Last verified: July 13, 2026 against Topstep’s official help center. Topstep (est. 2012) is the US-based futures prop firm with a three-stage structure: Trading Combine (eval) → Express Funded Account (sim) → Live Funded Account (real capital, by invitation from their risk team).
Trading Combine at a glance
| Size | Monthly (standard path) | Profit target | Max loss limit | Optional daily loss | Contracts | Reset fee |
|---|---|---|---|---|---|---|
| 50K | $49 | $3,000 | $2,000 | $1,000 | 5 mini / 50 micro | $49 |
| 100K | $99 | $6,000 | $3,000 | $2,000 | 10 mini / 100 micro | $99 |
| 150K | $199 | $9,000 | $4,500 | $3,000 | 15 mini / 150 micro | $199 |
Single-phase, passable in as few as 2 days, no time limit (subscription renews monthly until you pass or cancel). Getting funded costs a $149 activation fee per funded account on the standard path — or $0 on the higher-priced no-activation-fee subscriptions ($95/$149/$229). Pricing source.
How the drawdown actually works
The Maximum Loss Limit trails end-of-day only — it ratchets up with your closing balance highs and locks permanently once it reaches your starting balance. But it’s enforced in real time: touch it intraday, including on unrealized P&L, and the account is liquidated immediately. Gentler than Apex’s tick-by-tick intraday trail, harsher than FTMO’s static 2-step drawdown. Source.
The Daily Loss Limit is optional in the Combine and XFA (adding it at checkout earns a discount) and unusually humane: triggering it is a forced break for the session, not a failure. Source.
Funded phase: XFA then LFA
Express Funded Account (sim): starts at $0 balance, 90/10 split in your favor, up to 5 simultaneous XFAs, no monthly fee. Two payout paths per request: standard (5 non-consecutive winning days of $150+) or consistency (3 trading days with largest day ≤40% of profit). Payouts cap at 50% of balance with per-request dollar caps by size, $125 minimum, up to $200,000 lifetime via XFA. Note: Topstep’s own payout-policy page and XFA-parameters page state slightly different cap figures ($2,000–$6,000 range by path and size) — we’ve asked which governs and will update. Payout policy, XFA parameters.
Live Funded Account (real capital, invitation-based): 20% of combined XFA balances available immediately, 80% held in reserve unlocked in increments; 90/10 split, no dollar cap on payouts (up to 50% of balance), daily payouts unlock after 30 winning days. Payment methods range from same-day (US brokerage transfer, free) to wire ($30, 5–10 days). Source.
Key trading rules
- Day trading only: positions auto-flatten at 3:10 PM CT daily; no overnight or weekend holds
- Automation is permitted (unsupported, and “unfair technology”/HFT is banned) — the main structural difference vs Apex
- News trading allowed except full max size directly into major scheduled releases
- CME Group futures only; commissions charged in all phases (e.g., ES ~$3.80 round trip); L2 depth data $38/mo optional
- Platform: TopstepX (proprietary, web) or Quantower; no TradingView connection
- US traders accepted; 30+ restricted countries listed on the eligibility page