What Is a Perpetual Futures Prop Firm?
A perpetual futures prop firm sells you an evaluation (or an instant account), funds you to trade perpetual futures, and splits the profit with you. Same business model as a CME futures prop firm — the contract is what changes.
A perpetual future never expires. Instead of converging with the spot price at settlement, it’s pulled toward spot by a funding rate: a payment between longs and shorts at set intervals (every 8 hours on many venues, hourly on others). When the perp trades above spot, longs pay shorts. When it trades below, shorts pay longs. That’s the whole trick, and it’s why you can hold a perp position for as long as your margin and your firm’s rules allow.
Most perp prop accounts are simulated: the firm streams prices from a real perp venue, applies its own rules (drawdown, leverage caps, position limits) and pays you a split of the simulated profit. Again, the same model most futures prop firms run.
Perpetual Futures vs CME Futures
|
Perpetual futures |
CME futures |
| Expiry |
None — no rollover |
Monthly or quarterly — you roll positions |
| What keeps price near spot |
Funding rate between longs and shorts |
Convergence at expiry |
| Trading hours |
24/7 on crypto perps; index and stock perps vary by venue |
Sunday 6 p.m. to Friday 5 p.m. ET, one-hour break daily (equity index futures) |
| Position size |
Any notional size, scaled by leverage |
Fixed contract sizes (MNQ = $2 per point) |
| Margin and payouts |
Usually stablecoins (USDC or USDT) |
US dollars |
| Where they trade |
Crypto exchanges, mostly offshore; CFTC-regulated US versions arrived in 2025 and 2026 |
CME Group, regulated by the CFTC |
Neither one is “better.” If you trade NQ and ES and want dollar payouts to your bank, stick with the CME futures prop firms and grab a code from the futures prop firm discounts page. If you trade crypto, want markets that never close, or like sizing positions to the dollar, perps make sense.
Perps vs Crypto CFDs: Why Most “Crypto Prop Firms” Don’t Make This List
Search “crypto prop firm” and most of what comes back is forex-style firms that added bitcoin to MT5. That’s a crypto CFD: a contract with the firm’s broker, priced off the broker’s feed and charged overnight swaps instead of funding. It isn’t a perpetual futures contract, and its fills and fees won’t match what you’d get on a perp exchange.
The test I use is simple: does the account trade a perpetual contract that exists on a real venue, with a funding rate, a price you can check against that venue, and contract specs the venue publishes? If yes, the firm can be listed here. If it’s a CFD wrapper, it can’t, however good the marketing is. Damn Prop Firms covers CME futures and perpetual futures. No forex, no CFDs.
How a Firm Gets on This List
- It trades real perps. A perpetual contract that exists on a real venue, with a funding rate and contract specs the venue publishes. CFD wrappers don’t qualify.
- Every rule comes from the source. Prices, drawdown, payout terms and restricted countries come from the firm’s own website or help center — never an aggregator.
- I trade them with my own money. I buy the accounts, trade them and request payouts. When a firm pays me, its review says so.
- Problems go on the page. Denied payouts, rule changes mid-account and terms that contradict each other get called out on the firm’s review.
The ranking puts the firms I trust most first, and it changes as I test more of them.
Can US Traders Use Perpetual Futures Prop Firms?
Often, yes — but check the firm, not the product. Perpetual futures are legal in the US: Coinbase Derivatives listed CFTC-regulated perpetual-style bitcoin and ether futures in July 2025, and in 2026 the CFTC cleared the first true no-expiry perpetual contracts for US exchanges. A prop account is a different thing, though. You’re trading a simulated account under the firm’s own terms, so what decides whether you can sign up is the firm’s restricted-country list. Read it before you buy.
Payouts, Funding and Leverage: What Changes With Perps
- Payouts: most perp prop firms pay in stablecoins, usually USDC, to a crypto wallet. Confirm the network before you request — a payout sent on the wrong network can be lost.
- Funding: on most perp accounts, funding is credited or debited on open positions at every funding time. Hold a big position through a funding window and your balance moves — and so does your drawdown.
- Leverage: perps let you size far beyond a single CME contract. Firms cap it, and the cap can differ between evaluation and funded accounts. Read the leverage table on the firm’s own site.
- Weekends: crypto perps never close. If your account has a daily loss limit, know exactly when the firm’s trading day resets.
- Identity checks: expect KYC before your first payout.
Perpetual Futures Prop Firm FAQ
What is the best crypto prop firm for perpetual futures?
Right now it’s Vest Markets. Every firm on this page (3 so far) trades real perpetual futures, every rule comes from the firm’s own website, and the ranking updates as I test more firms.
What is a perpetual futures prop firm?
A prop firm that funds you to trade perpetual futures: futures contracts with no expiry that track the spot price through a funding rate. You pass an evaluation (or buy an instant account), trade the firm’s capital, usually on a simulated account, and keep a share of the profit.
Can US traders use crypto prop firms?
Often, yes. Perpetual futures are legal in the US: Coinbase Derivatives listed CFTC-regulated perpetual-style futures in July 2025, and the CFTC cleared true perpetual contracts for US exchanges in 2026. A prop account is a simulated account under the firm’s own terms, though, so eligibility depends on each firm’s restricted-country list. Check it before you buy.
What is the difference between perpetual futures and regular futures?
Regular futures, like CME’s, expire monthly or quarterly and converge with the spot price at settlement. Perpetual futures never expire; a funding rate paid between longs and shorts keeps them near spot. Crypto perps also trade 24/7, use stablecoin margin and let you size a position to any amount.
Is a crypto CFD prop firm the same as a perpetual futures prop firm?
No. A crypto CFD is a contract with the firm’s broker, priced off the broker’s feed, with overnight swaps instead of a funding rate. A perpetual future is an exchange contract with published specs and a funding rate. Many “crypto prop firms” only offer CFDs, which is why they’re not on this list.
How do perpetual futures prop firms pay out?
Most pay in stablecoins, usually USDC, to a crypto wallet. Confirm the payout network before you request, and expect an identity check before your first payout.
Do funding rates affect a prop firm account?
Usually, yes. Funding is paid or received on open positions at each funding time (every 8 hours on many venues, hourly on others), and on most perp accounts it hits your balance like any other profit or loss, so it counts toward your drawdown.
Why isn’t my favorite crypto prop firm on this list?
Either it only offers CFDs, or I haven’t reviewed it yet. This page only lists firms that trade real perpetual futures, however big the brand, and I add new ones as I review them.
