Phemex, the fastest crypto exchange and trading platform, has announced the fourth edition of its coveted Phemex Trader’s Arena trading competition. The latest edition, set to go live on Dec. 9th, 2021 8:00 AM UTC, will offer its users a chance to win a share in the massive prize pool of $750,000 worth BTC.
During the event, the Phemex trading community will come together as teams to compete against each other to win prizes for their teams as well as themselves. This time, Phemex has made the Trader’s Arena more exciting by including all contracts into the competition as compared to previous editions where only inverse BTCUSD contract trades were eligible for consideration. It allows participants to gain ROI on both USD and BTC trading accounts, with the account having the highest ROI being considered for the calculation of the team’s final ROI. Meanwhile, individual rewards will be calculated using aggregate PnL across USD and BTC trading accounts.
The size of the competition prize pool is directly proportional to the number of participants. Expecting a minimum of 200 and a maximum of 13,999 participants, the prize pool will vary between $3,000 to $750,000. The prize pool break up for the competition is as follows.
|Participants||Total Prize Pool (USD)|
With Phemex Trader’s Arena being a team event, the platform incentivizes traders who take the initiative to form a team. Depending on the team size, the team leaders can expect a prize pay-out of anywhere between $100 to $1,000 by commanding teams of 10,000 to 100,000 people. However, to be considered for the competition, any team must have at least 10 members. In the event the team fails to gain enough numbers, it will be disbanded, and the members assigned to other teams.
With the teams in place, participants can start trading and the return on investment they generate during the prize period will play a crucial role in deciding the team’s position in the competition. The average ROI of the top 10 traders in each team will be considered for team ranking. Meanwhile, individual scores will be calculated based on their PnL during the competition time frame.
The competition will go on from Dec. 9th, 2021 8 AM UTC to Dec. 24th, 2021 8 AM UTC, following which the results will be announced and prizes awarded to the winning teams and individuals.
What’s in Store for the winners?
Phemex is dividing its final prize pool into two award categories – Team and Individual awards. With Trader’s Arena being a team event, the team award prize pool takes a major chunk (78%) of the prize pool with 25% set aside for 1st place, 15% for second, 8% for third, and 30% to be shared equally by teams securing 4th to 10th places. The team captain will receive 40% of the respective team’s reward, another 30% by the top 10 team members, and the rest among the remaining participants from the team. In case the team has less than 20 members, 60% will be shared equally among each one of them. However, if any team member has transaction volumes below the minimum $500 mark, they won’t be eligible to receive any rewards.
With 78% of the total award pool set aside for team prizes, individual awards will be carved out from the remaining 22%, with 8%, 5%, and 2% for the 1st, 2nd, and 3rd places respectively. Those securing 4th through 10th positions will receive an equal share from the remaining 8% of the prize pool.
Make Trading a Team Effort and Start Winning Big
Participating in the Phemex Trader’s Arena competition is easy and winning is a huge possibility. Get ready to bring your teams together. The bigger and more active your team, the better are the chances of emerging on top.
Few important dates to keep in mind
Nov. 25th, 2021 – Dec. 9th, 2021: Captain and Team Registration Period.
Dec. 9th, 2021 8 AM UTC – Dec. 24th, 2021 8 AM UTC: Competition Period.
Dec. 24th, 2021 – Jan. 7th, 2022: Award Distribution.
Visit the Phemex Crypto Trading Competition for more information –
Source: Bitcoinist News