Last Updated: June 2026
Topstep and Apex Trader Funding are two of the most popular futures prop firms in 2026, and the right choice depends entirely on your trading style: Topstep suits disciplined day traders who want structured rules and a higher first-payout ceiling, while Apex suits volume-focused traders who want one-time fees, 100% profit splits up to $25K, and the ability to run up to 20 funded accounts simultaneously.
Both firms overhauled their programs in early 2026. Apex launched its 4.0 model on March 1, 2026, replacing monthly subscriptions with one-time evaluation fees and introducing end-of-day (EOD) trailing drawdown accounts. Topstep followed with its own structural update in February 2026, adding an Express Funded Account path. The landscape has shifted significantly, and most comparison articles have not caught up.
This guide covers every dimension that matters: evaluation fees, drawdown mechanics, profit splits, payout rules, and how both firms stack up against other leading futures prop firms including FTMO, Sabio, and The 5%ers.
Key takeaway: Apex wins on cost-per-attempt and scalability. Topstep wins on first-payout size and institutional backing. Neither is universally better; your trading frequency and risk style should decide it.
Topstep vs Apex: Quick Comparison (2026)
The table below reflects both firms’ current programs as of June 2026, including Apex’s 4.0 restructure and Topstep’s February 2026 updates.
| Feature | Apex Trader Funding | Topstep |
|---|---|---|
| Evaluation model | One-time fee (post-March 2026) | Monthly subscription or one-time Express |
| $50K eval fee | $197 EOD / $131 Intraday (retail) | $49/month (Combine) or one-time Express |
| PA/Activation fee | $99 EOD / $79 Intraday | $149 (Combine path only) |
| Profit split | 100% up to $25K, then 90/10 | 90/10 from first payout; 100% after $10K cumulative |
| Drawdown type | EOD trailing (4.0 default) | Intraday trailing (Combine); EOD (Express) |
| Daily loss limit | None (EOD variant) | $1,000-$3,000 depending on account |
| Overnight positions | Allowed | Not allowed |
| Max funded accounts | 20 | 5 |
| Consistency rule | 30% (no single day > 30% of total profit) | 50% (Combine); no consistency rule on Express |
| Min first payout | $500 (after 5 qualifying days) | $125 (after 5 benchmark days with $150+ profit) |
| Max first payout ($50K) | $1,500 | $5,000 |
| Payout frequency | Up to 2x/month | Up to 4x/month |
| Payout processing | ACH/Plane, 24-48 hours | ACH/wire, 1-3 business days |
| Instruments | ES, NQ, CL, and others (metals removed March 2026) | Futures only, no metals |
| Max funded capital | Up to $1.5M across accounts | Up to $300K |
| FCM backing | Yes (Plus500US) | Yes (Plus500US) |
The single biggest structural difference in 2026: Apex’s post-4.0 evaluation expires after 30 days. Topstep’s monthly Combine rolls over as long as you keep paying. For traders who need more time, Topstep’s subscription model is actually less risky per attempt.
Evaluation Fees and Pricing
Pricing is where the two firms diverge most sharply, and the gap widened after Apex’s March 2026 overhaul.
Apex Trader Funding Pricing (Post-4.0)
Apex now charges a single one-time evaluation fee. There are two drawdown variants: Intraday (drawdown resets to opening balance each day) and EOD (drawdown locks based on your closing balance, which is more forgiving once funded). EOD costs more.
| Account Size | Intraday Fee | EOD Fee | PA Activation Fee |
|---|---|---|---|
| $25K | $118 | $177 | $79 / $99 |
| $50K | $131 | $197 | $79 / $99 |
| $100K | $198 | $297 | $79 / $99 |
| $150K | $265 | $397 | $79 / $99 |
PA activation fee is $79 for Intraday accounts and $99 for EOD accounts. It is not discounted by promo codes.
Discount codes can cut evaluation fees by up to 90%. The well-known APEX90 code brings a $131 Intraday $50K challenge down to roughly $13. At that price, the real cost-to-funded is the $79 activation fee, making Apex the cheapest entry point in futures prop trading when promos are active. Check JoinProp’s Apex deals page for the latest verified codes.
Topstep Pricing (2026)
Topstep offers two evaluation paths post-February 2026:
- Trading Combine (monthly subscription): $49/month for a $50K account, $99/month for $100K, $149/month for $150K. Rolls over indefinitely. One-time activation fee of $149 once you pass.
- Express Funded Account (one-time fee): Pay once, skip the subscription, get funded faster. No ongoing monthly cost and no PA activation fee.
Topstep also charges approximately $39/month for advanced market data, which Apex includes in its pricing. For traders who take multiple months to pass, Topstep’s cumulative cost can exceed Apex’s all-in fee significantly.
Bottom line on cost: Apex wins on a per-attempt basis, especially with discount codes. Topstep wins for traders who need extended evaluation time without the pressure of a 30-day expiry window.
Drawdown Rules and Evaluation Requirements
Drawdown mechanics determine how likely you are to survive the evaluation. This is where most traders fail, and the two firms work very differently.
Apex Drawdown Rules (Post-4.0)
Apex 4.0 made EOD trailing drawdown the default. Here is how it works on a $50K account:
- Trailing drawdown: $2,000 on the $50K EOD account. The threshold recalculates once per day at 4:59 PM ET using your closing balance.
- Profit target: $3,000 to pass the $50K evaluation
- Daily loss limit: None on EOD variant; 2% ($1,000) during evaluation on EOD accounts
- Consistency rule (evaluation): No consistency rule at the evaluation stage
- Consistency rule (funded): No single day can exceed 30-50% of total account profit (varies by account update)
- Time limit: 30 days to hit the profit target before the evaluation expires
Apex also removed six major rules when it launched 4.0 in March 2026: the Maximum Adverse Excursion (MAE) rule, the 5:1 risk-reward ratio limit, the one-direction rule, the 7-day minimum trading period, monthly billing, and manual payout review. This made the evaluation significantly more approachable for active traders.
Topstep Drawdown Rules (2026)
Topstep uses intraday trailing drawdown on the Trading Combine and EOD trailing drawdown on the Express Funded Account.
| Rule | Trading Combine | Express Funded |
|---|---|---|
| Drawdown type | Intraday trailing | EOD trailing |
| Profit target ($50K) | $3,000 | $3,000 |
| Daily loss limit | $1,000 ($50K) | $1,000 ($50K) |
| Consistency rule | Best day cannot exceed 50% of total profit | None |
| Overnight positions | Not allowed | Not allowed |
| Time limit | None (monthly rollover) | Fixed (pay once, pass within window) |
The key difference: Topstep’s intraday trailing drawdown is stricter than Apex’s EOD model. With intraday trailing, your drawdown adjusts in real time as your unrealized P&L moves. A trade that goes $1,000 in your favor before reversing can tighten your drawdown even if you close flat. With EOD trailing, only your closing balance matters. This makes Apex’s EOD evaluation materially easier to survive for swing-style day traders.
Profit Split and Payout Rules
Payout structure is where traders feel the real difference between these two firms. The headline numbers look similar, but the mechanics are very different.
Apex Payout Structure
Apex’s post-4.0 payout model is built around a 6-step ladder before unlimited withdrawals unlock:
| Payout Step | Max Payout ($50K EOD) | Profit Split |
|---|---|---|
| 1 | $1,500 | 100% |
| 2 | $1,500 | 100% |
| 3 | $2,000 | 100% |
| 4 | $2,500 | 100% |
| 5 | $2,500 | 100% |
| 6+ | $3,000+ (no cap) | 100% until $25K cumulative, then 90/10 |
To qualify for each payout, traders must:
- Complete at least 5 trading days with $100+ profit per day
- Satisfy the 30% consistency rule (no single day exceeds 30% of total profit)
- Maintain the Safety Net buffer (drawdown limit + $100) for the first three payouts
Payouts process via ACH (US traders) or Plane (international) within 24-48 hours after approval. Apex processes twice per month.
Topstep Payout Structure
Topstep’s payout model changed significantly starting January 12, 2026. New accounts now start at a 90/10 split from the first payout (legacy accounts retain the 100% first $10K structure).
- Minimum withdrawal: $125
- Maximum first payout ($50K): $5,000, the highest first-payout ceiling in futures prop trading
- Payout frequency: Up to 4 times per month
- Requirements: 5 benchmark trading days with $150+ profit each
- Path to 100%: After $10,000 cumulative withdrawn, the split moves to 100%
- Daily payouts: Available after 30 winning days on a Live Funded Account
The critical comparison: Apex caps your first withdrawal on a $50K account at $1,500. Topstep allows up to $5,000 on the same account size. If you run a high-conviction strategy that generates large gains quickly, Topstep’s first-payout ceiling is a meaningful advantage. If you trade frequently with smaller daily gains, Apex’s faster payout cycle and 100% split until $25K will likely net you more over time.
Apex’s payout rules are stricter than they appear. The 30% consistency rule, 5-winning-day requirement, and 6-payout ladder all create friction. Traders who miss even one condition see their request bounced. The account does not close, but the delay can be frustrating for traders used to simpler payout systems.
How Topstep and Apex Compare to Other Top Prop Firms
Topstep and Apex do not operate in isolation. Traders comparing these two firms should also know where they stand relative to FTMO, Sabio, and The 5%ers, which are the most frequently cited alternatives in the futures and forex prop space.
| Feature | Apex Trader Funding | Topstep | FTMO | Sabio Trade | The 5%ers |
|---|---|---|---|---|---|
| Asset class | Futures | Futures | Forex/CFD | Forex/Futures | Forex |
| Evaluation model | One-time fee | Monthly or one-time | Two-phase | One-phase | One-phase |
| Starting eval fee | ~$13 (with promo) | $49/month | ~$155 | Varies | ~$95 |
| Profit split | 100% to $25K, then 90/10 | 90/10 (100% after $10K) | 80/20 to 90/10 | Up to 90/10 | 50/50 to 80/20 |
| Overnight positions | Allowed | Not allowed | Allowed | Allowed | Allowed |
| Consistency rule | Yes (30%) | Yes (50% on Combine) | Yes | Varies | No |
| Max funded capital | $1.5M | $300K | $400K | Varies | $4M |
| Regulation/backing | FCM (Plus500US) | FCM (Plus500US) | Regulated EU entity | Independent | Independent |
What this table reveals:
- FTMO is the dominant choice for forex traders and offers a regulated European entity, but its profit split starts at 80/20, which is lower than both Apex and Topstep. FTMO’s two-phase evaluation is also more demanding.
- Sabio Trade targets traders who want a single-phase evaluation with flexible instruments, but its program details vary more than the other firms listed here.
- The 5%ers stands out for its maximum funded capital of $4M, which dwarfs every other firm on this list. However, its starting profit split (50/50) is the least favorable of the group. Traders who scale successfully move toward 80/20.
- For pure futures trading, Apex and Topstep remain the two strongest options in 2026. FTMO, Sabio, and The 5%ers are better suited for forex-focused strategies.
JoinProp tracks discount codes for all five firms. If you are comparing across firms, check JoinProp’s prop firm comparison tool to see current promo codes and side-by-side rule breakdowns updated in real time.
Which Firm Is Right for Your Trading Style?
No single firm wins across every trading profile. The decision comes down to four variables: how you trade, how often you fail evaluations, how quickly you expect to generate profits, and whether overnight exposure matters to your strategy.
Choose Apex Trader Funding if:
- You trade futures intraday and want the lowest possible cost-per-attempt (especially with promo codes)
- You want to run multiple funded accounts simultaneously and scale aggressively
- You do not need to hold positions overnight but want the option
- You are comfortable with the 30-day evaluation window and 30% consistency rule
- You want automated payouts processed within 24-48 hours
- You plan to generate consistent, smaller daily profits rather than occasional large wins
Choose Topstep if:
- You prefer a structured evaluation with no time pressure (monthly Combine rollover)
- Your strategy produces large, infrequent gains and you want a $5,000 first-payout ceiling
- You value institutional backing and 12+ years of operational history
- You are a disciplined day trader who closes all positions before market close
- You want up to 4 payout requests per month rather than Apex’s 2
The honest reality for both firms
Only 5-10% of traders pass futures prop evaluations. Of those who get funded, industry estimates suggest 7-12% ever receive a meaningful payout. The average trader who eventually stops spends between $5,000 and $20,000 in evaluation fees before quitting.
This does not mean prop firms are a scam. It means the evaluation is genuinely difficult, and most traders underestimate the consistency requirement. The firms that survive long-term (Apex and Topstep both have multi-year track records with verified payouts) are legitimate. But the business model depends on evaluation fee revenue, which means they have no incentive to make passing easy.
The practical implication: Use discount codes to reduce your per-attempt cost, especially on Apex where codes can reduce fees by 90%. Treat each evaluation as a paid practice session, not a guaranteed path to funding.
Frequently Asked Questions
Is Apex Trader Funding or Topstep better in 2026?
Apex is better for traders who want lower upfront costs, multiple funded accounts, and 100% profit splits up to $25K. Topstep is better for traders who want no evaluation time pressure, a higher first-payout ceiling ($5,000 vs $1,500 on a $50K account), and up to 4 monthly payouts. Neither firm is universally superior; your trading style determines the better fit.
What changed with Apex 4.0 in March 2026?
Apex 4.0 launched on March 1, 2026 and made six major changes: it eliminated monthly subscription billing in favor of one-time evaluation fees, introduced EOD trailing drawdown as the default, removed the MAE rule, removed the 5:1 risk-reward ratio limit, removed the one-direction rule, and automated payout processing. New evaluations now expire after 30 days.
Does Apex Trader Funding actually pay out?
Yes. Apex has a verified track record of paying traders and is publicly known as the only futures prop firm to have approved million-dollar payouts. Payouts process via ACH (US) or Plane (international) within 24-48 hours after approval. The main friction points are the 30% consistency rule and the 6-payout ladder, which cap early withdrawals.
Can you hold overnight positions with Apex?
Yes. Apex allows overnight positions. Topstep does not. This is one of the clearest differentiators between the two firms and makes Apex the only viable option for traders who use swing or multi-session strategies.
What is the best discount code for Apex Trader Funding?
Apex regularly runs promotions that cut evaluation fees by 70-90%. The APEX90 code has historically provided 90% off, bringing a $131 Intraday $50K evaluation to approximately $13. Codes change frequently. JoinProp’s Apex discount page tracks current active codes and verifies them before listing.
How does Topstep’s Express Funded Account differ from the Trading Combine?
The Trading Combine is a monthly subscription where you pay until you pass. The Express Funded Account is a one-time fee that gets you funded faster with no ongoing monthly cost and no PA activation fee. The Express path uses EOD trailing drawdown instead of intraday trailing, which is more forgiving once funded. The tradeoff is that you have a fixed window to pass rather than an indefinite rollover.
Bottom Line
Topstep and Apex Trader Funding are both legitimate, FCM-backed futures prop firms with strong payout track records. The choice is not about which firm is “better” in the abstract; it is about which firm’s rules match how you actually trade.
Apex 4.0 is the better choice for most traders entering in 2026 because the one-time fee model, 90% discount codes, EOD drawdown, and 100% profit split until $25K create the most favorable risk-to-reward ratio on a per-attempt basis. The 30-day evaluation window adds urgency, but at $13-$20 per attempt with active promo codes, the cost of a failed attempt is negligible.
Topstep is the better choice for traders who value structure over scalability. The $5,000 first-payout ceiling, up to 4 monthly payouts, and indefinite evaluation time (via the Trading Combine) make it the stronger option for traders who generate large, infrequent gains and want a more conservative evaluation environment.
Before committing to either firm, verify current pricing and available discount codes. Both firms update their programs frequently, and the data in this article reflects conditions as of June 2026.
Find the latest verified discount codes for Apex, Topstep, FTMO, Sabio, The 5%ers, and 200+ other prop firms at JoinProp, the comparison platform built by former prop traders.
