Apex Trader Funding scores 9.4 higher under TVSM-PF/2.0.2.
Payout split
Max funded
Payout cap
Drawdown model
Min trading days
Challenge fee
Fee refundable
News trading
Platforms
Payout schedule
| Specification | Apex Trader Funding 69/100 Strong | Topstep 60/100 Adequate |
|---|---|---|
| Payout split | 100% on first $25,000 lifetime profits, then 90/10 | 90% (flat for new traders as of Jan 12, 2026) |
| Max funded | $300,000 (up to 20 accounts simultaneously) | $150,000 (Express Funded Account) |
| Payout cap | $4,000/payout at step 6 on $100K EOD. Account closes after 6 payouts — new eval required. | $2,000/payout Standard, $3,000/payout Consistency — new $50K accounts from Apr 28, 2026 |
| Drawdown model | EOD Trailing — ratchets up with peak end-of-day balance, closed balance basis | Trailing EOD MLL — ratchets up with peak end-of-day balance, never resets down |
| Min trading days | 5 qualifying days per payout cycle (each day must hit minimum daily profit threshold) | 5 winning days required before payout request |
| Challenge fee | One-time: ~$399 eval + $139 PA activation ($538 total on $100K EOD). Frequent 70-90% discount periods. | $49–$149/month subscription |
| Fee refundable | No — one-time fee, not refunded on first payout | No — subscription model, no refund on payout |
| News trading | Allowed — no restrictions on futures news trading | Allowed — no restrictions on futures news trading |
| Platforms | NinjaTrader, Tradovate (Rithmic-based) | TopstepX (proprietary, mandatory as of 2026) |
| Payout schedule | On demand after 5 qualifying days — 1-3 business days processing | On demand after 5 winning days — processed 1-3 business days |
| Visit Apex Trader Funding | Visit Topstep |
Verify regulator standing
Cross-check both firms against NFA BASIC, FCA Register, CFTC, and the CME Group rulebook for futures drawdown rule context. Apex Trader Funding: www.apextraderfunding.com.
Dimension by dimension: who wins where
Computed live from the per-variable evidence behind each firm's TVSM-PF score — Apex Trader Funding takes 5 of 6 dimensions at current scores. Every variable links to a primary source on the firm pages.
Apex Trader Funding wins. Apex front-loads the split on early profits and its per-payout cap rises with each payout step; Topstep’s split is flat and its per-payout cap — cut in an April 2026 rule change — binds sooner in big months. Read both cap rules verbatim below.
Apex Trader Funding wins. Closely fought. Both run EOD-trailing drawdowns; Apex’s consistency rule is one fixed threshold, while Topstep’s differs by account type, which costs it on discretionary-enforcement risk.
Apex Trader Funding wins. Topstep’s April 2026 payout-cap cut is exactly the kind of mid-stream term change this dimension prices. Apex’s March 2026 4.0 overhaul changed pricing and drawdown options but grandfathered legacy accounts.
Topstep wins. The one fight Apex can’t win: Topstep has operated since 2012 — the longest record in futures funding — against Apex’s 2021 start.
Apex Trader Funding wins. Apex routes through NinjaTrader and Tradovate on Rithmic infrastructure; Topstep is now locked to its proprietary TopstepX, and the forced migration shows in execution-quality reports.
Apex Trader Funding wins. A one-time evaluation fee with frequent deep discounts beats a subscription that keeps billing while you retry. Neither firm refunds the fee — anyone who tells you otherwise is reading old terms.
Rule by rule, in each firm's own terms
Verbatim from our verified spec database — the conditions are the product, so nothing here is flattened to a yes/no. Where a rule has tiers or conditions, you are reading them.
| Rule | Apex Trader Funding | Topstep |
|---|---|---|
| Drawdown model | EOD Trailing — ratchets up with peak end-of-day balance, closed balance basis | Trailing EOD MLL — ratchets up with peak end-of-day balance, never resets down |
| Max drawdown | EOD Trailing — $3,000 drawdown limit on $100K EOD. Safety Net at $103,100. | Trailing EOD MLL — $2,000 buffer on $50K account |
| Daily loss limit | Dynamic Daily Loss Limit — tier-based by account size and scaling tier | Dynamic Daily Loss Limit — scales with account balance |
| Payout split | 100% on first $25,000 lifetime profits, then 90/10 | 90% (flat for new traders as of Jan 12, 2026) |
| Payout cap | $4,000/payout at step 6 on $100K EOD. Account closes after 6 payouts — new eval required. | $2,000/payout Standard, $3,000/payout Consistency — new $50K accounts from Apr 28, 2026 |
| Payout schedule | On demand after 5 qualifying days — 1-3 business days processing | On demand after 5 winning days — processed 1-3 business days |
| Min trading days | 5 qualifying days per payout cycle (each day must hit minimum daily profit threshold) | 5 winning days required before payout request |
| Consistency rule | 30% rule — single best day cannot exceed 30% of total profit at payout | Consistency EFA: largest single trading day cannot exceed 40% of total net profit during payout window. Standard EFA: no consistency target. |
| News trading | Allowed — no restrictions on futures news trading | Allowed — no restrictions on futures news trading |
| Weekend holds | Not permitted (futures-only — flat by close on Friday) | Futures markets only — positions must be closed before CME weekend close per exchange rules. |
| Evaluation cost | One-time: ~$399 eval + $139 PA activation ($538 total on $100K EOD). Frequent 70-90% discount periods. | $49–$149/month subscription |
| Fee refundable | No — one-time fee, not refunded on first payout | No — subscription model, no refund on payout |
| Platforms | NinjaTrader, Tradovate (Rithmic-based) | TopstepX (proprietary, mandatory as of 2026) |
| Max funded | $300,000 (up to 20 accounts simultaneously) | $150,000 (Express Funded Account) |
| Scaling | Horizontal scaling via multiple accounts. Each PA closes after 6 payouts — buy new eval to continue. | Express Funded scales to $150K via successful Combine passes; no automatic scaling within an account |
Verified June 2026 (Apex Trader Funding) · May 2026 (Topstep). Source extracts for every scored variable are on the firm pages.
The verdict, by trader type
A comparison that ends in “it depends” is not a verdict. Picks below are per trading style — find yours.
Futures scalper
Apex
News trading is unrestricted at both firms, so the decision is execution: Apex runs on NinjaTrader, Tradovate (Rithmic-based), while Topstep requires TopstepX (proprietary, mandatory as of 2026). A scalper who already lives in NinjaTrader or Tradovate keeps their stack at Apex and gives it up at Topstep.
Swing trader
Neither
An honest answer: both are futures-only with EOD-trailing drawdowns and no weekend holds — positions go flat by Friday close. If your edge needs multi-day holds, compare static-drawdown forex firms instead; start with our FTMO review.
Beginner
Topstep
A failed first month costs one subscription cycle ($49–$149/month subscription) rather than a larger one-time fee, the firm has operated since 2012, and the payout cap that hurt its score barely binds at beginner profit sizes. Graduate to Apex economics once you trade larger.
High-volume / multi-account
Apex
Up to 20 Performance Accounts active simultaneously — and the split is front-loaded per account. The catch to price in: $4,000/payout at step 6 on $100K EOD. Account closes after 6 payouts — new eval required. Topstep has no multi-account equivalent at this scale.
Apex vs Topstep — the questions traders actually search
Is Apex Trader Funding or Topstep better in 2026?
Apex Trader Funding currently scores in the Strong band under TVSM-PF and wins most scored dimensions — payouts, rules, platform, and cost. Topstep sits in the Adequate band after its April 2026 payout-cap reduction, but keeps the edge on operating history (futures funding since 2012, the longest record in the category). The live scores and per-variable evidence are on each firm page.
Which is cheaper — Apex or Topstep?
They price differently, not just at different levels. Apex: One-time: ~$399 eval + $139 PA activation ($538 total on $100K EOD). Frequent 70-90% discount periods.. Topstep: $49–$149/month subscription. A one-time fee beats a subscription if the evaluation takes you more than a month or two; the subscription is cheaper for a fast pass.
Which pays out more — Apex or Topstep?
Splits: Apex — 100% on first $25,000 lifetime profits, then 90/10. Topstep — 90% (flat for new traders as of Jan 12, 2026). Caps: Apex — $4,000/payout at step 6 on $100K EOD. Account closes after 6 payouts — new eval required.. Topstep — $2,000/payout Standard, $3,000/payout Consistency — new $50K accounts from Apr 28, 2026. For most account sizes Apex's front-loaded split takes home more early; both firms cap per payout, so high earners should read both cap rules in full before buying.
Is Apex or Topstep better for beginners?
Topstep, narrowly. The subscription model means a failed first attempt costs one month rather than a discounted-but-larger one-time fee, the firm has operated since 2012, and the payout cap that hurt its score barely matters at beginner profit sizes. Once you trade larger, Apex's economics win.
Do Apex and Topstep allow news trading?
Yes, both. Apex: Allowed — no restrictions on futures news trading. Topstep: Allowed — no restrictions on futures news trading.
What is the difference between Apex and Topstep drawdown rules?
Both run end-of-day trailing drawdowns — the floor ratchets up with your peak end-of-day balance and never resets down. Apex: EOD Trailing — ratchets up with peak end-of-day balance, closed balance basis. Topstep: Trailing EOD MLL — ratchets up with peak end-of-day balance, never resets down. In practice the models behave similarly; the bigger payout-side differences are the caps and consistency rules.
Full breakdowns with per-variable sources: Apex Trader Funding review · Topstep review