Rules as published by each firm
FUTURES vs FUTURES
Trailing Intraday (HWM) vs End-of-Day Trailing (Intraday-Enforced)
☪ Islamic / Swap-Free Ready
Apex Trader Funding vs Topstep
Which of these two is likelier to end your account, and why — compared rule by rule from what each firm publishes.
Short answer
- The drawdown works differently, and that is the difference that matters. Apex Trader Funding's loss limit follows your equity tick by tick, unrealised profit included; Topstep's steps up at each daily close and never steps back down. Apex Trader Funding: Open profit you give back raises that floor permanently, so it can breach you at a level that did not exist an hour earlier. Topstep: A floor set at last night's close is still enforced live all session, so you can be liquidated intraday by a level you never saw move.
- Apex Trader Funding sets no daily loss limit; Topstep caps a single day at 2%.
- Minimum trading days: Apex Trader Funding 1 day, Topstep 2 days — this sets the earliest you can finish, however fast you hit the target.
- Entry cost: Apex Trader Funding from $33, Topstep from $49.
Figures below are what each firm publishes. Confirm them on the firm's own site before paying for an evaluation — these rules change without notice.
Apex Trader Funding
FUTURES • Max $6,000,000
Drawdown Model
Trailing Intraday (HWM)
Profit Split
90% - 100%
Starting Price
$33
Min Trading Days
1 Days
Topstep
FUTURES • Max $450,000
Drawdown Model
End-of-Day Trailing (Intraday-Enforced)
Profit Split
90%
Starting Price
$49
Min Trading Days
2 Days
Side-by-Side Specifications Matrix
Every figure below is taken from the firm's own published rules. Check the source and date under the table before you size a position on it — prop firm rules change without notice.
| Evaluation Parameter | Apex Trader Funding | Topstep |
|---|---|---|
| Asset Class / Market | FUTURES | FUTURES |
| Drawdown Calculation Type | Trailing Intraday (HWM) | End-of-Day Trailing (Intraday-Enforced) The floor ratchets once per day on the closing balance and locks permanently when it reaches your starting balance, but the breach check runs live all session on realized plus unrealized P&L — touching it for one tick liquidates the account immediately. The threshold only steps up on your end-of-day balance and never moves down, so an open winning trade cannot drag your floor higher during the session. |
| Max Daily Loss | None (No Daily Limit) | 2.0% 2% of account size ($1,000 / $2,000 / $3,000 on $50K / $100K / $150K), measured on the day's net P&L; it is optional in the Trading Combine and Express Funded Account and automatic only in the Live Funded Account, and hitting it never ends the account — it flattens you, cancels your orders and locks you out until 5 PM CT the next session. |
| Max Overall Loss | 5.0% | 4.0% 4% on the $50K account ($2,000); the $100K account gets 3% ($3,000) and the $150K account 3% ($4,500), because Topstep sets this limit in dollars per size rather than as a percentage. |
| Profit Split | 90% - 100% | 90% |
| Minimum Trading Days | 1 Days | 2 Days Two days is the Trading Combine minimum, and it only works if your best day stays under 50% of the Profit Target; the Express Funded and Live Funded accounts have their own separate day counts for payouts. |
| News Trading Policy | ✓ Trading through high-impact news permitted during regular market sessions | ✓ News trading is allowed, but putting on your full maximum position size directly into a scheduled major news event is a named prohibited strategy and those profits can be rejected |
| Weekend & Overnight Holding | ✗ Flat by Close (Intraday futures only; positions must close by 4:59 PM EST daily) | ✗ Flat by Close (Intraday futures only; every position flat by 3:10 PM CT, risk desk starts flattening at 3:08 PM CT, nothing held from one session to the next) |
| Supported Platforms | NinjaTrader, Tradovate, TradingView | TopstepX, Tradovate, NinjaTrader, Quantower |
| Payout Schedule | Twice monthly (1st–5th and 15th–20th) | Daily payouts after 5 winning days (+$200/day) |
| First Payout Eligibility | After 10 qualified trading days per payout cycle | 5 winning days (Standard Path) or 3 trading days (Consistency Path) Standard Path needs five winning days; the Consistency Path pays out after three trading days with at least one trade each, but only if your biggest day stays at or below 40% of total net profit. |
| Consistency Rule | 30% single-day consistency rule on PA accounts | Trading Combine: best single day must stay at or below 50% of the Profit Target. Express Funded Consistency payout path: largest day must stay at or below 40% of total net profit Measured as your largest single day divided by the relevant total — against the Profit Target in the Combine (50%), against total net profit on the Express Funded Consistency payout path (40%, not rounded). |
| Islamic / Swap-Free Option | ✓ Inherently Swap-Free (CME Futures) Inherently Swap-Free (CME Futures contracts are cash-settled intraday with zero overnight financing or swap charges) |
✓ Inherently Swap-Free (CME Futures) Inherently Swap-Free (Topstep forces every position flat by 3:10 PM CT and permits no holding from one session to the next, so no overnight interest/riba can accrue) |
| US Residents Accepted | ✓ Accepted | ✓ Accepted |
| Maximum Capital Allocation | $6,000,000 | $450,000 |
Not independently confirmed. We could not read Apex Trader Funding's own rules pages — every request to the site was answered with HTTP 403, so the rules could not be read from here. The figures below are unconfirmed and may be out of date. Check the current rules on Apex Trader Funding's own site. Last attempted .
Where these figures come from. Read from Topstep's own published rules on : Maximum Loss Limit · Daily Loss Limit · Combine 50%-of-Profit-Target best-day rule and · 3 · Flat 90/10 split and the pre-2026-01-12 gating · Named prohibited strategies · Trading Combine two-day minimum and the best-d · The two restriction tiers · TopstepX as the firm's own platform and the st · Quantower connects via TopstepX credentials, T · Express Funded Standard Path five-winning-day . Prop firm rules change without notice — confirm on the firm's own site before you pay for an evaluation.
What can end the account even if you are profitable
These are the rules people usually find out about after a payout is refused.
- Topstep: Your account is wiped the instant your balance touches the Maximum Loss Limit at any point in the session, and open unrealized losses count — you can be up on the week and still get liquidated by one spike against an open trade. source
- Topstep: In the Trading Combine your single best day must stay at or below 50% of the Profit Target, and if it goes over, Topstep raises your Profit Target instead of passing you. source
- Topstep: If you take the faster three-day payout path on an Express Funded Account, your biggest single day must be 40% or less of your total profit — Topstep does not round, so 40.1% means no payout. source
- Topstep: You must close every position by 3:10 PM CT each weekday, and Topstep's risk desk starts flattening people at 3:08 PM CT, so a winning trade left open into the close gets closed for you and nothing can be carried into the next session or the weekend. source
- Topstep: Deliberately loading up your full maximum position size right before a scheduled major news release is a banned strategy, and Topstep can reject the profits it produces. source
- Topstep: Blowing one account into its Maximum Loss Limit and then repeating the same reckless bet on your next account is banned as account stacking, and Topstep shuts it down and can refuse the profits when the gamble finally works. source
- Topstep: Deliberately draining a Live Funded Account to force it to fail is banned, so you cannot blow up a struggling live account to get a clean start. source
- Topstep: Using software, AI, ultra-high-speed systems or mass order entry to gain an unfair edge, or placing orders outside the current best bid and offer, is banned and Topstep can reject your profits and close the account. source
- Topstep: Running scalping bots, firing hundreds of seconds-long trades a day, trading recklessly into gapped markets or milking the simulator's unrealistically clean stop-loss fills gets your payout refused and you removed from the program, even if you hit the profit target. source
- Topstep: You cannot take a first payout until you have five winning days on the Standard Path, or three trading days with at least one trade each on the Consistency Path — profit alone does not unlock the money. source
Drawdown Architecture: Apex Trader Funding vs Topstep
The fundamental differentiator between Apex Trader Funding and Topstep lies in how risk and liquidation thresholds are tracked:
Apex Trader Funding: Trailing Intraday (HWM)
Apex Trader Funding applies a Trailing Intraday (HWM) approach. Under this structure, your stop loss floor is anchored to balance intervals. Trailing stops ratchet tick-by-tick with unrealized equity, requiring disciplined profit taking.
Topstep: End-of-Day Trailing (Intraday-Enforced)
Topstep implements a End-of-Day Trailing (Intraday-Enforced) model. This provides traders with full intraday flexibility without the fear of open spikes ratcheting up their liquidation point.
The Trader's Verdict: Which Firm Should You Choose?
Depending on your trading style, asset preference, and capital requirements, here is how our research team segments the two providers:
Choose Apex Trader Funding if you:
- Want Trailing Intraday (HWM) risk management.
- Trade primarily FUTURES instruments with NinjaTrader, Tradovate, TradingView.
- Value High-volume futures scalpers running trade copiers across multiple accounts (up to 20 PAs) with massive discount coupons.
- Do not mind closing before the daily market session closes.
- Seek up to $6,000,000 in maximum scaling capital.
Choose Topstep if you:
- Prefer End-of-Day Trailing (Intraday-Enforced) execution terms.
- Trade FUTURES via TopstepX, Tradovate, NinjaTrader.
- Value Disciplined futures day traders who prioritize End-of-Day drawdown protection and rapid daily payout availability.
- Require strict intraday liquidity and same-day/daily payout options.
- Want access to starting entry fees at $49.
Frequently Asked Questions: Apex Trader Funding vs Topstep
Which firm offers a better drawdown model between Apex Trader Funding and Topstep?
Apex Trader Funding uses Trailing Intraday (HWM), while Topstep utilizes End-of-Day Trailing (Intraday-Enforced).
Traders who hold positions through volatile pullbacks typically favor Topstep, whereas scalpers capitalizing on quick momentum benefit from Topstep.
Can I trade both Apex Trader Funding and Topstep accounts at the same time?
Yes. Many professional prop traders run trade copiers (such as Replikanto for NinjaTrader futures, or Social Trader Tools for MT4/MT5 CFDs) to mirror trades across both Apex Trader Funding and Topstep simultaneously, diversifying broker risk and maximizing total payout potential.
Which prop firm has faster payout disbursements?
Apex Trader Funding processes payouts on a Twice monthly (1st–5th and 15th–20th) basis (After 10 qualified trading days per payout cycle), whereas Topstep operates on a Daily payouts after 5 winning days (+$200/day) schedule (5 winning days (Standard Path) or 3 trading days (Consistency Path)). Both platforms support crypto and direct bank transfers.