Learn what a perps prop firm is, how evaluations work, why static drawdown matters, how position sizing differs from futures, and how daily payouts work.
A perps prop firm applies the prop trading model to perpetual derivatives: traders qualify through an evaluation or enter an instant program, follow account rules, and receive a share of eligible profits.
For a futures trader, the important differences are position sizing, execution, holding costs, and drawdown after withdrawals. A Nasdaq perpetual can give you familiar exposure without being a CME NQ contract.
This guide covers those differences using MyFundedPerps, Vest Markets, and Tradeify 247. The examples identify specific plans because rules vary within the same firm.
Perps prop accounts at a glance
Program or plan | Qualification | Maximum drawdown | Payout requests | Payment method |
|---|---|---|---|---|
One step; 10% target | Initially 6% static; first withdrawal moves floor to starting balance | One eligible request per New York calendar day | Rise | |
10% or 20% target | 6% static | On-demand claims; published 24-hour processing | Primary Account, then USDC wallet withdrawal | |
No evaluation | $1,000 static; no daily loss limit | On-demand claims; published 24-hour processing | Primary Account, then USDC wallet withdrawal | |
12% target | 6% static; no payout floor lock | On demand once eligible | Rise or supported crypto payouts | |
No evaluation | 6% closed-trade balance trailing; first payout locks floor at starting balance | On demand after 20% consistency requirement | Rise or supported crypto payouts |
Tradeify's rows describe the standard plans in its help center. Its homepage markets perpetual trading, while its DXTrade FAQ describes a different instrument model. Those descriptions should not be treated as interchangeable execution specifications.
Perps vs futures: what changes for the trader?
Perpetual derivatives have no standard scheduled expiry. Dated futures contracts do.
However, a platform can internally roll the reference contract behind a perpetual. Vest documents this for CME-linked instruments, with adjustments intended to preserve position P&L.
Trading detail | CME futures | Perpetual derivatives |
|---|---|---|
Sizing | Exchange-defined contracts and micros | Instrument-specific units, quantity, or notional exposure |
Expiry | Dated contract; rollover required | No standard expiry; reference adjustments may occur internally |
Pricing | CME market prices | Venue-specific prices linked to a reference market |
Holding costs | Product and account dependent | May include funding payments or fixed swap charges |
Market hours | Exchange session schedule | Crypto commonly trades 24/7; other markets vary |
Matching dollar exposure does not guarantee matching execution. A perpetual can trade at a different price from the futures chart you use for analysis.
Vest's specifications, for example, permit NQ-PERP and ES-PERP prices within defined bands around their reference prices.
Also, “funded” does not identify the execution model. MyFundedPerps explicitly uses simulated accounts at both stages, with real payments for approved payouts. Vest uses “Live” terminology in its documentation, while its website disclosures describe virtual participant accounts. A dashboard balance alone is not proof that your orders trade a live brokerage account.
NQ and ES position sizing: contracts vs units
One CME NQ represents $20 per point, while MNQ represents $2. ES represents $50 per point, and MES represents $5.
Under Vest's futures-to-units sizing reference, one NQ or ES unit represents $1 per point before costs.
Futures-equivalent exposure | Vest units | Dollar exposure per point |
|---|---|---|
1 MNQ | 2 NQ units | $2 |
5 MNQ | 10 NQ units | $10 |
1 NQ | 20 NQ units | $20 |
2 NQ | 40 NQ units | $40 |
1 MES | 5 ES units | $5 |
5 MES | 25 ES units | $25 |
1 ES | 50 ES units | $50 |
These are exposure equivalents, not CME contracts. The conversion applies to that Vest instrument convention, not every perps platform.
Twenty NQ units with a 30-point stop represent $600 of price risk. Two units with the same stop represent $60.
For this $1-per-point convention:
Units = intended dollar risk ÷ stop distance in points
A $150 risk budget and a 25-point stop give six units, or $6 per point. Fees and slippage are additional.
Available size is a separate calculation. For a linear instrument, approximate initial margin is:
Quantity × price × multiplier ÷ leverage
Instrument price, collateral, leverage, and existing positions affect available quantity. That is why a margin example should not be presented as a permanent contract limit.
References: Vest's “Futures → Vest” sizing reference; Vest instrument specifications; CME micro contract multipliers.
Static drawdown: what it means in practice
A static maximum-loss floor does not follow your profit highs.
Take a $25,000 account with a 6% static allowance:
Equity | Maximum-loss floor | Cushion above the floor |
|---|---|---|
$25,000 | $23,500 | $1,500 |
$26,000 | $23,500 | $2,500 |
$27,000 | $23,500 | $3,500 |
Profits increase the cushion without raising that floor.
But a static floor can still be checked against equity, including floating losses. It does not mean you can wait until a losing trade closes before an account breaches.
Daily loss limits are separate. A fresh $25,000 account with a 3% daily limit has a $750 initial daily allowance, even when its overall allowance is $1,500.
Payout rules can introduce another change: MyFundedPerps moves the maximum-loss floor after the first withdrawal. Vest documents a fixed floor. Tradeify's standard funded 1-Step and 2-Step accounts retain their static floor after payouts.
MyFundedPerps: Evaluation and payout rules
Code: KAGE
Evaluation | Profit target | Initial static drawdown | Daily loss limit |
|---|---|---|---|
Select | 9% | 3% | 3% |
Prime | 12% | 5% | 3% |
Signature | 10% | 6% | 3% |
These one-step evaluations have no minimum trading days, consistency rule, or completion deadline.
A $50,000 Signature account requires $5,000 realized profit. Its initial overall floor is $47,000, with a $1,500 daily allowance measured from start-of-day equity. The day resets at midnight New York time.
Payout eligibility and method
The default split is 80%, with an optional 90% checkout upgrade. Eligible accounts can submit one request per New York calendar day.
The minimum is $100 gross profit: $80 paid at the standard split. There are no minimum profitable-day or consistency gates on these plans.
Positions and orders must be cleared. Cash payouts use Rise after manual review, and trading is locked while a request is pending.
First-payout example
A $50,000 funded account reaches $54,000. You take $2,000 gross at an 80% split:
Item | Amount |
|---|---|
Cash received | $1,600 |
Gross deduction | $2,000 |
Remaining balance | $52,000 |
New permanent maximum-loss floor | $50,000 |
Remaining overall buffer | $2,000 |
The original $47,000 floor is gone. The daily loss rule still applies.
Retained profit below the new payout-cycle baseline becomes buffer and cannot be withdrawn in later cycles. A maximum request leaving zero buffer closes the account.
Sources: Evaluation rules, payout mechanics.
Vest Markets: Evaluations and instant accounts
Code: KAGE
Path | Evaluation target | Static drawdown | Daily loss limit | Trader split |
|---|---|---|---|---|
1-Step | 10% or 20% | 6% | 3%, 4%, or none | 80% or 90% |
2-Step | 10%, then 5% | 6% | 3% | 80% |
$25K Instant | No evaluation | $1,000 | None | 95% |
A $25,000 one-step configuration with a 10% target and 3% daily limit requires $2,500 profit. The overall floor is $23,500, with a $750 initial daily allowance.
Vest's daily-limit calculation uses reset balance, excluding unrealized P&L, at its 20:00 New York time boundary. Current equity, including floating P&L, is checked against the resulting limits.
$25,000 Instant example
The published one-time fee is $1,000. The loss allowance is also $1,000, placing the fixed floor at $24,000. There is no evaluation target or daily loss limit.
This is a different risk structure from the $25,000 evaluation account.
Payout frequency and method
Profit claims are on demand, with published processing of 24 hours and no claim-frequency cap.
At a 95% split, claiming $1,000 eligible profit credits $950 to your Primary Account. You then withdraw USDC from that account to an external wallet.
The wallet withdrawal is separate: minimum 1 USDC, with a 24-hour processing period for requests pushing the rolling 24-hour total above $50,000.
Sources: Account configurations, loss limits, profit claims, wallet withdrawals.
Tradeify 247: Standard plan breakdown
Code: KAGE
Tradeify 247's homepage markets perpetual trading across crypto, equities, and commodities. Its DXTrade FAQ separately describes USD-margined price trading as non-perpetual. The rules below belong to the named standard help-center plans; they should not be assumed to describe every advertised offering.
Standard plan | Evaluation target | Maximum drawdown | Daily loss limit |
|---|---|---|---|
1-Step | 12% | 6% static | 3% |
2-Step | 10%, then 5% | 6% static | 3% |
Instant Funding | None | 6% closed-trade balance trailing | 3% |
On a $50,000 standard 1-Step account, the target is $6,000, the overall floor is $47,000, and the daily allowance is $1,500. The daily reference uses a closing-balance snapshot at 22:00 UTC; breach checks include open losses.
Standard 1-Step and 2-Step funded accounts keep their static floors after payouts.
Payout eligibility and method
The default split is 80%; a paid checkout upgrade offers 95%. The published minimum is $100, with on-demand requests from active, verified accounts with no open positions.
Funded path | Additional condition |
|---|---|
Standard 1-Step | No minimum profitable days or consistency gate |
Standard 2-Step | Three qualifying days before the first payout, each earning at least 0.5% of account size |
Instant Funding | Best winning day must be no more than 20% of total realized profit |
On a $50,000 2-Step funded account, a qualifying day earns at least $250.
For Instant Funding, a $400 best day requires at least $2,000 total realized profit to meet 20% consistency. Its first payout locks the drawdown floor at starting balance.
Payment options include Rise and USDC through Confirmo. Only one payout request can be pending per account.
Promotional plans can have different rules; “one step” alone does not establish the drawdown model.
Trading costs and market hours
Perpetual venues commonly use funding payments, but a prop program may apply fixed holding charges instead.
MyFundedPerps charges 0.005% per index fill, with entry and exit charged separately. A hypothetical $500,000 index position costs $25 to enter and approximately $25 to exit at the same notional.
Its published index swap rate is 0.015% per day, divided into hourly charges. Venue funding displayed in its terminal does not replace this charge.
Tradeify's standard 1-Step guide separately lists a fixed 0.033% daily holding charge on position value at its daily reset.
Those costs are calculated on exposure, not merely the margin used.
Crypto commonly trades through weekends. Non-crypto instruments can have scheduled closures. Vest documents weekend hours for those markets, so a 24/7 platform does not mean every instrument stays open.