The short answer
Upcomers currently offers six Perpetuals programs: Thunderbolt Classic (one-step), Phoenix Classic (two-step), Vanguard and Oracle (instant funding), Horizon (one-step), and Odyssey (two-step). The table covers the five established programs; Oracle’s rules are summarized below.
Daily drawdown resets at 00:00 UTC. Each program also has a maximum drawdown floor and a funded Max Trade Loss rule. Thunderbolt Classic, Phoenix Classic, Vanguard and Oracle use a 20% Best Day limit at payout. Horizon and Odyssey have no Best Day Rule.
Master comparison
| Thunderbolt Classic | Phoenix Classic | Vanguard Classic | Horizon | Odyssey |
Structure | 1 challenge phase, then funded | 2 challenge phases, then funded | Instant funding | 1 challenge phase, then funded | 2 challenge phases, then funded |
Profit target | 5% | 4% then 4% | None | 9% | 6% then 6% |
Daily drawdown | 3% | 4% | 4% | 3% | 4% |
Maximum drawdown | 6% trailing | 6% fixed | 8% trailing (7% on accounts purchased before November 2, 2026) | 6% trailing | 6% trailing |
Max single trade loss (funded) | 3% | 3% | 2% | 1.5% | 2% |
Minimum trading days before payout | None | None | 5 (each ≥0.5% profit); 6 on accounts purchased before October 26, 2026 | 3 to 5 by account size (each ≥0.5% profit) | 3 or 4 by account size (each ≥0.5% profit) |
Best Day Rule | 20% | 20% | 20% | None | None |
Account sizes | $5,000 to $400,000 | $10,000 to $400,000 | $2,000 to $400,000 | $5,000 to $400,000 | $5,000 to $400,000 |
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Thunderbolt Classic, Phoenix Classic and Vanguard Classic are available in USD, EUR and GBP.
Thunderbolt Classic
One challenge phase and then a funded account. Reach a 5% profit target without breaking the drawdown rules and the account converts.
Daily drawdown 3%, measured from your starting equity or balance at 00:00 UTC, whichever is higher. A hard breach.
Trailing maximum drawdown 6% (Dynamic Risk Shield™). The floor follows your equity higher and never moves back down, and it locks once it reaches your starting balance. A hard breach.
Max single trade loss 3% on the funded account. A hard breach.
Best Day Rule 20% at payout. A soft rule that gates the withdrawal, never the account.
Phoenix Classic
Two challenge phases, each with a 4% profit target, then a funded account. Phoenix is the only perpetuals program with a fixed maximum drawdown rather than a trailing one, so your floor never moves at all.
Daily drawdown 4%, reset at 00:00 UTC. A hard breach.
Maximum drawdown 6%, fixed below your starting balance. It does not trail your equity up, which means profit you make is never used to raise the floor. A hard breach.
Max single trade loss 3% on the funded account. A hard breach.
Best Day Rule 20% at payout.
Vanguard Classic (instant funding)
No challenge. You start on a funded account from day one, with the widest maximum drawdown of all Perpetuals programs.
Daily drawdown 4%, reset at 00:00 UTC. A hard breach.
Trailing maximum drawdown 8% (7% on accounts purchased before November 2, 2026). A hard breach.
Max single trade loss 2%. A hard breach.
Minimum 5 qualifying trading days for a payout request (6 on accounts purchased before October 26, 2026). A qualifying day earns at least 0.5% of initial balance.
Best Day Rule 20% at payout.
Oracle (instant funding)
Oracle is currently available from $5K to $400K. It has a 4% daily drawdown, 5% trailing drawdown, 2% funded Max Trade Loss and 20% Best Day limit. Each payout requires 5 qualifying days with at least 0.5% profit per day, plus the standard payout conditions. Split options are shown at checkout.
Horizon (one-step, no consistency rule)
One challenge phase with a 9% profit target, then a funded account. Horizon has no consistency rule and no Best Day Rule, in the challenge or on the funded account.
Daily drawdown 3%, reset at 00:00 UTC. A hard breach.
Trailing maximum drawdown 6% (Dynamic Risk Shield™). It locks once it reaches your starting balance. A hard breach.
Max single trade loss 1.5% on the funded account. A hard breach.
Minimum trading days: 2 to pass the challenge. On the funded account, 3 days up to $50,000, 4 days above $50,000 and below $200,000, and 5 days from $200,000. Each day needs at least 0.5% profit.
Payouts every 14 days, with at least 3% profit in the current payout segment, measured against its starting balance. Fixed 80% profit split.
Full rules: 1-step Horizon Challenge (Perpetuals).
Odyssey (two-step, no consistency rule)
Two challenge phases, each with a 6% profit target, then a funded account. Odyssey has no consistency rule and no Best Day Rule, in either phase or on the funded account.
Daily drawdown 4%, reset at 00:00 UTC. A hard breach.
Trailing maximum drawdown 6% (Dynamic Risk Shield™). It locks once it reaches your starting balance. A hard breach.
Max single trade loss 2% on the funded account. A hard breach.
Minimum trading days: phase 1 requires 2 days. Phase 2 requires 2 days below $100K and 4 days from $100K. Funded accounts require 3 days below $100K and 4 days from $100K. Each qualifying day earns at least 0.5% of initial balance.
Payouts every 14 days, with at least 3% profit in the current payout segment, measured against its starting balance. Fixed 80% profit split.
Full rules: 2-step Odyssey Challenge (Perpetuals).
What counts as a day on a market that never closes
This is the question perpetuals raises that no other Upcomers product does, so it is worth stating plainly. Perpetuals markets have no daily close, but your account still runs on a daily clock:
The day boundary is 00:00 UTC. At that moment the system records your starting equity or balance, whichever is higher, and your daily drawdown level for the next 24 hours is calculated from it.
A trading day is a day on which you closed at least one trade, measured on the 00:00 UTC boundary. This is the unit the Best Day Rule uses on Thunderbolt Classic, Phoenix Classic and Vanguard Classic.
Vanguard's five-day minimum adds a further condition. Each of the five days that count toward the minimum must also close with at least 0.5% profit. A day with closed trades but below the 0.5% threshold counts for the Best Day Rule but does not count toward the five-day minimum. Both the day count and the 0.5% condition reset after each payout. Vanguard accounts purchased before October 26, 2026 keep the six-day minimum.
Positions held across the boundary are not closed or reset. Only the level that would breach you is recalculated. A trade opened on Saturday and closed on Monday is perfectly normal here.
See Markets never close: trading 24/7 for what this means in practice.
Funding and fees count
Funding payments and trading fees both move your balance, and therefore your equity. They count toward your daily drawdown, toward your maximum drawdown, and toward your profit target and payout in exactly the same way a winning or losing trade does. See Funding rates, explained and Fees and how your order fills.
Inactivity
The standard Upcomers inactivity period of 35 consecutive days applies. Close a single trade within each 35-day window and the timer resets. See What's the period of inactivity?.
Payout eligibility
Before requesting a payout on any Perpetuals account, all of the following must be met:
At least 1% profit in the current payout segment (3% on Horizon and Odyssey), measured against the segment-start balance. Only eligible realized profit counts. The segment restarts after a payout.
All positions closed. No open trades at the time of the request.
Drawdown compliance. Your account must not have breached any drawdown limit.
KYC verification and Upcomers Traders Agreement signed. One-time requirements before your first payout on any account.
Minimum account-profit request: $50 before the account’s assigned profit split. Delivery from the payout balance is a separate step with a $45 minimum and method-specific fees.
Thunderbolt Classic, Phoenix Classic, Vanguard and Oracle must also meet their 20% Best Day limit. Vanguard and Oracle require qualifying trading days. Horizon and Odyssey have no Best Day Rule, but require their qualifying days and 14-day payout interval. (This 14-day interval applies to Perpetuals and CFD. Horizon Futures pays on demand once its payout conditions are met.)
Instant funding programs have one further requirement: a minimum of 5 trading days before each payout (6 on Vanguard accounts purchased before October 26, 2026), and each qualifying day must close with at least 0.5% profit. Days with trades but below the 0.5% threshold do not count toward the minimum. Both the day count and the 0.5% condition reset after each payout.
Profit above a payout cap remains on the account. The next request must still satisfy the new payout segment’s profit requirement and all other conditions.
Payout caps
Perpetuals use the applicable progressive payout-cap schedule. Under the standard ladder, payouts 1–7 are capped and payout 8 onward is uncapped. The minimum request is $50. Program-specific conditions still apply.
The cap that applies depends on your account size. See Payout Structure (CFD) for the full table. The account sizes available on Perpetuals are $2,000–$400,000 for Vanguard, $5,000–$400,000 for Thunderbolt Classic, $10,000–$400,000 for Phoenix Classic, and $5,000–$400,000 for Horizon and Odyssey. Only those rows in the table apply to Perpetuals accounts.
These accounts are simulated
Every Upcomers Perpetuals account, challenge and funded alike, is simulated: you trade a simulated balance against real live Hyperliquid prices, and no order is sent to the exchange under your name. The payout is real money. See What are Upcomers Perpetuals?.
General Rules Notice
The prohibited-strategies policy and rules restricting gambling also apply.
Where to go next
Read Leverage and margin on perpetuals for how to size against your drawdown floor, Best Day Rule - The Complete Guide for the payout gate, and What are Upcomers Perpetuals? for the product overview, and Payout Structure (CFD) for the progressive cap amounts by account size.