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When you purchase a funded futures evaluation, you sign an evaluation agreement. That agreement includes a funded-phase section describing what the funded account is expected to look like — the starting balance, trailing drawdown model, split rate, and payout terms at your tier. These are not commitments. They are the firm's best description of what it expects to offer at the funded level. The funded account agreement, delivered in the activation email after the firm's post-pass review, is the document that actually governs. Five clause categories routinely carry different terms between the preview and the binding agreement: drawdown model timing, consistency rule scope and cap, payout terms, modification rights, and account deactivation conditions. Comparing these before the first funded trade prevents compliance errors caused by trading against the wrong rule set.
Part 1 of 4 — Why two documents exist
Understanding the two-document structure prevents the most common compliance error at the evaluation-to-funded transition: using the evaluation agreement's funded-phase section as the rule set for funded trading. The funded-phase preview is accurate enough to plan around before the funded account is provisioned — but the funded account agreement, once delivered, supersedes it in all five categories where the terms may differ. See what a funded futures evaluation pass email actually contains for when the funded account agreement arrives and what it delivers — including the funded account's operating parameters that are inputs to the sizing formula.
The evaluation agreement governs the evaluation period: what constitutes a qualifying trade, what the trailing drawdown model and DLL rules are during evaluation, what the profit target and minimum days requirements are, what the firm reviews after the evaluation reaches the profit target, and what can disqualify an otherwise successful evaluation. This document's jurisdiction ends when the evaluation is complete and the funded account is provisioned.
The funded-phase section within the evaluation agreement exists so the trader knows, before purchasing the evaluation, what the funded account is expected to look like at the tier being purchased. The section typically describes the funded account's anticipated starting balance, the trailing drawdown model the firm uses at the funded level, the consistency rule terms for the funded phase, the split rate, and the payout threshold. These descriptions are informational. They are not a commitment to deliver exactly those terms in the funded account agreement — they represent what the firm expects to offer based on its current operating model. Most evaluation agreements contain language in the funded-phase section or in the contract's modification clauses clarifying that the funded account terms are subject to the funded account agreement when it is issued. See how to read a funded futures evaluation agreement for the four clause categories in the evaluation agreement and the specific language to locate in the funded-phase section before purchasing the evaluation.
The funded account agreement governs the funded phase of trading. It is a separate legal document from the evaluation agreement — signed, accepted, or acknowledged in the funded account activation email after the firm's post-pass review clears. From the moment the funded account is provisioned, the funded account agreement is the only document that governs funded trading compliance. The evaluation agreement's funded-phase preview no longer applies — it described what was expected; the funded account agreement specifies what is.
The funded account agreement covers five operative categories that determine how funded trading works: the trailing drawdown model (timing and floor-lock condition), the consistency rule (scope, cap, and violation consequence), payout terms (the six numbers that determine when a payout can be requested and for how much), the firm's modification right (how the firm can change funded-phase terms in the future), and account deactivation conditions (what terminates the account versus what causes a recoverable rule breach). See what to do while waiting for your funded futures account to activate for the preparation steps that use the funded account agreement as their primary source — including which clauses to read before the funded account becomes accessible for trading.
Part 2 of 4 — Five categories that routinely differ
The differences are not random — they follow predictable patterns tied to the firm's operating structure. A firm that uses EOD trailing drawdown during the evaluation may use intraday at the funded level. A firm that applies the consistency rule throughout the evaluation may apply it only within payout periods at the funded level. Knowing which categories to check makes the comparison a structured five-minute process rather than a full document re-read. See how funded futures firm rules actually differ for the three rule dimensions that vary across firms — the same dimensions that can differ between a single firm's evaluation and funded agreements.
The drawdown model timing clause specifies when the trailing drawdown floor advances: at end-of-day settlement (EOD model) or in real time during the session as unrealized gains accumulate (intraday model). Some firms use the same model for both the evaluation and the funded account. Others switch at the funded level — a firm that runs an EOD model during the evaluation may switch to intraday at the funded level to reduce the firm's exposure to overnight gap risk from funded accounts. The reverse also exists: a firm with an intraday model during evaluation may switch to EOD at the funded level.
This distinction is material because the two models produce different pre-session calculation requirements. Under an intraday model, the trailing drawdown floor advances during the session as unrealized gains accumulate — which means the floor can advance even on a session that closes flat or at a small loss if unrealized gains exceeded the DTF distance during the day. Under an EOD model, the floor advances only at settlement, so intraday unrealized gains do not advance the floor until the position closes and the session settles. If the funded account agreement specifies a different model than the evaluation agreement's funded-phase section described, every intraday sizing decision and session-stop calculation must be recalibrated to the funded agreement's model before the first session. The floor-lock condition threshold may also differ — some firms lock the floor at the funded account's starting balance when the balance exceeds starting value by the full DTF distance, while the evaluation agreement's funded-phase section may have stated a different multiple or a different base for the lock calculation.
The consistency rule scope clause specifies when the rule applies in the funded phase. Two structures are common. In the first, the consistency rule is all-time: the best-day percentage is calculated against the total cumulative net profit from the start of the funded account, regardless of payout periods. In the second, the rule is payout-period scoped: the best-day percentage is calculated only against the net profit earned during the current payout period, and the window resets after each approved payout. The evaluation agreement's funded-phase section may describe one structure while the funded account agreement implements the other.
The scope difference changes the daily profit stop formula. Under the all-time scope, the daily profit stop ceiling is constrained by the best-day percentage across all funded trading — as cumulative net profit grows, the absolute dollar amount of the consistency cap grows with it, and a large early session becomes a smaller percentage over time. Under the payout-period scope, the window resets after each payout, so session one of each new payout period carries the same constraint as session one of the funded account: the first session after a payout is always the most constrained from a consistency standpoint. In addition to scope, the cap percentage itself may differ between the two documents. Some firms tighten the cap at the funded level — applying a 25% cap in the funded phase when the evaluation used a 30% cap, for example — to reduce the firm's exposure to traders who pass the evaluation by concentrating profits in a single session. Confirm the specific cap percentage in the funded account agreement before relying on the evaluation agreement's funded-phase preview value.
The funded account agreement specifies the payout gate structure in binding detail. The evaluation agreement's funded-phase section typically previews the split rate and the first payout threshold but may not specify the full six-number gate structure that determines when a payout request can be submitted and for how much. The six numbers that appear in the funded account agreement — split rate, net profit threshold, minimum trading days per period, consistency cap for the current period, buffer requirement above the trailing drawdown floor, and the maximum payout per request — are the operative inputs for every payout calculation. If any of these six numbers differs from what the funded-phase preview implied, the payout gate calculation is wrong.
Common payout term discrepancies include: the buffer requirement above the trailing drawdown floor (some evaluation agreements omit this gate entirely in the funded-phase preview, while the funded account agreement requires a minimum cushion of $500 to $2,000 above the floor before a payout can be submitted), the minimum trading days per payout period (the evaluation agreement's funded-phase preview may not state a trading-day requirement, while the funded account agreement specifies a minimum of 10 to 30 trading days before any payout request is valid), and the maximum payout per request as a percentage of net period profit (the funded account agreement may cap the payout amount below the full net period profit even after the consistency rule is satisfied). See how funded futures payouts work for the five-gate calculation walkthrough that uses the funded account agreement's specific numbers — not the evaluation agreement's funded-phase preview.
The funded account agreement typically contains a modification right clause specifying what the firm must do before changing the funded-phase terms — the split rate, the payout threshold, the consistency rule cap, or the drawdown model — for active funded accounts. Common structures include a 30-day advance notice requirement communicated via email or portal announcement, a grandfathering clause protecting existing funded accounts from changes that apply to new evaluations, or an opt-out window during which traders can exit the funded account before new terms take effect.
The evaluation agreement's funded-phase section often does not preview the modification right clause at all. This means a trader who reads only the funded-phase preview has no information about how the firm can change funded-phase terms in the future — including the split rate that determines what percentage of net period profit the trader receives. If the funded account agreement's modification right clause allows the firm to reduce the split rate with 7 days' notice and the trader was expecting 30 days based on language elsewhere in the evaluation agreement, the effective terms of the funded account are less protective than assumed. Reading the modification right clause in the funded account agreement before trading is the only way to know what protections apply.
The funded account agreement specifies the conditions under which the firm can deactivate the funded account entirely — as distinct from the conditions under which a rule breach occurs. A rule breach (DLL trigger, consistency hold, trailing drawdown floor breach) typically has a recoverable path: the account may restart, the payout may be delayed, or the period may reset. A deactivation condition terminates the funded account with no recoverable path. Common deactivation conditions in funded account agreements include: inactivity for a specified number of calendar days without a qualifying trading session, failure to maintain a required monthly platform fee in active status, a second or third DLL trigger within the same payout period when the agreement specifies a cumulative breach limit, or an account integrity violation of a type the firm classifies as non-remediable.
The evaluation agreement's funded-phase preview typically does not enumerate deactivation conditions in the same detail as the funded account agreement. The evaluation agreement may state that the funded account can be terminated for rule violations, but it is unlikely to specify the inactivity window, the fee-lapse consequence, or the cumulative breach limit that triggers deactivation rather than a temporary hold. Knowing the deactivation conditions from the funded account agreement before trading prevents a funded account termination caused by an inactivity clause that the trader did not know existed — for example, a requirement to complete at least one qualifying session within 30 calendar days of the funded account opening, which could be triggered during a planned trading break. See what terminates a funded futures account vs what causes a recoverable breach for the full taxonomy of funded account outcome states — which breach types are recoverable and which produce permanent deactivation — and the tracking requirements that prevent each terminal condition.
Part 3 of 4 — How to compare the two documents
The comparison takes longer when the two documents use different formatting, different clause labels, or different terminology for the same concept. Most funded account agreements label their sections clearly — "Drawdown Rules," "Consistency Policy," "Payout Schedule" — but the corresponding language in the evaluation agreement's funded-phase section may be embedded in a single paragraph rather than labeled separately. Knowing which five categories to check and what to look for in each makes the comparison systematic rather than dependent on the firm's document structure.
Open the evaluation agreement and locate the section that describes funded-phase terms. This section may be labeled "Funded Account Terms," "After Evaluation," "Phase 2 / Funded Phase," or may be embedded in the main rules section with a conditional marker such as "if the evaluation is successfully completed." Within this section, mark the clause or sentence that addresses each of the five categories: the trailing drawdown model (EOD or intraday, and any lock condition), the consistency rule (cap percentage, scope, and violation consequence), the payout terms (split rate, minimum days, threshold, buffer if mentioned), the modification right (or note its absence), and the deactivation conditions (or note that the evaluation agreement does not enumerate them).
If a clause in one of the five categories is absent from the evaluation agreement's funded-phase section, note the absence — it does not mean the funded account agreement will not contain that clause, and an absent preview clause often corresponds to a consequential clause in the funded account agreement that the trader had no advance visibility into. See how to read a funded futures evaluation agreement for the reading approach that applies to the evaluation agreement's clause structure — the same approach applies to the funded account agreement, with the funded-phase preview as the comparison baseline.
Open the funded account agreement from the activation email. For each of the five marked clauses from the evaluation agreement's funded-phase section, locate the corresponding clause in the funded account agreement. Write down what each document says, side by side. For the drawdown model, note both the timing mechanism (EOD or intraday) and the floor-lock condition threshold. For the consistency rule, note the cap percentage and the scope definition. For the payout terms, extract all six gate numbers. For the modification right, note the notice period and whether grandfathering is stated. For deactivation conditions, list each named condition and the consequence.
Record the comparison in the trading journal or in a separate document labeled with the funded account number and the date of the comparison. These are the reference numbers and rules for every quantitative and compliance decision in the funded phase. If a dashboard figure and a clause in the funded account agreement later conflict, the comparison document is the first place to check — it contains the operative rule and the original source text that produced each derived input. Do not rely on memory for any of the five categories. The numbers in the funded account agreement are the inputs to the sizing formula, the payout gate calculation, and the deactivation condition checklist — precision matters at each one.
After recording both documents' language for each category, classify each difference as material or non-material. A difference is material if it changes a number that feeds into the sizing formula or the payout gate calculation: DTF, DLL, consistency cap percentage, split rate, minimum trading days, buffer requirement, or deactivation threshold. A difference is non-material if it is a wording variant that does not change any quantitative input — for example, different labeling for the same drawdown model, or different sentence structure describing the same cap percentage.
Material differences require action before trading: recalculate the sizing formula using the funded account agreement's values, update the platform position size limit to reflect the correct contract ceiling, and confirm the payout gate calculation against the funded agreement's six numbers. Non-material differences require no action beyond noting them. If the drawdown model changed from EOD to intraday, recalculate the initial trailing drawdown floor tracking methodology — the floor will advance during the session under the intraday model, which changes when the daily profit stop must be re-evaluated during an open position. If the consistency cap tightened, recalculate the daily profit stop ceiling using the funded agreement's cap percentage rather than the evaluation's funded-phase preview value.
Part 4 of 4 — What to do if the two documents differ
Most differences are non-material or represent the firm's intended funded-phase terms being stated more precisely in the funded account agreement than the evaluation agreement's preview allowed for. A small number of differences represent errors — documentation mistakes that the firm will correct if raised before trading begins. A smaller number still represent a material change to funded-phase terms that was not disclosed in the evaluation agreement's funded-phase preview. Each category requires a different response.
If any of the five categories shows a difference between the evaluation agreement's funded-phase preview and the funded account agreement, contact the firm's support team in writing before placing the first funded trade. The written record matters: it documents the discrepancy, the date it was identified, and the firm's response. Use email or a ticketing system with a timestamp rather than live chat.
The message should be structured as three parts. First, identify the specific clause: "The funded account agreement states that the trailing drawdown model is intraday. The evaluation agreement's funded-phase section described the model as settling daily at the close." Second, state what the evaluation agreement's funded-phase section said: quote the relevant language. Third, ask the firm to confirm which terms apply: "Can you confirm whether the funded account's trailing drawdown floor advances intraday or at EOD settlement?" Most firms will respond within 24 hours. If the response confirms the funded account agreement's terms are correct and different from the preview, proceed with the funded account agreement's values as the operating parameters. If the response indicates the funded account agreement contains a documentation error, ask for a corrected document before placing any trade.
Before proceeding with funded trading — even after the firm confirms the funded account agreement's terms — recalculate every quantitative input that the difference affects. If the DTF or DLL changed, recalculate the contract ceiling (DTF÷10) and the per-trade stop limit (DLL÷4) using the funded account agreement's values. If the consistency cap tightened, recalculate the daily profit stop ceiling using the funded agreement's cap percentage. If the payout terms changed — specifically the buffer requirement or the minimum trading days — update the payout gate calculation to use the funded agreement's six numbers rather than the evaluation agreement's preview values.
If the drawdown model changed from EOD to intraday, the recalibration is more significant: every intraday sizing decision and session-stop protocol must account for the fact that the floor now advances in real time during the session as unrealized gains accumulate. This changes when the daily profit stop must be evaluated during an open position and whether the floor has advanced to or above the starting balance before a session's P&L closes. Recalibrate the full pre-session checklist — not just the contract ceiling — before placing the first session using the intraday model. See how funded futures firm rules actually differ for the operational differences between EOD and intraday trailing drawdown models and what each one requires from the pre-session calculation routine.
After the firm confirms the funded account agreement's terms, the decision to proceed with funded trading is based on those terms — not on what the evaluation agreement's funded-phase section previewed. If the funded account agreement's terms are materially different from what was described in the evaluation agreement's funded-phase section and the difference is not a documentation error, the trader has three options: proceed on the funded account agreement's actual terms, decline the funded account and raise a dispute with the firm about the discrepancy between the preview and the binding agreement, or proceed while documenting the discrepancy formally and noting that the funded account agreement's terms were different from what was represented at purchase.
The firm is not obligated to honor the evaluation agreement's funded-phase preview if the funded account agreement states different terms — unless the evaluation agreement contains an explicit commitment clause binding the firm to the funded-phase preview values. Most evaluation agreements do not contain such a clause. The practical decision is whether the funded account agreement's actual terms still make the funded account viable given the trader's method, instrument, and sizing constraints. If the funded agreement's DTF is lower than the funded-phase preview stated, the contract ceiling is lower. If the consistency cap is tighter, the daily profit stop is more constraining. Decide with the funded agreement's actual numbers in hand, not with the preview. See how to read your funded futures account agreement after passing for the four-section reading framework — drawdown model clause, consistency rule clause, payout gate clause, modification right clause — and the eight derived inputs that drive the pre-session routine from Day 1.
No. The funded-phase section describes what the firm expects to offer at the funded level — an anticipated starting balance, trailing drawdown model, consistency rule terms, and split rate for the evaluation tier. It is a preview, not a binding commitment to those specific parameter values. The document that governs the funded account's actual terms is the funded account agreement, which arrives in the funded account activation email after the firm's post-pass review. If the funded account agreement delivers parameters that differ from the funded-phase preview, the funded account agreement governs. Most evaluation agreements contain language clarifying that funded account terms are subject to the funded account agreement when it is issued.
Drawdown model timing (EOD vs intraday, and floor-lock condition threshold), consistency rule scope and cap (payout-period window vs all-time, and whether the cap percentage tightens at the funded level), payout terms (the six gate numbers in binding detail vs preview language), the firm's modification right (advance notice period before the firm can change funded-phase terms), and account deactivation conditions (dormancy windows, missed fee consequences, and cumulative breach limits that terminate rather than breach). The evaluation agreement's funded-phase section often omits the modification right and deactivation conditions entirely — so their presence in the funded account agreement may be the first time the trader sees those terms.
Open both documents and locate the funded-phase section in the evaluation agreement. For each of the five categories — drawdown model, consistency rule, payout terms, modification right, deactivation conditions — mark the relevant clause in the evaluation agreement and find the corresponding clause in the funded account agreement. Record what each document says, side by side, in the trading journal. Classify each difference as material (changes a quantitative input to the sizing formula or payout gate) or non-material (different wording for the same term). Recalculate every formula that uses a materially changed input before configuring the platform and placing the first trade.
Contact the firm's support team in writing before placing any trade. Identify the specific clause, quote what the evaluation agreement's funded-phase section said, and ask the firm to confirm which terms apply. Most differences are either the firm's intended funded-phase terms stated more precisely in the funded account agreement, or documentation errors the firm will correct. After the firm confirms the terms, recalculate every quantitative input affected by the difference — DTF, DLL, consistency cap, payout gate numbers — using the funded account agreement's values. Decide whether to proceed based on the funded agreement's actual terms, not the preview.
Yes, for the funded phase. The evaluation agreement governs the evaluation period. The funded account agreement governs funded trading from the moment the funded account is provisioned. The evaluation agreement's funded-phase preview is no longer operative — the funded account agreement's terms are. However, keeping both documents is worthwhile for the duration of the funded phase, specifically in case a discrepancy needs to be raised with the firm and the evaluation agreement's funded-phase preview is relevant as a record of what was represented at purchase.
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