How a futures prop firm works
You pay for an evaluation, trade a simulated futures account until you reach a profit target, then trade a funded account for a share of the profit. The products are exchange-traded futures, mostly CME equity index futures on the S&P 500 and Nasdaq 100, plus gold, crude oil and treasuries. Instead of lots you trade contracts, and the firm caps how many you can hold at once.
Three things are different from a forex prop firm. There's usually one evaluation stage, not two. The target is set in dollars, $3,000 on a $50,000 account at every firm below. And many firms charge a monthly subscription until you pass, not a single fee.
| Contract | Symbol | Tick size | Value of one tick |
|---|---|---|---|
| E-mini S&P 500 | ES | 0.25 points | $12.50 |
| Micro E-mini S&P 500 | MES | 0.25 points | $1.25 |
| E-mini Nasdaq-100 | NQ | 0.25 points | $5.00 |
| Micro E-mini Nasdaq-100 | MNQ | 0.25 points | $0.50 |
| Micro Gold | MGC | $0.10 per ounce | $1.00 |
So a 20-point stop on MNQ is 80 ticks × $0.50 = $40 per contract, and the same stop on NQ costs $400. On a $2,000 drawdown that's the difference between room for fifty such losses and room for five.
Trailing drawdown: end of day or intraday
This is the rule that ends the most futures accounts. On a $50,000 account with a $2,000 trailing drawdown, the floor starts at $48,000 and moves up as your balance makes new highs, until it stops at a set level, usually the starting balance or $100 above it.
- End of day (EOD): the floor only moves at the close, using your closing balance. Close the first day at $51,200 and the floor moves to $49,200.
- Intraday (real time): the floor follows your highest balance including open profit. If a trade took you to $51,800 during the day before you closed at $51,200, the floor is already at $49,800, leaving you $1,400 of room instead of $2,000.
- The lock: on a firm that stops trailing at the starting balance plus $100, the floor locks at $50,100 once your balance reaches $52,100. From then on it never moves.
Intraday trailing hurts traders who let winners run and then give some back. If you hold trades for big moves, an end-of-day account gives you far more room.
Seven futures prop firms compared ($50,000 account)
| Firm and account | Fee | Target | Maximum loss and how it trails | Daily loss | Consistency in the evaluation | Funded split |
|---|---|---|---|---|---|---|
| Topstep Trading Combine | $49 a month plus $149 activation, or $95 a month with no activation fee | $3,000 | $2,000; moves up with your end-of-day balance, is checked in real time, and stops at the starting balance | Optional, $1,000 | Best day under 55% of total profit | 90% |
| Apex EOD evaluation | One-time fee set by Apex's pricing tool, plus an activation fee when you pass | $3,000 | $2,000, end of day | $1,000 | None | 100% |
| Apex Intraday evaluation | One-time fee set by Apex's pricing tool, plus an activation fee when you pass | $3,000 | $2,000, real time including open profit | None | None | 100% |
| Take Profit Trader Test | Monthly, about $170 at list price, until you pass | $3,000 | About $2,000, end of day | None | 50% | 80% (PRO), 90% (PRO+) |
| MyFundedFutures Rapid | One-time, $209 at list price | $3,000 | $2,000, end of day in the evaluation | None | 50% | 90% |
| Lucid Trading LucidFlex | One-time, no activation fee | $3,000 | $2,000, end of day | Optional | 50% | 90% |
| Tradeify Select | One-time, $95 to $215 depending on promotions | $3,000 | $2,000, end of day; stops at the starting balance plus $100 | None | 40% | 90% |
| Bulenox Qualification | One-time | $3,000 | $2,500, trailing or end-of-day option | None on the trailing option; on the end-of-day option a daily limit pauses trading for the day | None listed | 100% of the first $10,000 |
Apex replaced its old accounts on 1 March 2026 with the EOD and Intraday accounts above, both with a one-time evaluation fee, a one-time activation fee when you pass, and no reset fee. Its funded accounts pay 100% but need 5 qualifying days and a buffer above the drawdown before each payout, with up to six payouts per account. MyFundedFutures and Tradeify sell several other plans with different rules, so check the plan name before you compare.
Topstep funding, step by step
- Trading Combine. Choose $50,000, $100,000 or $150,000, at $49, $99 or $199 a month. The targets are $3,000, $6,000 and $9,000, the maximum loss limits $2,000, $3,000 and $4,500, and you need at least 2 trading days. The daily loss limit is optional, chosen at checkout. You can hold up to 5, 10 or 15 minis, with 10 micros counting as one mini.
- Express Funded Account. Pass and you trade a simulated funded account with a 90% split. On the standard path you need 5 winning days of $150 or more before a payout, and you can take up to 50% of the balance, capped at $5,000. A consistency path added in February 2026 needs 3 days and a 40% consistency target, capped at $6,000.
- Live Funded Account. A small share of traders are moved to an account with real money, which has no dollar cap on payouts. Topstep says 0.71% of its Express Funded traders moved up to Live in 2025.
Topstep's platform is TopstepX, its own, and its help centre says it can't be connected to TradingView. Payouts can be requested from Sunday to Friday, with a minimum of $125.
Futures trading hours in IST
| CME Globex | US summer time (to 31 October 2026) | US winter time (from 1 November 2026) |
|---|---|---|
| Week opens (6:00 p.m. Sunday, New York) | Monday 03:30 IST | Monday 04:30 IST |
| Daily break (5:00 to 6:00 p.m. New York) | 02:30 to 03:30 IST | 03:30 to 04:30 IST |
| Week closes (5:00 p.m. Friday, New York) | Saturday 02:30 IST | Saturday 03:30 IST |
| US stock market opens (9:30 a.m. New York) | 19:00 IST | 20:00 IST |
The busiest stretch for index futures is around the US stock market open, which lands in the evening in India. Most firms also make you close positions before the daily break, so check each firm's cut-off time.
Futures prop firms and Indian traders
None of these firms is named on RBI's Alert List as updated on 19 November 2025, and Topstep, Apex, Take Profit Trader, MyFundedFutures, Lucid and Tradeify don't list India as a restricted country (we couldn't confirm Bulenox's list). But RBI's list isn't exhaustive, and its rules for residents don't allow "remittance from India for margins or margin calls to overseas exchanges". A prop firm account is simulated and you pay a fee, not margin, and we're not aware of any Indian ruling on those fees. If you're unsure, ask a chartered accountant. Payouts are taxable income; see prop firm taxes, and prop firms in India for the wider picture.
Which rules to compare first
- If you scalp: an intraday trailing drawdown matters less, but daily loss limits and contract caps matter more.
- If you hold for big moves: pick end-of-day trailing, and check the consistency rule, which can stop you being paid after one huge day.
- If you'll take months to pass: a monthly fee adds up. Three months of Topstep's $50,000 Combine plus activation is 3 × $49 + $149 = $296.
- If you want a fast first payout: compare the winning-day requirements and buffers, not just the split.
Size every trade from your stop and your remaining drawdown, not from a fixed number of contracts, and check your odds with the risk of ruin calculator. For forex firms instead, see forex prop firms compared.