WHALE ENGINE
WHALE ENGINE

EULA

License scope, use restrictions, liability, and legal terms for the free version of Whale-E.

Last updated on April 9, 2026

Version: 1.0
Effective date: February 21, 2026
Last updated: February 21, 2026

This End User License Agreement (“EULA”) governs your use of the Whale‑E software, published by ALMAGESTE. By installing, copying, downloading, launching, or using Whale‑E, you agree to this EULA. If you do not agree, do not use the software.

Preliminary article - Definitions

For the purposes of this EULA:

  • “User” means the individual or legal entity that accepts this EULA
  • “Authorized User” means: (i) if the User is an individual, the User; (ii) if the User is a legal entity, its employees and contractors acting on its behalf and under its control, for strictly internal use
  • “Third Party” means any person other than the User and its Authorized Users
  • “Internal Use” means use for the User’s exclusive benefit, without making the Software available to any Third Party and without providing direct or indirect access to the Software to any Third Party.

1. Purpose

Whale‑E is proprietary software for backtesting and optimization of algorithmic trading strategies. The software is provided as a binary and is not open source.

This EULA defines the rights and obligations of the user (“User”) and ALMAGESTE for the free version of Whale‑E.

Intellectual property rights in the Whale‑E software belong to its author and/or rights holders. ALMAGESTE acts as an authorized distributor and licensor of the Whale‑E software. ALMAGESTE is expressly authorized to distribute the software and grant users the usage rights set out in this EULA.

For the purposes of this EULA, “Software” means the Whale‑E binary, its technical components and files delivered with the binary, and software documentation delivered with the binary.

For clarity, documentation content and sample TOML strategies published on whale-e.com are governed by the license regime stated in the Legal Notice and are not subject to this EULA as such.

2. Acceptance

Acceptance of this EULA is a prerequisite for using the software.

If the person accepting this EULA acts on behalf of a legal entity, they represent and warrant they have authority to bind that legal entity. In that case, the license is granted to that legal entity as the User.

3. License grant

Subject to compliance with this EULA, ALMAGESTE grants the User a license that is:

  • personal (if the User is an individual) or internal professional (if the User is a legal entity), non-exclusive, non-transferable, and non-sublicensable
  • revocable in case of breach of this EULA
  • limited to use of the free version of Whale‑E for its intended purpose.

If the User is a legal entity, use of the Software by its Authorized Users within Internal Use does not constitute a transfer or sublicense.

The free version of Whale‑E is provided without any individual license key or license number. The right to use the software results from acceptance of this EULA.

The absence of an individual license key or license number does not expand granted rights and does not authorize any use prohibited under Section 5.

No intellectual property rights are transferred to the User.

4. Authorized use

The User and its Authorized Users may:

  • install and run the software for the User’s needs within Internal Use
  • integrate and run the software in internal automated processes, including internal company tools and pipelines, within Internal Use
  • use the software backtesting, optimization, and export features as provided
  • keep copies strictly necessary for installation, execution, and backup.

5. Prohibited use

Unless expressly authorized in writing by ALMAGESTE or required by mandatory law, the User shall not:

  • redistribute, sell, rent, lease, lend, sublicense, or otherwise make the software available to Third Parties
  • provide the software as a service, including in SaaS, service bureau, API, or managed service form accessible to Third Parties, directly or indirectly
  • use the Software, whether for consideration or free of charge, to provide any Third Party with backtesting, optimization, strategy research, or decision-support services, or to produce for any Third Party deliverables created, in whole or in part, using the Software, unless expressly authorized in writing by ALMAGESTE
  • publish, host, redistribute, mirror, or otherwise make the Software available, in whole or in part, on any platform or channel; only ALMAGESTE is authorized to distribute the Software, exclusively through its official website https://whale-e.com
  • bypass, remove, or alter technical security, integrity, or update mechanisms
  • use the software in any unlawful manner or in violation of applicable regulations.

6. Reverse engineering and interoperability

Decompilation, reverse engineering, disassembly, or attempts to access source code are prohibited, except to the strict extent permitted by mandatory applicable law, including interoperability rights where applicable.

7. Intellectual property and third-party components

The software, its architecture, visual elements, name, trademarks, logos, and related software documentation are protected by intellectual property rights. For clarity, this protection does not change the specific license regime applied to website documentation content and sample TOML strategies under the Legal Notice.

Whale‑E may include third-party components distributed under their own licenses (including MIT, BSD, zlib, or equivalent terms). Rights granted by those third-party licenses remain fully applicable to those components.

8. Updates

The Software may offer updates, including security updates, technical compliance updates, or feature evolution updates. Updates are distributed only through ALMAGESTE official channels (including the whale-e.com and updates.whale-e.com domains), which may evolve.

ALMAGESTE may modify, add, or remove certain Software features for technical, security, regulatory compliance, or product evolution reasons.

The User is responsible for installing relevant updates to maintain a reasonably secure and compatible runtime environment.

Nothing in this section limits mandatory rights applicable to consumers.

9. Technical data, network, and privacy

The software may perform outbound network requests to download market data and check for updates. During update checks, a pseudonymized client identifier (client_id) may be sent when enabled.

The User can disable this identifier with --no-update-client-id or environment variable WHALEE_UPDATE_CLIENT_ID=0.

Personal data processing is described in the Privacy Policy and Legal Notice.

Whale‑E relies on market data provided by third parties. ALMAGESTE does not guarantee the accuracy, completeness, or continuous availability of such third-party data. The User is solely responsible for compliance with contractual terms applicable to the data providers they use.

The User is responsible for implementing and verifying regular backups of their files, settings, strategies, and exports.

Subject to mandatory applicable rights, ALMAGESTE is not responsible for data loss, alteration, or unavailability resulting in particular from the User’s technical environment, network interruptions, hardware failures, handling errors, malware, or third-party service failures.

The User is responsible for maintaining a reasonably secure, up-to-date, and suitable runtime environment (system, network, anti-malware protection, access control, and monitoring).

10. Financial disclaimer and risks

Whale‑E is an analysis and simulation tool. ALMAGESTE does not provide trading or investment services, and does not provide financial, tax, legal, or regulatory advice. No Software feature, output, statistic, ranking, or signal constitutes a personalized recommendation.

Strategy examples are provided for educational purposes only and do not constitute investment advice or any guarantee of future performance.

Financial markets and crypto-assets involve risks, including partial or total losses. The User is solely responsible for their decisions.

Results, statistics, rankings, and signals produced by the Software are based on hypothetical backtesting and simulation calculations. They do not represent actual market performance, are not predictive of future results, and may be affected by methodological biases, including overfitting (grid search), look-ahead bias, and survivorship bias.

The Software may contain errors, defects, or technical limitations that can produce inaccurate, incomplete, or misleading information. The User assumes the consequences of decisions made based on such information.

The Software may heavily use hardware resources (CPU, memory, disk, network) and may increase temperature, power consumption, and accelerated wear of certain components depending on configuration and equipment condition.

The User is responsible for ensuring that their runtime environment is adequate, including cooling, power supply, system settings, thermal monitoring, and load-limitation or safety shutdown mechanisms.

11. Support and availability

Unless otherwise agreed in a separate contract, the software is provided without any guaranteed service level. ALMAGESTE may modify, suspend, or discontinue functionalities for technical, security, compliance, or product evolution reasons.

A contact channel is made available at support@whale-e.com. Unless otherwise agreed in a separate contract, ALMAGESTE does not guarantee any response time or service level.

12. Statutory warranties

Whale‑E (free version) is provided without payment of a price and without personal data as contractual counter-performance. Any transmission of the pseudonymized client_id mentioned in Section 9 is optional, can be disabled by the User, and is not contractual counter-performance for the right to use the Software. Disabling client_id does not prevent use of the Software’s core features or update checks.

Accordingly, the statutory conformity regime applicable to digital content or digital services supplied against a price or other contractual counter-performance does not apply to this free version, except where mandatory law requires otherwise.

Nothing in this EULA limits mandatory consumer rights.

13. Limitation of liability

13.1 General principle

The Software is provided as an analysis and simulation tool. Nothing in this EULA excludes or limits liability that cannot be excluded or limited under applicable law, including willful misconduct, gross negligence, personal injury, or non-waivable consumer rights.

13.2 Consumer users (B2C)

This clause applies without prejudice to the consumer’s mandatory statutory rights.

ALMAGESTE may be liable for direct and foreseeable damages resulting from a proven breach of its legal or contractual obligations.

Unless a proven breach attributable to ALMAGESTE is established, ALMAGESTE is not liable for trading losses, market losses, losses resulting from strategy choices, parameter settings, risk management decisions, or consequences related to the use of third-party market data.

Unless a proven breach attributable to ALMAGESTE is established, ALMAGESTE is not liable for overheating, slowdowns, downtime, or hardware degradation resulting in particular from insufficient ventilation, lack of maintenance, overclocking, inadequate configuration, or more generally the User’s technical environment.

13.3 Business users (B2B)

To the maximum extent permitted by applicable law, ALMAGESTE is not liable for indirect, non-material, special, or consequential damages, including loss of revenue, margin, profit, data, opportunity, or trading losses.

To the maximum extent permitted by applicable law, ALMAGESTE is not liable for overheating, hardware degradation, availability losses, or infrastructure costs linked to the User’s operating conditions.

Subject to non-excludable liability, ALMAGESTE’s aggregate liability for all claims is limited, for business users, to a maximum amount of one hundred (100) euros.

14. Term, suspension, and termination

This EULA applies for as long as the User uses the software.

ALMAGESTE may suspend or terminate the license in case of breach of this EULA. Upon termination, the User must stop using the software and delete all copies in their possession, unless legal obligations require otherwise.

15. Economic model evolution

The current version of Whale‑E may be free of charge. ALMAGESTE reserves the right to introduce paid versions, features, or offers in the future.

The User acknowledges that this EULA does not grant any vested right to perpetual free access to future versions or features.

Any migration to paid offers will be subject to prior notice and, where required by law, separate contractual consent.

Any paid version, feature, or offer is outside the scope of this EULA and is governed by separate contractual terms.

16. Governing law and disputes

This EULA is governed by French law. For Consumer Users, this choice of law does not deprive the consumer of the protection afforded by mandatory provisions of the law that would have applied in the absence of choice, where the conditions of Article 6 of Regulation (EC) No 593/2008 (“Rome I”) are met.

For consumer disputes, mandatory jurisdiction rules apply. For business users, exclusive jurisdiction is granted to the courts of Marseille, including in case of multiple defendants or third-party proceedings.

17. Territorial scope, international compliance, and export controls

Whale‑E may be accessible from multiple countries. The User is responsible for compliance with laws applicable in their country of use.

The software may not be used, exported, re-exported, or made available in violation of applicable economic sanctions, export control, or embargo laws.

ALMAGESTE may limit or deny access, distribution, or updates in any territory, for any user, or for any use when required by law.

18. Language version

This EULA is available in French and English. In case of interpretation conflict, the French version prevails for Business Users. For Consumer Users, any ambiguity is interpreted in the way most favorable to the consumer, in accordance with mandatory applicable law.

19. General contract clauses

This EULA constitutes the entire agreement between the User and ALMAGESTE regarding the Software and supersedes prior agreements, exchanges, or representations on the same subject matter.

ALMAGESTE may modify this EULA to reflect Software evolution, legal requirements, or security constraints.

Any new version specifies its effective date.

In this section, “new version” means a new version of this EULA, and not a new version of the Software.

For consumer Users, where required by law, information about modifications is provided on a durable medium.

ALMAGESTE informs the User of modifications by reasonable means, including at Software launch, on the website, or through any other available channel.

If the User refuses the new version, they must stop using the Software.

For consumer Users, mandatory applicable rights remain fully applicable.

If any provision of this EULA is held invalid, illegal, or unenforceable, the remaining provisions remain fully effective.

Failure by ALMAGESTE to enforce any provision of this EULA at a given time does not constitute a waiver of its right to enforce that provision later.

ALMAGESTE may assign or transfer all or part of its rights and obligations under this EULA. The User may not assign rights or obligations without ALMAGESTE’s prior written consent.