When AI Agents Control Billions in Crypto, Where Will They Trade?

Host John Gillen speaks with Proper founder and CEO Louis Ridges about bringing prop trading onchain through Hyperliquid. Ridges explains how funded trading accounts can help skilled retail traders access more capital, while transparent trade data and financial reporting address an industry long defined by opacity.

Ridges says Proper was initially designed for AI agents and algorithmic traders, which now account for about a third of its users. He argues that rule-based evaluations limit the capital at risk and favor emotionless risk management, though he expects humans to retain a major role in allocation and accountability.

The conversation also examines Hyperliquid’s liquidity, user experience, regulatory advantage, and potential institutional opportunity, alongside the risks posed by a more level regulatory playing field. Ridges outlines Proper’s plans to expand distribution, build cash reserves, explore prediction markets, and strengthen the business before launching a token.