Two lines you can't cross. That's the rulebook.

The challenge is passed the moment your balance is at or above the target, you have no open position or order, and the trading-day, consistency and short-hold checks are all met. The check is automatic.

Only closed profit counts toward the target: open profit is in your equity, not in your balance.

At 00:00:00 UTC we record the higher of your balance and your equity. That figure is the day’s reference. The floor for the day is the reference minus 3% of your starting balance.

The floor is fixed until the next reset. Intraday profit does not raise it, and the dollar amount never changes because it is a percentage of the starting balance, not of today’s balance.

The floor is 94% of your starting balance. It is static: it does not trail your profits and it does not move when you lose.

On a funded account the floor is recomputed only when the account is scaled up.

Equity is your balance plus the unrealized profit or loss of your open positions at Bulk’s mark price. Fees are charged at each fill and funding is applied every hour at Bulk’s published rate; both go through your balance, so both count toward targets and limits.

A position opened less than 5 minutes before a funding timestamp does not receive a positive funding payment at that timestamp. It still pays a negative one.

If the price feed for a market is stale for more than 10 seconds, new orders in that market are rejected until it recovers, and no breach is declared on a stale price.

The measure is the total notional of opening fills between 00:00 and 24:00 UTC. Partial fills on the same day are added up.

Holding a position through a day without opening anything does not count. Closing fills do not count. An order that rests without filling does not count.

In a challenge your best day may be at most 50% of your total profit at the moment you pass. On a funded account it may be at most 40% of the profit in the payout cycle at the moment you request.

Daily profit is the change in equity over the UTC day, so a position held across the reset contributes to each day what it earned that day.

Scalping is allowed. What is limited is profit that depends on holding for seconds, because a simulated fill has no queue position and no market impact.

Holding time is measured per lot, first in first out, from the opening fill to the closing fill.

5x on BTC and ETH, 3x on large caps such as SOL and XRP, 2x on other markets. Because the measure is the starting balance, the caps are fixed dollar figures.

Across all positions, the margin implied by those ratios cannot exceed your starting balance. You can hold the full cap in one market, or parts of it in several, but not the full cap in two at once. Each market also has an absolute size cap, listed on the Markets page.

Order types: market, limit (good till cancelled, immediate or cancel, post only), stop market, stop limit and take profit, each with a reduce-only option. Stops trigger on the mark price. A market order does not walk the book further than 0.5% from the best price; any remainder is cancelled.

There are no blackout windows around news. Markets trade around the clock and positions can be held through any reset. Automated and API trading is allowed up to 5 order actions per second and 2,000 per day.

Not allowed: hedging between accounts or against an outside venue; copying trades between your own accounts or from other people; account sharing, account management and passing services; latency arbitrage and trading on stale prices; martingale and grid averaging into a loser; any attempt to trade against your own orders or to move the Bulk book to benefit your account; exploiting an obviously wrong price or a bug instead of reporting it; all-or-nothing bets cycled across accounts; more than one profile per person; and access from a restricted country, including through a VPN.

These are detected by automatic flags and then reviewed by a person. Trading the same idea as other people by coincidence is not a violation; coordination is.

There is no maximum duration, only this minimum of activity. We send reminders on day 21 and 28.

A funded account closed for inactivity while flat and in profit keeps the right to one final payout, requested within 14 days.

When equity touches a floor the engine locks the account, records a snapshot (time, rule, equity, floor, positions and the prices used), cancels open orders and flattens positions at market. You receive that report and a 15% coupon for a new challenge, valid for 7 days.

You can appeal within 7 days if the breach rests on a wrong or stale price, a fill that does not match the recorded Bulk book, or a platform fault. Disagreeing with the rule is not a ground. We replay the account from the recorded data and decide within 5 business days. An upheld appeal reinstates the account as it stood before the fault.

A mark price more than 5% away from Bulk’s oracle price is ignored for breach purposes. You never owe Burly anything: a balance below zero is shown as zero.

After you pass you verify your identity (within 30 days) and we activate the funded account after a short review. It is a simulated account like the challenge, with no profit target and the same loss limits, leverage and conduct rules.

The first payout can be requested 14 days after your first funded trade, then once every 14 days. At the request you need 5 trading days in the cycle, no open position or order, the best day at most 40% of the cycle’s profit, short holds at most 20%, and a share of at least $50.

A payout sweeps all profit above the starting balance. You receive your share, the fee you paid is added to the first one, and the account continues from the starting balance. We decide within 2 business days and send USDC on Solana within 24 hours of approval. Changing your payout wallet starts a 72-hour hold.

Every 60 days, if you have received at least 3 payouts totalling 10% or more of the account size and have no upheld conduct flag, the account is raised by 25% of its original size and your split moves up one step: 80%, then 85%, then 90%.

One person may hold up to 3 challenges at a time and up to $200,000 in funded accounts, growing to $400,000 through scaling. One profile per person.