Some say trading’s about luck; others call it an extreme sport. There’s a special thrill that comes with executing the perfect trade, buying the dip, and selling at the market’s peak. For those newer to the scene, trading competitions afford the opportunity to learn and grow as a trader, but they also offer more experienced players the chance to overcome new challenges.
Trading competitions can be a great way to make some sizable earnings if you know what you’re doing, but the risk levels, especially with how unpredictable cryptocurrency markets are, can be hard to justify with lackluster prizes.
Phemex is not a stranger to trading competitions, having successfully conducted ‘Bitcoin Bonanza’ just last month, which celebrated the launch of their inverse BTCUSD contracts. This time, however, they’ve raised the stakes. Launching the fourth edition of ‘Phemex Trader’s Arena’ this November, the Singapore-based global digital asset derivatives exchange is challenging teams to battle it out for a massive $750,000 prize pool.
Unleash Your Inner TraderUnlike Bitcoin Bonanza, where just the volumes of its USD-margined Bitcoin contracts counted towards the contest, at Phemex Trading Arena, all of Phemex’s contract products will count towards the final scores. This means player ROI will be calculated for both their USD and BTC trading accounts, with the higher value counting towards their team’s final ROI. However, individual prizes are determined based on aggregate PnL across both USD and BTC trading accounts.
Furthermore, deposits made by participants into their contract trading accounts during the registration period will receive exciting bonus prizes, including trading bonuses of up to $1000 for accounts with more than 2 BTC or $100,000 in deposits. However, users are only permitted to participate through one account, and players with trade volumes of lower than $500 will be disqualified from receiving rewards.
Registrations for both teams and captains will open between Nov. 25th 2021 and Dec. 9th 2021, and with Bitcoin worth three-quarters of a million dollars on the line, the stakes are huge. Teams must consist of ten or more members, and groups that do not meet this minimum will be considered invalid, disbanded, and it’s members randomly reassigned to other teams.
Up to $6000 is up for grabs for captains depending on the number of members they can pull together into a team. The average ROI of a team's 10 best traders determines their overall rank, though rewards and ranks will also be allocated to individual players based on PnL.
Victors & Winnings78% of the whopping $750,000 prize pool is set aside for rewarding teams, while the other 22% is allocated to reward individual traders. The team that ranks first will be awarded 25% of the allocated 78%, with the second team receiving 15%, and the third taking 8%. The final 30% will be equally distributed between the other teams in the top 10.
40% of the team’s winnings go to captains, and the team’s top 10 traders are given 30%, with all other team members equally splitting the remaining 30%. However, for teams consisting of less than 20 members, captains still receive 40% of the team prize, but the remaining 60% will be equally split among the remaining team members.
Of the 22% allocated for individuals, 8% will be given to the first-ranked player, 5% will go to the runner-up, and 2% goes to the individual in third. The final 7% will be evenly split between the remaining winners.Phemex is also hosting Twitter (NYSE:TWTR) campaigns to help publicize the event, inviting all registered participants to follow them @Phemex_official. Followers will be randomly selected to receive rewards while the competition is ongoing, including themed and limited edition merch.