Institutional Prop Trading Firms

The complete directory of 71+ traditional proprietary trading firms that hire traders directly. No challenge fees — these firms provide capital, technology, and training to professional traders.

71 Firms Listed 4 Major Cities Updated 2026-03-15

Institutional vs Retail Prop Firms

Institutional (This Page)

  • Hire traders as employees/contractors
  • No evaluation fees — firm pays you
  • Base salary + performance bonuses
  • Institutional-grade technology and data
  • Highly competitive hiring (top universities, quant skills)
  • Focus: Market making, HFT, quant strategies

Retail / Challenge-Based

  • Open to anyone who can pass a trading challenge
  • Pay an evaluation fee ($50-$500+)
  • Keep 70-100% of profits
  • Trade from anywhere (remote)
  • Lower barrier to entry
  • Focus: Day trading, swing trading, forex, futures
Chicago (30) New York (25) Austin (8) Miami (8)

Prop Trading Firms in Chicago, IL

Chicago is the global capital of futures and options trading, home to the CME Group and CBOE. Most Chicago prop firms specialize in derivatives, market making, and quantitative strategies.

Firm Markets Style Careers
Jump Trading
futuresoptionscrypto
Quantitative/HFT Apply
Citadel Securities
equitiesoptionsfutures
Market Making/Quant Apply
DRW Trading
futuresoptionscrypto
Quantitative/Discretionary Apply
Optiver
optionsETFsfutures
Market Making Apply
IMC Trading
optionsETFsbonds
Market Making Apply
Akuna Capital
optionscryptofutures
Market Making/Quant Apply
Belvedere Trading
optionsfutures
Market Making Apply
Wolverine Trading
optionsequitiesfutures
Market Making/Arbitrage Apply
Peak6
optionsequities
Options Trading/Tech Apply
Geneva Trading
futuresoptions
Proprietary Apply
Group One Trading
optionsequities
Market Making Apply
Hard Eight Trading
futuresoptions
Quantitative —
Infinium Capital Management
futuresoptionsequities
Market Making/Quant —
Ronin Capital
optionsfuturesequities
Market Making —
Spot Trading
optionsequities
Market Making —
Teza Technologies
equitiesfutures
Quantitative/HFT Apply
Trading Technologies
futures
Technology/Trading Apply
Allston Trading
equitiesfuturesoptions
HFT/Quant Apply
Old Mission Capital
equitiesoptionsETFs
Market Making/Quant Apply
Tradebot Systems
equities
HFT —
Houndstooth Capital
optionsfutures
Proprietary —
Consolidated Trading
optionsfutures
Market Making Apply
XR Trading
equitiesfuturesoptions
Quantitative/HFT Apply
Gelber Group
futuresoptionsenergy
Proprietary Apply
CTC Trading Group
optionsfutures
Market Making —
Eclipse Trading
optionsequities
Market Making —
TransMarket Group
futuresoptionsequities
Multi-strategy Apply
Kershner Trading Group
equitiesoptions
Proprietary Apply
Cutler Group
optionsequities
Proprietary Apply
Chopper Trading
equitiesoptions
Proprietary/HFT —

Prop Trading Firms in New York, NY

New York is the center of US equity markets, home to the NYSE and NASDAQ. NYC prop firms tend to focus on equities, fixed income, and multi-strategy approaches.

Firm Markets Style Careers
Jane Street
ETFsoptionsbonds +1
Quantitative/Market Making Apply
Two Sigma
equitiesfuturesmacro
Quantitative/Systematic Apply
D.E. Shaw
equitiesmacrosystematic
Quantitative/Multi-strategy Apply
Tower Research Capital
equitiesfuturesoptions
HFT/Quant Apply
Hudson River Trading
equitiesfutures
HFT/Quant Apply
Virtu Financial
equitiesoptionsfixed income +1
Market Making/HFT Apply
Susquehanna International Group (SIG)
optionsequitiesETFs
Options/Market Making Apply
SMB Capital
equitiesoptions
Discretionary/Training Apply
T3 Trading Group
equitiesoptions
Proprietary Apply
Bright Trading
equities
Proprietary Apply
Trillium Trading
equities
Discretionary —
Schonfeld Strategic Advisors
equitiesmacroquant
Multi-strategy Apply
Millennium Management
equitiesfixed incomemacro
Multi-strategy Apply
Point72
equitiesmacrosystematic
Multi-strategy Apply
WorldQuant
equitiesfutures
Quantitative Apply
XTX Markets
FXequitiesfutures
Quantitative/Market Making Apply
Flow Traders
ETFsbondscrypto
Market Making Apply
Chimera Securities
equitiesoptions
Proprietary —
Kershner Trading Group
equitiesoptions
Proprietary Apply
GTS
equitiesoptionsFX
Market Making/HFT Apply
Maven Securities
optionsequitiesfutures
Market Making Apply
Cutler Group
optionsequities
Proprietary Apply
DV Trading
optionsfuturesequities
Market Making Apply
Five Rings Capital
equitiesoptionsfutures
Quantitative Apply
Headlands Technologies
equitiesfutures
Quantitative/HFT Apply

Prop Trading Firms in Austin, TX

Austin has become a growing hub for proprietary trading, especially after several Chicago firms opened Texas offices. The city attracts firms with no state income tax and lower cost of living.

Firm Markets Style Careers
Kershner Trading Group
equitiesoptions
Proprietary Apply
Simplex Trading
optionsequities
Market Making Apply
Tourbillon Capital
equities
Fundamental —
Spark Trading
futuresoptions
Proprietary —
Maverick Trading
equitiesoptions
Proprietary/Remote Apply
WH Trading
futuresoptions
Market Making —
True Trading Group
equitiesoptions
Education/Proprietary Apply
TopstepTrader (Corporate)
futures
Challenge-based Apply

Prop Trading Firms in Miami, FL

Miami is emerging as a fintech and trading hub, attracting firms with its business-friendly tax environment, international connectivity, and growing tech talent pool.

Firm Markets Style Careers
Citadel (Miami HQ)
equitiesoptionsfutures +1
Multi-strategy Apply
Point72 (Miami)
equitiesmacro
Multi-strategy Apply
Millennium (Miami)
equitiesfixed income
Multi-strategy Apply
DV Trading (Miami)
optionsfutures
Market Making Apply
Cowen (TD Cowen)
equitiesmacro
Multi-strategy —
Graham Capital Management
macrosystematic
Systematic/Macro —
Balyasny Asset Management
equitiesmacro
Multi-strategy Apply
Pinpoint Asset Management
equities
Long/Short Equity —

How to Get Hired at a Prop Trading Firm

1

Build Quantitative Skills

Most institutional prop firms require strong math, statistics, or computer science backgrounds. Study probability, stochastic calculus, and programming (Python, C++). Top firms recruit from MIT, CMU, Princeton, and similar programs.

2

Practice Trading Games and Puzzles

Firms like Jane Street, Optiver, and SIG use trading simulations, mental math tests, and probability puzzles in interviews. Practice with resources like brainstellar.com and Green Book probability questions.

3

Apply to Internships Early

Most top firms recruit interns 6-12 months in advance. Summer internships are the primary pipeline for full-time hires. Apply by September for the following summer.

4

Network and Get Referrals

Attend university career fairs, trading competitions, and industry events. LinkedIn connections to current traders can help get your resume noticed.

5

Consider Smaller Firms First

If you can't get into Jane Street or Citadel directly, smaller prop firms like Belvedere, Geneva Trading, or Cutler Group have less competitive hiring and can be excellent stepping stones.

Prop Trading Salary Ranges (2026)

Role Base Salary Total Compensation
Junior Trader (0-2 years) $100,000 - $150,000 $150,000 - $400,000
Mid-Level Trader (3-5 years) $150,000 - $250,000 $300,000 - $1,000,000
Senior Trader (5-10 years) $200,000 - $400,000 $500,000 - $5,000,000+
Quant Researcher $150,000 - $300,000 $300,000 - $1,500,000
Quant Developer $150,000 - $300,000 $250,000 - $800,000

Total compensation at top firms (Jane Street, Citadel, Jump) can significantly exceed these ranges. Bonuses are typically 50-200% of base salary and depend on individual and firm P&L.

Frequently Asked Questions

What is an institutional prop trading firm?
An institutional proprietary trading firm trades the firm's own capital using professional traders. Unlike retail prop firms that charge evaluation fees, institutional firms hire traders as employees or contractors, provide training, capital, and technology. Compensation includes base salary plus profit-sharing bonuses.
How do I get hired at a prop trading firm?
Most institutional prop firms recruit from top universities with strong math, statistics, or CS programs. The hiring process typically involves mental math tests, probability puzzles, trading simulations, and technical interviews. Summer internships are the primary pipeline — apply 6-12 months in advance. Smaller firms like Belvedere, Geneva Trading, or Cutler Group have less competitive hiring and can be excellent stepping stones.
How much do prop traders make?
Junior prop traders (0-2 years) typically earn $150K-$400K total compensation. Mid-level traders (3-5 years) can earn $300K-$1M+. Senior traders at top firms like Jane Street or Citadel can earn several million dollars annually. Compensation is heavily performance-based with bonuses typically 50-200% of base salary.
What is the difference between institutional and retail prop firms?
Institutional prop firms hire traders as employees, provide capital and technology, and pay salaries plus bonuses. Retail (challenge-based) prop firms require traders to pay an evaluation fee, pass a trading challenge, and then trade the firm's capital for a profit split (typically 70-100%). Institutional firms are harder to get into but offer higher earning potential and career stability.
Which city is best for prop trading careers?
Chicago has the most prop trading firms, especially for futures and options. New York leads for equities and multi-strategy firms. Austin is growing due to tax advantages and lower cost of living. Miami is the newest hub after Citadel relocated its headquarters there in 2022. Each city has distinct strengths depending on your trading interests.

Looking for Challenge-Based Prop Firms?

If you don't have a quant background, retail prop firms let you prove your skills through a trading challenge and trade funded accounts with profit splits up to 100%.

Compare All Retail Prop Firms