Phidias Express to Live (E2L) is a futures funding path that moves from evaluation to a CASH account and then to a LIVE account through a fixed bonus-and-credit mechanism. It is available in $25K, $50K, $100K, and $150K sizes, all using a static drawdown with no minimum trading days, no consistency rule, and no daily loss limit.
This guide is based on Phidias Propfirm’s official rules and terms available on August 25, 2026. Account specifications can change, so confirm the configurator, agreement, and dashboard before trading. For a broader firm assessment, see our Phidias Propfirm review.
Phidias Express to Live Rules at a Glance
| E2L size | Profit target | Static drawdown | Liquidation level | Max evaluation contracts | Bonus | LIVE credit |
|---|---|---|---|---|---|---|
| $25K | $1,500 | $500 | $24,500 | 2 minis / 20 micros | $1,000 | $500 |
| $50K | $2,500 | $650 | $49,350 | 5 / 50 | $2,000 | $1,000 |
| $100K | $3,500 | $800 | $99,200 | 7 / 70 | $3,000 | $1,500 |
| $150K | $4,500 | $1,000 | $149,000 | 9 / 90 | $4,500 | $2,000 |
The official Phidias rules page states that the profit target must first be reached in evaluation and then reached again on the CASH account. The bonus is subject to an 80/20 split, while the listed LIVE credit becomes the loss capital for the converted LIVE account.
How the E2L Path Works
The process has four stages:
- Choose an E2L account size.
- Reach the profit target in the evaluation without crossing the static loss floor.
- Move to the CASH E2L account and reach the same profit target again.
- Click Switch to Live to trigger the fixed bonus and apply the LIVE credit.
This is not the same payout process used by Phidias Fundamental and Premium accounts. E2L uses an automatic bonus system. The normal Fundamental/Premium withdrawal thresholds, payout cycles, and discretionary LIVE review do not apply.
When the CASH target is met, the fixed bonus is credited to the Phidias Wallet, subject to the 80% trader share, and the account converts to LIVE.
Static Drawdown Explained
A static drawdown never trails profitable balances. The liquidation level is calculated as:
Initial capital − static drawdown
For a $25K E2L account:
- Starting capital: $25,000
- Static drawdown: $500
- Liquidation threshold: $24,500
If the account grows to $26,000, the loss floor remains $24,500. It does not move upward with closed or unrealized profit.
This is simpler than an EOD or intraday trailing threshold, but the initial risk cushion is small relative to the notional account size. On $25K, only $500 separates the starting balance from liquidation. On $150K, the cushion is $1,000.
Position size should therefore be based on the static drawdown, not the marketing account balance.
Profit Targets by Size
The E2L targets become smaller percentages as account size rises:
| Size | Target | Target percentage |
|---|---|---|
| $25K | $1,500 | 6% |
| $50K | $2,500 | 5% |
| $100K | $3,500 | 3.5% |
| $150K | $4,500 | 3% |
A lower target percentage does not automatically make the larger account easier. The drawdown-to-target ratio and contract sizing matter more.
For example, the $150K target is $4,500 against only $1,000 of static drawdown. The trader must generate 4.5 times the loss cushion. The $25K target is three times its $500 cushion.
No Minimum Days, Consistency or Daily Loss Limit
Phidias currently states that E2L has:
- No minimum trading days
- No profit consistency rule
- No daily loss limit
- News trading allowed in evaluation, CASH, and LIVE
These rules make a same-session pass mathematically possible. They do not make large risk sensible. With a small static loss cushion, aggressive sizing can liquidate the account before the advantage of no time or consistency restrictions becomes useful.
“No daily loss limit” means there is no separate session cap. The static liquidation threshold remains the hard account boundary at all times.
Contract Limits and Effective Risk
Evaluation and CASH contract limits are:
- 2 E-minis or 20 micros on $25K
- 5 E-minis or 50 micros on $50K
- 7 E-minis or 70 micros on $100K
- 9 E-minis or 90 micros on $150K
The maximum contract allowance can look generous compared with the drawdown. A two-mini position on a $25K account can consume a $500 floor quickly during ordinary index-futures volatility.
A safer calculation is:
Dollar risk per contract × contracts × stop distance
That amount should remain a modest fraction of the available drawdown. Micro contracts allow finer sizing and may be more practical for the smaller E2L loss cushions.
CASH Account Activation
After passing the evaluation, the trader receives a CASH E2L account. The official terms describe a one-time lifetime activation fee for subscription-based purchases:
| E2L size | Listed lifetime activation fee |
|---|---|
| $25K | $83 |
| $50K | $149 |
| $100K | $149 |
| $150K | $169 |
Phidias also offers one-time-payment configurations where the evaluation and CASH account are bundled without a separate activation fee. Pricing configuration can change, so traders should check whether they selected a subscription or one-time option before buying.
The CASH account follows the same static drawdown, target, and general E2L conditions. Reaching the evaluation target does not itself produce the bonus; the same target must be earned again on CASH.
E2L Bonus and LIVE Credit
Each size has a predefined bonus and LIVE credit:
- $25K: $1,000 bonus plus $500 LIVE credit
- $50K: $2,000 bonus plus $1,000 LIVE credit
- $100K: $3,000 bonus plus $1,500 LIVE credit
- $150K: $4,500 bonus plus $2,000 LIVE credit
The bonus is subject to the 80/20 profit split. That means the trader’s share is 80% of the listed bonus, assuming every requirement is satisfied.
The LIVE credit is different from withdrawable money. It establishes the loss capital applied to the new LIVE account. On a $25K conversion, the trader receives $500 in LIVE credit; on a $150K conversion, the credit is $2,000.
The “total reward” figures shown on the rules page combine bonus and LIVE credit, but the two components have different purposes and should not be treated as one cash withdrawal.
What Happens After Clicking Switch to Live?
Once the CASH target is reached, the trader uses the dashboard’s Switch to Live control. Phidias says:
- No separate withdrawal request is required for the fixed E2L bonus.
- The bonus is credited to the Phidias Wallet.
- The LIVE credit is applied to the LIVE account.
- The CASH E2L account converts to LIVE.
- The standard five-payout or $100,000 discretionary threshold does not apply.
This automatic path is unique to E2L. Fundamental and Premium traders only become eligible for a discretionary LIVE review after five successful payouts or $100,000 in cumulative profits, and those thresholds do not guarantee conversion.
E2L bonuses do not count toward the Fundamental/Premium transition thresholds.
LIVE Account Contract Limits
After conversion, the maximum contracts are lower than in evaluation for larger E2L sizes:
| Originating E2L size | LIVE maximum E-mini contracts |
|---|---|
| $25K | 2 |
| $50K | 3 |
| $100K | 4 |
| $150K | 5 |
A $150K evaluation permits nine minis, but the converted LIVE account begins at five. Traders should resize immediately rather than copying a CASH template into LIVE.
The LIVE account uses an extensible static-loss model based on cumulative credits and currently lists CME, CBOT, NYMEX, and COMEX access. The trader share remains 80%, and the official account page describes daily unlimited LIVE payouts, subject to maintaining the required minimum balance.
Multiple E2L Accounts and Cumulative Credit
A trader can validate up to five E2L accounts across all sizes. Each validated account contributes its stated credit to the single LIVE account.
For example:
- One validated $25K E2L adds $500 credit.
- Two validated $25K E2L accounts add $1,000 total credit.
- One validated $100K E2L adds $1,500.
- One validated $150K E2L adds $2,000.
Phidias’ terms state that a user can possess only one LIVE account. Additional successful E2L conversions add the applicable credit rather than creating unlimited separate LIVE accounts.
The five-account cap applies across E2L sizes. Traders should not interpret the maximum as five accounts of each size.
News, Overnight and Weekend Trading
News trading is authorized across E2L evaluation, CASH, and LIVE stages. Phidias still prohibits overnight and over-week holding on E2L.
Premium is the Phidias product designed for overnight and weekend holding, so traders must not carry that feature over to E2L by assumption.
News access also does not protect against slippage. With only $500 to $1,000 of static drawdown, fast releases can move the account to liquidation before a stop fills at the intended price.
Platforms and Market Access
Phidias supports multiple platform and data routes, including DeepCharts with dxFeed, Rithmic-compatible platforms, NinjaTrader, and Tradovate. Availability can depend on the selected account and checkout configuration.
Authorized futures include major stock-index, currency, energy, metals, agriculture, interest-rate, and micro contracts. The rules page publishes instrument-specific commissions and notes special conditions for Treasury-bond strategies.
Traders should confirm:
- Whether their chosen platform supports the desired instrument
- Included top-of-book data
- Any market-depth add-on
- Round-turn commissions
- The correct session close and holiday schedule
Copy Trading and Prohibited Practices
Phidias allows copy trading within its account-limit guidelines and permits third-party copying software, but identical strategies that exceed authorized capital can lead to suspension. The trader remains responsible for copier failures and contract-limit breaches.
The rules also prohibit practices that cannot be replicated under real market conditions, including certain one-tick Treasury arbitrage. Broader restrictions cover gambling behavior, manipulation, and intentional or repetitive conduct that conflicts with the firm’s risk framework.
A strategy used in evaluation should be capable of operating under live execution and narrower LIVE contract limits.
A Practical E2L Risk Plan
A conservative process could be:
- Treat static drawdown as the real account size.
- Use micros to keep risk per trade small.
- Set a personal session stop despite the absence of a firm daily limit.
- Do not size for a one-session pass.
- Recalculate risk when moving from evaluation to CASH.
- Repeat the target without assuming evaluation profit carries forward.
- Before Switch to Live, separate the cash bonus from LIVE credit.
- Reduce contracts to the LIVE-stage allowance.
- Close positions before the overnight deadline.
- Verify how additional E2L validations affect the single LIVE account.
Who Is Express to Live Best For?
E2L may suit disciplined intraday futures traders who prefer a fixed loss floor, want no minimum-day or consistency requirement, and value a defined route to real brokerage capital.
It may be less suitable for swing traders because overnight and weekend holding are not permitted. It is also unforgiving for traders who interpret the large headline balance as usable risk. The $25K plan begins with only $500 of actual drawdown, while the $150K plan has $1,000.
Final Verdict
Phidias Express to Live is best understood as a two-target process: pass the evaluation, then earn the target again on CASH. After that, the fixed bonus and LIVE credit are applied through the Switch to Live mechanism.
Its strongest structural features are the non-trailing static drawdown, zero minimum days, no consistency rule, no separate daily loss limit, and automatic E2L conversion. Its main practical challenge is the tight drawdown relative to the profit target and contract allowance. Traders who size from the loss cushion—not the advertised balance—can evaluate the product more realistically.