Perps firms comparator
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Full comparisonforTraders Perps vs Upcomers PerpetualsThe written analysis: where each one wins, who each fits best and FAQs.Read the comparison 54 differences
Goldcrest Executive Building, Office No. 1210, JLT, Cluster C, Dubai, United Arab Emirates
Building A1, IFZA Business Park, Dubai Silicon Oasis, Dubai, United Arab Emirates
Jakub Rož
Jakub Zeliska
United Arab Emirates
United Arab Emirates
2023
2023
No broker: prices come from Hyperliquid or Binance, whichever has more liquidity for each market.
Live Hyperliquid order book and market data
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).
- Crypto ($100 to $399): $25
- Rise ($400 or more): $50
Bank transfer: $19.90 + 2.49%. Cryptocurrency: $19.90 + 30%. Returned payouts: $30 reprocessing fee.
On demand from the first day on the Master account, with positions closed. First reward after 1% profit on the initial balance; then 2% growth on the remaining balance between rewards.
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.
48 hours: if not paid within 48h, 100% profit split
Every market trades 24/7, weekends included: indices, gold and oil too.
$10,000 per reward.
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.
$100 to withdraw from the For Traders wallet.
$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: 20:1 in the help center, 10:1 in the instruments list. Silver, platinum, palladium and copper: 5:1.
Gold and silver: up to 8:1. Copper: up to 5:1
WTI and Brent: 8:1. Natural gas: 5:1.
WTI and Brent crude: up to 8:1
NAS100 and SP500: 12:1. JP225: 5:1.
Index perpetuals: up to 10:1
NVDA, AAPL, MSFT, AMZN, META and GOOGL: 4:1. MSTR, COIN, CRCL, CRWV and BMNR: 2:1. Other stocks: 3:1.
Stock and ETF perpetuals: up to 4:1
BTC: 10:1. ETH: 8:1. BNB and SOL: 5:1. HYPE, DOGE, XRP, TRX and LIT: 3:1. Other crypto: 2:1.
BTC, ETH and SOL: up to 10:1. Other cryptocurrencies: up to 2:1
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.
Fixed daily fee on position value, charged hourly and equal for longs and shorts: crypto 0.03%, forex 0.005%, other markets 0.015%.
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.
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.
Static, measured from the initial balance, in the challenge and on the Master account. After the first reward the floor locks at the initial balance for good. Hard breach.
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%.
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%.
Hard breach, open positions included. A fixed share of the initial balance, subtracted at 00:00 server time (CET/CEST) from the higher of balance or equity.
Thunderbolt and Horizon: 3%. Phoenix, Vanguard, Oracle and Odyssey: 4%. Measured from the higher of equity or balance at 00:00 UTC.
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.
No time limit.
Unlimited.
None.
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.
EAs allowed only as decision-support tools (alerts, partial management, predefined rules). Fully autonomous trading bots are prohibited.
Not explicitly prohibited, but strongly discouraged. VPN or VPS use during KYC/AML verification is prohibited.
Cross-account hedging (opposing positions on the same instrument across accounts) is forbidden.
Prohibited, even within a single account, and across accounts.
Manual scalping allowed with a minimum 5-second hold per trade. Tick scalping and HFT 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 strategies (doubling position size after losses) are classified as gambling and 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.
Outbound copy trading (from your For Traders account to external accounts) is allowed. Inbound copy trading from external sources is strictly forbidden.
Free in the challenge. On the Master account, no new positions from 5 minutes before to 5 minutes after high-impact news; open positions can stay. Breaking it is a soft breach: those profits may be deducted.
Close at least one position every 7 days, in the challenge and on the Master account. Breaking it is a hard breach.
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.
Positions can stay open overnight and over the weekend.
All Perpetuals markets trade 24 hours a day, 7 days a week.
- Arbitrage (latency, reverse, statistical)
- HFT (High Frequency Trading)
- Grid trading
- Tick scalping
- Fully autonomous bots/EAs
- Cross-account hedging
- Gambling behaviors (overleveraging, all-in trades > 70% of profit target)
- Martingale
- Inbound copy trading and signal services
- Group/signal trading from Telegram, Discord etc.
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.

















