The closing quarterly of 2024 — deposits, payouts, refund ratios, and the structural shifts that set up 2025's regulatory year.
2024 closed with industry deposits up 41% year-over-year, the strongest annual print on record.
Q4 2024 capped a year that reshaped the prop trading firm sector. Aggregate deposits across the top 50 tracked operators rose 41% versus 2023, while refund ratios held steady near 4.3% — evidence that the operator base has internalized the 2023 design lessons.
The quarter also marked the first time crypto-native operators captured more than 5% of new funded accounts, a threshold that signals durable rather than experimental adoption.
Key Report Takeaways
- Industry deposits up 41% YoY in 2024 — record annual growth.
- Refund ratios stable at 4.3% — design discipline holding.
- Crypto-native operators cross 5% share threshold of new funded accounts.
- Compliance spend ticks up ahead of expected 2025 rule-making.
- Executive summary
- Industry landscape
- Operator benchmarks
- Capital flows
- Regional roundup
- Crypto-native breakout
- Compliance spend trends
- 2025 outlook
Setting up 2025
The closing quarter of 2024 is best read as a setup for 2025. Operators with the strongest unit economics are reinvesting in compliance and platform tech; sub-scale operators are increasingly acquisition targets.
Continue reading the full report.
Full charts, operator-level data tables, and the underlying dataset are available to CobraSight members.
