Apex vs Topstep: How the Futures Rules Differ
Both are futures prop firms built on trailing drawdowns, which makes the comparison different from a CFD firm comparison: the question is not static versus trailing, it is which flavour of trailing — and how each firm handles the payout conditions that decide whether you can actually withdraw.
Confirm before comparing
Both firms run several account types with different drawdown mechanics and have changed parameters repeatedly. The structural comparison below is the durable part; the figures are as published at the time of writing and should be verified on each firm's help pages for the specific account you buy.
The core difference: when the threshold moves
This is the distinction that decides everything else, and it is easy to miss because both firms call their rule a trailing drawdown.
| Apex | Topstep | |
|---|---|---|
| Intraday variant | Yes — trails live high equity, including unrealised profit | Intraday trailing is the harsher pattern the firm contrasts against |
| End-of-day variant | Yes — trails the end-of-day balance and locks once a buffer is cleared | Maximum Loss Limit trails the end-of-day balance and is enforced in real time |
| Where it starts | Below the starting balance, trailing upward | Below the starting balance, trailing upward to it |
| Does unrealised profit move it? | Yes on the intraday structure | The level updates on end-of-day balances |
| After it reaches the starting balance | Behaviour depends on account type | No cushion below the starting balance remains |
The practical takeaway: the difference between an intraday-trailing account and an end-of-day-trailing account is larger than the difference between the two firms. If you have a choice of drawdown structure at either firm, that choice matters more than which logo is on the platform. The mechanics are explained in drawdown types explained.
Unrealised profit is not buffer
On any intraday-trailing structure, a position $1,500 in profit has already raised your failure line by $1,500. Giving it back costs you the profit and leaves you closer to a wall that has moved. The traders who survive these accounts take profit into strength rather than holding for a target.
Payout requirements compared
Both firms publish conditions beyond profit, and these are the terms that determine whether you get paid rather than whether you pass.
| Apex | Topstep | |
|---|---|---|
| Minimum payout amount | Published at $500 per request | Check current policy per account type |
| Required balance at request | Must meet a minimum balance that incorporates surpassing the trailing threshold | Account must be above the loss limit with the payout conditions met |
| Activity requirement | Confirm per account type | Published as a minimum number of trading days, commonly three, each with at least one trade |
| Consistency requirement | Confirm per account type | Published as a 40% consistency target |
| Discretion | Payouts published as discretionary and subject to eligibility and compliance | Governed by the payout policy document |
Two observations that generalise across both:
- A minimum payout amount changes your withdrawal strategy. A $500 floor means small profits accumulate rather than being taken off the table — which increases the time your profit sits exposed to the account's own drawdown rules.
- "Discretionary" is standard industry language and does not mean arbitrary refusal. It does mean the compliance audit at payout matters, and a conduct-rule breach found there can block funds you had already earned.
The timing side of this is in how long payouts take.
Consistency: the rule that delays rather than fails
Topstep publishes a consistency target at or below 40%, alongside its minimum trading-day requirement. Apex's consistency position varies by account type, so it has to be confirmed rather than assumed.
Under a 40% target, a payout period in which one session produced most of the profit is not necessarily a breach — it is a delay. You continue trading to grow the denominator until the largest day falls under the threshold. That arithmetic is in the consistency rule explained, and it is worth running before the payout period starts rather than after.
Contract limits and scaling
On futures accounts, position size is capped by maximum contracts per account, not by margin or leverage. At both firms, the cap scales with the account tier and with performance milestones. The consequences are the same at either:
- A larger account is the only way to hold meaningfully more contracts.
- Scaling raises the cap in steps, usually conditional on consistent performance without a breach.
- Leverage ratios are close to irrelevant, because the contract cap binds first. See leverage explained.
Which suits which trader
| Your situation | Consider | Because |
|---|---|---|
| You hold positions intraday and take profit quickly | Either — but be explicit about which drawdown variant you buy | Intraday trailing punishes holding runners |
| You want the threshold to eventually stop moving | The product offering an end-of-day trailing threshold that locks | A locked threshold behaves like a static floor |
| You cannot fund a large payout incrementally | Compare minimum payout amounts | A high minimum keeps profit in the account longer |
| You produce occasional outsized days | Confirm the consistency rule first | A dominant day delays a payout rather than causing a breach |
| You hold overnight | Check the overnight and weekend rules before choosing | Futures accounts frequently require flat positions over closures |
Frequently asked questions
Which has the easier trailing drawdown?
Compare the variant, not the firm. An end-of-day trailing threshold is easier than an intraday one, because intraday swings and unrealised profit cannot move your floor. Naming is inconsistent across the industry, so read how the threshold is calculated rather than what it is called.
Do both require a minimum number of trading days?
Topstep publishes a trading-day requirement alongside its consistency target for payouts. Apex's activity conditions vary by account type, so confirm rather than assume.
Can I hold positions overnight?
Futures accounts at both firms commonly restrict overnight and weekend holding, and positions may need to be flat for daily and weekly market closures. Check the account-type rules — see weekend holding.
Which is cheaper?
Both run frequent promotions and tiered pricing, so the sticker price changes too often to compare in a static guide. Compare total expected cost instead: fee plus resets plus any monthly platform fee, divided by your probability of reaching a payout. The framework is in challenge costs.
Can I run accounts at both?
Yes — accounts at different firms simultaneously are permitted. Just do not hedge between accounts you control, which is treated as fraud. See multiple accounts.
Summary
- Both use trailing drawdowns, in intraday and end-of-day variants — the variant matters more than the firm.
- An end-of-day threshold that locks behaves like a static floor; an intraday one moves with unrealised profit.
- Payout conditions include minimum amounts, activity requirements and consistency targets.
- Contract limits, not leverage, cap position size on futures accounts.
- Compare total expected cost, not sticker price.