Futures vs Perps prop firms
Both sell simulated evaluations and pay you a share of profits. Here's what actually changes when you switch from CME futures to perpetuals.
| Futures prop firms | Perps prop firms | |
|---|---|---|
| What you trade | CME contracts — NQ, ES, CL, GC and more | Perpetual contracts on crypto, stocks, indices, metals and FX |
| Trading hours | Exchange hours (nearly 24/5 with a daily break) | Most markets 24/7; stock/index perps follow their own schedule |
| Position sizing | Contract limits per account size | Leverage caps per market (e.g. NQ 10–50x, BTC 10–25x) |
| Platforms | Tradovate, NinjaTrader, Rithmic, TradingView, ProjectX… | Each firm's own web terminal |
| Drawdown | Mostly trailing (EOD or intraday), some static | Mostly static (fixed below the starting balance) |
| Payouts | Bank / Rise / crypto, schedules vary | Mostly USDC, many on demand |
| Pricing | One-time or monthly, sometimes an activation fee | One-time fee; 90/10 split often a paid option |