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Crypto prop trading firms: 12 on NAUT, 4 fund outside traders

By NAUT Research · · 7 min read

12 Crypto prop firms 4 that fund outside traders and 8 that trade their own book, read 7 November 2026. Logos: Wintermute, GSR, DWF Labs, Caladan, QCP Capital, Efficient Frontier, MGNR, BitFunded, Breakout, Cointracts, Vanta Trading.

NAUT tracks 12 crypto prop trading firms, read from its database on 7 November 2026: 4 that give outside traders a funded account and 8 that trade their own capital or make markets for token projects. Every firm below links to its NAUT page, and its own site is listed under each table, because the program terms, the profit split and the desk agreements live on each firm's site and on no NAUT page.

How this list was built: on 7 November 2026 NAUT read its Prop Fund sector tag, kept the rows whose own stored description names proprietary trading or a funded-account program, and added trading desks held elsewhere in the database. Of the 12 firms, 8 had 1 stored detail put to a source outside this list, and the breakdown of that check sits in its own section below. NAUT holds a site link for 11 of the 12 and an X handle for 11.

How did NAUT pick these crypto prop trading firms?

NAUT's Prop Fund tag held 14 rows on 7 November 2026, and 2 of them describe themselves as prop trading: Breakout and Vanta Trading. Of the other 12 tagged rows, 7 carry a stored description of a different business (a decentralized hedge fund, a digital asset private markets platform, an Ethereum institutional group, a coordinator of open source developers, a Roblox game DAO, an IDO launchpad and a systematic investing platform), and 5 carry no stored description at all, so nothing on their record says what they do.

The tag misses most of the real desks, so the other 10 firms here came from elsewhere in NAUT: 6 sit as investor rows, 3 as project rows and 1 as a service provider row. NAUT also read 10 further trading firms on its own records and left all 10 out: 3 whose own stored text describes a different business (client custody and asset management, trading software, blockchain technology work), 3 traditional trading firms whose NAUT text names no crypto business, 3 that carry no stored description at all, and 1 that collapsed in 2022.

2 defects in the stored data are worth naming. GSR's row carries the slug architech-acq-by-gsr, kept from a company it acquired, so the link below reads correctly while the URL does not. Hermeneutic Investments has a detailed description and no domain and no X handle on NAUT, so its row is the 1 here with no site to send you to.

Which crypto prop trading firms fund outside traders?

These 4 run funded-account programs: a trader passes an evaluation, trades the firm's capital and keeps a share of the profit. The sites carry the account sizes, fees and splits.

Firm What it offers Scale on record
Funded accounts in simulated capital, plus a perpetual futures platform Up to 150,000 USDT simulated, 100+ crypto pairs
A decentralized prop trading network with trading challenges Runs on Bittensor Subnet 8
Funded accounts, so a trader risks no personal capital No figure on record
A crypto prop firm, in the 3 words its own NAUT row holds No figure on record

Their own sites: bitfunded.com, vantatrading.io, cointracts.com and breakoutprop.com.

BitFunded's capital figure and pair count come from NAUT's own record for that row. Vanta Trading, formerly Proprietary Trading Network, runs its network on Bittensor Subnet 8, confirmed against a public announcement page.

Which crypto prop trading firms trade their own book?

These 8 trade their own capital, and most of them also quote prices for token issuers and exchanges. The table is sorted by the exchange count each firm's own stored text names, with the rows that name no count last.

Firm What it does Scale
Market making, liquidity and DeFi work for token projects 1,000+ assets on 65+ exchanges, since 2017
Market making across exchanges plus Web3 investing 60+ exchanges
Algorithmic trading and liquidity provision 50+ venues, founded July 2017 in London
Algorithmic market making, on centralized and decentralized venues 50+ crypto exchanges
Crypto trading, market making and liquidity for token issuers MAS licence, 4 April 2024
Event-driven long and short trading, discretionary and systematic Capital of $100M to $1B
Automated trading, liquidity provision and early-stage crypto investing Spot, perps and DeFi, no count
Large-volume digital asset trading with 24/7 execution support No exchange count

Their own sites: caladan.xyz, dwf-labs.com, wintermute.com, efrontier.io, gsr.io, mgnr.io and qcp.capital. Hermeneutic Investments has no site on NAUT's record.

The Singapore licence is the 1 regulatory permission on any of the 12 records. GSR's own announcement page, dated 4 April 2024, states that its Singapore entity "has received a Major Payment Institution licence from the Monetary Authority of Singapore". DWF Labs's record also names 163 investments and 14 lead investments.

How many exchanges does each desk name?

Exchange venues each firm's own text names, as the floor it states
  1. Caladan65+
  2. DWF Labs60+
  3. Wintermute50+
  4. Efficient Frontier50+

4 of the 8 desks name a venue count on their record, and each states it as a floor, so a bar is the minimum that firm claims rather than an exact total. The other 4 desks name no count, so they stay out of the chart.

What this tells a BD team

  • The list splits into 2 buyer types. 4 firms sell funded accounts to retail traders, so they buy trader acquisition, payment rails and risk tooling. 8 trade their own book, so they buy venue access, market data, custody and credit.
  • Scale is a usable filter. Caladan names 65+ exchanges and DWF Labs names 60+, which tells you the integration surface before a first call.
  • 11 of the 12 rows carry an X handle on NAUT and 11 carry a domain, so the first touch is reachable for every firm except Hermeneutic Investments.
  • 1 firm holds a named regulator permission on its record, GSR with its Monetary Authority of Singapore licence, which matters if your product needs a licensed counterparty.
How a BD team can work these 12 firms
  1. Split by what you sell4 firms fund outside traders; 8 trade their own book and buy venue, data and credit.
  2. Open the firm's NAUT pageEach of the 12 rows carries its team, sectors and funding history on naut.so.
  3. Pull the team in 1 callGET /v1/projects/bitfunded returns 1 firm with its people.
  4. Unlock the channelVerified Telegram, email and LinkedIn open on any paid NAUT plan.

What this tells a founder raising or buying liquidity

  • 8 of the 12 are desks you can hire for token liquidity, and 4 of those 8 name the venue count they already reach.
  • A funded-account firm is a customer rather than a liquidity partner, so the 4 in the first table are a sales target for a trading product and not a market making quote.
  • Terms live off NAUT. No NAUT page holds a profit split, a drawdown rule or a desk fee, so the site link under each table is the step that gets you the numbers.
  • Vanta Trading runs its network on Bittensor Subnet 8, which is the 1 row here whose trading sits on a public chain rather than inside a private desk.
How a founder picks a desk from this list
  1. Match the venue countCaladan names 65+ exchanges, DWF Labs 60+, Wintermute and Efficient Frontier 50+.
  2. Check for a licenceGSR holds a Major Payment Institution licence from the Monetary Authority of Singapore, dated 4 April 2024.
  3. Read the terms on the firm's own site11 of the 12 rows carry a domain on NAUT.
  4. Open the verified channelA paid NAUT plan reveals the Telegram, email and LinkedIn on file for the people on these rows.

Which details were checked outside NAUT?

8 of the 12 firms had 1 stored detail put to a source, and the other 4 rows (Cointracts, Breakout, QCP Capital and MGNR) were read from NAUT's database alone. Of the 8, 7 went to a page outside NAUT and 1 was checked against NAUT's own page, so nothing here is a check of all 12.

Row Detail Outcome
Since 2017, 1,000+ assets, 65+ exchanges Found on its own site
MAS licence Found on its own notice
Founded July 2017 in London Not fetched, cleared on a 2nd source
Bittensor Subnet 8 network Not fetched, cleared on a 2nd source
150,000 USDT and 100+ pairs Not on the page, stands as NAUT's data
50+ exchanges Not on the page, stands as NAUT's data
$100M to $1B capital base Not on the page, stands as NAUT's data
163 investments, 14 lead NAUT's own page; its site gave HTTP 403

2 of the 7 outside pages gave back their exact wording, 2 could not be fetched and were cleared on a second source, and 3 did not show the wording, so those 3 figures are reported as NAUT's data and nothing more. NAUT's stored text for Caladan also carries an annual transaction figure that its own site now states differently, so no volume number appears in this article.

Related reading on NAUT: Crypto market makers list: 24 firms and 102 people on NAUT and Decentralized exchanges list: 196 DEXs on NAUT, 37 run perps.

Can you pull this data through the NAUT API?

The 12 firms sit in 3 record types, so 3 calls return this article's data: GET https://api.naut.so/v1/search?q=prop trading with the header Authorization: Bearer $NAUT_KEY returns projects and people together, GET https://api.naut.so/v1/investors?q=proprietary trading&sort=portfolio returns the fund-side rows such as Wintermute and MGNR, and GET https://api.naut.so/v1/projects/bitfunded returns 1 firm with its team. Each data or search call costs 5 credits, so those 3 calls spend 15 of the 3,000 credits on the Essential plan at $49 a month (API docs, plans). Verified Telegram, email and LinkedIn for the people on these records unlock on any paid NAUT plan, so start a 7-day trial when you need the channel rather than the company.

Crypto prop trading firms FAQ

What are the top crypto prop trading firms?

NAUT holds no performance figure that would rank these 12 crypto prop trading firms, so none is called the top one here. By the scale each firm's own record states, Caladan names 65+ exchanges, DWF Labs names 60+, Wintermute and Efficient Frontier name 50+, and among the funded-account firms BitFunded names up to 150,000 USDT in simulated capital.

What do crypto proprietary trading firms actually do?

8 of the 12 firms on this list trade their own capital and quote prices for token issuers and exchanges, which is the work Wintermute, GSR, Caladan, DWF Labs, Efficient Frontier, QCP Capital, MGNR and Hermeneutic Investments describe on their NAUT records as of 7 November 2026.

Which crypto prop firms give funded trading accounts to outside traders?

4 of the 12 run funded-account programs: BitFunded, Breakout, Cointracts and Vanta Trading. The account sizes, fees and profit splits sit on each firm's own site, because no NAUT page holds program terms.

Where can I find these 12 firms and their contact channels?

NAUT's pages for the 12 firms carry each one's team, sector tags and funding history, and GET https://api.naut.so/v1/search?q=prop trading returns the same records through the API for 5 credits a call. Verified Telegram, email and LinkedIn for those people unlock on any paid NAUT plan, so start a 7-day trial to open them.

Why does NAUT's Prop Fund tag hold 14 rows when this list names 12 firms?

The 2 sets overlap by 2 rows. 2 of the 14 Prop Fund rows are prop trading firms by their own description, Breakout and Vanta Trading, while 7 of the rest describe a different business and 5 carry no description, and the other 10 firms in this list were found elsewhere in NAUT's database on 7 November 2026.

Sources

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