Phemex, one of the fastest crypto exchange and futures trading platforms has announced an attractive contest for its community. Starting March 24th, the fifteen-day long Phemex Trader’s Arena contest with a generous prize pool of $2 million allows traders to form teams and compete against each other.
Registrations for the Phemex Trader’s Arena Contest started on March 10th. The contest is focused on BTC/USD trading pairs on the platform, and only those fulfilling the participation requirements set forth by the platform will be eligible to take part in it.
Requirements and Ground Rules
The Phemex Trader’s Arena contest requires each participant to have a BTC Trading Account with a net value of at least 0.005 BTC which includes existing crypto balance as well as unrealized PnL at the time of registration. Once the registration process is completed, they will have to create or become part of a team. The minimum team size for participation in the event is 10, and those who are not part of any team or have a smaller team size will be randomly assigned to different teams before the event starts.
Each team will have a Captain – a person who forms the team. The team captain will be eligible to receive additional benefits based on their team’s performance.
Rules governing the Phemex Trader’s Arena contest restrict participating individuals and teams from i) registering batch accounts; ii) indulging in market manipulation for profit, and iii) conducting reverse transactions between team members to yield higher ROI’s for a select few team members.
Each trader can use only one account to participate in the event. The platform does not consider sub-accounts as individual participants. Also, the use of API trading is restricted for all contest participants.
Phemex Trader’s Arena Awards
The Phemex Trader’s Arena contest has a $2 million prize pool, of which 78% will be paid out as team awards and the remaining 22% as individual awards. Each category will have a winner and two runners-up decided based on ROI (for teams) and PnL (for individuals).
The breakdown of reward distribution is as follows:
|Award||Team Award||Individual Award|
|Prize Pool||78% of total prize pool||22% of total prize pool|
|1st Place||25% of the total prize pool||8% of total prize pool|
|2nd Place||15% of total prize pool||5% of total prize pool|
|3rd Place||8% of total prize pool||2% of total prize pool|
|4th to 10th Places||30% of total prize pool, distributed evenly||7% of the total prize pool, distributed evenly|
Further, the captains of each winning team will receive 40% of their respective team’s award followed by 30% distributed equally among the top 10 team members. The remaining 30% will be shared by the remaining team members in equal portions. In the event, the team has less than 20 members each member, apart from the team captain will receive an equal share in 60% of the award.
Each team captain will receive $100 as a team formation prize along with up to a 50% share of trading commissions. Also, the first 2000 traders to register for the Phemex Trader’s Arena will get $10 bonus and limited edition Phemex merchandise.