A TradFi perpetuals prop firm runs evaluations on perpetual contracts of traditional assets: gold, oil, index funds and US stocks, quoted in USDT, with funding instead of swaps and no expiry date. It is a different product from a forex-style prop firm, where the same assets usually arrive as CFDs from a broker.
This guide explains how these contracts work, what to compare between firms and how the QATS TradFi lineup of 33 perpetuals is built. Evaluations and funded accounts on QATS are simulated; payouts follow the published plan rules.
What TradFi perpetuals are
A perpetual is a futures-style contract with no expiry. A funding payment between longs and shorts keeps its price near the underlying asset. Crypto traders know the mechanism from BTC and ETH; TradFi perpetuals apply it to assets from traditional markets.
You never own the underlying gold, oil or shares. What you trade is long or short price exposure on margin, in an order book that can stay open while the underlying market is closed.
TradFi perpetuals vs CFDs on a prop account
| CFDs at a forex prop firm | TradFi perpetuals | |
|---|---|---|
| Price source | The broker or liquidity provider feed | Exchange market data |
| Holding cost | Overnight swap set by the broker | Funding between longs and shorts |
| Quote currency | Usually USD or the account currency | USDT |
| Expiry | Rolling, sometimes with contract rollover | None |
| Hours | Usually follow the underlying session | Often around the clock, weekends included |
| Sizing unit | Lots | Units of the underlying, such as ounces or shares |
What to compare between TradFi perpetuals prop firms
- The instrument list: which metals, energy contracts, funds and stocks are tradable, not just how many.
- The market data source and whether fills are simulated or routed to an exchange.
- The loss rule: whether a daily limit applies in the evaluation and how the maximum loss trails.
- Hours and news: whether positions can stay open through weekends, earnings and data releases.
- Costs: whether funding and fees count against the profit target and the loss limits.
- Automation: whether bots and API orders are allowed on these instruments.
The QATS TradFi lineup: 33 perpetuals
The instrument catalog inside the terminal is the source of truth; this is how the published lineup is grouped.
| Group | Symbols | What they track |
|---|---|---|
| Metals | XAU, XAG, XPT, XPD, COPPER | Gold, silver, platinum, palladium and copper |
| Energy | CL, BZ, NATGAS | WTI crude, Brent crude and natural gas |
| Index and country funds | SPY, QQQ, IWM, EWJ, EWY | US large caps, the Nasdaq-100, US small caps, Japan and South Korea |
| US stocks | NVDA, TSLA, AAPL, MSFT, AMZN, GOOGL, META, AVGO, MU, INTC, SNDK, PLTR, COIN, HOOD, MSTR, CRCL | Single-stock perpetuals |
| Leveraged funds | TQQQ, SOXL, SOXS, KORU | Funds that already carry daily leverage |
QATS TradFi evaluation rules and prices
QATS TradFi evaluations use a 6% profit target, an end-of-day trailing maximum loss that stops trailing at the starting balance, a 50% consistency rule and 2 minimum trading days. There is no separate daily cap during the evaluation: the maximum loss is the only loss limit that can end an attempt.
The risk day rolls over at 17:00 Chicago time. That is an accounting boundary for daily figures and the trailing floor, not a trading halt. Funded accounts have their own daily limit, and the profit split is 80%.
| Account | Profit target | Max loss (EOD trailing) | Monthly | One-time |
|---|---|---|---|---|
| $25K | $1,500 (6%) | $1,000 (4%) | $85 | $99 |
| $50K | $3,000 (6%) | $2,000 (4%) | $115 | $189 |
| $100K | $6,000 (6%) | $3,000 (3%) | $185 | $309 |
| $150K | $9,000 (6%) | $4,500 (3%) | $255 | $409 |
Risks specific to TradFi perpetuals
- Weekend and overnight gaps: the perp keeps moving while the underlying is closed, then can reprice at the open.
- Earnings and data days: single stocks and gold can cover a normal daily range in minutes.
- Basis: the contract can sit above or below the underlying, especially outside its session.
- Leveraged funds: SOXL, SOXS, TQQQ and KORU already carry daily leverage, so a normal-looking position can be a large one.
- Correlation: NVDA, QQQ and SOXL are close to one trade. Size them as one.
Frequently asked questions
01What is a TradFi perpetuals prop firm?
It is a prop firm whose evaluations run on perpetual contracts of traditional assets such as gold, oil, index funds and US stocks, rather than on CFDs. The contracts have no expiry and use funding instead of swaps.
02Can I trade stocks and gold on the same QATS account?
Yes. Stocks, gold, oil and index funds all belong to the TradFi lineup of 33 perpetuals, available on every TradFi evaluation size, $25K–$150K.
03Is there a daily loss limit on a QATS TradFi evaluation?
No separate daily cap applies during the TradFi evaluation; the end-of-day trailing maximum loss is the limit that can end an attempt. Funded TradFi accounts have their own daily limit.
04Are QATS TradFi evaluations simulated?
Yes. Evaluations and the first funded stage are simulated on exchange market data. Payouts follow the published eligibility rules, identity verification and a finance review.
05How much does a TradFi evaluation cost on QATS?
The $25K account costs $85 a month or $99 once with free funded activation. Lower prices with a one-time $149 activation fee, charged only after you pass, are listed on the challenges page.
Educational content, not investment advice. QATS evaluations and initial funded accounts are simulated; payouts depend on eligibility, verification and the applicable agreement.