SINGAPORE / ACCESSWIRE / September 24, 2020 / Cryptocurrency and derivatives exchange Phemex has just launched a new BTC/USD perpetual contract trading competition with a prize pool of up to 100 BTC. Named the Phemex Trader's Arena, the event will allow different teams of traders to compete for multiple prizes based on their trading performance.
The only requirement to join the event is to have a net value of 0.02 BTC or more in a Phemex BTC trading Account at the time of registration.
Each team must have 1 captain and at least 9 other members. There is no maximum limit for how large a team can be. A team's performance will then be calculated and ranked based on the average Return on Investment (ROI) of the team's best 25% of traders. If a team has less than 40 members, performance will be calculated based on the average ROI of the team's 10 best traders instead.
In addition to team awards, traders can win individual trading awards. Individual rankings will be calculated based on each trader's Profit and Loss (PnL).
Currently, anyone can apply to be a team captain by completing this form. Registrations for regular participants will open on Oct. 9, 2020. On that day, any trader that meets the trading account balance requirement will be able to register and select the captain or team of their choice. The trading competition will officially begin on Oct. 24 and will end on Nov. 7. Prizes will be distributed by Nov. 12.
If enough traders join this competition to reach the maximum prize pool of 100 BTC, the reward distribution would be as follows:
Team Awards (78% of final prize pool) - Calculated based on ROI
- 1st Place Team: 25% of final prize pool (25 BTC)
- 2nd Place Team: 15% of final prize pool (15 BTC)
- 3rd Place Team: 8% of final prize pool (8 BTC)
- 4th - 10th Teams: Will share 30% of final prize pool evenly (30 BTC)
- Captains of a winning team receive 40% of their team's award
- Top 10 traders of a winning team share 30% of their team's award
- All remaining team members share 30% of their team's award
Individual Awards (22% of final prize pool) - Calculated based on PnL
- 1st Place Trader: 8% of final prize pool (8 BTC)
- 2nd Place Individual: 5% of final prize pool (5 BTC)
- 3rd Place Individual: 2% of final prize pool (2 BTC)
- 4th - 10th Place Traders: Will share 7% of final prize pool evenly (7 BTC)
With this prize structure, a player that registers as a captain has the possibility of winning 18.75 BTC. 10 BTC for being the captain of the top ranked team, 0.75 BTC for also ranking as a top 10 trader of the same team, and 8 BTC for ranking as the best individual trader of the entire competition.
To read the full list of rules, calculation formulas, and prizes, please visit https://phemex.com/crypto-trading-competition
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