Options Prop Firms Compared
Options prop firms fund you to trade listed options instead of futures, and their rules differ in kind, not just in numbers: which strategies you may use, whether you can hold overnight, and drawdowns measured on option premium that can swing sharply within minutes. Everything here was read from each firm's own rules and help pages on September 26, 2026.
At a glance
| Firm | Best for | Plans | |
|---|---|---|---|
OptionsFunding RixTrade (simulated, Evaluation and Funded) · Interactive Brokers (invite-only Live stage) | Options traders who want to run spreads or sell premium (Growth), or who trade long options and want no consistency rule or minimum days. | 12 plans($25K–$100K) | Review |
Vanquish Trader Vanquish XT (Vanquish-branded DXtrade): web, iOS and Android | Intraday options traders who want 100% payouts with no cap, and (on Advanced Options) the ability to sell premium and trade spreads. | 20 plans($10K–$150K) | Review |
What you may trade, and when
The plan decides your strategies. Each firm sells one long-only plan and one that allows selling and spreads, and the two firms differ sharply on overnight holding and on whether a real-capital stage exists at all.
| Plan | Strategies | Overnight | Live stage |
|---|---|---|---|
| OptionsFunding Express | Buy only: single-leg long calls and puts | Allowed, as is 0DTE | Invitation-only, real capital at Interactive Brokers, half the plan size |
| OptionsFunding Growth | Level 5: selling, spreads, multi-leg and naked short options | Allowed, as is 0DTE | Invitation-only, real capital at Interactive Brokers, half the plan size |
| Vanquish Options | Long single-leg calls and puts only | Not allowed: flat by 3:59pm ET | None: demo accounts only |
| Vanquish Advanced Options | All strategies, including selling and spreads (SPX, XSP and VIX long single-leg only) | Not allowed: flat by 3:59pm ET | None: demo accounts only |
Drawdown: how it trails, and when it stops
Every plan here trails. The difference that matters is whether the line moves with your intraday peak (including open profit on premium) or only at the close, and where it stops trailing once you are funded.
| Plan | Drawdown | How it trails | When it stops |
|---|---|---|---|
| OptionsFunding Express | 5% | Intraday trailing: the floor rises in real time with your highest equity | Funded: stops trailing once the floor reaches your starting balance (also set there by the first payout) |
| OptionsFunding Growth | 6% | End-of-day trailing: the floor updates at the close, breaches still checked intraday | Funded: stops trailing once the floor reaches your starting balance (also set there by the first payout) |
| Vanquish Trader Options | 5% | Intraday trailing from your unrealized equity peak | Performance: locks at starting balance + 0.75% once equity reaches starting balance + 5.75% |
| Vanquish Trader Advanced Options | 5% | End-of-day trailing, and you still cannot go below it intraday | Performance: locks at starting balance + 0.75% once equity reaches starting balance + 5.75% |
Consistency rules
OptionsFunding has none on either plan. Vanquish applies 30% on both, but measures it differently: on the Options plan it is your best single trade against your total profit, on Advanced Options your best day. Neither is a breach; you keep trading until your largest result is diluted below 30%.
| Firm | Stage | Rule | Plans |
|---|---|---|---|
| OptionsFunding | Evaluation | No consistency rule | Express Evaluation and Growth Evaluation |
| OptionsFunding | Funded | No consistency rule | Express Funded and Growth Funded |
| Vanquish Trader | Evaluation | 30% | Advanced Options and Options |
| Vanquish Trader | Funded | 30% | Advanced Options and Options |
Payouts
Vanquish pays 100% of profits with no cap and a $250 minimum, daily on Options and every four trading days on Advanced Options, one request per day across all your accounts. OptionsFunding pays 80%, needs 8 qualifying winning days per payout, and publishes caps for the first four payouts only; beyond the fourth it does not say.
OptionsFunding: Express
| Account size | Payout | Maximum withdrawal |
|---|---|---|
| $25K | 1st | 50% of profit or balance (firm’s docs disagree), up to $1,000 |
| 2nd | 50% of profit or balance (firm’s docs disagree), up to $1,000 | |
| 3rd | 50% of profit or balance (firm’s docs disagree), up to $1,500 | |
| 4th | 50% of profit or balance (firm’s docs disagree), up to $2,500 | |
| $50K | 1st | 50% of profit or balance (firm’s docs disagree), up to $1,000 |
| 2nd | 50% of profit or balance (firm’s docs disagree), up to $1,500 | |
| 3rd | 50% of profit or balance (firm’s docs disagree), up to $2,000 | |
| 4th | 50% of profit or balance (firm’s docs disagree), up to $5,000 | |
| $100K | 1st | 50% of profit or balance (firm’s docs disagree), up to $2,000 |
| 2nd | 50% of profit or balance (firm’s docs disagree), up to $3,000 | |
| 3rd | 50% of profit or balance (firm’s docs disagree), up to $4,000 | |
| 4th | 50% of profit or balance (firm’s docs disagree), up to $10,000 |
OptionsFunding: Growth
| Account size | Payout | Maximum withdrawal |
|---|---|---|
| $25K | 1st | 50% of profit or balance (firm’s docs disagree), up to $1,000 |
| 2nd | 50% of profit or balance (firm’s docs disagree), up to $1,500 | |
| 3rd | 50% of profit or balance (firm’s docs disagree), up to $2,000 | |
| 4th | 50% of profit or balance (firm’s docs disagree), up to $3,000 | |
| $50K | 1st | 50% of profit or balance (firm’s docs disagree), up to $1,000 |
| 2nd | 50% of profit or balance (firm’s docs disagree), up to $1,500 | |
| 3rd | 50% of profit or balance (firm’s docs disagree), up to $2,000 | |
| 4th | 50% of profit or balance (firm’s docs disagree), up to $3,000 | |
| $100K | 1st | 50% of profit or balance (firm’s docs disagree), up to $2,000 |
| 2nd | 50% of profit or balance (firm’s docs disagree), up to $3,000 | |
| 3rd | 50% of profit or balance (firm’s docs disagree), up to $4,000 | |
| 4th | 50% of profit or balance (firm’s docs disagree), up to $6,000 |
Vanquish Trader: Advanced OptionsNo cap
| Account size | Payout | Maximum withdrawal |
|---|---|---|
| $10K | Every payout | No cap |
| $50K | Every payout | No cap |
| $75K | Every payout | No cap |
| $100K | Every payout | No cap |
| $150K | Every payout | No cap |
Vanquish Trader: OptionsNo cap
| Account size | Payout | Maximum withdrawal |
|---|---|---|
| $10K | Every payout | No cap |
| $50K | Every payout | No cap |
| $75K | Every payout | No cap |
| $100K | Every payout | No cap |
| $150K | Every payout | No cap |
List prices on September 26, 2026, billed monthly. OptionsFunding stops billing once you are funded and charges a $129 activation fee that is added back to your first payout; Vanquish keeps billing after you pass. Both run frequent promotions, so these prices may not be current: check each firm's site before buying.
- OptionsFunding Express: $239 / $279 / $389 (25K / 50K / 100K)
- OptionsFunding Growth: $309 / $399 / $499 (25K / 50K / 100K)
- Vanquish Options: $99 / $250 / $375 / $500 / $750 (10K / 50K / 75K / 100K / 150K)
- Vanquish Advanced Options: $199 / $499 / $799 / $999 / $1,499 (10K to 150K)
The reviews
OptionsFunding
OptionsFunding is one of the few prop firms built for options, and its two plans are genuinely different products. Express is buy-only (long calls and puts) with a 5% intraday trailing drawdown; Growth allows spreads, selling and even naked short options, with a 6% end-of-day trailing drawdown. There is no consistency rule and no minimum-day requirement, which is unusually loose, but each payout needs 8 winning days, the daily loss limit is not published, and payout caps are published only for the first four payouts. Read the rules page itself before buying: the firm's own marketing and older blog posts disagree with it in several places.
Vanquish Trader
Vanquish Trader keeps 100% of payouts with you, with no cap and no daily loss limit, and its Advanced Options plan allows selling and spreads. The costs are in the structure: the monthly fee continues after you pass, no position may be held overnight, and there is no live stage at all, since every account is a demo account with virtual capital. The basic Options plan also trails its 5% loss limit intraday from your unrealized equity peak, and its 30% consistency rule is measured on your best single trade, which a long-options trader can hit with one good day.
Questions
What is an options prop firm?
A firm that funds you to trade listed options instead of futures. You pass an evaluation on a simulated account, then trade a funded account whose profits are paid out to you. OptionsFunding and Vanquish Trader both run their evaluation and funded stages on simulated platforms (RixTrade and a branded DXtrade); only OptionsFunding offers a real-capital stage, by invitation.
Can I sell options or trade spreads at an options prop firm?
At both firms, but only on one plan each. OptionsFunding Growth allows selling, spreads, multi-leg and even naked short options within the drawdown. Vanquish Advanced Options allows all strategies except on SPX, XSP and VIX, which stay long single-leg only. OptionsFunding Express and Vanquish Options are long calls and puts only.
Do options prop firms have daily loss limits?
Vanquish Trader states there is no daily loss limit on either plan. OptionsFunding publishes none for evaluation or funded accounts, but its Terms mention "hitting a daily loss limit", so it has not said there is none. Its invite-only live stage does have one.
Can I hold options overnight?
At OptionsFunding, yes: overnight positions and 0DTE are allowed in evaluation and funded. At Vanquish Trader, no: every position must be closed by 3:59pm ET on both plans.
Do options prop firms have contract limits?
Neither firm publishes a contract, premium or position limit, which is not the same as having none: both firms’ terms list prohibited trading conduct, and the platforms may enforce limits of their own.