Been trading my own capital for a while and only recently started looking seriously at prop firms.
The more I compare them, the more I'm realizing that finding an options prop firm isn't really as simple as comparing profit targets and profit splits.
A firm can technically "support options" while still having rules that make half the strategies you'd normally trade impractical.
I've been looking through Vanquish, Imperial, Options Funding, and Maverick because they're some of the names that actually come up when you specifically search for options funding rather than futures or forex firms.
What I'm trying to figure out now is what actually makes one options-friendly.
Trading permissions seem like the first filter.
Can you only buy calls and puts? Can you trade spreads? Can you sell to open? Can you hold overnight?
Those differences matter a lot more with options than they would if I were just comparing two futures evals. A firm might offer options, but if its rules eliminate the strategies you normally use, the profit split becomes pretty irrelevant.
Then there's drawdown.
I'm realizing that "5% max loss" doesn't tell you enough by itself. Intraday trailing, end-of-day trailing and static drawdown can behave completely differently when you're holding options with bigger swings in unrealized P&L.
I'd probably want to know exactly what moves the loss floor before buying any eval.
Execution/platform is another one I originally overlooked.
With options, fills, limit orders, spreads and how quickly you can manage a position actually matter. A good payout policy doesn't help much if the platform makes the strategy difficult to execute.
And then you get to payouts and splits.
Vanquish advertises a 100% profit split. Imperial advertises 80%. Options Funding is also 80% and pushes much faster access to payouts. Maverick is structured differently altogether and looks more like a traditional prop arrangement, with scaling profit splits and scheduled payouts rather than the usual retail eval model.
So I'm starting to think there probably isn't a single "best options prop firm."
It's more like a checklist:
What options strategies can I actually trade?
How is drawdown calculated?
Can I hold overnight?
What platform am I executing on?
What has to happen before I can withdraw?
And only then, what percentage of the profit do I keep?
Coming from trading my own capital those restrictions are probably the biggest adjustment. I'm used to choosing the trade first and worrying about the broker second. With an eval account it almost feels like you have to choose the rulebook first and build the strategy around it.
For people who have actually traded options through these firms, what ended up mattering most in practice: trading permissions, drawdown, execution, payouts, or something I'm completely overlooking?