At a glance

  • Identify the instrument and execution environment before comparing firms.
  • Dated futures involve an expiry schedule; perpetuals use a different contract structure.
  • Verify how the prop program books funding, fees and market data.

Identify the actual product

“Crypto trading” can refer to different instruments. Write down the contract, venue or price feed, quote currency, multiplier, margin model and execution environment. A program using simulated fills based on an exchange feed is not automatically an exchange account in your name.

A contract specification and an evaluation agreement answer different questions. The first explains the instrument; the second explains how your particular account is judged. Keep both sources in your comparison.

Expiry and rollover versus a perpetual structure

CME Group describes how dated futures reach expiration and how a trader can offset or roll into another contract. Contract-specific schedules matter.1 In a prop program, also check when the firm requires positions to be closed or symbols to be changed.

Coinbase’s perpetual overview describes a no-expiry structure with funding. That illustrates a product difference, not a universal funding schedule across every venue.2 A familiar underlying asset does not make the contract mechanics identical.

Put holding costs into the comparison

Perpetual funding can transfer value between long and short positions. The direction and amount can change, so do not model it as a guaranteed income stream. Check the venue’s current convention, settlement timing and the prop program’s own treatment of the charge.3

For a purely illustrative arithmetic example, a $10,000 notional position at a 0.01% charge for one interval produces a $1 charge. Three identical intervals produce $3. Actual rates, position size and calculation conventions may differ. This example is not a forecast.

Questions for a prop program

  • Which contract and price feed does the evaluation use?
  • Are fills simulated, and how are commissions and slippage represented?
  • Does funding affect equity or the daily loss calculation?
  • Are overnight, weekend and rollover positions permitted?
  • Are platform and data costs included?
  • Which instrument and rules apply after passing?

Use the crypto directory and futures directory as separate starting points. Confirm the product details in the linked official sources.

Sources & dates

Primary pages accessed on . A source can change after publication. The examples above are not a claim about a program’s current price.

  1. CME Group — Futures Expiration & Contract Roll ↗
  2. Coinbase — Perpetual Futures Overview ↗
  3. Coinbase — Perpetual funding payments ↗
Promoted · QATS

Explore QATS Crypto Challenge

Compare QATS monthly and one-time evaluation plans. Standard fees in our reference start at $69 per month.

  • One-step evaluation
  • 80% profit split
  • Monthly or one-time fees
Explore QATS →Read QATS rulesReference snapshot; confirm current terms.

Put this guide to work

Understand what the reference fields record and what remains unverified.

Read the data definitions →

Follow the check the market and account reading path for the next guide and its context.

Continue your comparison

PropFirmMatcher is affiliated with QATS. This is not an independent rating or a recommendation to purchase an evaluation. Read our methodology.