Last updated: 2 October 2026 A prop firm rules glossary that quotes the firms themselves. Each term has a short plain-English definition, marked as ours, then each firm’s exact wording with a link to the page it came from. Where firms use the same word for different calculations, the quotes show it.
11 terms, 40 quotes from 8 firms. Each term gets a short plain-English definition (ours, labelled) plus each firm’s exact wording, linked to the firm’s page.
“Consistency” means different numbers at different firms. Tradeify’s payout rule is 35%, FundedNext’s on-demand rule 40%, Apex’s and Take Profit Trader’s 50%, and Topstep’s Combine target 55%, measured against the profit target rather than total profit. Same word, different calculations.
The trailing method matters as much as the dollar amount. Topstep and Take Profit Trader trail on the end-of-day balance. Apex’s Intraday accounts trail the peak balance “including unrealized gains”, so the room shrinks during a trade.
The same idea goes by different names. Apex’s “Safety Net”, Tradeify’s “minimum required balance”, MyFundedFutures’ “buffer” and Take Profit Trader’s $52,000 threshold all describe a balance you must reach before your first payout. Topstep says it has “No profit requirement on first Payout”.
Jump to: Maximum loss limit (max drawdown) · End-of-day (EOD) trailing drawdown · Intraday trailing drawdown · Daily loss limit (DLL) · Consistency rule · Profit split (reward share) · Payout buffer (safety net) · Minimum payout · Activation fee · Minimum trading days · Simulated account
Maximum loss limit (max drawdown)
Our definition: The lowest your account balance may go before the account fails. Firms give it as a dollar amount or a percentage, and it may be fixed or trail your balance.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “The Maximum Loss Limit (MLL) is the lowest point your account balance is allowed to reach.” | Firm page |
| Apex Trader Funding | “The Intraday Trailing Threshold defines the lowest allowable account balance at any moment during the trading session.” | Firm page |
| MyFundedFutures | “Maximum Loss Limit (EOD) $2,000” | Firm page |
| The5ers | “Maximum Loss 6% 6% Maximum Daily Loss 3% 3%” | Firm page |
| Goat Funded Trader | “Maximum Daily Loss 4% Maximum Loss 6%” | Firm page |
End-of-day (EOD) trailing drawdown
Our definition: The loss limit moves up only as your end-of-day balance makes new highs. Gains during the day that you give back before the close don’t move it.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “The MLL is a trailing limit. It rises as your end-of-day balance grows, but never moves down. Once it reaches your starting balance, it locks permanently.” | Firm page |
| Take Profit Trader | “the drawdown for test accounts is calculated only at the end of the trading day , not during open trades.” | Firm page |
Intraday trailing drawdown
Our definition: The loss limit follows your highest balance in real time, including open (unrealized) profit, so a winning trade you give back can still use up your room.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Apex Trader Funding | “The Intraday Trailing Threshold moves dynamically with your account’s highest balance (Peak Balance), including unrealized gains. It is enforced intraday at all times.” | Firm page |
Daily loss limit (DLL)
Our definition: A cap on how much you can lose in one trading day. Depending on the firm, breaching it fails the account or just ends trading for the day. Some firms have none, and some make it optional.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “Adding a DLL to your account caps how much you can lose in a single session” | Firm page |
| Apex Trader Funding | “No Daily Loss Limit” | Firm page |
| MyFundedFutures | “No daily loss limits on Builder, Rapid or Pro plans” | Firm page |
| FundedNext | “Rapid Pro: No Daily Loss Limit.” | Firm page |
Consistency rule
Our definition: A cap on how much of your total profit can come from your single best day. Firms set it as a percentage and apply it at different stages (evaluation, payout or both).
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “your best single day should stay below 55% of your Profit Target to avoid increasing your Consistency Target” | Firm page |
| Apex Trader Funding | “No single profitable trading day may account for 50% or more of total profit earned since your last approved payout.” | Archived copy, 26 Sep 2026 |
| Take Profit Trader | “your best trading day must be below 50% of your total net profits” | Firm page |
| Tradeify | “Consistency Rule: Abide by the 35% Consistency Rule” | Archived copy, 26 Sep 2026 |
| MyFundedFutures | “Consistency 50% (Eval Only)” | Firm page |
| FundedNext | “Withdraw anytime once you have achieved 2% account growth and maintained 40% consistency across trades.” | Firm page |
Profit split (reward share)
Our definition: The share of simulated or live profits paid to you. Some firms call it a reward share.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “90/10 profit split — you keep 90%” | Firm page |
| Apex Trader Funding | “Approved payouts are issued at a 100% payout split” | Archived copy, 26 Sep 2026 |
| Tradeify | “Traders receive 90% of the payout amount requested.” | Archived copy, 26 Sep 2026 |
| MyFundedFutures | “Earn 90% for Rapid sim funded plans as of January 12th, 2026” | Firm page |
| Take Profit Trader | “In the PRO account, the profit split is 80/20, where the trader keeps 80% of the profits.” | Firm page |
| Goat Funded Trader | “Traders receive 80% of their profits.” | Firm page |
Payout buffer (safety net)
Our definition: A minimum balance above the starting balance that you must reach before your first withdrawal. Firms use different names for it.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Apex Trader Funding | “The Safety Net is calculated as your account’s drawdown limit plus $100.” | Archived copy, 26 Sep 2026 |
| Tradeify | “If you have a Growth Sim Funded $50k account and the balance reaches the minimum required balance of $53,000 to request a payout” | Archived copy, 26 Sep 2026 |
| MyFundedFutures | “50k Rapid – $2,100 (Intraday and EOD)” | Firm page |
| Take Profit Trader | “In this case, you will need to reach a balance of $52,000 in order to start withdrawing at 80% of total profit.” | Firm page |
| Topstep | “No profit requirement on first Payout” | Firm page |
Minimum payout
Our definition: The smallest withdrawal you can request.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “Minimum Payout: $125” | Firm page |
| Apex Trader Funding | “The minimum payout amount is $500 per request, regardless of account size.” | Archived copy, 26 Sep 2026 |
| MyFundedFutures | “Minimum withdrawal after buffer: $500” | Firm page |
| The5ers | “You can request a withdrawal once you reach a profit of $150.” | Firm page |
| Goat Funded Trader | “Minimum withdrawal amount: $100 for funded account rewards and affiliate withdrawals.” | Firm page |
Activation fee
Our definition: A one-time fee some firms charge after you pass, to open the funded account. Some firms offer a higher-priced plan with no activation fee.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Topstep | “$149 Activation Fee charged once per Express Funded Account (XFA) earned.” | Firm page |
| MyFundedFutures | “One-time payment. No activation fee.” | Firm page |
Minimum trading days
Our definition: The fewest days you must trade before you can pass or request a payout. What counts as a trading day varies.
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Take Profit Trader | “you must trade for a minimum of 3 trading days. A trading day is defined as any day in which you place at least one trade .” | Firm page |
| MyFundedFutures | “Minimum Trading Days 2 Days” | Firm page |
Simulated account
Our definition: An account where trades aren’t sent to a real market, and profits are simulated. Most evaluation and many funded accounts are simulated. See Are Prop Firms Legal in the US?
| Firm | Firm’s exact wording | Source |
|---|---|---|
| Apex Trader Funding | “All accounts operate in a simulated environment using virtual funds and do not involve real capital or live market execution.” | Firm page |
| MyFundedFutures | “All trades are executed on a demo basis and do not involve real capital.” | Firm page |
Related: the news-trading rules quoted here, set against this quarter’s FOMC, CPI and NFP dates, are in the Prop Firm News Trading Calendar. Payout methods and stated speeds are in Payout Speed & Methods.
Methodology
Quotes come from firm pages saved on 1–2 October 2026. For Apex payouts and Tradeify payouts, which block automated fetches, they come from Internet Archive captures dated 26 September 2026. Apex’s evaluation page and terms were read through a web reader on 2 October 2026. Every quote was checked word for word against the saved copy. Some quotes come from tables, so their wording reads like a table row. The definitions are ours and are labelled as such. Rules differ by product and account size, so the quote shown is for the product named on the source page. Full numbers by firm are in the Open Rules Dataset and Payout Friction Index. Changes over time are in the Rule Change Index.
How to cite this
Prop Data Lab, “Prop Firm Rules Glossary”, updated 2 October 2026, https://propdatalab.com/prop-firm-rules-glossary/
The table and the CSV are free to reuse under CC BY 4.0: copy, chart or republish them, commercial use included, as long as you link back to this page. Please cite the firm’s own page alongside ours when quoting a firm.
Common questions
What is a trailing drawdown at a prop firm?
A loss limit that rises as your balance makes new highs and never moves down. With end-of-day trailing (Topstep, Take Profit Trader), only closing balances move it. With intraday trailing (Apex Intraday), it follows the peak balance in real time, including unrealized gains.
What is a consistency rule?
A cap on how much of your profit can come from one day. Tradeify's payout rule is 35%, Apex's and Take Profit Trader's are 50%, and Topstep's Combine target is 55% of the profit target (checked 2 October 2026).
What is a payout buffer?
A balance you must reach above your starting balance before your first withdrawal. Apex calls it a Safety Net (drawdown limit plus $100). For a 50K account, Tradeify requires $53,000 and MyFundedFutures a $2,100 buffer. Topstep says it has no profit requirement on the first payout.