Goat Funded Trader 2-Step GOAT Account: 8/6 Targets, 4/10 Drawdown, $5K-$200K (2026)

The 2-Step GOAT is the account that put Goat Funded Trader on the map. As of 2026, it is the most-cited model in review coverage across the GFT lineup, and the starting point for most traders evaluating the firm. Two phases, no time limit, a static drawdown structure, six account sizes from $5,000 to $200,000, and an $22 entry at the smallest size. That combination sits close to industry-standard prop challenge norms while keeping the Phase 1 target (8%) lower than many competing 2-step programs. This article covers everything: the phase mechanics, the drawdown math, the pricing across all six sizes, the funded-phase rules that actually determine realized payout, and the trader profiles that fit and don't fit this model.

For the full GFT account lineup comparison, see the Goat Funded Trader account types pillar. For the complete rules reference covering all GFT trading rules, see the rules overview. For the main firm review, see the Goat Funded Trader review.

<div style="background:#f9f9f9;border-left:4px solid #2563eb;padding:18px 22px;margin:24px 0;border-radius:6px;"> <div style="display:flex;align-items:center;gap:14px;margin-bottom:10px;"> <img src="https://cdn.proptradingvibes.com/paul-headshot.jpg" alt="Paul Proptradingvibes" style="width:56px;height:56px;border-radius:50%;object-fit:cover;"> <div><strong>Paul · Proptradingvibes</strong><br><span style="font-size:13px;color:#555;">Research-based · Paul has not personally tested Goat Funded Trader</span></div> </div> <p style="margin:8px 0 0 0;font-size:14px;line-height:1.6;color:#333;"> Goat Funded Trader is a forex/crypto prop firm Paul has not personally evaluated; this article is research-based using GFT's official help center, propfirmmatch, FPA threads, and 25+ third-party reviews cross-referenced 2026-05-07. For the full live-facts ground truth see the <a href="/blog/goat-funded-trader-account-types" style="color:#2563eb;">cluster pillar</a>, the <a href="/prop-firms/goat-funded-trader" style="color:#2563eb;">main Goat Funded Trader review</a>, the <a href="https://checkout.goatfundedtrader.com/aff/vibes/" target="_blank" rel="sponsored nofollow noopener" style="color:#2563eb;">VIBES checkout (code GFT35)</a>, and the <a href="https://help.goatfundedtrader.com" target="_blank" rel="noopener" style="color:#2563eb;">Goat help center</a>. </p> </div>

2-Step GOAT at a glance

The table below captures all the numbers that drive a purchase decision on the 2-Step GOAT. Data sourced from GFT's official help center articles cross-referenced against bestpropfirms.com, thetrustedprop.com, and tradingfinder.com (2026).

Fees per bestpropfirms.com 2026 [VERIFIED 1-source]. Phase 1 targets and drawdown floors are calculated from the verified parameter values.

Phase 1, the 8% target

Phase 1 is the entry gate. An 8% profit target on the account's starting balance with no time limit. A $100K account requires $8,000 net profit to complete the phase. A $25K account requires $2,000. The 4% daily drawdown and 10% maximum static drawdown both apply throughout Phase 1.

The strategic question on Phase 1 is risk-per-trade calibration. A trader running 1% per-trade risk on a $100K account needs 8 risk-multiples of profit to hit the target, assuming consistent execution. That is achievable in 4-6 weeks for a disciplined trader at 1-2 trades per day. A trader running 0.5% per-trade risk needs 16 R-multiples, which is a slower pace but leaves the daily drawdown budget ($4,000) almost entirely intact after a losing streak of 7 consecutive trades.

The 4% daily drawdown limit is the binding intraday constraint on Phase 1. A trader running 4 positions simultaneously at 1% each can theoretically lose the entire day's drawdown budget in one session. Most 2-Step GOAT traders cited in 2026 reviews run per-trade risk of 0.5%-1%, which allows 4-8 losing trades in a day before the daily floor is breached.

One practical advantage of the 8% Phase 1 target over the 10% target on the 2-Step Standard account: a trader running a 40-60 day pace has meaningfully more calendar buffer to adjust strategy if the first 3-4 weeks are slow. The no-time-limit structure amplifies this: a trader 5% into Phase 1 after 45 days is not in breach, they simply continue trading. Competitor programs with fixed windows create calendar pressure that can distort risk discipline.

After hitting the 8% target, Phase 1 closes and Phase 2 opens automatically per GFT's platform. GFT resets the daily profit and loss tracking for Phase 2 but the maximum drawdown continues calculating from the original Phase 1 starting balance. The 10% floor does not reset to the Phase 2 starting balance. Traders who entered Phase 2 with a Phase 1 gain of 9% on a $100K account now have $109,000 in equity but the maximum drawdown floor remains at $90,000 (10% below the original $100K). The Phase 2 profit target is 6% of the Phase 1 starting balance, which is $6,000 on a $100K account.

Phase 2, the 6% target

Phase 2 is the confirmation gate. The target drops from 8% to 6%, which is the structural rationale for the 2-step design: Phase 1 tests strategy profitability at a higher threshold, Phase 2 confirms the trader is not simply on a hot streak. The same 4% daily drawdown limit and 10% maximum static drawdown apply, with the floor calculated from the original Phase 1 starting balance as described above.

The practical difference in difficulty between Phase 1 and Phase 2 is smaller than the percentage gap suggests, because a trader entering Phase 2 with a Phase 1 gain already carries built-up equity above the maximum drawdown floor. A $100K trader who cleared Phase 1 at exactly 8% ($108,000 ending equity) enters Phase 2 needing $6,000 more profit while carrying $18,000 of margin above the $90,000 drawdown floor. The maximum drawdown risk at Phase 2 entry is genuinely lower than at Phase 1 entry in absolute dollar terms.

Phase 2 has no time limit. Traders who complete Phase 1 quickly and aggressively can decelerate in Phase 2, letting profitable positions run with tighter position sizing to protect the Phase 1 gains while incrementally building toward the 6% target. This is a common strategy in 2026 review coverage: front-load Phase 1 with a higher risk pace, then lock in Phase 2 with a conservative pace.

For comparison: the 2-Step Pro account drops Phase 2 to 4%, which makes Phase 2 even easier, but the tradeoff is a tighter 8% maximum drawdown ceiling that applies from Phase 1. The 2-Step GOAT's 10% maximum drawdown is 200 basis points more forgiving than Pro's 8% throughout both phases.

The 4% daily / 10% max static drawdown

The drawdown structure is one of the 2-Step GOAT's strongest selling points. Static drawdown means the maximum drawdown floor is anchored to the initial account balance and never moves up with equity gains, unlike the trailing drawdown on GFT's Instant accounts and the Pay Later model.

How static drawdown works in practice. A $100K 2-Step GOAT trader has a fixed maximum drawdown floor of $90,000 from day one through the end of the funded account's life. If equity grows to $115,000 during Phase 1, the floor remains $90,000. There is no trailing mechanism that would ratchet the floor up to $104,100 (10% below the $115K high-water mark). This is materially different from GFT's Instant GOAT, where a 6% trailing maximum drawdown moves upward with every equity peak. Per tradingfinder.com rules documentation [VERIFIED 1-source], the 2-Step GOAT drawdown is confirmed static.

Daily drawdown math. The 4% daily drawdown resets at 5 PM EST each trading day. On a $100K account, the maximum intraday loss is $4,000. On a $25K account, it is $1,000. The daily floor is calculated on the account starting balance, not on current equity. A trader who built $115,000 in equity on a $100K account still has a daily drawdown floor of $96,000 (4% below the $100K starting balance), not $110,400 (4% below the current $115K equity). The daily rule is generous relative to trailing-daily models.

Why static drawdown changes strategy. A trader running a mean-reversion approach that enters positions against momentum and holds through a drawdown excursion before closing in profit benefits significantly from the 10% static maximum drawdown. On a $100K account, the strategy can absorb $10,000 in unrealized drawdown at any moment without breaching the maximum drawdown. The Goat Guard 2% floating-loss closure rule on funded accounts (see funded-phase section below) is a separate constraint that operates differently: it closes the account on open floating loss, not on realized loss. Strategy selection must account for both rules simultaneously.

Contrast this with the trailing drawdown on the Instant GOAT account: a $100K Instant GOAT trader who reaches $112,000 in equity now has a trailing maximum drawdown floor of $105,280 (6% below $112K). The mean-reversion strategy that would comfortably hold a $7,000 open drawdown on 2-Step GOAT could trigger a breach on Instant GOAT after a good week of trading. The static vs trailing distinction is one of the most practically significant differences across the GFT lineup.

Pricing across 6 sizes ($5K-$200K)

The 2-Step GOAT is one of the most affordably priced challenge models in the forex prop space at the entry tier. Per bestpropfirms.com 2026 [VERIFIED 1-source]:

The fee-as-percentage-of-account ratio compresses as account size scales, which is standard for challenge programs. The $5K tier at $22 is the lowest-risk entry point, though the first-payout cap of 6% ($300 on a $5K funded account) means the economics of small accounts are constrained by the cap structure. A trader who passes the $5K 2-Step GOAT and generates $1,000 in funded profits on the first payout cycle receives $300 (6% cap), not $800 (80% split on $1,000). The $22 fee is partially recovered by the challenge fee refund after the first successful payout per GFT's documented policy [VERIFIED 2-source: multiple reviews].

Active promo codes as of May 2026 per the live GFT checkout and homepage: FIRSTGFT for 50% off new customer accounts, BOGO40 for 40% off plus a buy-one-get-one second challenge. The VIBES affiliate checkout applies a promotional rate at the time of writing; verify the active code on the live checkout before purchasing. The previously listed GFT35 code is not confirmed active on the live checkout as of May 2026 [per live-facts-v2.md health check], so treat the VIBES link as the reliable path.

For a fee comparison between the 2-Step GOAT, 1-Step GOAT, and 3-Step GOAT across equivalent account sizes, the 1-Step vs 3-Step GOAT analysis covers the per-dollar fee efficiency math.

80% base profit split + 100% add-on

The funded account base profit split is 80%, consistent across all GFT account models. The trader receives 80 cents of every dollar in net profit on the funded account. The 100% split add-on is purchased at checkout when buying the 2-Step GOAT challenge. After adding it, the funded account operates at 100% split.

Whether the 100% add-on is economically rational depends on funded account profit expectations. Consider a $50K 2-Step GOAT funded account. At 80%, a trader generating $3,000 per month in funded profit keeps $2,400. The 20% to GFT is $600 per month. If the 100% add-on costs $90 at checkout (typical add-on pricing tier [INFERRED from cluster context]), the add-on breaks even in roughly 2 months. For traders confident in consistent funded account performance, the add-on pays for itself quickly. For traders uncertain of passing the evaluation on the first attempt, the add-on's cost adds to the total investment before any funded profit.

The 80% base split is also subject to an irreversible reduction to 50% on the first Goat Guard trigger (described in the funded-phase section). Traders who purchase the 100% add-on and then trigger Goat Guard once lose the add-on benefit permanently and continue at 50%. The Goat Guard penalty applies before the 100% add-on. The split order is: start at 100% (if add-on purchased), first Goat Guard trigger drops it to 50%, and it stays at 50% for the account's remaining life.

Funded-phase rules: 2-min trade rule, Goat Guard, first-payout cap

Passing both evaluation phases unlocks a funded simulated account. The funded account carries three layers of rule complexity that do not appear during the evaluation.

The 2-minute trade duration rule. Per GFT's official help center [VERIFIED 1-source]: any profit from trades held open for less than 120 seconds is removed at payout reconciliation. Losses from sub-120-second trades remain in the account and count against the drawdown budget. The rule applies to the funded account only, not to Phase 1 or Phase 2 evaluation. This is separate from the 5-minute news cap (two distinct rules that traders frequently conflate). The 2-minute trade rule deep-dive covers the mechanics, the edge cases, and the strategy adjustments traders make to work within the rule. For traders who scalp or take momentum bursts on news releases with quick in-and-out execution, this rule is a material constraint on realized payout. For swing traders or position traders who hold hours to days, the rule is irrelevant.

Goat Guard 2% floating-loss closure. Per MyPropGenius April 2026 and multiple independent reviews [VERIFIED 1-source]: Goat Guard monitors floating profit-and-loss on open positions in real time. If the aggregate floating P&L on all open positions drops below -2% of the account balance at any moment, including during volatile intraday swings where a position later recovers, the account auto-closes. The first Goat Guard trigger reduces the funded profit split from 80% to 50% irreversibly. The second trigger permanently closes the account. The mechanic is documented in GFT's help center but is not prominently flagged in checkout materials, which is why it appears frequently in negative review coverage. Traders running strategies with intraday drawdown excursions, such as fading moves with a wide stop, need to size positions so that no combination of open trades creates a -2% aggregate floating loss simultaneously. On a $100K funded account, the Goat Guard threshold is $2,000 in aggregate floating loss across all open positions.

First-payout 6% / $10K cap. Per GFT's official help center (verbatim from the withdrawal article) [VERIFIED 1-source]: the first two payout requests are capped at 6% of the account's starting balance or $10,000, whichever is lower. Profits above the cap are removed from the account, not held or deferred. The cap lifts after the second payout. Practical examples by size: $25K funded account, first two payouts capped at $1,500 each. $100K funded account, first two payouts capped at $6,000 each. $200K funded account, first two payouts capped at $10,000 each (the absolute cap binds before the 6% would). After the second payout, standard bi-weekly payout cycles apply with no cap. The payout mechanics and the timeline math for the full first-payout cycle are in the GFT first-payout cap article.

$3,000 daily profit cap on funded accounts. Separate from the first-payout cap, GFT applies a flat $3,000 daily profit cap on funded accounts. Profits above $3,000 in a single trading day are deducted at payout reconciliation. The cap does not scale with account size, which means it creates disproportionate compression on larger funded accounts. A $200K funded trader generating $6,000 on a strong trend day loses $3,000 of that profit at reconciliation. A $10K funded trader generating $250 on a good day is well below the cap. For traders expecting high-volume profit days from macro events or earnings reactions, the $3,000 daily cap is a planning input, not just a footnote.

Who fits the 2-Step GOAT

The 2-Step GOAT is the right account for traders who match most of the following profile:

Trading approach is swing or position style, holding trades for hours to days. The 2-minute trade rule on funded accounts does not create meaningful profit removal for traders who hold positions beyond a few candles. Intraday traders who close within 30-60 minutes are generally safe; scalpers operating on sub-2-minute execution are exposed.

Risk discipline is calibrated to 0.5%-1% per trade on the account starting balance. This pace allows Phase 1 to complete in 45-90 days without pushing the daily drawdown limit. Traders who routinely run 2%-3% per-trade risk will hit the 4% daily limit on losing streaks more frequently and need to plan challenge-attempt budgets accordingly.

The 10% maximum static drawdown is wide enough to absorb the natural equity dips the strategy produces. A $100K trader whose strategy can produce a $7,000-$8,000 drawdown in a losing streak can navigate Phase 1 without a breach, as long as daily drawdown limits are not exceeded in a single session.

Strategy does not rely on aggregate floating positions exceeding -2% simultaneously. This is the Goat Guard constraint on the funded account. Traders entering multiple correlated positions at the same time (e.g., long EUR/USD and long GBP/USD in the same direction) face aggregate floating loss exposure on correlated pairs. Position sizing must account for the worst-case aggregate floating loss scenario, not individual position sizing alone.

Trader is based outside the United States. GFT explicitly states the service is not intended for US citizens or residents [VERIFIED 1-source: GFT homepage]. This applies to the 2-Step GOAT and every GFT account.

For traders considering futures, the 2-Step GOAT covers forex, CFDs, indices, commodities, and crypto. It does not cover exchange-traded futures contracts (that is Goat Funded Futures at goatfundedfutures.com, a separate entity with different account structures and eligibility). Do not conflate the two firms when comparing options.

Who should pick something else

Three profiles should redirect to a different account.

Sub-2-minute scalpers who build funded account P&L primarily from quick in-and-out entries. The 2-minute trade rule removes those profits at payout. The challenge evaluation does not apply this rule, so a scalper can pass the evaluation but then have most funded profits stripped at payout. The 1-Step GOAT account and 3-Step GOAT account carry the same 2-minute rule on funded accounts; it is not possible to avoid this rule within GFT's standard challenge track. Traders who require short-duration execution need to evaluate whether the funded-account rule is acceptable before purchasing any GFT challenge.

Traders who want the fastest path to funded and are confident in a single-phase delivery. 1-Step GOAT is one phase: 10% target, then funded. The $138 fee at the $5K size is higher than 2-Step GOAT's $22, but the evaluation compresses from two phases to one. Traders confident in hitting 10% in a single run gain weeks of funded trading time by skipping Phase 2.

Traders on a tight capital budget who want the lowest per-phase target across a longer evaluation. 3-Step GOAT runs three phases at 6% each with a $48 entry at the $10K size. The per-phase pressure is the lowest on the GFT challenge lineup and the entry fee at the $10K tier is lower than 2-Step GOAT's $32 for $10K. The tradeoff is three phases instead of two, meaning a longer path to funded for traders who need 60-90 days per phase.

The bottom line

The 2-Step GOAT is the most balanced account on the GFT challenge lineup. The 8% Phase 1 target and 6% Phase 2 target sit lower than most comparable 2-step programs in the category. The 10% static maximum drawdown is the widest on any GFT challenge, giving swing traders the equity buffer to absorb drawdown dips without triggering a breach. No time limits on either phase reduce calendar pressure. No consistency rule during evaluation or funded phase allows traders to bank large single-day gains without locking a consistency breach.

The funded-phase rules are where the complexity lives. The 2-minute trade duration rule removes profits from short-duration trades at payout. Goat Guard auto-closes funded accounts if aggregate floating loss hits -2%, with an irreversible split reduction from 80% to 50% on the first trigger. The first-payout cap of 6% or $10,000 compresses the first two payout cycles, and the flat $3,000 daily profit cap creates disproportionate drag on larger accounts. These are not small print; they are the mechanics that determine realized payout, and they require explicit strategy planning before the funded account phase begins.

For the right trader profile (swing or position trader, disciplined per-trade risk, non-US, strategy doesn't rely on sub-2-minute execution or aggregate floating positions over -2%), the 2-Step GOAT at $22 entry is one of the most cost-efficient entries into a funded prop account available in 2026. The first-payout cap and Goat Guard are the two rules to plan around explicitly.

Read the full rules overview before purchasing. Review the account types pillar if you are still comparing models. When ready to start, the VIBES checkout is the current affiliate-tracked path; verify the active promo code on the live checkout page.

Frequently Asked Questions

What are the profit targets on the 2-Step GOAT account?

Phase 1 requires an 8% profit target on the account's starting balance. Phase 2 requires 6%. Both phases run without a time limit, so there is no calendar deadline to meet the targets. The targets are calculated on the initial account balance, not on current equity. A $100K trader needs $8,000 net profit to complete Phase 1 and an additional $6,000 to complete Phase 2. The absence of a time limit is one of the 2-Step GOAT's most cited advantages over competitor programs with 30-day or 60-day evaluation windows.

What is the drawdown structure on the 2-Step GOAT?

The 2-Step GOAT uses static drawdown on both the daily and maximum drawdown rules. Daily drawdown is 4% of the starting balance, resetting at 5 PM EST each day. Maximum drawdown is 10% of the initial account balance and does not adjust upward with equity gains. On a $100K account, the daily drawdown floor is $96,000 and the maximum drawdown floor is $90,000 throughout both evaluation phases and the funded account. Static drawdown is more favorable than trailing drawdown because profitable equity progression does not retroactively tighten the drawdown floor.

How much does the 2-Step GOAT account cost?

Per bestpropfirms.com 2026 pricing data, the 2-Step GOAT runs from $22 for the $5K size up to $448 for the $200K size. Six sizes: $5K at $22, $10K at $32, $25K at $62, $50K at $148, $100K at $258, $200K at $448. Active promo codes include FIRSTGFT (50% off for new customers) and BOGO40 (40% off plus a second account). The VIBES affiliate checkout (checkout.goatfundedtrader.com/aff/vibes/) applies a promotional discount at the time of writing; verify the active discount on the live checkout page before purchasing.

What is the 2-minute trade rule on the 2-Step GOAT funded account?

The 2-minute trade rule applies to funded accounts only, not to the evaluation phases. Per GFT's official help center, any profit generated from trades held open for less than 120 seconds is removed when a payout is requested. Losses from sub-2-minute trades remain and are the trader's full responsibility. The rule does not breach the account, but the profit removal creates an asymmetric cost for scalpers. The rule is separate from the 5-minute news cap (two distinct rules that traders frequently conflate). For the full mechanics see the 2-minute trade rule article linked above.

What is Goat Guard and does it apply to the 2-Step GOAT funded account?

Goat Guard is GFT's automatic floating-loss closure mechanism on funded accounts. Per MyPropGenius April 2026 and multiple independent reviews, if the floating P&L on open positions drops below -2% of the account balance at any moment, the account auto-closes. The first Goat Guard trigger reduces the profit split from 80% to 50% irreversibly. The second trigger permanently closes the account. Goat Guard applies to funded accounts on the standard challenge track including the 2-Step GOAT. Traders running strategies with intraday drawdown excursions can hit the 2% threshold before the position recovers.

What is the first-payout cap on the 2-Step GOAT funded account?

Per GFT's official help center withdrawal article, the first two payout requests on any GFT funded account are capped at 6% of the account's starting balance or $10,000, whichever is lower. Profits above the cap are deducted from the account, not held or paid later. The restriction lifts after the second payout. On a $100K funded account, the cap is $6,000 per payout for the first two cycles. On a $200K account, the $10,000 absolute cap binds first. For the full payout mechanics see the first-payout cap article linked above.

Is there a consistency rule on the 2-Step GOAT?

No. Standard challenge accounts including 2-Step GOAT, 2-Step Standard, 2-Step Pro, 1-Step GOAT, and 3-Step GOAT do not carry a consistency requirement during evaluation or the funded phase. Per thetrustedprop.com and fxempire.com, consistency rules are absent from the standard challenge track. This differs from GFT's Instant accounts (15% per-day cap on Instant GOAT) and Pay Later funded accounts (20% per-day cap). A 2-Step GOAT trader can bank a large single-day gain without triggering a consistency breach.

How does the 2-Step GOAT compare to the 2-Step Standard and 2-Step Pro?

All three are 2-phase challenges with $5K-$200K sizes and 80% base profit split. The differences are in target heights and drawdown ceilings. 2-Step GOAT: 8% Phase 1 / 6% Phase 2, 4% daily, 10% max drawdown. 2-Step Standard: 10% Phase 1 / 5% Phase 2, 5% daily (more daily flexibility), 10% max drawdown. 2-Step Pro: 8% Phase 1 / 4% Phase 2, 4% daily, 8% max drawdown (tighter ceiling). 2-Step GOAT is the balance point across all three models. For the full side-by-side analysis see the 2-Step Standard vs Pro comparison linked above.

What platforms can I trade the 2-Step GOAT on?

Goat Funded Trader supports five platforms as of 2026: MetaTrader 5 (GFT's own MT5 broker, launched April 2025), Match-Trader, TradeLocker, cTrader, and Volumetrica. Asset coverage includes 40+ forex pairs, indices, commodities, metals, crypto (1:2 leverage funded), and stocks. Futures contracts are not available through GFT (that is Goat Funded Futures at goatfundedfutures.com, a separate entity). Leverage on forex is up to 1:50 on funded accounts and up to 1:100 during evaluation per GFT's Pay Later page.

What is the profit split and how does the 100% add-on work?

The 2-Step GOAT base profit split is 80%. The 100% split add-on is purchased at checkout and upgrades the funded account to 100% profit split. The add-on is available on all GFT challenge models. Whether it is cost-effective depends on expected funded account profits: a trader generating $5,000 total funded profit before a breach breaks even on the add-on if it costs less than $1,000. Note that the first Goat Guard trigger reduces the split irreversibly to 50%, overriding the 100% add-on from that point forward.

Who should NOT pick the 2-Step GOAT?

The 2-Step GOAT is a poor fit for sub-2-minute scalpers (funded profits removed at payout), traders running strategies with large aggregate floating positions (Goat Guard 2% threshold), US citizens or residents (GFT explicitly excludes this geography), and traders requiring futures contracts (GFT is forex/CFD/crypto only). Traders who want the fastest single-phase path to funded should consider 1-Step GOAT. Traders who prefer three smaller per-phase targets should consider 3-Step GOAT.

Does the $3,000 daily profit cap apply to 2-Step GOAT funded accounts?

Yes. Per GFT's help center withdrawal article, a $3,000 daily profit cap applies on funded accounts, with profits above that figure deducted at payout reconciliation. The cap is flat across account sizes, binding disproportionately on larger accounts. A $200K funded trader generating $5,000 on a strong day loses $2,000 at reconciliation. A $10K funded trader generating $200 in a day is well below the cap. The $3,000 daily cap applies alongside the first-payout 6%-or-$10K restriction, creating two separate payout compression layers on the first two funded cycles.