by closing trades — it does not ratchet up on unrealized spikes. If a coin you hold moons on paper, your breach floor stays put; only when you close and lock the profit does the floor rise.

7.2 — Daily loss limit (5%)

Your total PnL for a single day (realized + unrealized) may not drop below −5%of your starting balance. On a $10,000 account that's −$500 in a day. The day resets at 00:00 UTC.

7.3 — Single-token exposure caps

To stop one rug from killing the account, exposure to any single mint is capped as a percentage of equity:

• Graduated coins — 25% — DEX-listed pairs with deeper liquidity get the standard per-mint cap.
• Bonding-curve coins — 8% — Pre-graduation pump.fun coins are thinner and rug-prone, so the cap is much tighter.

7.4 — Other hard constraints

• Max open positions — 5 — You can hold at most this many distinct coins at once.
• Minimum order — $25 — Buys below this notional are rejected.
• No shorts — v1 is long-only. You can't short memecoins.
• Cash-balance check — A buy can't exceed your available cash balance.

This is the FTMO-standard 5% / 10% configuration. 5% daily was chosen as a realistic guardrail and 10% max drawdown gives memecoin volatility enough room that a single normal wick on an open position won't end a recoverable account. See the full rules & payout matrix →

Fills are designed to mirror what would actually happen on-chain, so passing the eval means something. Every order is priced server-side:

• Server-side timestamps — Your order is timestamped when it reaches the server, not on your client — you can't backdate a fill.
• Execution jitter — Each fill waits 300–800 ms (random) before it prices, simulating block time and routing latency.
• Graduated slippage — DEX pairs: 35 bps base fee + price impact scaled by your size relative to pool liquidity.
• Bonding-curve slippage — Pre-graduation coins: 200 bps base + impact — thinner books cost more to move.
• Liquidity downgrade — If observed liquidity is under $5k, the server applies the stricter bonding-curve rules even to a 'graduated' coin.
• Slippage cap — Maximum simulated slippage is capped at 800 bps even on tiny pools, so a fat-finger can't be infinitely punished.

Net effect: small orders on deep coins fill near the mid; large orders on thin coins eat real impact. Size accordingly.

• Market — Fills immediately at the live server price plus modeled slippage.
• Limit — Rests until price reaches your level, then fills. A limit-buy fires when price falls to your level; a limit-sell when it rises to it.
• Stop loss — A reduce-only sell that fires if price falls to your stop — caps your downside on a position.
• Take profit — A reduce-only sell that fires when price rises to your target — locks in gains automatically.

Resting orders (limit / stop / take-profit) are evaluated against the live price feed. They show in the Orders tab under the chart and can be cancelled any time. Use the draggable quick-trade popup for fast scalps without leaving the chart.

The terminal is split into four switchable views plus persistent panels.

10.1 — Pulse (discovery)

An Axiom-style discovery board with columns for New Pairs, Final Stretch (coins about to graduate), and Migrated. Each card shows the image, market cap, liquidity, volume, holders, dev holdings, and graduation progress. Hover a card for quick actions: hide the coin, or blacklist its dev/cooker. Use the filters modal to screen by metrics, audit flags, vitals, and keywords.

10.2 — Trending

A full-width table of the hottest pairs. Sort by market cap, liquidity, volume, holders, or age by clicking any column header (click again to flip direction), or use the sort pills. One-click quick-buy at your chosen SOL size from any row.

10.3 — Chart

The single-coin trading view. It includes:

• Candles + volume — Live candlesticks across timeframes from 5s up to 1d, with a volume histogram.
• Indicators — EMA (9/21/50/200), SMA (20/50/200), Bollinger Bands, VWAP, Fibonacci retracement, RSI, and MACD.
• Wallet bubbles — Real on-chain trades plotted as avatar bubbles — KOLs/tracked wallets show their pfp, gold ring and a ⭐; anonymous trades show as colored dots.
• Top-holder avg lines — Dashed reference lines for the volume-weighted average entry and exit of the top traders.
• Header stats — Price, market cap, liquidity, supply, holders, and bonding-curve progress.

10.4 — Portfolio

Your open positions, realized PnL, account equity, and account health (how close you are to the profit target and the breach floor).

10.5 — Data tray (under the chart)

• Trades — Live on-chain swaps with All / Mine / Dev / KOL / Tracked filters.
• Positions — Your open positions with mark price and unrealized PnL, plus a flex button.
• Orders — Your resting limit / stop / take-profit orders, with one-click cancel.
• Holders — Top holders by balance with their % of supply and USD value.
• Top traders — Wallets ranked by buy/sell volume on the coin, with net flow.

10.6 — Watchlist, tracked wallets & alerts

Star any coin to add it to your watchlist — it appears in the top strip with a live market cap and in the sidebar. Track KOL or any custom wallet to get a ping + toast the moment they buy a coin, and to highlight their trades on the chart. Built-in KOLs ship out of the box; add your own under the KOLs tab.

10.7 — Quick trade, flex & news

• Quick-trade popup — A draggable order ticket for fast in-and-out trades anywhere in the terminal.
• Flex cards — Generate a shareable PnL / payout card to post your wins.
• News — A market-news feed of real pump.fun activity — trending movers and fresh graduations — in the footer.

10.8 — Search

Press / or click search to open the command palette. Find any coin by name or paste a contract address to jump straight to its chart. Recent coins are remembered.

Funded accounts earn real, withdrawable profit. Payouts are paid in SOL (USDC opt-in) to your saved payout wallet. To request one you must clear every gate below.

11.1 — Eligibility checklist

• Profit split — 80 / 19.999999999999996 — You keep the larger share; some plans improve the split at higher tiers.
• Winning days — 5 — You need this many days with at least $100 realized profit each.
• Minimum total profit — $500 — Required before your first payout.
• New profit per cycle — $250 — Each payout after the first needs at least this much fresh profit since the last one.
• Cadence — every 48h — Minimum time between consecutive payouts.
• Consistency rule — Your single best day can't dominate your profits — see section 12.

11.2 — Maximum payout per account

To protect the treasury, each payout is capped by account size, with a bonus that grows on later payouts:

11.3 — Where payouts come from

The payout treasury is funded by the firm's own pump.fun creator rewards on $props plus evaluation revenue. Every treasury flow (fees in, payouts out, creator rewards in) is recorded for transparency.

Consistency stops a single lucky day from qualifying you for a payout. Your best winning day must be no more than a set percentage of your cycle profit. The rule relaxes with each payout as you build a track record:

Click the palette icon in the terminal footer to open Customize appearance:

• Color themes — Terminal, Dark, Grey, Green, Purple, Monokai, Violet, Indigo, and Noir. PnL green/red stays readable in every theme.
• Fonts — Geist, Inter, or Mono for the entire UI.
• Language — Switch the interface language.
• Sounds — Toggle sound effects for fills, pings, and breaches independently.

Your preferences are saved to your browser and persist across sessions.

• Bonding curve — The pump.fun pricing mechanism a coin uses before it graduates. Liquidity is thin and the price is set by the curve.
• Graduated / migrated — A coin that filled its bonding curve and migrated to a DEX (e.g. Raydium) with a real liquidity pool.
• Market cap (mcap) — Price × circulating supply — the headline 'size' of a coin.
• Liquidity — How much value sits in the pool. Higher liquidity = lower slippage and harder to rug.
• Slippage — The difference between the price you expected and the price you got, driven by your size vs. liquidity.
• Drawdown — How far your equity has fallen from its peak. Your max drawdown floor is the breach line.
• High-water-mark (HWM) — Your peak realized balance. The breach floor trails this, not your live equity.
• Realized vs unrealized PnL — Realized = profit you've locked by closing. Unrealized = paper PnL on open positions.
• Equity — Your cash balance plus the current value of open positions.
• Dev / cooker — The wallet that launched a coin. High dev holdings are a rug-risk signal.
• KOL — Key opinion leader — a known trader/caller whose wallet you can track.
• Rug — When a coin's value collapses, often via the dev dumping or pulling liquidity.
• Breach — Breaking a hard risk limit, which terminates the account.
• Profit split — The share of funded profit you keep vs. the firm.
• Eval / evaluation — The phase where you prove yourself by hitting the profit target inside the rules.

Questions the docs don't answer? Reach us on X at @trenchcapdotfun.