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Level 1 vs Level 2 Market Data at a Futures Prop Firm

The market-data subscription is a separate cost to check before buying an evaluation.

By helloweekends Editors · Sources checked October 20, 2026

Level 1 vs Level 2 market data describes how much of the quoted market a feed shows. Top-of-book data supplies the best bid and ask; depth data shows additional price levels. At a prop firm, confirm the feed, program, billing date, and cancellation terms together. A platform login or an evaluation purchase does not by itself explain every data entitlement.

What the two labels mean

Data view What the reader can inspect Question to ask
Level 1, top of book Best bid and best ask Is real-time top-of-book access included?
Level 2, depth of market Additional quoted bid and ask levels How many levels does this product supply?

Topstep’s market-data guide describes its Level 2 view as five to ten best bids and asks and associates it with DOM or Matrix trading. That description belongs to the cited product. Do not assume an identical depth, exchange entitlement, or price from another provider using the same label.

Treat depth as information displayed by the feed, not a promise that a future trade will fill at a particular price. Decide whether a tool needs depth by reading its data requirements, rather than buying an upgrade because its name sounds more complete.

A dated Topstep billing example

For Trading Combine and Express Funded Accounts, Topstep’s official guide lists included Level 1 access and an optional Level 2 upgrade at $38/month. It says the upgrade is charged immediately, renews on the 28th, is not prorated, and is nonrefundable after processing.

Cancellation takes effect immediately. The guide tells users to cancel by the 27th to avoid the next charge. An active subscription covers Trading Combines under the same username.

Source checked October 20, 2026: Topstep — Level 1 and Level 2 market data. The XFA parameters also distinguish included Level 1 from the optional depth upgrade.

Keep the cost ledger separate

Write down the evaluation charge, reset charge, activation charge, platform charge, and optional data charge in separate rows. Some rows may be included or inapplicable for your program. Record that explicitly from the current terms.

As a simple budgeting example, buying an add-on late in its billing cycle can create a short first access period when the provider does not prorate it. Check the next charge date before confirming, not only the headline monthly price. This is a billing observation, not a suggestion about when to trade.

The evaluation cost calculator helps compare evaluation scenarios. Check its assumptions against the add-ons on your own account rather than treating a calculated total as an invoice.

Questions

Is Level 2 required to enter an order? Read the platform’s requirements. Topstep describes chart trading with Level 1 and DOM/Matrix use with Level 2; an upgrade is not a universal requirement for every interface.

Does “funded” mean every data feed is included? No. A program’s account status and optional data entitlements are separate facts to verify.

Does canceling an evaluation cancel a data add-on? Check each subscription’s billing entry. Do not infer one cancellation from another product’s status.

Is a monthly upgrade always prorated? No. The cited Topstep terms explicitly say its Level 2 upgrade is not prorated.

See also

Sources

Checked October 20, 2026. This page explains data and billing terms, not trading performance. General information, not investment advice.