Disclaimer: The text below is a press release that was not written by Cryptonews.com.
After several successful editions, the Phemex Trader’s Arena is back, with the team putting on the line a prize pool of up to $2,000,000 – representing 45 BTC.
Despite the fact that registrations were opened on March 10th, over 2,000 people joined the competition, putting the current prize pool at 3 BTC. The next milestone will be reached at 4,000 participants when the prize pool will reach 8 BTC. Registrations will be open until March 24th, with the prize pool increasing as follows:
- 2,000 participants – $150,000
- 4,000 participants – $400,000
- 6,000 participants – $600,000
- 8,000 participants – $1,000,000
- 10,000 participants – $1,250,000
- 15,000 participants – $1,875,000
- 18,000+ participants – $2,000,000
What is the Phemex Trader’s Arena?
This Phemex Trader’s Arena is a crypto trading competition organized for both teams and individuals. To participate, traders only need to have an account with a BTC Trading Account Net Value of at least 0.005 BTC.
Once registered, all you have to do is continue trading as usual to advance the rankings. You can participate as an individual, join a team of your choice, and even form your own team and become team captain.
When it comes to teams, for a team to be considered eligible, it must have at least 10 participants. If a team doesn’t meet this criterion, it will be automatically disbanded when the competition begins, and its members will be assigned to other eligible teams.
The trading competition will occur between March 24th and April 7th, and the prizes will be distributed starting with April 13th.
What is the prize distribution system?
The total prize will be distributed for teams and individuals, with teams receiving 78% of the total prize and individuals receiving 22%.
Team awards breakdown
- The 1st place team will receive 25% of the total prize pool.
- The 2nd place team will receive 15% of the total prize pool.
- The 3rd place team will receive 8% of the total prize pool.
- The teams that rank 4th to 10th will receive 30% of the total prize pool, which will be equally distributed among all the teams, amounting to around 4.28% of the total prize pool for each team.
But since not all traders are equal, each team’s award will be further broken down as follows:
- 40% will go to the team captain.
- 30% will be equally distributed between the top 10 traders of the team.
- 30% will be equally distributed between the rest of the traders.
- If a team has less than 20 members, the team captain will still receive 40% of the prize while the remaining members will split 60% of the award equally.
Individual awards breakdown
- The 1st place individual will receive 8% of the total prize pool.
- The 2nd place individual will receive 5% of the total prize pool.
- The 3rd place individual will receive 2% of the total prize pool.
- The individuals placed between 4 and 10 will receive 7% of the total prize pool, which will be equally distributed, amounting to 1% of the total prize for each trader.
The rankings will be determined using various formulae, including ROI and PnL.
For team awards, Phemex will take the average ROI for the top 10 team members and will also calculate the individual Return on Investment:
Individual PNL / (BTC Trading Account initial net balance + incoming transfers during the event + commission income during the event + bonuses received during the event).
In terms of individual awards, Phemex will only use the individual Profit and Loss (PnL):
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.
So what are the rules?
To make the competition as fair as possible, Phemex put together a set of rules that all participants and teams need to follow. The following actions will result in immediate disqualification:
- Batch account registrations
- Profits from market manipulation
- Reverse transactions between team members
API trading is strictly prohibited, and sub-accounts will not count as individual participants in the Phemex Trader’s Arena.
Founded in 2019, Phemex is a cryptocurrency trading platform whose mission is to empower everyone to trade simply and manage risk efficiently.
The platform was created by Jack Tao and a team of professional and experienced Wall Street traders and investors after they realized the need for a trustworthy, simple, and efficient crypto trading platform.
Through Phemex, users can perform spot trading as well as contract trading, and they can purchase cryptocurrencies using credit and debit cards, bank transfers, and even ApplePay. The platform also provides its users with advanced functions like FIX API, a sub-account system, and L3 quotes.
So if you’re already trading cryptocurrencies, make sure to register for the Phemex Trader’s Arena to get a shot at earning a share of their massive prize pool!