Phemex, one of the fastest crypto exchange and futures trading platforms, has announced an attractive competition for its community. Starting March 24th, traders will be able to team up and compete against each other as part of the fifteen-day Phemex Trader’s Arena competition with a generous prize pool of $ 2 million.
Registration for the Phemex Trader’s Arena Contest began on March 10th. The competition is focused on the BTC / USD trading pair on the platform. Only those who meet the conditions of participation set by the platform can take part.
Requirements and basic rules
For the Phemex Trader’s Arena competition, each participant must have a BTC trading account with a net value of at least 0.005 BTC, which includes the crypto balance available at the time of registration as well as unrealized PnL. Once the registration process is complete, they will need to create a team or become part of a team. The minimum team size to participate in the event is 10, and those who are not part of a team or have a smaller team size will be randomly assigned to different teams before the event starts.
Each team has a captain who makes up the team. The team captain is entitled to additional benefits based on the performance of his team.
The rules for the Phemex Trader’s Arena competition prevent participating individuals and teams from i) registering batch accounts; ii) engage in market manipulation for a profit; and iii) performing reverse transactions between team members to achieve higher ROIs for a select few team members.
Each merchant can only use one account to attend 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 competition has a $ 2 million prize pool, 78% of which is paid out as team prizes and the remaining 22% as individual prizes. Each category has a winner and two runners-up based on ROI (for teams) and PnL (for individuals).
The breakdown of the reward distribution is as follows:
| Forgive | Team award | Individual award |
| Price pool | 78% of the total prize pool | 22% of the total prize pool |
| 1st place | 25% of the total prize pool | 8% of the total prize pool |
| 2nd place | 15% of the total prize pool | 5% of the total prize pool |
| 3rd place | 8% of the total prize pool | 2% of the total prize pool |
| 4th to 10th place | 30% of the total prize pool, evenly distributed | 7% of the total prize pool, evenly distributed |
In addition, the captains of each winning team receive 40% of their respective team’s award, followed by 30%, which is evenly distributed among the top 10 team members. The remaining 30% will be shared equally by the remaining team members. In the event that the team has fewer than 20 members per member, the team captain receives an equal share of 60% of the award.
Other advantages
Each team captain receives a team building award of US $ 100 and a share of up to 50% of the trading commissions. Also, the first 2000 traders to register for the Phemex Trader’s Arena will receive a $ 10 bonus and limited edition Phemex merchandise.
Join the Phemex Trader’s Arena
Register for the Phemex Trader’s Arena competition at – https://phemex.com/crypto-trading-competition
The winners of the competition will be announced on April 13, 2021.
