Topstep and Apex Trader Funding are the two biggest names in futures prop trading. Topstep has 14 years of operation from Chicago and the best education in the business. Apex has the cheapest prices, $721M+ in reported payouts, and the simplest evaluation since its March 2026 overhaul. Different firms for different priorities.
Quick answer: Topstep for trust, education, and EOD drawdown. Apex for the cheapest entry and simplified rules (but with a less forgiving real-time trailing drawdown).
Side-by-Side Comparison
| Feature | Topstep | Apex Trader Funding |
|---|---|---|
| Founded | 2012 | ~2021 |
| Headquarters | Chicago, USA | Texas, USA |
| Monthly Cost | From $49 | ~$15-$29 (sale, one-time) |
| Evaluation Type | Trading Combine | One-step |
| Min Trading Days | Combine: None. Payout: 3-5 | Eval: None. Payout: 5 |
| Drawdown Type | EOD trailing | Real-time trailing |
| Profit Split | 90% (100% of first $10K for pre-Jan 2026) | 100% of rewards |
| Payout Speed | 1-3 business days | 24-48 hours via Deel |
| Trustpilot | 4.4/5 | 4.4/5 (17,860+) |
| Education | Coaching, analysis, community | None |
| Max Accounts | Standard | 20 simultaneous |
| Activation Fee | $129 (Standard Path) | Varies |
| Total Payouts | Not disclosed | $721M+ reported |
| Consistency Rule | 50% (Combine) / 40% (Consistency Path) | 50% (PA payouts only) |
| Platforms | NinjaTrader, Tradovate, TradingView | NinjaTrader, Tradovate, TradingView |
The Critical Difference: Drawdown Type
This is the single most important difference between these two firms, and it should be the primary factor in your decision.
Topstep uses EOD trailing drawdown. Your drawdown floor only updates at market close based on your highest closing balance. Here's what that means in practice:
Scenario: You go long ES and hit +$2,000 unrealised profit during the session. Price pulls back. You close the day at +$500.
At Topstep: Your drawdown floor moves up by $500 (the closing balance change). The $2,000 intraday peak is irrelevant. You still have your full drawdown buffer minus $500.
Apex uses real-time trailing drawdown. Your drawdown floor updates instantly with every equity tick, and it never moves back down.
Same scenario at Apex: Your drawdown floor permanently moves up by $2,000 the moment your equity touched that level. Even though you closed at +$500, your buffer has shrunk by $2,000. A subsequent pullback to flat could end your account.
This difference changes how you trade. At Topstep, you can let trades run without worrying that an intraday peak will bite you. At Apex, every equity high permanently tightens your drawdown. Traders with volatile intraday P&L curves will find Topstep dramatically more forgiving.
Winner: Topstep for drawdown fairness, and it's not close.
Pricing
Apex's pricing strategy is aggressive. The firm runs 80-90% off sales almost every week, bringing one-time prices to $15-$69 depending on account size. You pay once and have 365 days to pass.
Topstep charges $49-$149/month as a subscription. The Standard Path also adds a $129 activation fee after passing. Over a two-month evaluation:
| Scenario | Topstep Cost | Apex Cost (sale) |
|---|---|---|
| Pass in 1 month | $49-$149 + $129 = $178-$278 | $15-$69 (one-time) |
| Pass in 2 months | $98-$298 + $129 = $227-$427 | $15-$69 (same) |
| Pass in 3 months | $147-$447 + $129 = $276-$576 | $15-$69 (same) |
Apex's one-time pricing makes it dramatically cheaper at any timeline. The subscription model at Topstep accumulates costs for slower evaluators.
And with Apex allowing 20 simultaneous accounts, some traders buy 10+ evaluations at $15-$29 each ($150-$290 total) and run them in parallel. You can't replicate this strategy at Topstep.
Winner: Apex by a wide margin on price.
Education and Support
Topstep's educational ecosystem is the best in futures prop trading. Daily coaching sessions with professional traders, live market analysis during trading hours, performance analytics, and a community forum. If you're developing your trading skills alongside your evaluation, this has real value.
Apex offers no educational content. You get an account and the rules. That's it.
For experienced traders, Apex's lack of education doesn't matter. For developing traders, Topstep's coaching could be the difference between passing and failing. The value of daily coaching with professional traders is difficult to quantify but shouldn't be dismissed.
Winner: Topstep by a wide margin on education.
Payout Structure
Topstep (post-January 2026):
- 90/10 split from dollar one (new traders)
- 100% of first $10K (legacy traders only)
- Payout cap: $5,000 or 50% of balance, whichever is lower
- Processing: 1-3 business days via Deel
Apex (post-March 2026):
- 100% of approved rewards
- Payout ladder: $1,000-$2,500 initial caps, increasing over 6 payouts
- 50% consistency rule for payout eligibility
- Processing: 24-48 hours via Deel
- 6 payouts per Performance Account, then uncapped
Apex's 100% vs Topstep's 90% looks better on paper. But both firms cap initial payouts, and the exact amount you can withdraw depends on your account balance, payout number, and consistency compliance. In practice, the difference in total cash withdrawn over the first few months is smaller than the headline split suggests.
Winner: Apex for the higher split percentage. Topstep for simpler payout mechanics.
Trust and Track Record
Topstep: 14 years, Chicago-based, physical office, public leadership, consistent operations since 2012. No major controversies. No payout scandals.
Apex: ~4-5 years, $721M+ in reported payouts, 17,860+ Trustpilot reviews, but frequent rule changes (three major overhauls in two years). The payout volume is impressive, but the pace of rule changes requires you to re-read terms before every purchase.
Both firms are legitimate. Topstep's longer, more stable track record gives it a slight edge for risk-averse traders. Apex's higher payout volume suggests wider adoption.
Winner: Topstep for stability and longevity.
Our Verdict: Who Should Choose Which?
Choose Topstep if:
- You value EOD drawdown (more forgiving for volatile trading styles)
- Education and coaching matter to you
- You prefer a firm with a 14-year track record
- You want stable, predictable rules
- You're developing as a trader and need support
Choose Apex Trader Funding if:
- Budget is your top priority ($15-$29 during sales)
- You want to run multiple accounts simultaneously (up to 20)
- You can manage a real-time trailing drawdown
- You want the simplest evaluation (no minimum days since March 2026)
- You're experienced and don't need educational resources
Many traders use both. Apex as a cheap way to take multiple shots with the 20-account option, and Topstep as a more serious, higher-trust funded account. The two firms complement each other rather than competing directly for most traders.
FAQ
Is Topstep or Apex cheaper?
Apex at $15-$29 during sales vs Topstep at $49/month + $129 activation. Apex wins on price by a significant margin.
Which has a better drawdown system?
Topstep's EOD trailing is more forgiving. Apex's real-time trailing is stricter and punishes intraday equity peaks.
Which has paid out more?
Apex claims $721M+. Topstep doesn't publicly disclose total payouts but has 14 years of consistent operation.
Can I use both?
Yes. Many futures traders maintain accounts at multiple firms. There's no exclusivity requirement.
Which is better for beginners?
Topstep, because of the educational ecosystem. Apex has no teaching resources.
What changed at Apex in March 2026?
Removed MAE limits, minimum trading days, and the one-direction rule. Switched to one-time pricing. Relaxed consistency rule from 30% to 50%.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Trading involves risk of loss.