Play
Why join Play?
Play is our crypto perpetuals evaluation platform designed to help users build trading skills in a structured environment.
Learn perps from scratch
Play teaches the core mechanics (i.e., positions, leverage, and order execution) through hands-on practice.
Practice under real conditions
Trade against live market pricing with the same order types and core mechanics used in professional environments. Master or test your trading strategies.
Build better trading habits
Develop structure around execution, position sizing, and risk controls by trading within clear rules.
Earn rewards by passing the Evaluation
Complete the trading test by reaching the profit target without breaking the rules.
How it works
Start the Challenge
Pay a small fee to access simulated capital.
Hit 10%
Grow your equity by hitting the profit target.
Don't break the rules
No rule breaks, and no crossing the the daily loss or max drawdown limits.
Get funded
Pass your evaluation, and earn a real trading credit.
Trade your reward
Trade with up to 5x leverage in your Rails trading account.
Get Paid
Immediate payouts on Rails, and you keep 80% of your profits.
Anyone can participate in Play, provided they are eligible.
However, to receive a trading credit after passing an evaluation, you’ll need an active Rails (trade.rails.xyz) account.
What is simulated capital?
In Evaluations, simulated capital is a notional balance that looks like real money but exists only for evaluation or training. When you buy an evaluation, you are provided the notional amount within an evaluation on Play. You cannot withdraw or receive payouts from this capital, and there is no monetary value.
What are perpetual futures?
Perpetual futures contracts (or "perps"), which are a type of derivative product that does not have an expiration date. While these contracts do not have an expiration date, you are primarily betting on the short-term value of the digital asset. These contracts allow traders to speculate on the future price of a digital asset without owning the underlying asset.
In trading digital asset perpetuals, you take either a long or short position on a specific asset, such as Bitcoin or Ethereum. If you believe an asset is undervalued, you would take a long position by placing a limit or market order to buy the asset. If you believe an asset is overvalued, you would take a short position by placing a limit or market order to sell the asset. This can be confusing for novice traders because you don't need to own the asset before "selling" it in this form of trading.
What is an evaluation?
An evaluation is a structured, simulated trading test where you work toward a defined profit target under clear rules — mirroring real-world trading expectations.
How it works:
You trade in current live market conditions, using simulated capital.
All trades include realistic fees to reflect authentic market dynamics.
The objective is simple: demonstrate your edge while managing risk.