Orion Funded Introduces 'Pay-After-Passing' Nova Program

What happened

Orion Funded, a newer entrant in the proprietary trading firm space, has announced the launch of its "Nova" program, a new evaluation model featuring a 'Pay-After-Passing' fee structure. According to the firm's announcement, traders can now attempt the evaluation challenge without paying an upfront fee. Payment is only required after a trader has successfully met all the challenge objectives.

The program maintains an 80% profit split for funded traders and includes a 5% maximum drawdown rule on funded accounts. By deferring the cost, Orion Funded aims to attract traders who may be skilled but hesitant to pay the upfront fees that are standard across the industry.

Why it matters for traders

The most significant advantage for traders is the removal of the initial financial barrier. This 'try-before-you-buy' approach allows traders to prove their profitability without risking capital on an evaluation fee, which can range from under a hundred to over a thousand dollars at other firms. It democratizes access, making a trader's skill, rather than their starting capital, the primary qualifier.

However, traders should remain vigilant. It's crucial to examine the fee that is due after passing. Is it higher than a standard upfront fee to compensate the firm for the risk of offering free trials? Does the program come with stricter rules or a more difficult trading environment compared to their standard accounts? These are key questions traders should ask when considering this new model. For guidance on assessing firm rules, see our resources in the /education section.

How it compares to competing firms

Orion's new model presents a stark contrast to the industry-standard upfront evaluation fee model used by giants like FTMO and The 5%ers. These firms require traders to pay before starting a challenge. The pay-after-passing structure is a direct challenge to this long-standing business model.

It also differs from the 'Instant Funding' model offered by firms such as Instant Funding and BluFX, where traders pay a monthly fee for a live account with no evaluation phase. Orion's Nova program is a hybrid, maintaining the evaluation structure but altering the payment timing. It is more akin to programs from firms like Apex Trader Funding and Topstep, but with the key difference of when the fee is collected. A full side-by-side view of these models can be found on our /compare page.

What to watch next

The success of the Nova program will be a key development to monitor. Will this model lead to higher-quality funded traders, or will it attract a high volume of unserious applicants? The pass rates, the average time to payout, and the long-term profitability of traders who come through this program will be telling.

If the model proves sustainable for Orion Funded and popular with traders, it could exert significant pressure on other evaluation-based firms to offer similar payment deferral options or risk losing market share to more accessible competitors. The industry will be watching to see if this is a gimmick or the beginning of a genuine shift in how prop firms acquire trading talent. Traders can browse a full list of firms on our /directory page.