The already-renowned Phemex Trader’s Arena has started once again, this time with a prize pool that can go up to $2,000,000.
Registrations for the competition were opened on March 10th, and in just 24 hours, over 1,500 traders joined it, putting the prize pool at the 1.5 BTC threshold. The prize pool will double at 2,000 participants, reaching 3 BTC, and it will continue increasing based on how many traders participate:
- 2,000 participants – 3 BTC
- 4,000 participants – 8 BTC
- 6,000 participants – 12 BTC
- 8,000 participants – 20 BTC
- 10,000 participants – 25 BTC
- 15,000 participants – 35 BTC
- 18,000+ participants – 45 BTC
At the moment, over 3139 people joined the Phemex Trader’s Arena, putting the prize pool at 3 BTC.
The registrations will be opened for a total of 2 weeks, and the competition will start as soon as registrations close, on March 24th.
Phemex Trader’s Arena – The Ultimate Trading Contest
The crypto trading competition is dedicated to both individuals and teams. Anyone can participate as long as they have a Phemex account and their BTC Trading Account Net Value is at least 0.005 BTC.
Signing up for the competition takes only a few clicks, depending on how you want to participate. For individual traders, just register for the competition, and you’re done. But if you want to be part of a team, you can either join an existing one or form your own and become team captain.
However, for a team to be eligible, it needs to have at least 10 team members. If by the time the competition begins a team doesn’t meet the minimum number of team members, it will be disbanded, and all the members will be automatically assigned to other valid teams.
The Phemex Trader’s Arena will occur between March 24th and April 7th, and the prizes will be distributed starting with April 13th.
Prize Distribution – All You Need to Know
Regardless of the final prize pool, 22% of the awards will be distributed to individual traders, while 78% of the prize will be given to teams.
Individual awards distribution
- 1st place individual – 8% of the total prize pool.
- 2nd place individual – 5% of the total prize pool.
- 3rd place individual – 2% of the total prize pool.
- Places 4 to 10 – 7% of the total prize pool, equally distributed. This will amount to 1% of the prize to each contestant.
The rankings for individual traders will be determined using the individual Profit and Loss (PnL) formula:
BTC Trading Account current net value (balance + unrealized PnL) – BTC Trading Account initial net value (balance + unrealized PnL) + outgoing transfers during the event – incoming transfers during the event – commission income during the event – bonuses received during the event.
Team awards distribution
- 1st place team – 25% of the total prize pool.
- 2nd place team – 15% of the total prize pool.
- 3rd place team – 8% of the total prize pool.
- Places 4 to 10 – 30% of the total prize pool, equally distributed. This will amount to around 4.28% of the prize to each team.
And if you’re wondering how the prize will be distributed inside each team, here’s the breakdown:
- Team captain – 40% of the team prize.
- Top 10 traders – 30% of the team prize.
- The rest of the traders – 30% of the team prize.
- However, if a team has less than 20 members, 40% of the prize will go to the captain, while the remaining 60% will be shared equally between every team member.
To rank the teams, Phemex will calculate the average ROI for the top 10 team members, as well as the individual Return on Investment, using the following formula:
Individual PNL / (BTC Trading Account initial net balance + incoming transfers during the event + commission income during the event + bonuses received during the event).
The Rules of the Competition
With such a massive prize pool on the line, Phemex wants to ensure that everyone has an equal chance to win the competition and that participants don’t abuse or exploit the system to climb up the ladder.
So, first of all, any of the following actions will result in the immediate disqualification of a participant:
- Registering with multiple accounts
- Manipulating the market for profits
- Performing reverse transactions between team members
Furthermore, a participant’s sub-accounts will not be considered individual participants in the competition, and API trading is strictly prohibited.
Phemex is a cryptocurrency trading platform that provides users with Contract and Spot trading services. Created in 2019 by Jack Tao and a team of Wall Street traders and investors, Phemex has one mission: To empower everyone to trade simply and manage risk efficiently.
Using various efficient and advanced features and risk management tools, the platform helps its users maximize their chances of generating profits from market movements.
If cryptocurrency trading is something that you do regularly, make sure you don’t miss the chance of joining the Phemex Trader’s Arena. With a prize pool of up to $2,000,000, even getting a small share of the total prize will result in a hefty reward – all for trading as you usually do.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.