Who can take part?+
Individuals aged 18 or over, registered with EXL and holding a valid CPF. Each person takes part once per edition and may be in different editions at the same time, each with its own account. EXL staff involved in organizing the tournaments are not eligible for prizes.
What are the account rules?+
A US$ 150,000 simulated BlackArrow account, only the CME mini futures ES (E-mini S&P 500), YM (E-mini Dow), RTY (E-mini Russell 2000), QO (E-mini Gold) and MQ — mini Nasdaq (NQ on the platform) (micros are not allowed), up to 10 mini contracts, a US$ 4,500 maximum loss limit (MLL) and no daily loss limit. Orders outside these rules are rejected by the platform where possible; if executed, they do not count and may lead to disqualification.
What are the hours?+
The edition opens at 5:00 p.m. Chicago time on the day before the first session (7:00 or 8:00 p.m. Brasília time) and ends at 3:30 p.m. Chicago time on the last session (5:30 or 6:30 p.m. Brasília time). ETL Daily does not allow overnight positions; in ETL Series and ETL Weekly positions may carry between sessions within the edition window. At the end time the account is locked, and an open position does not count.
How does registration work?+
In the logged-in area, on the edition page, after accepting the rules. The fee is set in US dollars and charged in BRL at the day's PTAX selling rate, via Pix (code valid for 60 minutes) or card in a single payment. A spot is only confirmed once payment is approved, and registration closes 30 minutes before the open.
When do I get the account?+
When registration closes, with the access details by e-mail. The account stays locked until the open and is unlocked for everyone at the same time. If you already have an active BlackArrow license with EXL, the account is opened on it; otherwise EXL creates a temporary license, closed after the edition.
What if I withdraw or the edition is canceled?+
The entry fee is non-refundable once paid: the service has costs (account, market data, license). A refund is only made if the service is not delivered as promised — for example, if the edition is canceled for not reaching the minimum number of participants or because of a failure on EXL's side. Below the minimum number of participants, the edition is canceled and everyone gets 100% back automatically, with no request needed.
How are the final results decided?+
By % return on the account, from trades opened and closed within the edition's hours. To win a prize: at least 3 closed trades and a positive result; ties: the smallest max drawdown first, then whoever got there first; the account is never split. The live ranking is a preview: the official result is published once the trading data is complete.
What leads to disqualification?+
More than one registration by the same person in the same edition, trading someone else's account (or letting someone trade yours), mirrored or coordinated orders, exploiting platform failures and any fraud. Signals such as the same CPF, the same IP and similar orders trigger a review; a disqualified participant may contest through support within 5 days.
How do I receive the prize?+
The prize account is delivered to your EXL profile after the final results. It is the same as a purchased account, is personal and non-transferable and cannot be exchanged for cash. It counts toward the account limit per CPF; the deadline and conditions to accept the prize are in the rules.
What is made public?+
Only the abbreviated name (first name and initial of the last name), the place and the result. Account, e-mail and CPF are never published.
