PDT repeal · phase-in to October 2027
The $25k PDT wall is gone. What does your broker do now?
Effective 2026-06-04 the $25,000 pattern-day-trader minimum was eliminated; brokers now run their own day-trading margin checks, phased in through October 2027. Below: what each of the five most-used 0DTE brokers has published, dated, and flagged when we could not confirm it.
| Broker | Day-trading check | 0DTE expiration cutoff | Status |
|---|---|---|---|
| Robinhood | real_time | 0DTE cutoff: 5:00pm ET | verified 2026-09-25 |
| Charles Schwab (thinkorswim) | real_time | 0DTE cutoff: not published unverified | unverified |
| tastytrade | real_time | 0DTE cutoff: 4:30pm ET | verified 2026-09-25 |
| Interactive Brokers | real_time — Intraday Margin Deficit (IMD) framework: trades that reduce excess liquidity can create an IMD to be met promptly (ideally within 3 business days); 4+ unmet IMDs in 12 months → 90-day restriction. IBKR notes some accounts may still see legacy PDT rules during FINRA's transition (ends October 2027) | 0DTE cutoff: 5:25pm ET | verified 2026-09-25 |
| Webull | real_time — Intraday Buying Power with intraday appreciation added immediately; Intraday Margin Deficit (IMD) calls replace EM/DT calls; no PDT flag and no day-trade count limits (effective 2026-06-04) | 0DTE cutoff: 4:00pm ET | verified 2026-09-25 |
What the cutoffs decide
- What happens if a SPY 0DTE expires in the money OCC's $0.01 auto-exercise rule, 100 shares per contract, T+1
- The same for QQQ same $0.01 rule, same clocks
Quick answers
Is the PDT rule gone?
The $25,000 minimum-equity requirement for pattern day traders was eliminated effective 2026-06-04 under the FINRA Rule 4210 pattern-day-trader amendments. Brokers phase in replacement day-trading margin checks through October 2027 — which is why the answer is now per broker.
Which brokers check day-trading margin in real time vs end of day?
See the table. Each row links to the broker's own page when we found one and is flagged when we did not.