What is a perpetual futures prop firm?
A perpetual futures prop firm sells evaluations on crypto perpetual futures: you pay a fee, trade an account under fixed loss limits, and if you hit the profit target without breaching those limits, you move to a funded-stage account and split profits. The standard split is 80% to the trader, stated on 102 of the 113 rows that name one.
A perpetual future (perp) is a futures contract with no expiry date. Instead of settlement, a funding rate keeps the contract price anchored to spot through periodic payments between position holders. The rate is signed, so funding can be a cost or a credit depending on your side: when the perp trades at a premium to spot, longs typically pay shorts, and the reverse at a discount, as Kraken's perpetual futures explainer describes. That is a simplified model, not a tick-by-tick rule.
We track 119 perps plan rows from 6 firms on our perps market page: 95 perps-only and 24 spanning perps and CFD-style markets (all from Crypto Fund Trader). Everything below combines that dataset with rules pages verified October 25, 2026.
How does a perpetual futures prop firm evaluation work?
The dominant format is the one-step evaluation: 104 of 119 rows. Twelve rows are two-step evaluations (Crypto Fund Trader and Propr sell six each), and three are instant accounts marketed with no evaluation phase; whether they are live or simulated, and which targets apply, depends on the firm.
Targets and limits in this dataset are stated as percentages rather than dollars:
- Profit target: median 10% across the 110 rows that state one, including all three instant rows
- Max loss: median 6% across the 109 rows that state one
- Daily loss limit: stated on 105 rows (88%), median 3%
- Minimum trading days: 81 rows (68%) set none
One caveat before comparing plans on percentages: the base each firm measures against varies. My Funded Perps states percentages of the starting balance, Propr recalculates the daily loss from the start-of-day balance at 00:00 UTC, and Crypto Fund Trader from the balance at 12:05 AM UTC. The same 3% daily loss means three different floors.
Max loss type splits 86 static rows (72%) against 24 trailing (20%), with 9 unstated, nearly the reverse of futures prop, where trailing drawdowns dominate our dataset. Filter every row on our perps challenge list.
Among one-step evaluations, the 20 rows at $50K run from $139 to $965 with a $294 median; one-step medians are $82 at $10K (18 rows) and $545 at $100K (17 rows). One caveat: 115 of the 119 rows do not state a billing model, so these are listed entry prices, not verified one-time or recurring costs; confirm at checkout.
| Rule | Median | Rows stating it |
|---|---|---|
| Profit target | 10% | 110 of 119 |
| Max loss | 6% | 109 of 119 |
| Daily loss limit | 3% | 105 of 119 |
| Profit split | 80% | 113 of 119 |
| Minimum trading days | None on 81 rows (68%) | category share, not a median |
What does a real 50K perps evaluation look like in dollars?
Two examples verified on official pages October 25, 2026 show how the percentages convert.
Kraken Prop Starter 50K (official page): a $400 evaluation fee, a 10% profit target ($5,000), a 6% max drawdown ($3,000, a floor at $47,000), a 3% max daily loss ($1,500) and leverage up to 5x, so a full $50,000 equity base could control about $250,000 notional before losses, fees or margin rules reduce it. Kraken states there are no time limits, consistency rules or profit caps.
Propr Classic 1-Step 50K (official rulebook): a $495 evaluation fee with the same 10% target ($5,000), 6% static max drawdown ($3,000) and a 3% daily loss starting at $1,500, the initial-day figure, since Propr recalculates it from the start-of-day balance and profits or losses move it. Propr's rulebook also states that evaluation fees are non-refundable once the account is activated.
Same percentages, a $95 fee difference; the separators live in the venue, leverage cap and fee schedule, covered next.
| Plan | Evaluation fee | Profit target | Max drawdown | Max daily loss | Leverage cap |
|---|---|---|---|---|---|
| Kraken Prop Starter 50K | $400 | $5,000 (10%) | $3,000 (6%) | $1,500 (3%) | Up to 5x |
| Propr Classic 1-Step 50K | $495 | $5,000 (10%) | $3,000 (6%) | $1,500 initial day (3%) | Not stated in the rulebook |
Where do you actually trade at a perps prop firm?
The venue answer is firm-specific; on official pages checked October 25, 2026, the six firms describe at least four setups:
- Crypto Fund Trader offers Match-Trader, MetaTrader 5 and your own personal Bybit account, per its FAQ. Bybit trades that exchange's real perps (550+ pairs, Bybit's native fees, no markup); Match-Trader and MT5 are CFD-style products, not exchange perps.
- Kraken Prop runs a simulated evaluation and, on passing, provides a funded wallet with up to $200,000 of Kraken's capital, per its official page.
- Breakout states on its program rules page that its environment is designed to replicate a live one, sourcing liquidity from third-party brokers, market makers and exchanges.
- My Funded Perps states in its FAQ that all trading is simulated on real market data, no order reaches an exchange, and payouts are real payments.
- Propr describes itself in its rulebook as an on-chain prop firm built on Hyperliquid, with verifiable execution.
Two consequences follow: in simulated environments, fills and slippage depend on the firm's data feed, not your exchange account; and the funded stage is not automatically live-market money, since some firms run simulated funded accounts with real payouts, others firm capital. Confirm the model before you buy.
How much leverage do perpetual futures prop firms allow?
Leverage caps vary by firm, account type and instrument (verified October 25, 2026):
- Kraken Prop: up to 10x on BTC, Nasdaq 100 and S&P 500, 5x on SOL and 3x on HYPE (Kraken's August 18, 2026 announcement)
- Breakout: 10x on BTC, 5x on majors including ETH, SOL and XRP, 3x on memecoins such as PEPE and SHIB, 2x on everything else, auto-applied and not changeable
- Crypto Fund Trader: up to 1:100 on Bybit accounts (subject to Bybit's conditions) and on Advanced Match-Trader and MT5; 1:5 on crypto in Student accounts
- E8 Perpetuals: 1:15 on BTC and ETH, 1:2 on other crypto instruments, per its help center, with per-instrument notional caps recalculated daily from order book depth
- My Funded Perps: no published cap; the order ticket shows the leverage for the selected market
The cap combines with the loss limits to define your room: on a hypothetical fully leveraged position with no fees or slippage, a 3% daily loss limit tolerates roughly a 0.6% adverse move at 5x and about 0.03% at 100x. Real room is smaller. On venues with real execution, the venue's own margin liquidation can close a position before the firm's limit is touched: a venue liquidation and a firm breach are different events.
| Firm | Leverage cap | Notes from the official page |
|---|---|---|
| Kraken Prop | Up to 5x | Same cap across wallet sizes |
| Breakout | 2x to 10x by instrument | BTC 10x, majors 5x, memecoins 3x, others 2x; auto-applied |
| Crypto Fund Trader | Up to 1:100 | Bybit accounts subject to Bybit's own conditions; Student accounts 1:5 on crypto |
| E8 Perpetuals | 1:15 BTC/ETH, 1:2 other crypto | Per-instrument notional caps recalculated daily |
| My Funded Perps | Varies by market | Shown in the order ticket, not published as one number |
| Propr | Not stated | The rulebook publishes no leverage figure |
What do funding and trading fees cost on a perps prop account?
Three cost lines exist; which apply depends on the venue model.
Exchange funding applies on real perps venues: signed periodic payments that anchor the contract to spot; you pay or receive depending on your side and the rate's sign. Crypto Fund Trader states Bybit positions carry Bybit's funding rates with no markup.
Firm-set swap fees are not exchange funding; they are the firm's own holding charge in simulated or CFD environments. Breakout charges 0.033% per open position per day (six equal charges on its terminal, once daily at 00:00 UTC on the DX terminal). Crypto Fund Trader charges overnight swaps on Match-Trader and MT5 (22:00 UTC and 00:00 UTC respectively). My Funded Perps charges fixed hourly swap fees; venue funding rates in its terminal are informational only.
Trading fees. Breakout charges 0.04% per side on notional (8 basis points round trip). On Bybit-linked accounts, the exchange's own maker/taker fees apply.
Worked example: on a $50,000 Breakout account, a $20,000 notional position costs $8 per side ($16 round trip) plus $6.60 a day in swap. Held five days, about $49 total: 0.245% of the position's notional, 0.098% of the $50,000 balance. Model fees before multi-day holds; they draw down the same balance the loss limits measure.
What happens when you hit the loss limit?
Each verified firm writes down its breach mechanics, similar but not identical:
- Breakout: if equity, including open positions, reaches the daily loss or max drawdown limit, all positions close automatically and the account is permanently disabled; both limits run at once.
- Crypto Fund Trader: breaches are calculated on equity; the daily loss is measured from the balance at 12:05 AM UTC; a breach can lead to deactivation with email notice.
- Propr: both limits check equity including floating profit and loss; the daily loss recalculates at 00:00 UTC from the start-of-day balance; a breach closes positions and forfeits the account.
Drawdown type decides how much room you keep as you win. A static max loss is fixed within the applicable stage (86 of the 119 rows in our data), though firms build in exceptions: My Funded Perps uses static drawdowns on all plans, yet on its Select, Prime and Signature plans the floor still moves up to the starting balance after the first funded withdrawal, while its Elite floor never moves. A trailing max loss follows your highs (24 rows). Crypto Fund Trader's 1-Phase trailing drawdown is balance-based at 6% of the initial balance and locks once it reaches the initial balance, per its FAQ's worked example.
What a breach costs beyond the account depends on the firm's terms: Kraken Prop states you only pay for the evaluation and that it covers any losses, and Propr's rulebook says you never owe trading losses. Check the terms of the plan you buy.
How do payouts work at a perpetual futures prop firm?
The split headline: 80% to the trader is standard, stated on 102 of the 113 rows that name one. Eight rows state 100% (E8's Pro plan among them) and three state 50%, so read the exact plan. The headline split is not always the split you keep: Kraken Prop sells an upgrade from 80% to 90% ($54 on a $10K wallet, per its page), and My Funded Perps' Elite plan lists 80/20 with an optional 90/10 upgrade at checkout, per its FAQ.
Frequency is where our data goes quiet: only 4 of the 119 rows state a payout schedule, so confirm it on the firm's own page. Our perps firm reviews collect what we verify about each firm. Kraken Prop states payouts are on demand, typically within 24 hours, to your Kraken account; My Funded Perps states funded Elite accounts can request payouts anytime with no daily limit.
Also check whether payout eligibility depends on consistency rules or buffer thresholds; where a firm is silent, ask in writing before paying.
What should you check before paying a perps prop firm?
Seven checks, in this order:
- Live or simulated. Is the funded stage traded on a real venue or simulated with real payouts? Both models exist above.
- The venue. Which terminal or exchange link do you trade, and are the instruments exchange perps or CFD-style?
- The leverage cap per instrument. Not the marketing maximum: the cap on the instruments you trade, plus any per-instrument notional caps.
- Funding and swap costs. Which cost lines apply, at what rate, at what time, on which terminal.
- The breach basis. Equity or balance, static or trailing, and the exact daily reset time: 00:00 UTC at Propr, 12:05 AM UTC at Crypto Fund Trader, midnight New York at My Funded Perps.
- The percentage base. Starting balance, start-of-day balance or live equity: the same 3% number means different floors on different bases.
- The payout terms. Split, upgrade costs, schedule, and any consistency or buffer condition, in writing.
And hold the fee as money at risk: prop trading can cost you every fee you pay.
Frequently asked questions
What is a perpetual futures prop firm?
A firm that sells evaluations on crypto perpetual futures. You pay a fee, trade under fixed loss limits, and on passing you trade a funded-stage account and split the profits, most often 80% to you in our dataset of 119 plan rows from 6 firms.
Are perps prop firm accounts traded with real money?
It depends on the firm. My Funded Perps states all trading is simulated with real payouts. Kraken Prop runs a simulated evaluation but describes the funded stage as a wallet of Kraken's capital. Propr describes on-chain execution on Hyperliquid. Check each firm's own description.
How much leverage do perps prop firms allow?
Verified October 2026 caps range from 2x on smaller altcoins at Breakout (10x on BTC, 5x on majors) to up to 1:100 on Crypto Fund Trader's Bybit-linked accounts. Kraken Prop caps at 10x on BTC (5x on SOL) and E8 at 1:15 on BTC and ETH. Caps vary by firm, account type and instrument.
What is the funding rate on a perpetual future?
A periodic payment between long and short holders that anchors the perp's price to spot, since perps have no expiry. The rate is signed: depending on your side you pay it or receive it. As a rule of thumb, longs pay shorts when the perp trades above spot, per Kraken's explainer.
What happens if you breach a perps prop firm drawdown?
At the firms we verified, equity touching the limit ends the account: Breakout closes positions automatically and disables it permanently, Crypto Fund Trader deactivates with email notice, and Propr closes positions and forfeits the account. Whether you owe anything beyond the fee depends on the firm's terms; Kraken Prop and Propr both state you do not.
How much does a perpetual futures prop evaluation cost?
Across the one-step evaluations we track, the median price is $82 at $10K (18 rows), $294 at $50K (20 rows) and $545 at $100K (17 rows), with a $139 to $965 range at the $50K size. Most rows do not state billing, so these are listed entry prices, not verified one-time or recurring costs.
Prop trading carries a real risk of losing every fee you pay. This article is general information, not financial advice. Always read the firm's own rules before you buy.
How we got these numbers
Computed from our perps challenges CSV dated 2026-10-25 (119 plan rows from 6 firms; row counts, so firms with more plans weigh more). 95 rows are perps-only and 24 span perps and CFD markets (all from Crypto Fund Trader). Percentages are normalized across firms and the balance base varies by plan; blank cells mean not stated, not absent. Firm mechanics verified on the official pages cited, all accessed 2026-10-25.