Publications · Flagship report
Prop Trading 2025 — The Yearly Industry Report
The definitive annual report on the prop trading industry. One per year.
Inside the report
Industry overview
Prop trading reached an estimated $12B in revenue in 2025, a 38% YoY increase driven by retail interest, payout records, and platform diversification.
Firm survival rate
Across 162 firms tracked, 73% remained active at year end. Mid-tier firms ($1–10M revenue) saw the highest failure rate at 31%.
Payout trends
Median payout speed across top 15 firms improved from 48h to 22h. Crypto payouts moved from optional to default.
Regulatory summary
MiCA in EU, CFTC enforcement actions in US, ASIC clarifications in AU. The 'simulation vs regulated' line hardened in 2025.
Market consolidation
5 M&A deals among top 30 firms. FTMO acquired OANDA. The long tail thinned by 19 net firms.
Top firms
FTMO, The5%ers, FundedNext, MyFundedFX, and Topstep led on combined metrics of payouts, brand, and stability.
Worst failures
Funded Unicorn, FundingTicks, and ATFunded each illustrated different failure modes — payout fraud, opaque ownership, and over-leverage.
Year-ahead outlook
Expect: continued offshore migration, more crypto-native firms, more AI risk tooling, tighter consistency rules, and at least one major regulator-led action.