The short answer
Until recently, funded options trading barely existed. Prop firms were built around futures and forex/CFDs, and a trader who wanted buying power for equity options (calls and puts on stocks) was mostly out of luck.
In 2026 there are two real routes: a dedicated equity-options prop firm (Vanquish Trader, the first of its kind), and options on futures at the established futures firms. Both fund a simulated account that you trade after passing an evaluation, paying you a share of the profits.
Route 1: a dedicated equity-options prop firm
Vanquish Trader is the first prop firm built specifically for equity options. You pass a one-step evaluation on a simulated account ($10K–$150K), trade any strike or expiration on DXtrade, and keep a 100% profit split with fast payouts. For an options trader who wants funding without risking a large personal account, this is the most direct fit.
The honest caveat: Vanquish is brand new (2024) with a short track record and a small, mixed review base. That is real risk — start small, follow the consistency rules, and confirm a payout works before scaling. See our full Vanquish Trader review (linked below) for the detail.
Route 2: options on futures at a futures firm
The established path is options on futures — contracts like options on the E-mini S&P 500 (ES) or crude oil (CL) — at major futures firms such as Topstep, Apex Trader Funding and MyFundedFutures. These firms have years of track record and proven payouts, which Vanquish does not yet.
The catch is that options on futures are not equity options, and availability depends on the firm, the plan and the platform (NinjaTrader, Tradovate and Rithmic can support them). Their drawdown and consistency rules were also written mainly for outright futures, so multi-leg or held-overnight option strategies can interact awkwardly with them.
What to check before you pay
Whichever route you pick, confirm three things in writing: (1) exactly which instruments you can trade (equity options vs options on futures, and which strikes/expirations); (2) how the drawdown is calculated — trailing vs static, and whether it reacts to unrealised option P/L; and (3) any consistency or position rules that could clash with spreads or overnight holds.
Also check the platform (DXtrade for Vanquish; NinjaTrader/Tradovate/Rithmic for options on futures), any data fees, and the payout terms. And as always — start small and confirm a real payout before scaling, especially with a newer firm.
Is funded options trading worth it?
For a disciplined options trader, funded trading offers the same appeal as it does in futures: buying power without risking your own capital, in exchange for a fee and the firm’s rules. The arrival of a dedicated equity-options firm finally makes it a realistic option rather than a workaround.
Risk note: evaluation and funded prop-firm accounts are simulated until you are funded and paid, options carry significant and sometimes leveraged risk, and rules and pricing change often — especially at newer firms. Never treat fees as guaranteed income, and size the cost as money you can afford to lose.
Frequently asked questions
01Can you trade options with a prop firm?
02What is the first options prop firm?
03What is an options funded account?
04Equity options or options on futures — what is the difference?
05Is funded options trading risky?
Related guides
What Is a Prop Firm? How Proprietary Trading Firms Work
Prop firms let you trade larger capital than your own — but the modern, evaluation-based model works very differently from old-school trading desks.
Stock Prop Firms: What They Are (and What to Watch For)
True stock prop funding is rarer than the futures and forex evaluation model. Here is an honest look at the landscape, what each type really offers, and what to check before you pay.
Futures vs Options: Which Should You Trade?
Futures and options are both leveraged derivatives, but they manage risk very differently. Here is how they compare on margin, risk, cost, and which one fits your goals.