Place/Date: - December 3rd, 2021 at 10:08 pm UTC · 3 min read
Some call trading an extreme sport; to others, it’s entirely a game of luck. Whatever you believe, it’s hard to deny the thrill that accompanies making the perfect trade. Whether you’re just starting out, or an established trading wizard, trading competitions bring a lot to the table, allowing newbies to hone their brokering skills while giving the more experienced participants a fresh challenge to overcome.
Trading contests are a great opportunity to generate some swift gains for those who understand the risks, but with little capital to invest and lacklustre prizes, it can be hard to justify such a gamble. World-class Singaporean derivatives platform Phemex is no stranger to hosting these types of competitions, having wrapped up its ‘Bitcoin Bonanza’ contest in October to mark the launch of its inverse BTCUSD contracts.
This time, however, Phemex is making a much more compelling case for participants, offering a gargantuan $750,000 prize pool for winning teams of its fourth ‘Phemex Trading Arena’ competition.
At Bitcoin Bonanza, the contest would only account for volumes that contributed towards the inverse BTCUSD contract. This time, which contract you trade makes no difference, with volumes on all of Phemex’s contracts counting against the final score. What this means is that participants’ ROI will be noted from both their USD and BTC portfolios, with the highest between the two being taken into consideration for the team’s score.
To determine the distribution of individual prizes, the aggregate PnL across both Bitcoin and USD trading accounts will be used. During the event, participants may only use a single account, and users with volumes of less than $500 will be disqualified from claiming rewards.
Both teams and team captains can register for the event till December 9. Nearly a million dollars in BTC hangs in the balance for participating teams, which must consist of at least ten members. Parties that don’t have ten members will be disbanded and reassigned to other teams at random.
Captains are encouraged to gather as many team members as possible, with a reward of up to $6000 awaiting them depending on the number of traders in their team. Average ROI will determine the ranks of the top 10 traders.
$585,000 of the total $750,000 (78%) is allocated for the teams participating in the event, of which a cool $187,000 (25%) will be awarded to the winning team. The runner-up team will receive $112,500 (15%), while $60,000 (8%) goes to the third team. The remaining seven of the top 10 teams will share the last $225,000 (30%) of the team prize pool.
Of a team’s total winnings, 40% is directly awarded to its captain, with another 30% distributed to its top 10 traders. The other 30% will be shared between all other team members. However, for teams consisting of fewer than 20 participants, other than the 40% which goes to the captain, the entire remaining prize amount will be divided between all members of the team.
With $165,000 kept aside for individual rewards, first place gets a sizeable $60,000 reward (8%), while $37,500 (5%) will go to the trader in second place. The third place trader will receive $15,000 (2%), and all remaining participants will share the last $52,500 (7%).
Phemex is also hosting campaigns all over Twitter to spread word of the event, inviting participants to follow their page on Twitter to receive rewards at random, including themed and limited edition merch, across the contest’s duration.