Most searches for the best prop firm for options trading run into the same wall: the retail prop challenge industry was built around forex, futures, and crypto, not listed options. Puts and calls on individual stocks, and even options on futures, are almost entirely absent from the funded account challenge model.
That does not mean options traders have no good paths. It means you need to understand what markets are actually available at each firm, and which one most closely matches how you trade.
This guide covers the realistic choices for options traders in 2026: legacy equity-options desks, futures prop firms, and multi-asset prop firms where you can trade the underlyings behind the most-traded options. For a broader view of the best firms across all trader types, see our roundup of the top prop firms of 2026 and best prop firms for crypto traders in 2026.
Quick answer: A funded options trading account at retail-challenge prices barely exists in 2026. The large evaluation firms, including Topstep, restrict funded accounts to outright futures, forex, CFDs, or crypto, and do not permit options. Options traders have three realistic routes: a legacy equity-options prop desk (which usually asks for a capital contribution), a futures prop firm trading the outright contracts, or a multi-asset prop firm like Velotrade where you trade the underlyings, such as SPY, QQQ, NVDA, and TSLA, with leverage and a static drawdown.
Highlights of this article
- Listed options (equity or futures options) are almost unavailable in the retail prop challenge industry
- Topstep's permitted product list is CME futures only, so options on futures are not an option there
- Multi-asset firms like Velotrade let you trade the underlyings behind the most-traded options, SPY and QQQ and large-cap stocks, on one funded account
- Legacy equity-options prop desks exist, but they usually require a capital contribution rather than a challenge fee
- The right firm depends on whether you need the options contract itself or the directional view behind it
Why Options Traders Have Limited Choices at Prop Firms
The retail prop challenge model was built on forex and futures infrastructure, not equity options.
The structural reason: options require a brokerage setup for options clearing, margin models that account for non-linear risk, and compliance frameworks that are fundamentally different from the spot forex, CFD, and futures infrastructure most challenge firms run on.
DXtrade, MT4, MT5, and the CME futures platforms that prop firms connect to are built for linear leverage instruments. You buy or sell a position with a multiplier, and your P&L moves linearly with price. Options have non-linear payoffs, expiry dates, strike prices, and volatility as a variable. A simulated evaluation that enforces a daily loss limit also struggles to price a short option position whose risk jumps overnight, which is a large part of why firms leave options out.
The result: if you trade puts and calls on a retail broker and want to replicate that exact product at a prop firm, your choices are close to zero.
What you do have are 3 practical paths:
- Legacy equity-options prop desks: traditional proprietary firms that trade listed options, usually with a trader capital contribution and a training period rather than a low-cost challenge
- Futures prop firms: outright CME futures (ES, NQ, CL, GC) with a challenge fee, but no options contracts
- Multi-asset prop firms: leveraged exposure to the same underlyings options traders watch, such as SPY, QQQ, and mega-cap stocks, plus indices, commodities, and crypto
How options skills translate to a funded account
Most options traders are expressing one of three views: direction, volatility, or time decay. Only the first transfers cleanly to a linear funded account, and it transfers well.
- Directional views: a long call on QQQ becomes a long QQQ position sized so that your stop-loss equals the premium you would have risked. The payoff is linear, but the maximum loss is still defined in advance.
- Event trades: a straddle into earnings or CPI becomes a directional trade after the release, or a smaller position held through it. This only works at a firm that allows news trading.
- Premium selling: there is no clean equivalent. Short-premium strategies depend on theta and implied volatility, which a linear account cannot replicate.
If your edge is mostly directional with defined risk, a multi-asset funded account can carry it. If your edge is selling premium or trading volatility itself, you need a desk that clears real options.
Best Prop Firms for Options and Derivatives Traders
1) Velotrade, best for trading the underlyings with funded capital
HQ: Hong Kong Platform: DXtrade Max funding: Up to $200,000 Markets: Crypto, forex, stocks, indices, commodities
Velotrade does not offer listed options. It ranks first here because it covers the underlyings options traders actually trade: index ETFs like SPY and QQQ, stocks such as NVDA, TSLA, and AAPL, gold and oil, and 24/7 crypto perpetuals, all on one multi-asset funded account.
For a directional options trader, that means the same thesis on the same instrument, with leverage and a stop that defines risk the way a premium would:
- 2-directional exposure (long and short)
- leverage applied to a notional position
- defined loss limits via stops
- no expiry dates or time decay working against the position
Velotrade's challenge rules suit traders used to holding through volatility:
- no consistency rule (no cap on single-day profits from a high-conviction trade)
- news trading allowed, so earnings and macro-release trades are permitted
- weekend holding permitted
- static drawdown on all plans: the floor is fixed from the initial balance and never moves
The static drawdown is particularly relevant for traders used to defined-risk structures. Your buffer only grows as your account grows, and intraday peaks or profitable sessions never tighten the floor.
Challenge entry starts at $40 for a $5,000 account (PRO 1-Step) through to $769 for $100,000 (2-Step Classic). Profit split 80% to 90%.
See all challenge sizes and structures →
2) Topstep, best if you can move from options to outright futures
Markets: CME Group futures only (ES, NQ, CL, GC, and more)
Topstep is the most established futures prop firm in the retail space, running since 2012. It is the right fit for an options trader who is willing to trade the outright future instead of the option.
Be clear about the limit: Topstep's permitted product list is CME futures only. Options, including options on futures, are not permitted in the Trading Combine or on funded accounts. An ES options trader would trade ES or MES futures instead.
Strengths:
- longest operating track record in futures prop trading
- the full CME futures list, including micro contracts for small position sizes
- transparent evaluation process
Trade-offs:
- no options of any kind, no spot crypto, forex, or stocks (crypto only as CME micro Bitcoin and Ether futures)
- positions must be closed before the daily session cut-off, so no overnight holds
The same applies to the other big US futures firms: they fund outright contracts, not options. See the best futures prop firms ranking for Apex, Take Profit Trader, MyFundedFutures, and Lucid, or our Topstep review 2026 and Topstep vs Velotrade.
3) FundedNext, best for multi-asset CFD breadth
HQ: UAE Platform: MT4, MT5, cTrader, Match-Trader Max funding: Up to $4,000,000 Markets: Forex, indices, commodities, crypto
FundedNext offers a wide instrument range spanning forex pairs, equity indices, commodities, and crypto, mostly as CFDs.
For traders who want broad directional exposure across multiple asset classes, FundedNext is a practical path. Its multi-platform support makes it a flexible choice for traders who do not want to specialize in a single market.
Strengths:
- wide instrument range across asset classes
- broad platform compatibility across MT4, MT5, cTrader, and Match-Trader
- high advertised profit split ceiling
Trade-offs:
- no listed options; exposure is through CFDs
- forex-first product design; confirm the exact instrument list before purchasing
For a full breakdown, see FundedNext vs Velotrade and FundedNext review 2026.
4) BrightFunded, best for multi-asset with automation support
HQ: Dubai, UAE Platform: MT5, cTrader, DXtrade Max funding: Up to $400,000
BrightFunded rounds out this comparison with broad platform flexibility and multi-asset CFD access.
For traders who also run systematic or semi-automated strategies, BrightFunded's platform support across DXtrade and cTrader allows more tooling options than some competitors. Weekend crypto trading is allowed, and news trading is unrestricted during the evaluation, though funded accounts block trades within 5 minutes of high-impact releases.
For a full breakdown, see BrightFunded vs Velotrade and BrightFunded review 2026.
Comparison Table
| Firm | Primary markets | Listed options? | Options-trader route | Max funding | Profit split | Best for |
|---|---|---|---|---|---|---|
| Velotrade | Crypto, forex, stocks, indices, commodities | No | Trade SPY, QQQ, and stocks directly, 24/7 crypto | $200,000 | 80% to 90% | Directional options traders |
| Topstep | CME futures | No | Trade the outright future (ES, NQ, CL, GC) | Varies by plan | Up to 90% | Futures-ready traders |
| FundedNext | Forex, indices, crypto | No | CFDs on indices and commodities | $4,000,000 | Up to 95% | Multi-market traders |
| BrightFunded | Multi-asset | No | CFDs with automation support | $400,000 | Up to 90% | Systematic multi-asset |
How to Choose: What Type of Options Trader Are You?
If you sell premium or trade volatility (iron condors, short strangles, calendars): No retail challenge firm serves this. Look at a traditional equity-options prop desk, and expect a capital contribution and a training period.
If you trade directional index options (SPY, QQQ calls and puts): Trade the underlying directly. Velotrade lists SPY and QQQ on a funded account with static drawdown and no consistency rule, or trade ES and NQ futures at Topstep.
If you trade single-stock options around earnings: A funded account with news trading allowed and stock access lets you carry the directional view on names like NVDA and TSLA.
If you want the widest instrument range across multiple asset classes: FundedNext offers the most breadth through CFDs, though conditions are built for a broad multi-asset audience rather than specialists.
For a structured evaluation framework before committing to any firm, see how to evaluate a crypto prop firm.
What to Check Before Paying Any Challenge Fee
1. Confirm instrument availability. Options and derivatives product sets vary significantly across firms. Do not assume that "multi-asset" includes options. Check the firm's permitted product list, or get written confirmation from support, before paying.
2. Understand how leverage translates. Options have non-linear payoffs. Prop firm challenge accounts use linear leverage. Size positions so your stop-loss equals the risk you would have taken as premium.
3. Check the drawdown model. Static drawdown is the most forgiving model for traders used to defined risk, because the floor never moves regardless of profits. EOD trailing is better than tick-by-tick for intraday volatility. See EOD trailing vs tick-by-tick drawdown explained for a full breakdown.
4. Confirm news and event trading policy. Options traders often build positions around earnings, macro releases, or expiry windows. Confirm the firm explicitly allows trading during high-impact events.
Ready to get funded? Start your challenge →
What does passing actually pay you?
Plug in your account size and see your profit target, max drawdown, and first payout - before you commit to a challenge.
Last updated: September 2026. Challenge conditions and instrument availability change regularly. Verify directly with each firm before purchasing.
One account, every market we offer
See everything you can tradeFrequently Asked Questions
About the author
Vittorio De Angelis
Executive Chairman
Former equity-derivatives trader at JP Morgan, Dresdner Kleinwort and Bank of America in London. Later Head of Brokerage at a global broker in Hong Kong.
View author page
