Perps firms comparator

Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands

Building A1, IFZA Business Park, Dubai Silicon Oasis, Dubai, United Arab Emirates

Jakub Zeliska

British Virgin Islands

United Arab Emirates

2023

No broker: in-house perpetuals terminal. Prices come from external feeds, but every order fills inside its own simulation, which controls pricing, execution and slippage.

Live Hyperliquid order book and market data

The fee and add-ons are non-refundable once the evaluation starts. Only if it cannot be activated due to a technical failure on their side, or if your local consumer law requires it.

Challenge accounts qualify for a bonus equal to 200% of the entry fee after the third fully approved payout. It does not apply to instant funding accounts (Vanguard and Oracle).

Bank transfer: $19.90 + 2.49%. Cryptocurrency: $19.90 + 30%. Returned payouts: $30 reprocessing fee.

No cycle: from 14 days after your first rewards account trade, whenever you like. All positions must be closed before claiming, and only one claim can be active at a time.

Thunderbolt, Phoenix, Vanguard and Oracle: on demand when all requirements are met. Horizon and Odyssey: every 14 days. Qualifying days with at least 0.5% realized profit before each payout: Vanguard 5 (6 on accounts bought before 26 October 2026), Oracle 5, Horizon 3 to 5 and Odyssey 3 or 4 by size; Thunderbolt and Phoenix none. The counter resets after every payout.

No guarantee with compensation. They pay in USDC through a smart contract within minutes once the reserve is ready; if a claim is held for review, you get a time estimate.

No published cap: you claim your net closed profit.

Perpetuals use the same progressive payout-cap ladder as CFD accounts. The cap increases with each fully approved payout and is removed from payout #8 onward. Profit above the applicable cap is forfeited at the end of the segment.

$30 per claim. The training mode page says $50.

$45 after applying the selected profit split.

At least 1% realized profit (3% on Horizon and Odyssey) since account start or the previous payout; all positions closed; drawdown compliance; completed KYC and signed Trader Agreement.

Gold and silver: up to 8:1. Copper: up to 5:1

WTI and Brent crude: up to 8:1

Index perpetuals: up to 10:1

Stock and ETF perpetuals: up to 4:1

5:1 on BTC and ETH; 2:1 on other cryptos.

BTC, ETH and SOL: up to 10:1. Other cryptocurrencies: up to 2:1

5:1 on SPY; 2:1 on SOXL and KORU.

Forex perpetuals: up to 25:1

Crypto perpetuals: 0.015% maker / 0.045% taker. Stocks, ETFs, indices, commodities and forex: 0.003% maker / 0.009% taker. MSTR, PURRDAT and GOLD: 0.03% maker / 0.09% taker. No spread markup; $10 minimum order.

Positions pay a 12% annual borrowing fee on every market, deducted from the net result.

No resets for sale. The Account Revival add-on revives the evaluation once.

Resets may be offered after a rule violation. A violation-related reset permanently caps future payouts on that account at 50% of the approved amount.

• 90/10 Profit Split: +10% of the price; raises the split from 80% to 90%.
• Account Revival: +80% of the price; if you fail on drawdown, the evaluation is revived once with starting balance and stats.

A training mode promotion gives both free on your first evaluation.

No automatic scaling: to trade more capital you pass more evaluations.

Eligible funded accounts can scale by 35% every four consecutive months, up to $4,000,000, after achieving 15% cumulative growth, at least two payouts and a profitable final cycle.

• 1-Step: static on the starting balance; it never moves.
• 2-Step: measured from the highest equity the account reaches, rising with it.
• Rewards account: the same percentage as the plan you passed, static on the starting balance; payouts do not move the floor.

Equity with open positions counts. Hitting it closes positions and permanently closes the account.

Thunderbolt, Horizon and Odyssey: 6% trailing Dynamic Risk Shield that locks at the starting balance. Phoenix: 6% fixed maximum drawdown. Vanguard: 8% trailing maximum drawdown (7% on accounts bought before 2 November 2026). Oracle: 5% trailing maximum drawdown.

80%, or 90% with the 90/10 Profit Split add-on. The split is fixed when the rewards account opens.

Thunderbolt, Phoenix, Vanguard and Oracle: 80% base split; 90% (checkout default) or 100% can be chosen for a higher price. Horizon and Odyssey: fixed 80%.

Free training mode with no expiry, on the same terminal and markets as the evaluation. No card needed.

Measured from equity at the 00:30 UTC daily reset. Hitting it closes positions and permanently closes the account.

Thunderbolt and Horizon: 3%. Phoenix, Vanguard, Oracle and Odyssey: 4%. Measured from the higher of equity or balance at 00:00 UTC.

Up to 5 rewards accounts at once, up to $50,000 each: $250,000.

Current Perpetuals accounts are sold up to $400,000. Total funded capital across all Upcomers programs cannot exceed $1,500,000. Eligible accounts can scale to $4,000,000.

One active evaluation at a time (or one order pending payment) and up to 5 rewards accounts. One user account per person.

No time limit.

Unlimited.

None: you can pass with a single trade.

Thunderbolt and Phoenix: no minimum to pass. Horizon: 2 days. Odyssey: 2 days per phase. Vanguard has no evaluation.

None.

Before each payout, days with at least 0.5% realized profit: Vanguard 5 (6 on accounts bought before 26 October 2026); Oracle 5; Horizon 3 up to $50K, 4 up to $200K and 5 from $200K; Odyssey 3 below $100K and 4 from $100K. Thunderbolt and Phoenix: none.

Bots and automation are forbidden unless pre-approved in writing, although the docs publish an API to trade the evaluation by code.

Using a VPN or proxy to hide your location is forbidden: account closure with no refund.

Not explicitly prohibited, but strongly discouraged. VPN or VPS use during KYC/AML verification is prohibited.

Prohibited, even within a single account, and across accounts.

Tick scalping and holding positions under one minute on average are forbidden.

Normal scalping is allowed. Tick scalping, HFT and latency exploitation are prohibited; trades repeatedly closed in under two minutes may be treated as tick scalping.

Martingale, grid and averaging down to exploit drawdown limits are forbidden.

Funded maximum loss per trade: 3% on Thunderbolt and Phoenix; 2% on Vanguard, Oracle and Odyssey; 1.5% on Horizon. Positions on the same instrument and direction count as one trade. Exceeding it is a hard breach.

Copying trades from another account, signals or social trading platforms is forbidden.

Trading exclusively or mostly around major news to exploit spread widening is forbidden.

Evaluation: 30 consecutive days without logging in or open positions allow them to close the account. Rewards account: 30 days without a trade suspends it, and you ask support to reactivate it.

The account expires after 35 consecutive days without closing a trade. A warning is sent 7 days before expiration.

20% Best Day Rule at payout for Thunderbolt, Phoenix, Vanguard and Oracle. It is a soft payout requirement and does not breach the account. Horizon and Odyssey: no consistency rule.

All Perpetuals markets trade 24 hours a day, 7 days a week.

• High-frequency trading and latency arbitrage
• Statistical or correlation arbitrage
• Tick scalping and trades under one minute on average
• Grid, martingale and averaging down to exploit drawdown limits
• Trading exclusively or mostly around major news
• Exploiting pricing, data feed or platform errors
• Copy trading and group trading with other traders
• Manipulation, wash trading and front-running

Platform or feed exploitation, tick scalping, high-frequency trading, latency trading, arbitrage, grid trading, martingale, one-sided or all-or-nothing bets, reverse or group hedging, external signal or challenge-passing services, account sharing and coordinated trading are prohibited.