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Perpetual Futures Prop Firms Explained: How Perps Work and Who Offers Them
Explore perpetual futures prop firms, how perps work, and who offers funded accounts. Read about funding rates, leverage, trading rules and payout options.
Perpetual futures are gaining attention among traders who want to speculate on market prices without worrying about contract expiration dates.
On May 29, 2026, the Commodity Futures Trading Commission (CFTC) approved KalshiEX's Bitcoin perpetual futures contract. This marks an important development for regulated perp futures trading in the United States.
But how do these contracts work, and can you trade them through perpetual futures prop firms?
In this guide, we explain how perpetual futures differ from traditional futures, how funding payments and liquidation work, and which prop firms offer funded perpetual trading programs. We also clarify where Goat Funded Futures (GFF) fits in and the CME-listed futures contracts you can trade with us.
What Are Perpetual Futures?
Perpetual futures are trading contracts that allow you to speculate on an asset's price without owning the asset itself. You can open a long position if you expect the price to rise or a short position if you expect it to fall.
The biggest difference from traditional futures is the expiration date. Standard futures contracts expire on a scheduled date, requiring traders to close their positions or move to a new contract.
Perpetual futures have no expiry date, so you can keep a position open as long as you maintain sufficient margin and meet the contract's requirements.
Crypto perpetual futures are a popular example. You can trade Bitcoin or Ethereum price movements without buying either cryptocurrency.
These markets typically operate 24/7 and allow leveraged trading, meaning you can control a larger position with less capital. However, leverage also increases potential losses, and insufficient margin can lead to liquidation.
Although perpetual contracts became popular through cryptocurrency trading, some platforms now offer perp futures linked to stocks, indices, metals, energy, and forex. They also use periodic funding payments to keep contract prices close to the market prices.
How Perpetual Futures Work
They operate through 3 important structures: funding rates, margin, and leverage. Each influence how much it costs to hold a position, how much you can trade, and when your position could be closed automatically.
Funding Rates
Since perpetual futures have no expiration date, exchanges use funding rates to keep contract prices close to the current market prices of the assets they track.
A funding rate is a periodic payment exchanged between traders holding long and short positions. The payment depends on the difference between the perpetual contract's price and the asset's spot market price.
Here's how it works:
Positive funding rate: Traders holding long positions pay those holding short positions. This generally happens when the perpetual contract trades above the spot price.
Negative funding rate: Short traders pay long traders, usually when the perpetual contract trades below the spot price.
These payments encourage traders to take positions that help bring perpetual contract prices closer to spot market prices.
For example, suppose you hold a $50,000 Bitcoin perpetual position, and the funding rate is positive at 0.01% every eight hours.
As a long trader, you would pay $5 per funding interval. If the rate remains unchanged throughout the day, you would pay approximately $15 across three intervals.
Although $15 may seem small, funding costs can accumulate when positions remain open for several days. The rate can also change or become negative, meaning you could receive payments rather than pay them.
Funding intervals vary between exchanges, so always check how frequently payments occur and how they are calculated before opening a position.
Margin, Leverage, and Liquidation
Perpetual futures allow traders to control positions larger than the capital they commit. This is possible through margin and leverage, but both introduce high risks.
Margin is the amount of capital required to open and maintain a position. Leverage determines how much market exposure you can control relative to your committed capital. For example, suppose you have $2,000 available and use 10x leverage.
You can open a position worth $20,000 without committing the entire amount. However, leverage works in both directions:
If the market moves 2% in your favor, your position gains approximately $400, excluding trading costs.
If the market moves 2% against you, you lose approximately $400, equivalent to 20% of your initial $2,000 margin.
This is where liquidation becomes important.
Exchanges require traders to maintain a minimum amount of capital, known as maintenance margin, to keep leveraged positions open.
If losses or funding payments reduce your available margin below this requirement, the exchange may automatically close part or all of your position to limit further losses.
Higher leverage generally brings the liquidation price closer to your entry price, leaving less room for unfavorable market movements. Actual liquidation thresholds depend on the exchange's margin requirements, fees, and position size.
Also, remember that having no expiration date does not guarantee unlimited holding time. Positions can still close through stop-loss orders, manual exits, liquidation, or trading restrictions.
In funded trading programs, breaching the firm's drawdown limits may also result in account closure.
The table below compares perpetual futures with traditional futures contracts, including those listed on the Chicago Mercantile Exchange (CME).
Feature | Perpetual futures | Traditional futures |
Scheduled expiry | None | Yes, by contract month |
Rollover | No expiry roll | Needed to keep exposure past expiry |
Holding cost | Funding payments | No funding; costs are commissions, fees, and spreads |
Trading hours | Commonly 24/7 on crypto perpetual futures | Set by the exchange, with session breaks |
Main issues to manage | Funding, margin, liquidation | Expiry, rollover, contract selection |
Why Perpetual Futures Are Drawing So Much Attention
Perpetual futures are gaining attention as regulatory changes, wider market access, and new funded trading opportunities make these contracts available to more traders.
A major development came on May 29, 2026, when the Commodity Futures Trading Commission (CFTC) approved KalshiEX's Bitcoin perpetual contract, opening a regulated route for US traders. Trading opportunities have also expanded beyond cryptocurrencies, with platforms introducing perp futures linked to stock indices, individual stocks, and commodities.
Funded trading is evolving alongside these changes. In September 2025, Kraken acquired Breakout, a crypto prop firm where traders can qualify for up to $200,000 in trading capital after passing an evaluation. Other firms are also building funded programs around perpetual contracts, thus giving traders more ways to access these markets.
However, the expansion has raised regulatory concerns. CME Group has challenged the classification of perpetual contracts as futures, arguing that they should be regulated as swaps. Meanwhile, CME expanded its traditional cryptocurrency futures and options to 24/7 trading on May 29, 2026.
These developments show how quickly futures markets are changing. For traders considering perpetual contracts, understanding the funding costs, leverage risks, and differences from traditional futures is essential before choosing a trading platform or funded program.
What Are Perpetual Futures Prop Firms?
Perpetual futures prop firms allow traders to access perpetual futures markets through evaluation programs and simulated funded trading accounts.
The model is similar to traditional futures prop trading: you pay an evaluation fee, show your trading skills, and qualify for a funded account by meeting the firm's profit targets and risk management requirements.
However, many of these firms operate through simulated funding. You trade perpetual contracts using prices from live markets, but your orders are executed in a simulated environment. After passing the evaluation, you receive a simulated funded account where eligible trading profits can earn real-money payouts.
How Does Perpetual Futures Prop Firms Account Work?
Although specific requirements vary between firms, the process generally follows five steps:
Choose a funding program: Select an account size, review the evaluation requirements, and pay the applicable fee. Check which perpetual contracts are available, as some firms only support cryptocurrencies such as Bitcoin and Ethereum.
Begin your evaluation: Trade perpetual contracts through a simulated account using prices from live markets. Your performance is measured against the firm's profit targets, maximum drawdown, daily loss limits, and other trading restrictions.
Meet the profit target: Demonstrate your ability to generate profits while managing risk. Remember that leveraged positions can produce significant losses, and some programs may account for funding payments when calculating your trading results.
Qualify for simulated funding: After passing the evaluation, you gain access to a simulated funded account. The firm may apply different trading restrictions, position limits, or payout conditions at this stage.
Earn real-money payouts: Continue trading within the firm's rules and request withdrawals when your profits meet the payout requirements. Your earnings depend on the firm's profit split, withdrawal schedule, and any applicable payout limits.
For a more detailed explanation of this process, see how futures prop trading works, from evaluation to payout.
Are Perpetual Futures Prop Accounts Live or Simulated?
The major difference is between live market pricing and live trade execution. For example, a simulated Bitcoin perpetual account may display the same price movements as a live exchange.
But when you place a trade, the order is processed within the firm's simulated trading environment rather than being sent directly to the exchange.
This means your trading results can reflect live market conditions without requiring the firm to provide actual trading capital for every position.
According to research published by Prop Firm Match, the main perpetual futures programs it examined used simulated accounts during both their evaluation and funded stages. However, account structures can vary between providers.
Before purchasing an evaluation, confirm whether the funded stage remains simulated or offers a route to live trading. Our guide to live funded accounts in futures prop trading explains these differences in greater detail.
Are Perpetual Futures the Same as Crypto CFDs?
No. Although both products let traders speculate on cryptocurrency prices without owning the coins, they operate differently.
A perpetual futures contract is a derivative linked to a market such as Bitcoin or Ethereum. Its price is generally influenced by trading activity on perpetual exchanges, with periodic funding payments helping maintain alignment with the spot market.
In contrast, a cryptocurrency Contract for Difference (CFD) is an agreement between a trader and a broker or CFD provider. Its pricing comes from the broker or its liquidity providers, while holding costs may include overnight financing or swap charges.
The trading platforms also provide useful clues.
Perp futures are commonly offered through exchange-based platforms or specialized trading terminals.
Crypto CFDs are frequently available through platforms such as MetaTrader 5, cTrader, and TradeLocker.
Yet, platform choice alone does not confirm the product type, as not every prop firm that offers cryptocurrency trading provides perpetual contracts. Some offer crypto CFDs exclusively, while others support both products through different accounts or platforms.
Before choosing between perpetual futures prop firms, check the actual instruments available, how trades are executed, and if funding payments or broker financing charges apply.
Which Prop Firms Offer Perpetual Futures Today?
The list of perpetual futures prop firms is short but growing.
Firm | Perps coverage | Published program details |
MyFundedPerps | Crypto, stocks, commodities, forex and indices; 122 markets | One-step evaluation, account sizes from $10,000 to $100,000, allocations up to $300,000, static drawdown, daily payout requests |
SizeProp | Crypto perps only, 100+ pairs | Founded in October 2025; funded accounts up to $100,000; entry challenges from $19 |
Breakout | Crypto perps | Acquired by Kraken in September 2025; funded trading folded into Kraken Pro |
E8 Perpetuals | Listed as a perps program by Prop Firm Match | Check the firm's site for current rules |
Crypto Fund Trader | Bybit programs listed as perps; other programs are crypto CFDs | Check the firm's site for current rules |
Funding Perpetuals | Planned multi-asset perps; backed by MyFundedFutures | Waitlist stage when announced |
Programs also differ in simulated funding, drawdown calculation, and leverage caps, which the next section covers.
What to Check Before Joining a Perps Program
When comparing perpetual futures prop firms, start with the product, then work through the rules.
Product type: Confirm the program uses perpetual contracts, not crypto CFDs.
Price source: Find out which exchange or market supplies the prices.
Account type: Check if the account is simulated or live at each stage.
Leverage: Caps can differ by asset, so one headline figure may not cover every market.
Drawdown and daily loss: Learn how each is calculated and if the funded stage differs. Check our explainers on intraday trailing drawdown and the daily loss limit.
Funding: Ask if simulated funding debits and credits appear in the account.
Costs: Add up commissions, spreads, maker and taker fees, and funding.
Payouts and restrictions: Review the split, the minimum request, consistency rules, and banned strategies.
Risks to Weigh With Perps
Perps futures look simple to explain, which does not make them simple to trade. Leverage can end an account quickly.
Funding can eat into a winning trade, and a trader can call direction correctly and still give up part of the return in funding payments.
Altcoin and newer markets can have thin liquidity and wide spreads, unlike BTC or ETH. Funded programs add a second layer of drawdown, daily loss, and consistency rules.
New to perp futures? Practice first. A demo environment lets you learn margin and funding behaviour with no money at risk, and our roundup of the 7 best futures paper trading platforms is a good place to start.
Where Goat Funded Futures Fits In
GFF does not list perpetual contracts currently. It is a futures-only firm which provides simulated funded accounts on products listed on CME, CBOT, COMEX and NYMEX, with real payouts. For traders who want structured prop trading on liquid, exchange-cleared markets, we are the go-to platform.
The instrument list covers index futures such as ES, NQ, MES, MNQ, RTY and M2K, forex futures such as 6E, 6B and 6A, and metals and energy contracts on COMEX and NYMEX. It also includes crypto futures listed on CME: Bitcoin (BTC), Micro Bitcoin (MBT) and Micro Ether (MET).
Traders who follow crypto perpetual futures will recognise the Bitcoin price action in BTC and MBT. The structure differs: these CME contracts have set expiry months, clear through a regulated exchange, and carry no funding rate.
Positions also close before the session ends on every GFF plan, so there is no overnight or weekend holding. Platform choice is wide, with NinjaTrader, Tradovate, TradingView, ATAS, Quantower, Deepmap and Deepcharts supported.
GFF currently runs six funding routes. Every plan carries a $0 activation fee once you are funded, and the minimum payout request is $500.
Plan | Evaluation | Drawdown | Consistency rule | Profit split |
EOD Challenge | One phase | End-of-day trailing | 50% in evaluation, 30% once funded | 80/20, optional 90/10 add-on |
1-Day-Pass-Plan | One phase | Locks at the starting balance once reached | None in evaluation, 35% once funded | 80/20, optional 90/10 add-on |
Flex Challenge | Evaluation | End-of-day trailing drawdown | 50% in evaluation, none once funded | 80/20, optional 90/10 add-on |
GOAT Daily | One phase | End-of-day trailing in evaluation, intraday trailing once funded | 40% in evaluation, none once funded | 90/10 from the first payout, with a 3% processing fee on all payouts |
Instant Classic | Funded at purchase | Intraday trailing, 3% daily loss limit, 5% maximum drawdown | 20% before payouts | 100% of the first $10,000, then 90/10 |
Instant Lite | Funded at purchase | End-of-day trailing, locks at starting balance plus $100 | Sliding: 15%, then 20%, then 25% | 90/10 from the first payout |
Perpetual contracts are drawing more traders, and more perpetual futures prop firms are likely to follow.
If futures prop trading is what you want right now, click here to choose your plan, get funded, and work your trade toward payout!
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