Where some people view trading as a game of luck, others see it as an adventure sport. There’s a certain thrill that comes from executing the perfect trade, buying dips at the right moment, and timing sell orders as the market peaks. For those newer to the sport, trading competitions offer an opportunity to learn and grow as a broker, while giving more experienced traders the chance to tackle a new kind of challenge.
For those who know what they’re doing, trading competitions are a shot at making a quick buck, but it can be hard to justify the risk when you don’t have much to invest, especially when the prizes aren’t all that lucrative. Phemex is no stranger to hosting trading competitions, having successfully conducted their Bitcoin Bonanza competition last month, celebrating the launch of their inverse BTCUSD contracts. This time, however, they’re raising the stakes.
This November, the Singapore-based crypto derivatives powerhouse Phemex is launching the fourth edition of its Phemex Trader’s Arena competition, pushing teams to compete for a prize pool of a colossal $750,000.
Enter the Arena
While the main prize pool structure will remain the same, instead of counting only the inverse BTCUSD contract volumes, now all contracts available on the Phemex platform will count towards the participants’ scores. Since all contracts are part of the competition, each participant will record ROI in both their USD and BTC trading accounts, and whichever one is higher will count towards a team’s final ROI. For individual prizes, results are calculated using the aggregate PnL across both USD and BTC trading accounts.
Additionally, participants who deposit funds into their contract trading accounts during the registration period will receive further prizes, with the chance of winning trading bonuses of up to $1000 for deposits of over 2 BTC or $100,000 USDT. As usual, participants are only allowed to participate with a single account, and accounts with trading volumes under $500 will not be eligible to receive any rewards.
Registrations for captains and teams will open between Nov. 25th 2021 and Dec. 9th 2021, and with three-quarters of a million dollars in BTC on the line, the stakes are enormous. Teams must have at least ten members to be considered valid, and groups that do not meet this requirement will be disbanded and re-assigned to other teams at random.
Captains who manage to successfully band a team together can win up to $6000 depending on the number of team members. Team rankings will depend on the average ROI of the team’s top 10 traders, though participants will also be rewarded and ranked at an individual level using PnL.
A Reward Worth the Victory
Of the total prize pool, 78% is allocated for team prizes, while the other 22% will go to individual traders. 25% will be awarded to the team ranked first, 15% to the second team, and 8% to the third team. The remaining 30% will be distributed equally between the other seven teams in the top 10.
Captains will receive a 40% share of their team’s winnings, with 30% being distributed among the team’s top 10 traders, while all other team members will share the remaining 30%. However, if the team has less than 20 members, the captain still receives 40% of the prize, while the other 60% is equally distributed among the remaining members of the team.
Of the 22% allocated to individual rewards, 8% will be awarded to the person in 1st place, 5% to the one in second, and 2% to the third-place winner. The remaining 7% will be shared equally between individuals in 4th to 10th place.
Phemex is also conducting a series of Twitter campaigns to help spread the word, inviting all registered participants to follow their page @Phemex_official. Random followers will also be eligible to receive rewards, including limited edition and themed merch, through the entire duration of the competition.
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