Review- Cheapest account
- $35
- 1-Step Pro, $5K. One-time and non-refundable
- Profit target
- 12%
- 1-Step Pro. Unlimited is 10%. Instant Funding has none
- Max drawdown
- 5% static
- Pro. 6% static on Unlimited and Instant, checked on equity
- Profit split
- 80%
- Iceberg keeps 20% of the gross claim
- Payout timing
- On demand
- Pro and Unlimited, $25 minimum. Instant waits 120 hours
- Daily loss
- 3%
- Equity based, resets 00:00 UTC
No confirmed affiliate entitlement or coupon. Direct official link.
Rules that close accounts
Open losses count toward limits
The 3% daily limit and the total limit are both checked against equity, including open P&L, trading fees and funding. On a $25K Pro account the daily allowance is $750.
Static floor suspends the account
Equity at or below either floor permanently suspends the account, and a price recovery does not reactivate it. On a $25K Pro account the total floor is $23,750, a $1,250 loss budget.
Payouts can queue
Payouts come from a public fee pool, and requests may queue until liquidity returns. Iceberg states that on demand does not mean immediate.
Instant Funding payout cap
Each Instant Funding payout is capped at 5% of initial size before the 80/20 split. Profit above the cap is forfeited when the claim settles, and the balance resets to initial capital.
Instant accounts expire
Instant Funding accounts last 90 days from activation. The first payout request opens 120 hours after the first executed trade.
Best for, avoid if
Best for
- Traders who want a low-cost 1-Step Pro test with a static 5% floor and who can trade inside a 3% daily equity limit.
Avoid if
- You need a named legal entity, a published prohibited practices list, a refundable fee or an independent payout record.
Scorecard
Score out of 10 · weight in overallProvisional score. Public-source assessment. Not hands-on. How we score firms
How we got this score
Methodology & calculation
Rules rationale
Score caps & conditions
Cost & value rationale
Platform & execution rationale
Support rationale
Transparency rationale
Trust
What the documents read show- Payout conduct
- Clear
- No payout conduct issues on record.
- Independent payout record
- Not established
- No independent payout record or trader reviews found as of November 12, 2026.
- Named company
- Not established
- The site is signed Iceberg Inc., but the docs give no registration, address or jurisdiction.
- Payout method
- USDC
- Native USDC on Arbitrum One, or account credit, from a public fee pool.
- Payout pool
- Self-reported reserve
- Iceberg says it put $30,000 of its own money into the pool as an insurance reserve. We could not confirm that independently.
Challenge rules
What are the Iceberg evaluation rules?
- Pro profit target
- 12% net of initial size on 1-Step Pro, including open P&L after fees and funding
- Unlimited profit target
- 10% of initial size on 1-Step Unlimited, same basis
- Instant Funding target
- None, no evaluation
- Time limit
- None on Pro and Unlimited. Instant Funding accounts expire 90 days after activation
- After passing
- The evaluation closes and a separate funded account opens at the original size when allocation is available
- Funded allocation
- Unlimited and Pro share a $200,000 funded allocation; a pass that exceeds it waits until room opens
- Evaluation profit
- Not paid out and not carried into the funded account
- Consistency rule
- None found on the Pro and Unlimited pages; Iceberg says Instant Funding has none
- Prohibited practices
- No list found in the docs pages we read
Is Iceberg drawdown static or trailing?
- Drawdown type
- Static total loss floor, does not trail the profit peak
- Daily limit
- 3% of the balance at 00:00 UTC, after that day's midnight funding charge or credit; resets at 00:00 UTC
- Pro total limit
- 5% static on 1-Step Pro, floor fixed at 95% of initial size
- Unlimited and Instant total
- 6% static on 1-Step Unlimited and Instant Funding, floor fixed at 94% of initial size
- What counts
- Equity, including open P&L, trading fees and funding
- $25K Pro example
- Daily allowance $750, total floor at $23,750 (a $1,250 total loss budget)
- Breach
- Equity at or below either floor permanently suspends the account; a price recovery does not reactivate it
Watch out: Iceberg warns that a loss limit does not guarantee the final balance stops exactly at the floor, because open positions close against available liquidity.
How do Iceberg payouts work?
- Profit split
- 80% trader, 20% Iceberg, applied to the gross claim
- Payout method
- Native USDC on Arbitrum One, or account credit
- Who can request
- Funded accounts only; Instant Funding starts funded
- Pro and Unlimited timing
- On demand, no waiting period and no cooldown
- Pro and Unlimited min
- $25 minimum eligible gross
- Pro and Unlimited cap
- None, no 5% maximum claim
- Instant Funding timing
- First request 120 hours after the first executed trade, then 120 hours after each received payout
- Instant Funding size
- Minimum 1% and cap 5% of initial size, before the split; profit above the cap is forfeited on settlement
- Before requesting
- Positions and open orders must be closed
- If the pool is short
- Requests are processed against available pool funds and may queue until liquidity returns
- Checks
- Requests must pass account checks; the docs do not define them. A failed check alone does not forfeit the claim
Watch out: Wallet payouts depend on available pool liquidity, and Iceberg states that on demand does not guarantee immediate payment.
What can you trade on Iceberg?
- Markets
- 130 simulated perpetual markets priced from Hyperliquid across crypto, equities, pre-IPO, indices, commodities and FX
- Position caps
- Each market has a position size cap and a maker and taker fee
- Fee discounts
- None, Iceberg states no volume tiers, staking or referral discounts apply to trading fees
- Crypto majors (BTC, ETH, SOL)
- Up to 10x; 0.015% maker, 0.045% taker
- Other crypto
- Up to 2x; 0.015% maker, 0.045% taker
- Equities and pre-IPO
- Up to 4x; 0.003% maker, 0.009% taker (some symbols pay 0.03% and 0.09%)
- Indices
- Up to 10x; 0.003% maker, 0.009% taker
- Commodities
- Up to 8x on gold, silver and oil, 5x on copper and natural gas; 0.003% and 0.009% (gold 0.03% and 0.09%)
- FX
- Up to 25x; 0.003% maker, 0.009% taker
- Funding
- Hourly, charged separately and counts against equity
- Platform
- Iceberg web terminal at app.iceberg.cash, with Privy sign-in by email, Google or wallet
- Execution
- No added spread or slippage penalty
Watch out: A simulated limit order does not join the Hyperliquid queue, and a candle touching your price does not guarantee a fill.
Not ownership: A commodity, index, currency or equity perpetual is a derivative, not ownership of the underlying asset.
Our verdict
6.8 / 10 · provisionalIceberg is an on-chain perpetuals prop firm with 1-Step Pro evaluations from $35, a 5% static total loss floor and no time limit. Payouts are 80% in USDC from a public pool, and they can queue when the pool is short. Provisional score 6.8/10; it suits traders who want a cheap rules-first test and accept pool-funded payouts.
Iceberg is an on-chain perpetuals prop firm. Traders pay a one-time access fee, trade a simulated account priced from live Hyperliquid prices and order-book depth, and request payouts in USDC on Arbitrum from a public fee pool. Iceberg runs three account types: Instant Funding, 1-Step Unlimited and 1-Step Pro. 1-Step Pro starts at $35 for a $5,000 account.
Iceberg keeps 20% of each payout and pays the trader 80%. The docs state that simulated orders do not place trades on Hyperliquid, and that the USDC paid out comes from the fee pool. Iceberg lists 130 markets across crypto, equities, pre-IPO, indices, commodities and FX.
Checked November 12, 2026. We read the Iceberg homepage and the docs pages on accounts, loss limits, payouts, the pool, markets and orders. We did not buy an account, place trades, test support or request a payout.
Is Iceberg worth it?
Iceberg is an on-chain perpetuals prop firm whose 1-Step Pro account costs $35 for $5,000 and has no time limit, a 12% target, a 3% daily limit and a 5% static total limit. The fee is the lowest of the three Iceberg account types, and the docs publish the payout formula, the split and the pool structure in detail.
The main hurdle is risk room. Iceberg checks both Pro limits against equity, so an open loss counts before you close it, and a 5% total floor leaves $1,250 of room on a $25,000 account. The access fee is non-refundable whether you pass or not.
The non-obvious point is how payouts are funded. Iceberg pays from a public pool of access fees, not from Hyperliquid, and the docs say requests can queue until liquidity returns. Iceberg also states that "on demand" does not mean immediate, so a pool that grows slower than traders claim can slow your payout. Iceberg says it put $30,000 of its own money into the pool as an insurance reserve; we could not confirm that independently.
Iceberg suits traders who want a cheap, rules-first test of an on-chain perpetuals firm, who can trade inside a tight equity-based floor and who accept that payouts depend on pool funds. Traders who need a named legal entity, a published list of prohibited practices or an independent payout record should wait. Iceberg signs its site as Iceberg Inc., but the docs we read give no registration, address or jurisdiction.
Our provisional score for Iceberg is 6.8/10. Start with a $5,000 or $10,000 1-Step Pro account, read the payout page before paying, and compare Iceberg with Propr, Vest Markets and the full list of perpetuals prop firms.
FAQ
Is Iceberg legit?
Does Iceberg pay out?
Is Iceberg real money or a demo?
Is Iceberg drawdown static or trailing?
Do you need KYC for Iceberg?
What is the difference between 1-Step Pro and 1-Step Unlimited at Iceberg?
Can you get an Iceberg payout right after passing?
More detail and sources
Iceberg at a glance
6 pros, 6 cons
Pros
- 1-Step Pro from $35 for a $5,000 account
- Static total loss floor that does not trail profit
- No time limit on 1-Step Pro and 1-Step Unlimited
- On-demand payouts with a $25 minimum and no maximum claim on the 1-Step accounts
- Public payout pool on Arbitrum with payout rules written in the docs
- No KYC required
Cons
- 3% daily limit and 5% total limit on Pro are checked against equity, so open losses count
- Payouts can queue when the pool lacks liquidity
- Access fees are non-refundable and evaluation profit is never paid
- Unlimited and Pro share a $200,000 funded allocation; a pass can wait for room
- No named legal entity, no terms page and no prohibited practices list found
- No independent payout record or trader reviews found
Why these alternatives
- Propr (7.5/10) Compare another Hyperliquid-linked perpetuals firm on rules, fees and payout terms.
- Vest Markets (6.9/10) Compare configurable perpetual evaluations and static loss floors.
- 10FOUR Perpetuals (7.2/10) Compare a one-step perpetuals evaluation with a 40% consistency rule and no time limit.
- L7 Select (6.4/10) Compare a $20 one-step crypto evaluation with a 3% static overall floor.
Check current terms before buying
This link goes straight to Iceberg's own site. PropFirmReviews has no code or affiliate deal with Iceberg. Check the account fee and rules before paying.
How much does Iceberg cost?
Iceberg charges a one-time, non-refundable access fee. 1-Step Pro costs $35 for $5,000, $69 for $10,000, $157 for $25,000, $297 for $50,000 and $597 for $100,000. 1-Step Unlimited costs $47, $92, $237, $427 and $857 for the same sizes. Instant Funding costs $167, $337 and $767 for $5,000, $10,000 and $25,000.
| Fee type | One-time access fee, non-refundable |
| Instant Funding $50K and $100K | Listed as coming soon at $1,477 and $2,997, so not on sale |
| Other costs | Trading fees, hourly funding and wallet transfer costs are separate |
| Price status | Prices from the Iceberg docs, before any discount, not checkout-tested |
Iceberg sources and review limits
Official docs describe Iceberg's rules; they are not proof of payout reliability. Rules and prices can change. Research checked November 12, 2026. Statements that a rule or page does not exist describe the pages we read and should be re-checked before you pay.
- Iceberg homepage
- Iceberg Docs: account sizes and fees
- Iceberg Docs: 1-Step Pro evaluation
- Iceberg Docs: 1-Step Unlimited
- Iceberg Docs: drawdown rules and loss limits
- Iceberg Docs: request a payout
- Iceberg Docs: payout pool and transparency
- Iceberg Docs: markets and fees
- Iceberg Docs: orders and execution
- Crypto Economy: Iceberg launch report (September 21, 2026)
- TheGodFunded: Iceberg profile