Perpetual Futures Prop Firms 2026: Who Offers Perps and Which Is Best for You

A perpetual futures prop firm sells an evaluation on perps: futures contracts with no expiry date, kept close to the spot price by a funding rate. You trade a simulated account, and if you hit the profit target without breaking the loss limits, you get a simulated funded account that pays you a share of the profits. Most firms started with crypto, and several now offer perps on indices, stocks, forex and commodities too. Apart from Vest, whose documentation and terms contradict each other, none of the perps firms we checked publishes a path to a live account.

What are perpetual futures?

A perpetual future, or perp, is a derivative that tracks an asset such as bitcoin but never expires. You go long or short with margin, and your position stays open as long as that margin covers your losses and costs.

A classic futures contract has an expiry date, and its price converges toward the spot price as that date approaches. A perp has no expiry, so it needs another anchor: the funding rate, a periodic payment between longs and shorts.

• Perp above spot: funding is positive, longs usually pay shorts.
• Perp below spot: funding turns negative, shorts pay longs.
• How often: commonly every 1 to 8 hours, depending on the venue.

Perps trade with leverage, so a small move against you can drain your margin. When it falls below the maintenance level, the venue liquidates the position automatically. Our full guide covers funding and liquidation with worked examples: what are perpetual futures?

Perps vs dated futures in one table

The full comparison is in perps vs futures.

Are perpetual futures legal in the US now?

Since May 29, 2026, yes, through a few regulated routes. That day, the CFTC approved Kalshi’s BTCPERP, a perpetual contract on the spot price of bitcoin, as a futures contract. Its Market Participants Division also told Coinbase Financial Markets that perpetual contracts on its affiliate Deribit can be treated as foreign futures. In a separate policy statement, the Commission said it would review perps on other asset classes case by case.

CME does not list a perpetual. Its crypto futures keep contract months and expiries, but since May 29, 2026 they trade around the clock on CME Globex, apart from scheduled maintenance. That is a large part of why perps are everywhere in 2026: the product moved from offshore exchanges to US headlines in a few weeks.

Do perps prop firms only offer crypto?

No. Most started with crypto, but several now list perps on traditional markets, usually priced from Hyperliquid’s markets.

One name you will see on perps lists does not belong there: Tradeify 247, formerly Tradeify Crypto, states in its own FAQ that it offers USD-margined crypto pairs on DXTrade, not perpetual futures. That is changing: in October 2026 Tradeify closed purchases of new Tradeify 247 accounts and announced Tradeify Perps, its new brand, with an early access waitlist and no published rules yet. Our Tradeify Crypto guide covers the current program.

Which prop firms offer perpetual futures in 2026?

From each firm’s own website, documentation or help center, read in October 2026. Rules shown for the standard one-step plan.

Two more firms are early: HyperPNL sells $5K to $25K accounts for now, with $50K and $100K announced, and restricts US residents, and Hypernova was invite only when we checked. A detail worth knowing on HyroTrader: on its One-Step and Two-Step plans you pay a deposit that comes back with your first payout. Since its October 2026 relaunch, every HyroTrader loss limit is static, and each payout counts 5% of the starting balance at most before the account resets: our HyroTrader review runs the numbers.

We reviewed the largest newcomer in depth: MyFundedPerps review.

See a funded account with a LIVE path

How do perps prop firm rules work?

Almost every one-step perps evaluation uses the same template. Once you have seen one, you have seen most of them:

• One step: a profit target of about 9% to 12% of the account.
• Static drawdown in percent: 3% to 6% of the starting balance, fixed. The futures world mostly uses trailing drawdowns instead.
• A daily loss limit: usually 3%. Touch it and the account ends, even if the trade would have come back.
• An 80/20 split, often with a paid upgrade to 90/10.
• Leverage caps by asset: from 2.5x to 10x on bitcoin at most firms, more on forex. HyroTrader allows up to 150x per position on BloFin, but caps total open positions at 2x the initial balance in notional value on funded accounts.
• Breaches checked on live equity: an open losing position counts against your limits in real time.

What do perps prop firms not tell you on the pricing page?

Your funded account stays simulated

Every perps firm we checked runs funded accounts on simulated capital, except Vest, whose documentation promises real capital while its prop terms describe a simulated program. MyFundedPerps writes in its terms that it makes no representation that it will ever offer a path to trading with real capital or to a live funded account. HyroTrader’s FAQ says there is no real-capital stage at any point.

Payouts can be capped

MyFundedPerps applies a $100,000 lifetime payout cap per user, across every plan. Breakout limits your combined funded balance to $200,000 across all accounts.

Prices come from someone else’s market

Most perps firms fill your orders in their own engine, priced from crypto exchange data. Propr publishes which trades it copies to Hyperliquid and which it keeps internally. That is more transparency than most, but it confirms the point: your fills are simulated.

Do prop firms use real money at all?

In futures as in perps, evaluations and funded accounts are usually simulated. The difference is what comes next. We explain the whole picture in do prop firms use real money?

Which perpetual futures prop firm is best for you?

It depends on what you want after you pass.

The better alternative: trade bitcoin on CME with Phidias

If what you want from perps is bitcoin and ether price action, you do not need a perp. Bitcoin Micro Futures (MBT) and Ether Micro Futures (MET) are authorized on every Phidias account, alongside index, energy, metal, currency and agricultural futures on CME Group exchanges.

On Express to Live, you reach the profit target on the evaluation, reach it again on the CASH account, and your first payout converts the account to a LIVE account. Payout on Day 1 is possible on every size: our record is 6 hours 18 minutes from evaluation purchase to payout. 90% of Phidias payouts are processed in under 30 minutes, every payout within 24 hours.

One honest difference: Express to Live positions must be closed before the end of the session, and Fundamental trades within our Sunday to Friday window, from 23:00 to 21:59 UTC. Premium allows overnight and over-week positions. Check the hours on our rules page and in our futures trading hours guide.

What it costs with code PHIDIAS

Monthly evaluations are also available. Compare all account types in our best futures prop firms guide and see how often you can withdraw in our daily payout guide.

Trade bitcoin on Express to Live

Test: perps prop firm or futures prop firm?

Four questions on what you trade, what you expect after you pass, the rules you hate and where you want your trades priced. No email.

Perpetual futures prop firms in 2026: frequently asked questions

What is a perpetual futures prop firm?

A perpetual futures prop firm sells an evaluation in which you trade perpetual futures (perps), contracts with no expiry date, on a simulated account. Pass the profit target without breaking the loss limits and you get a simulated funded account that pays you a share of its profits, usually 80%. Most of these firms price their accounts from crypto exchange data such as Hyperliquid, Bybit or Binance.

Which prop firms offer perpetual futures?

From their own websites in October 2026: MyFundedPerps (the perps brand of the MyFundedFutures team), Propr and Vanta (built on Hyperliquid prices), HyroTrader (USDT perpetuals on its own Hyro platform or on Bybit and BloFin demo accounts), Vest, HyperPNL and Hypernova, which was still invite only. Breakout, owned by Kraken, offers crypto trading without calling its instruments perpetuals, and Tradeify 247 says its crypto product is not perpetual futures (Tradeify has since announced Tradeify Perps, not open yet).

Do perps prop firms only offer crypto?

No. HyroTrader is mostly crypto, with tokenized stocks and metals on its Hyro platform, and MyFundedPerps, Propr, Vest and Hypernova also list perps on stock indices, stocks, forex and commodities, most of them priced from Hyperliquid markets, and Vanta and HyperPNL add forex, index, stock and commodity markets too. Breakout adds four non-crypto instruments, including the S&P 500, crude oil and silver.

Are perps prop firm accounts real money?

Mostly no. Every perps prop firm we checked runs its evaluation and funded accounts on simulated capital, except Vest, whose documentation and terms contradict each other; the payouts are real. MyFundedPerps states that it makes no representation that it will ever offer a path to a live funded account, and HyroTrader says there is no real-capital stage at any point.

Can US traders join a perpetual futures prop firm?

Some, yes. MyFundedPerps, Propr, Breakout, HyroTrader and Vanta do not list the United States as restricted; HyperPNL does. In the regulated US market, the CFTC approved Kalshi’s BTCPERP bitcoin perpetual on May 29, 2026.

Does CME offer perpetual futures?

No. CME crypto futures, including Micro Bitcoin and Micro Ether, have contract months and expire; there is no funding rate. Since May 29, 2026, CME crypto futures trade around the clock on CME Globex, apart from scheduled maintenance.

What is the funding rate on perpetual futures?

The funding rate is a periodic payment between longs and shorts that keeps a perp close to the spot price. When the perp trades above spot, longs usually pay shorts; below spot, shorts pay longs. Dated futures such as CME Micro Bitcoin have no funding rate: their price converges toward spot at expiry.

Can I trade bitcoin with Phidias?

Yes. Bitcoin Micro Futures (MBT, 0.10 bitcoin per contract) and Ether Micro Futures (MET, 0.1 ether per contract) are authorized on every Phidias account, alongside index, energy, metal and currency futures on CME Group exchanges. On Express to Live, the first payout converts the account to a LIVE account.