Apex Trader Funding 4.0 Review: Every Rule, Payout Cap and Price (2026)
Apex Trader Funding 4.0 replaced the firm’s entire product line on March 1, 2026. Monthly fees, the MAE rule and the 5:1 RR rule are gone. Every new account runs on one-time payments, a permanent choice of EOD or Intraday drawdown, no minimum trading days to pass, and automated payouts. The part most reviews skip: every Performance Account is limited to six payouts, each capped on a ladder that starts at $1,000–$2,500 and never rises on the 25K. This review covers the caps, the daily minimums, the Safety Net math and the pricing tracks. Use code SPICY at checkout.
Apex 4.0 with code SPICY
One-time payment, EOD or Intraday, Standard or No Activation Fee — the code applies to all of them.
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Apex Trader Funding has been the most popular futures prop firm in the retail space for years. In early 2026 it didn’t tweak a few rules — it threw out the playbook. Apex 4.0 is the biggest overhaul the firm has ever made, and it changes nearly every decision you make when joining: which drawdown model to buy, which pricing track to pick, and how much you can actually withdraw once funded.
This review covers what disappeared, what’s new, how the drawdown mechanics work, and exactly how the payout structure operates — including the per-payout cap ladder and daily profit minimums taken from Apex’s own help center. It closes with the prohibited activities that will cost you your account.
What Changed on March 1, 2026
Apex 4.0 launched on March 1, 2026 as a full product replacement. Legacy accounts purchased before that date keep the old rules until they close; every new purchase runs under 4.0.
- Monthly subscription fees
- MAE (Maximum Adverse Excursion) rule
- 5:1 Risk-Reward ratio requirement
- Minimum trading days to pass an evaluation
- Manual payout review process
- Account resets
- $250K and $300K account sizes
- Deel as payout processor
- 30% consistency rule
- One-time payment pricing with a 30-day access period
- Choice: EOD or Intraday trailing drawdown
- Automated payouts via ACH (US) / Plane (international)
- 50% consistency rule on Performance Accounts
- Tier-based scaling of contracts and Daily Loss Limit on PAs
- 6-payout limit per Performance Account, each payout capped
- 7 calendar days to activate a PA after passing
- 20 active PAs per trader, across all account types
- No Activation Fee pricing option
- Five Pack bulk purchase
Apex 3.0 vs 4.0: Which Rules Apply to You
If you bought an evaluation or hold a Performance Account from before March 1, 2026, you are on the legacy rule set, and there is no conversion path to 4.0. Anything you read about Apex from before that date describes a product new buyers can no longer purchase.
| Rule | Legacy 3.0 | Apex 4.0 |
|---|---|---|
| Evaluation billing | Monthly subscription, resets available | One-time payment, 30-day access, no resets |
| Drawdown model | Trailing threshold | Choice of EOD or Intraday at purchase |
| MAE / 5:1 RR rules | Enforced (incl. 30% negative open P&L rule) | Removed |
| PA contract size | Half size until the trailing threshold stops | Tier-based scaling by EOD balance |
| Consistency rule | 30% | Below 50% |
| Payout review | Manual | Automated |
| Payout frequency | Every 8 trading days | After every 5 qualifying days |
| Payout caps | First 5 capped, uncapped from payout 6 | All 6 capped, then the PA closes |
| Largest account | $300K | $150K |
One-Time Payment Pricing: Standard vs. No Activation Fee
The monthly subscription model is gone. Every Apex 4.0 evaluation is a one-time payment with a 30-day access period from the date of purchase. No rebilling. No resets.
Apex offers two pricing tracks at checkout for every account size and both drawdown types: Standard and No Activation Fee. Here’s how they differ using the 25K account as the example:
Standard
Lower eval price, activation fee due at passing
No Activation Fee
Higher eval price, $0 due at passing
The No Activation Fee option is available on all account sizes — $25K, $50K, $100K and $150K — for both Intraday Trail and EOD Trail accounts.
Standard makes sense if you’re new to Apex and want the lowest barrier to entry. No Activation Fee is the better deal for experienced traders who expect to pass — full cost known upfront, nothing due at the finish line. Either way, code SPICY applies at checkout.
Five Pack: bulk purchasing
The Five Pack is five evaluations of the same account type and size in one purchase at a lower per-account price. It’s available across all sizes, both drawdown types, and both Standard and No Activation Fee plans.
The 25K EOD Standard Five Pack comes to $175 total ($35 each) vs $39 for a single. The 25K EOD No Activation Fee Five Pack is $395 total ($79 each) vs $89 solo.
If you consistently pass Apex evaluations or run multiple accounts at once, the Five Pack locks in a lower per-account cost. Keep the 20-PA limit in mind when planning how many to run.
Account Sizes, Profit Targets & Drawdown Limits
The $250K and $300K accounts were removed in 4.0; the largest account is now $150K. The figures below are Apex’s published EOD evaluation parameters.
| Account | Profit target | Max drawdown (EOD) | Daily loss limit | Max contracts (eval) |
|---|---|---|---|---|
| $25K | $1,500 | $1,000 | $500 | 4 |
| $50K | $3,000 | $2,000 | $1,000 | 6 |
| $100K | $6,000 | $3,000 | $1,500 | 8 |
| $150K | $9,000 | $4,000 | $2,000 | 12 |
Profit targets, drawdown and contract limits are the same on EOD and Intraday evaluations; only the Daily Loss Limit differs, because the Intraday evaluation doesn’t have one. There is no minimum number of trading days — you can pass in a single session — and position size is fixed for the whole evaluation. Ten micros count as one mini.
PA scaling tiers
On the Performance Account you don’t start at full size. Contract limit and Daily Loss Limit are set by tier, based on your profit at the prior session’s close, and they move down as well as up. Orders that would exceed your current limit are simply rejected — no penalty.
| Profit in PA | $25K | $50K | $100K | $150K |
|---|---|---|---|---|
| Max contracts / Daily Loss Limit | ||||
| Level 1 | 1 / $500 | 2 / $1,000 | 3 / $1,750 | 4 / $2,500 |
| Level 2 | 2 / $500 | 3 / $1,000 | 4 / $1,750 | 5 / $2,500 |
| Level 3 | 2 / $1,250 | 4 / $2,000 | 5 / $1,750 | 7 / $2,500 |
| Level 4 | — | 4 / $3,000 | 6 / $2,500 | 10 / $3,000 |
| Level 5 | — | — | 6 / $3,500 | 10 / $4,000 |
| Profit needed to reach each level | ||||
| Level 2 | $1,000 | $1,500 | $2,000 | $2,000 |
| Level 3 | $2,000 | $3,000 | $3,000 | $3,000 |
| Level 4 | — | $5,999 | $5,000 | $5,000 |
| Level 5 | — | — | $10,000 | $10,000 |
EOD vs. Intraday Drawdown: The Most Important Decision You’ll Make
The single most important decision when buying an Apex 4.0 evaluation is which drawdown model to choose. The choice is permanent for that evaluation and its Performance Account — you cannot switch later.
End-of-Day (EOD) trailing drawdown
The EOD threshold is calculated once per day at market close (4:59:59 PM ET) from your end-of-day balance, then enforced in real time through the next session — including against open P&L. Touch it and every position is liquidated and the account fails. EOD accounts also carry a Daily Loss Limit; hitting it pauses trading for the rest of the session but does not fail the account. The trading day resets at 6:00 PM ET.
EOD is significantly more forgiving because intraday unrealized profits do not lock in a new threshold. You can be up mid-session, give it back, and the floor doesn’t ratchet.
Intraday trailing drawdown
The Intraday threshold trails your peak balance in real time, including unrealized profits. A new high mid-session locks the floor higher immediately — even if you give the gains back before close. The Intraday evaluation has no Daily Loss Limit; the trailing threshold is the only floor.
Platform matters here. On Rithmic and WealthCharts evaluations, the threshold stops trailing once it reaches the profit-target balance plus $2,000 — on a $50K, it locks at $53,000 once the account hits $55,000. On Tradovate evaluations it keeps trailing indefinitely.
For most traders — especially on a first Apex evaluation — choose EOD. Open profits don’t move your floor, which gives you far more room to manage a trade. Intraday only makes sense if you scalp with tight, fixed stops and rarely let a winner run back. Its payout ladder is slightly faster on the 50K and up, but not by enough to justify the tighter floor for most people.
The Safety Net: What It Is and Why It Matters
The Safety Net is the balance your Performance Account must stay above for its entire life. Apex defines it as your drawdown limit plus $100, on top of the starting balance. Only profit above the Safety Net can be requested, and the minimum payout is $500 — so the balance you actually need before the request button appears is the Safety Net plus $500.
| Account (PA) | Drawdown | Safety Net | Min balance to request |
|---|---|---|---|
| $25K | $1,000 | $26,100 | $26,600 |
| $50K | $2,000 | $52,100 | $52,600 |
| $100K | $3,000 | $103,100 | $103,600 |
| $150K | $4,000 | $154,100 | $154,600 |
These thresholds are identical for EOD and Intraday Performance Accounts.
The Safety Net does not disappear after your first payout. It stays in force for the life of the account. And if you keep trading after submitting a request, trade as if that money is already gone — if the balance dips below the required minimum before processing, the request is denied automatically.
Payout Rules Under Apex 4.0: Caps, Consistency and Qualifying Days
Apex pays a 100% split on approved payouts, and that’s accurate — but three gates control access to it, and a fourth caps how much comes out each time. Manual review is gone; the dashboard simply doesn’t show the request button until every condition is met.
The 6-payout cap ladder
This is the rule most reviews miss. Each Performance Account can receive a maximum of six payouts, and each payout has its own ceiling regardless of how much profit is in the account. After payout six the PA closes, and you qualify for a new one by passing another evaluation.
| Payout # | $25K | $50K | $100K | $150K |
|---|---|---|---|---|
| EOD Performance Accounts | ||||
| 1 | $1,000 | $1,500 | $2,000 | $2,500 |
| 2 | $1,000 | $1,500 | $2,500 | $3,000 |
| 3 | $1,000 | $2,000 | $2,500 | $3,000 |
| 4 | $1,000 | $2,500 | $3,000 | $3,000 |
| 5 | $1,000 | $2,500 | $4,000 | $4,000 |
| 6 | $1,000 | $3,000 | $4,000 | $5,000 |
| Lifetime max | $6,000 | $13,000 | $18,000 | $20,500 |
| Intraday Performance Accounts | ||||
| 1 | $1,000 | $1,500 | $2,000 | $2,500 |
| 2 | $1,000 | $2,000 | $2,500 | $3,000 |
| 3 | $1,000 | $2,500 | $3,000 | $3,000 |
| 4 | $1,000 | $2,500 | $3,000 | $4,000 |
| 5 | $1,000 | $3,000 | $4,000 | $4,000 |
| 6 | $1,000 | $3,000 | $4,000 | $5,000 |
| Lifetime max | $6,000 | $14,500 | $19,500 | $21,500 |
A $25K PA pays a flat $1,000 per payout, six times, and then it’s done — $6,000 lifetime. A $50K EOD tops out at $13,000. If your goal is meaningful monthly income from Apex, the math pushes you toward larger accounts, multiple PAs, or both. The Five Pack exists for exactly this reason.
5 qualifying days and daily profit minimums
You need five qualifying trading days since activation, or since your last approved payout. A qualifying day is one that hits the minimum daily profit for your account size and type. Only those days count; a $40 green day on a 50K doesn’t move the counter.
| Account | Min daily profit, EOD PA | Min daily profit, Intraday PA |
|---|---|---|
| $25K | $100 | $100 |
| $50K | $250 | $200 |
| $100K | $300 | $250 |
| $150K | $350 | $300 |
The five days do not need to be consecutive and there is no deadline to complete them. Five qualifying days in one week means a payout request that same week — weekly payouts are possible if you’re consistent.
The 50% consistency rule
No single profitable day may account for 50% or more of total profit since your last approved payout. This replaced the old 30% rule, so one strong day is far less likely to block a withdrawal — but note the wording: exactly 50% fails. You need to be below it.
Example: on a $50K PA you’ve accumulated $4,000 in profit. Your best day was $1,800 — 45%, which passes. If your best day was $2,200 (55%), the request button stays hidden until more profitable days bring the ratio under 50%. The account stays active either way.
Minimum payout and processing
The minimum payout is $500 per request on every account size, and your balance must sit above the Safety Net plus that $500. Once a request is valid, processing is automated: ACH for US traders, Plane for international. Deel is no longer used.
Activation window and inactivity
After you pass, you have 7 calendar days to activate the Performance Account. Once it’s live, the PA is subject to an inactivity rule: Apex closes accounts that don’t record at least two $50 net-profit days within 30 consecutive calendar days. If you run multiple PAs, keep every one of them ticking.
Prohibited Activities: What Will Cost You Your Account
Apex publishes a formal list of prohibited activities. Engaging in any of them closes the account immediately.
No hedging, directional trading only
Holding long and short positions at the same time on the same or a correlated instrument is prohibited, and so is passing evaluations by hedging accounts against each other. Leaving orders open on both sides of the market to catch a lucky move falls under the same rule.
No positions through the close
Every position must be flat before 4:59 PM ET, and Apex puts the responsibility on you. Agricultural markets close earlier (2:05 PM ET for livestock, 2:20 PM ET for grains), and some markets close early on holidays. Trading reopens at 6:00 PM ET. If your strategy relies on multi-day setups or swing trades, Apex is not the firm for it.
No trading without a stop, and no lopsided risk
Every trade needs a stop loss — pending or mental — and a defined risk plan. Apex also bans strategies that risk far more than they target (its own example is a 5-tick target against a 150-tick stop) and using the account’s full threshold as your stop.
No automation or algorithms
Automated and algorithmic trading is not allowed. Apex’s rewards are for human traders, not preprogrammed systems. High-frequency trading and any attempt to exploit the simulation environment — erroneous fills, breaching contract limits — are also banned.
News trading: your normal strategy only
Trading during news is fine if it’s your usual strategy. Chasing the release or placing orders on both sides to gamble on the outcome is not.
No stockpiling evaluations
Buying a stack of discounted evaluations to blow through in search of a windfall is prohibited. The Five Pack is fine for running accounts properly; cycling them as lottery tickets is not.
No account or resource sharing
Only the registered owner may access, trade or verify the account. Sharing computers, IPs, MAC addresses or cards, copy-trading with other traders, running multiple user accounts, and using a VPN to disguise your location are all bannable, and Apex can audit to confirm compliance. Payments and payouts must use accounts in your own name.
You have 30 calendar days from purchase to hit the profit target. The limit applies to evaluations only — the Performance Account has no access period.
How to Get Funded on Apex 4.0: Step by Step
-
1Pick your account size and drawdown type
Choose EOD or Intraday at purchase — it’s permanent. For most traders EOD is the smarter start. Pick a size with a profit target you can hit in 30 days, and read the payout cap ladder before you decide: a 25K pays $6,000 lifetime. -
2Use code SPICY at checkout
Apply SPICY for the best available discount. Consider the Five Pack if you plan to run multiple accounts or cycle evals as PAs close out. -
3Set your stop and risk plan before your first trade
Every trade needs a stop loss and a defined risk plan. A default bracket template in your platform is the simplest way to guarantee it. Sierra Chart user? See our guide to connecting Apex to Sierra Chart. -
4Hit the profit target without touching the threshold
There’s no minimum number of days — you can pass in one session. The most common failure isn’t missing the target; it’s revenge trading after a loss and blowing through the floor. -
5Activate your Performance Account within 7 days
If you chose Standard, pay the activation fee now. If you chose No Activation Fee, it’s already covered. Either way, the activation window is 7 calendar days — don’t sit on it. -
6Clear the Safety Net, log 5 qualifying days, request payout
Contract size scales by tier as your EOD balance grows, so build conservatively first. Once you’re above the Safety Net plus $500 with five qualifying days and the 50% check passed, the request button appears. Payouts one and two are the smallest on the ladder — plan for that.
Ready to try Apex 4.0?
Get started on the one-time payment model with the best available discount for SpicyFutures readers.
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Is Apex 4.0 Right for You?
Apex 4.0 is a significantly more trader-friendly product than the legacy version. Removing the MAE rule, the 5:1 RR restriction and monthly billing addressed the three biggest complaints about the old platform, and automated payouts with a looser consistency threshold make the funded experience far less frustrating.
The trade-off is the payout ladder. Six capped payouts per account is a real ceiling, and on the 25K it’s a low one. Apex 4.0 rewards traders who treat each PA as a finite vehicle — run several, cycle them, and size the account to the income you actually want. If you’re weighing that against a firm without per-payout caps, our prop firm comparison table puts the payout rules side by side.
And the prohibited activities matter. If you hold through the close, hedge, run automation or trade without a stop, Apex will close your account. These are listed violations, not soft guidelines.
For day traders running clean setups on ES or NQ with defined stops and flat positions by close — and who understand the cap ladder going in — Apex 4.0 is one of the best-value prop firm offers available.
Apex Resources on SpicyFutures
- How to connect Apex Trader Funding to Sierra Chart — Rithmic setup and bracket templates for Apex accounts.
- Futures prop firm comparison — Apex 4.0 against Tradeify, Lucid, TradeDay and the rest on drawdown, payout rules and price.
- Prop firm rule-change tracker — every Apex change logged as it happens.