[September 2026] Calculating Bulenox's Expected Value: Every Plan Is Now One-Time Payment. At Zero Edge, End-of-Day Momentum Wins; With an Edge, Qualification Wins
※ Prices and rules were confirmed on Bulenox's official site (pricing page, FAQ, help center, and the fee schedule dated August 11, 2026) on September 25, 2026. These figures are Monte Carlo results and do not guarantee future performance.
📢 Advertising/affiliate disclosure: This site does not hold an affiliate link for Bulenox.
TL;DR
- Bulenox has dropped its monthly subscription model — every plan is now a one-time payment. The official terms state "there's nothing to cancel; it simply ends automatically when the period expires."
- At zero edge, go with Momentum (end-of-day) $50K ($143, no activation fee after passing). At 0.30 lots, that's +$2,047/year.
- With "medium" edge, go with Qualification ($175 + $148 on passing). At 0.30 lots, that's +$25,529/year — the best result among Category B firms (self-built automation only).
- Still falls short of FTMO Futures Pro (+$4,836 at zero edge).
- Automated trading is self-built tools only. Commercial, shared, rented, or publicly distributed tools are banned; connecting to Rithmic via a third-party API costs an extra $100/month.
Pricing and rules ($50K, measured September 25, 2026)
| Qualification | Momentum | |
|---|---|---|
| Price | $175 (one-time, valid 30 days) | $143 (one-time, valid 30 days) |
| Reset | $78 (doesn't extend the 30-day window) | Not disclosed |
| Activation fee on passing | $148 (one-time) | None |
| Evaluation target | $3,000 | $3,000 |
| Max loss | $2,500 | $2,250 |
| Evaluation consistency | None | None |
| Minimum trading days | None | None |
| Max loss after passing | Locked at +$100 | (Not stated. Assumed +$100) |
| Payout condition | Every 10 trading days, keeping balance at or above $52,600 | Every 5 days with $150+ profit, request once balance is $53,000+ |
| Consistency after passing | 40% (across the whole post-pass period) | 35% (per payout cycle) |
| Per-payout amount | Minimum $1,000, cap $1,500 (no cap from the 4th payout on) | Minimum $1,000, cap $1,500 → $2,000 → $2,500 → $3,000 |
| Split | 100% up to the first $10,000, then 90% | Same as left |
Both plans require choosing one of two risk types at purchase, which can't be changed afterward.
- Trailing type: max loss tracked in real time, including floating profit and fees. No daily loss limit
- End-of-day type: max loss only moves at end-of-day close, plus a daily loss limit ($1,100 for Qualification, $1,200 for Momentum; hitting it pauses trading for the day — not a fail)
Rules common to both:
- No overnight carry. Full close by 3:59 PM CT (5:59am / 6:59am JST the next day, summer/winter)
- Up to 5 accounts after passing
- Fee is $1.52 round-trip on MGC (per the official fee schedule)
- Moving to a live account is at the firm's discretion after 3 payouts. Sim account profit doesn't carry over to live
- Trustpilot 4.7 (1,790 reviews). Japan is not on the restricted-country list
There's also an instant-funding Fast Track plan ($488, no evaluation), but its payout targets and consistency requirements change per cycle in a different way, so it's not included in this comparison.
Automated trading
Here's the original text from the official FAQ:
Bots, algorithms and trade copiers are permitted. If you connect to Rithmic through a third-party API or composite software, an additional $100 per month applies. Only user-built tools intended solely for the account owner's personal use are permitted. Commercial, shared, rented or publicly distributed automation tools are not allowed.
A tool you built yourself, for your own use only, is allowed. Running it through NinjaTrader's or Quantower's built-in features avoids the $100/month fee. We found no rule regarding VPS.
Assumptions
Same as our FTMO Futures expected-value article.
- One trade per trading day in micro gold (MGC). With a 0.6% stop-loss, a 0.10-lot (1 MGC contract) loss is $262
- Same lot size for evaluation and post-pass accounts. 1 year (252 trading days)
- Prices are list price (the discount rate on the standing coupon
BULENOXis not confirmed) - The 30-day window is treated as 21 trading days; when it expires, we repurchase
- Since Momentum's reset fee isn't disclosed, a failed account is repurchased
- For the end-of-day type, we only use lot sizes (up to 0.30) where a single loss fits within the daily loss cap
- Not counted once moved to a live account
Result 1: annual expected value at a fixed 0.30 lots
| Skill | Qualification (trailing) | Qualification (end-of-day) | Momentum (trailing) | Momentum (end-of-day) |
|---|---|---|---|---|
| −0.04R | −$1,885 | −$1,326 | −$1,460 | +$43 |
| Zero edge | −$117 (35%) | +$432 (38%) | +$382 (43%) | +$2,047 (58%) |
| Small (50% win rate, 1.2 payoff ratio) | +$7,618 | +$8,189 | +$6,421 | +$8,370 |
| Medium (55% win rate, 1.2 payoff ratio) | +$25,058 | +$25,529 | +$18,526 | +$20,216 |
| Strong (60% win rate, 1.2 payoff ratio) | +$45,035 | +$45,371 | +$32,208 | +$33,251 |
Numbers in parentheses are the probability of finishing positive. "Strong" is a reference figure that's unrealistic for most traders.
- At zero edge, only Momentum (end-of-day) is clearly positive. Qualification is weighed down by the $148 activation fee on passing and the rule requiring $2,600 of cushion before you can withdraw.
- With an edge, Qualification comes out ahead. The payout cap disappears from the 4th payout on, and the first $10,000 is at a 100% split, so the more you win, the more it compounds.
- The end-of-day type beats the trailing type. Because the max-loss line doesn't rise on floating profit, it's less prone to failing.
Result 2: cash flow (0.30 lots)
| Annual cost | Annual payout received | Evaluations passed | Payouts made | Post-pass accounts lost | |
|---|---|---|---|---|---|
| Momentum (end-of-day), zero edge | $3,008 | $5,055 | 6.2 | 3.0 | 5.9 |
| Qualification (end-of-day), zero edge | $3,439 | $3,872 | 5.1 | 2.2 | 4.8 |
| Qualification (end-of-day), medium | $1,227 | $26,756 | 2.8 | 9.4 | 1.8 |
Since Qualification only allows a payout once every 10 trading days, at zero edge the account often doesn't survive long enough to reach a payout.
Result 3: the best configuration found
| Skill | Qualification (trailing) | Qualification (end-of-day) | Momentum (trailing) | Momentum (end-of-day) |
|---|---|---|---|---|
| Zero edge | +$1,358 (0.70) | +$432 (0.30) | +$382 (0.30) | +$2,047 (0.30) |
| Medium | +$57,443 (0.70) | +$25,529 (0.30) | +$20,513 (0.50) | +$20,216 (0.30) |
Numbers in parentheses are lot size. Since Qualification's trailing type has no daily loss limit, sizing up to 0.70 lots gets it to +$57,443/year at "medium" skill. But that means a single loss of $1,834 eats 70% of the $2,500 max loss — not a realistic sizing approach.
Comparison with FTMO Futures and Topstep ($50K, 0.30 lots)
| Skill | Bulenox Momentum (end-of-day) | Bulenox Qualification (end-of-day) | FTMO Futures Pro | Topstep |
|---|---|---|---|---|
| Zero edge | +$2,047 | +$432 | +$4,836 | +$2,519 |
| Medium | +$20,216 | +$25,529 | +$26,306 | +$24,982 |
Caveats
- Information in our earlier article is now outdated. The pricing structure in the Bulenox complete guide, written while the subscription model was still in effect, no longer applies.
- The discount rate on the standing coupon
BULENOXis unconfirmed since we didn't open the checkout screen. - We couldn't find where Momentum's max loss locks after passing, or its reset fee, documented anywhere official.
- Market data costs a monthly fee if you're classified as a professional, and the pricing page ($116) and help center (per-exchange, $112) disagree on the amount. Individuals classified as non-professional get it for free.
FAQ
Q. Which plan should I buy?
If you're not confident in your edge, go with Momentum (end-of-day) $50K. It's a $143 one-time payment with no activation fee on passing, and came out to +$2,047/year even at zero edge. If you have an edge, go with Qualification (end-of-day) — at "medium" skill, that's +$25,529/year.
Q. Which is better, trailing or end-of-day?
At one trade a day and 0.30 lots, the end-of-day type came out ahead on every plan. Since the max-loss line doesn't rise on floating profit, it's less prone to failing, and you'll rarely even approach the daily loss limit ($1,100–$1,200).
Q. Can I use a commercial EA?
No. The official FAQ explicitly states "commercial, shared, rented, or publicly distributed automation tools are not allowed."
Official reference links
- Bulenox pricing page
- FAQ (automated trading, restricted countries)
- Help center (Qualification, Master, Momentum, Fast Track)
- Fee schedule (dated August 11, 2026)
Simulation script: scripts/sim-futures-b-ev.py (engine: scripts/sim-futures-prop-ev.py)
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Written by
Hosono P | the prop firm strategist
I buy challenges with my own money and record everything through to the payout. Recorded payouts: ¥6.1M in total from Fintokei, Fundora and Funded7, plus $4,776 from The5ers (as of September 2026). Author of the semi-discretionary EA "ELDRA".