A newer US futures prop firm with a simple rulebook: end-of-day trailing drawdown, a percentage-based daily loss limit and profit target, evaluation and instant-funding tracks, and daily payouts once you’re funded.

A futures prop firm with two evaluation tracks, Growth and Select, an instant-funded Lightning option, end-of-day trailing drawdown on every plan, and a 90% profit split once funded.

The biggest name in futures evaluations, rebuilt in 2026 as Apex 4.0 with one-time evaluation fees, a choice of end-of-day or intraday trailing drawdown, and a funded stage with a consistency rule and contract caps.

The VWAP Wave System wasn’t built for evaluations. How I made a discretionary playbook survive a trailing drawdown, a daily limit, and my own worst hour.

A prop firm sells you an asymmetric bet: large size for a small fee, paid for in rules. Cash buys freedom, paid for in real money. They’re not rivals. They’re a sequence.