Market · Options
Start a prop firm for options trading: the hard parts first.
Searches for an options prop firm are steady and almost nobody serves them, because the evaluation model is harder to make fair for options. Here is what a founder has to solve, with sources and dated fees.
- By PipValley Editorial
- Updated
- 11 sources
At a glanceChecked 12 Oct 2026
- Supply gap
- Curved Trading checked 16 evaluation firms on 6 Jul 2026 and found zero offering funded trading of listed US equity options. 1
- OPRA professional fee
- OPRA's fee schedule charges $31.50 per display device per month to professional subscribers (since 1 Jan 2018). 2
- OPRA non-professional fee
- Vendors pay OPRA $1.25 per non-professional subscriber per month up to 75,000 subscribers, falling to $0.60 above 500,000; redistribution costs $1,500 a month ($650 query-only). 2
- Options demand
- Cboe's four US options exchanges averaged a record 18.4M contracts a day in 2025, the sixth straight record year; SPX 0DTE averaged 2.3M, 59% of SPX volume. 3
- Clearing growth
- FOW reported US options clearing volume at OCC up 24% in 2025, a sixth consecutive record year (6 Jan 2026). 4
- Real accounts need approval
- FINRA Rule 2360 bars a member from accepting an options order until the account is approved for options, and requires delivery of the options disclosure document. 5
- Traditional options desks
- Options funding at firms such as SMB Capital, Maverick Trading and T3 Trading Group often involves interviews and an upfront risk deposit, per a promotional April 2026 list. 6
People search "prop firm for options trading" and "prop firm for options" every month, and the results are mostly lists of forex and futures firms that don't allow options. A July 2026 desk check by Curved Trading found none of 16 evaluation firms offering funded trading of listed US equity options; some products called "options" were CFDs or futures. That gap is the opportunity, and the reasons for it are the work.
This page is for founders. If you want stocks without options, read starting a prop firm for stocks; for the general launch sequence, the pillar guide.
Why are there so few options prop firms?
Because the evaluation model assumes the simulated account behaves like a real one, and options break that assumption in four places. Curved Trading sets them out, and each one becomes a design decision for you.
| Problem | Why it matters | Design choice |
|---|---|---|
| Simulated fills | Option quotes can be wide and thin (their example: 0.15 bid, 0.45 ask, 12 contracts open interest), so a simulator that fills at mid hands traders free money | Fill at the far side of the quote, cap size against displayed size and open interest, restrict to liquid strikes |
| Short-dated gamma | Cheap 0DTE options can pay 50 to 1, letting a trader make convex bets against the firm | Limit same-day expiries, cap premium at risk per trade, or exclude 0DTE |
| Assignment and exercise | Early exercise, pin risk and assignment are hard to simulate honestly, and payout disputes follow | Close positions before expiry by rule, and publish how early assignment is handled |
| Hedging | Multi-leg trades are hard to copy into real markets without slippage | Run fully simulated with fee-funded payouts, or allow only spreads you can mirror |
Which platforms can simulate options for a prop firm?
Few prop vendors simulate listed options, and none publishes a prop-firm price. In our vendor dataset, DXtrade lists options among the markets its prop edition supports, TraderEvolution covers options with a market emulator and per-account risk, and Sterling Trading Tech sells equities and options platforms with a trading simulator and Reg T and portfolio-margin risk. Ask each one to demonstrate fills on a wide, thin strike and an expiry-day assignment before you sign.
| Vendor | Options capability | Pricing |
|---|---|---|
| DXtrade | Prop edition listing options with plan-based rules and drawdown types | Quote only |
| TraderEvolution | Multi-asset back end incl. options; market emulator for evaluations | Quote only; flat licensing, they say |
| Sterling Trading Tech | Equities, options and futures platforms; simulator; Reg T and PM margin | Quote only |
| WealthCharts | Trader platform integrating prop firms for stocks, options and futures | No B2B price |
What does options market data cost?
US listed options data comes from OPRA. Its fee schedule charges professional subscribers $31.50 per display device a month; vendors pay $1.25 per non-professional subscriber a month (falling in tiers above 75,000 subscribers), plus a redistribution fee of $1,500 a month, or $650 for a query-only service. Your platform vendor is usually the redistributor and passes the cost on.
Options traders also want the underlying, so add equities data (see the stocks page: Nasdaq TotalView is $15.00 non-professional and $84.00 professional per month in 2026). The same question as in futures applies: is a funded trader still non-professional? Get the answer in writing.
| Fee | Amount |
|---|---|
| Professional subscriber, per display device per month | $31.50 (since 1 Jan 2018) |
| Non-professional subscriber, per month (up to 75,000) | $1.25 |
| Non-professional, 500,001+ subscribers | $0.60 |
| Redistribution fee, per vendor per month | $1,500 ($650 query-only) |
Which rules would an options challenge need?
Write rules that keep the simulated account close to what a real options account could do. Defined-risk rules are the core, and each one belongs on the website with a worked example. Model the economics before launch in the prop firm profit calculator, because pass rates for options evaluations are unknown territory.
- Defined risk only: long options and spreads; no naked short calls or puts.
- Liquid strikes only: minimum open interest and maximum bid-ask width.
- Fill model: published, conservative (for example the far side of the quote).
- Expiry rules: positions closed before a set time on expiry day; same-day expiries limited or excluded.
- Premium at risk per trade and per day, in dollars.
- Greeks limits, if you can enforce them, for example maximum net delta or vega.
- Earnings and event rules, and the list of underlyings allowed.
Evaluation firm or registered prop desk: where is the licensing line?
Two very different businesses use the word "options prop firm". Traditional options desks such as SMB Capital, Maverick Trading and T3 Trading Group trade real capital, interview traders and often ask for a risk deposit; a registered proprietary desk sits under FINRA, and its traders need qualifications such as the Series 57. A fee-funded evaluation firm with simulated accounts is the model this page describes.
The line matters if your funded stage touches real options. FINRA Rule 2360 requires a broker to approve an account for options before accepting orders and to deliver the options disclosure document, so real options trading runs through a broker that applies those rules. Take securities-law advice before you design a funded stage; see do prop firms need a license? and the United States page.
Should you launch options alone or alongside stocks or futures?
Alongside, for most founders. Options demand is large (Cboe's US options exchanges set a sixth straight volume record in 2025, with 0DTE making up 59% of SPX volume) but the risk work is heavy. Launching stocks or futures first gives you a payout record, then an options programme on the same platform can be added with tighter limits and a smaller account range. Founders comparing markets should also read forex, crypto and sports betting.
Costs follow the stocks model plus OPRA data and a more expensive simulation build; price it in the launch cost calculator. The website carries more weight than usual: the fill model, expiry rules and allowed strategies must be published plainly, with examples, or every disputed fill becomes a public complaint. See the website component and rules pages.
Launch steps, in order
- Decide the modelFee-funded simulated evaluation, or a real-capital desk with interviews and deposits; they are different businesses with different legal duties.
- Test platforms on hard casesAsk DXtrade, TraderEvolution or Sterling to show fills on wide, thin strikes and an expiry-day assignment in simulation.
- Budget OPRA and equities dataConfirm who redistributes OPRA data, the per-user cost and whether funded traders become professional subscribers.
- Write defined-risk rulesAllowed strategies, liquid-strike filters, fill model, expiry and 0DTE rules, premium at risk and any Greeks limits, with examples.
- Take securities-law adviceHave a lawyer review the simulated model, payout wording and any funded stage that could touch real options.
- Build the site and soft launchPublish rules and the fill model plainly, set up payments and KYC, and launch to a small group with tight account sizes.
Providers worth a look
From our dataset of prop-firm technology vendors, each fact checked on the vendor’s own site. Listed for fit, not ranked.
| Provider | What it is | Published pricing | Why it is on this page |
|---|---|---|---|
| DXtrade | Trading platform · Futures platformForex/CFD, Crypto, Futures, Stocks, Options | Quote only (no published price) | Prop edition that lists options among its supported markets, with plan-based rules. |
| TraderEvolution | Trading platform · Brokerage techStocks, Futures, Forex/CFD, Crypto, Options | Quote only (no published price) | Multi-asset back end covering options, with a market emulator for evaluation accounts. |
| Sterling Trading Tech | Stocks prop tech · Brokerage techStocks, Options, Futures | Quote only (no published price) | Equities and options platforms with a trading simulator and Reg T/portfolio-margin risk. |
| WealthCharts | Trading platform · Futures platformFutures, Stocks, Options | Quote only (no published price) | Trader platform integrating prop firms for stocks, options and futures execution. |
Prices as published on each vendor’s own site, checked 12 Oct 2026; most vendors quote privately. Full profiles: prop firm technology providers compared.
Your website, whatever platform you choose
Every route on this page still needs a marketing website: the pricing table, rules, payouts, FAQ, legal pages and the checkout hand-off to your platform. Platforms and white labels run the dashboard; they don’t build that site. PipValley does, for any platform, from $1,490 (pricing, launch service, what the site includes).
Questions
Are there prop firms for options trading?
Very few evaluation firms offer listed options. Curved Trading checked 16 evaluation firms in July 2026 and found none offering funded trading of listed US equity options; some "options" products were CFDs or futures. Traditional options desks such as SMB Capital or Maverick Trading do trade options, but they interview traders and often require a risk deposit, which is a different model.
Why don't prop firms allow options?
Because options break the simulated evaluation model. Wide, thin quotes make simulated fills unreliable, cheap short-dated options let traders make convex bets against the firm, assignment and exercise are hard to simulate honestly, and multi-leg trades are hard to hedge. A firm that solves those with conservative fills and defined-risk rules can offer options; most have not tried.
How much does options data cost a prop firm?
OPRA charges $31.50 per display device a month for professional subscribers and $1.25 per non-professional subscriber a month (up to 75,000), plus a redistribution fee of $1,500 a month. Your platform vendor usually redistributes and passes the cost on. Add equities data for the underlying, and confirm whether funded traders become professional.
Do I need a licence to run an options prop firm?
A fee-funded firm with simulated accounts is usually treated like other evaluation firms, but options are securities and the line moves if real options are traded. FINRA Rule 2360 requires brokers to approve accounts for options and deliver the disclosure document, and a registered proprietary desk has its own requirements. Take securities-law advice before designing any funded stage.
What rules should an options prop challenge have?
Defined risk only (long options and spreads, no naked shorts), liquid strikes with an open-interest and spread filter, a published conservative fill model, rules for expiry day and same-day options, a dollar cap on premium at risk, and an earnings policy. Publish each rule with a worked example so disputed fills can be checked against the rulebook.
Sources
- Curved Trading: Options prop firms, why they barely exist (updated 11 Jul 2026) checked 12 Oct 2026
- OPRA: Fee schedule (PDF) checked 12 Oct 2026
- Cboe Global Markets: Trading volume for December and full year 2025 (6 Jan 2026) checked 12 Oct 2026
- FOW: US options volume grows a quarter in 2025 to new record (6 Jan 2026) checked 12 Oct 2026
- FINRA Rule 2360: Options checked 12 Oct 2026
- TradersYard: Prop firms that allow options trading, 2026 list (15 Apr 2026; promotional) checked 12 Oct 2026
- PipValley tech profile: DXtrade checked 12 Oct 2026
- PipValley tech profile: TraderEvolution checked 12 Oct 2026
- PipValley tech profile: Sterling Trading Tech checked 12 Oct 2026
- PipValley tech profile: WealthCharts checked 12 Oct 2026
- Nasdaq: US Equities Price List 2025, 2026, 2027 (PDF) checked 12 Oct 2026
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