On November 25, 2021, Phemex celebrated two years of existence. To celebrate this milestone, Phemex launched the fourth edition of its ‘Phemex trader’s arena’ trading contest. The world-class Singapore-based digital asset derivatives exchange is encouraging teams to compete for a gargantuan $750,000 prize pool.
This is a significant appeal to all the traders ready to make this event remember. Prepare to register your team as the competition’s registration stage is coming to an end and get ready to begin trading.
What is Phemex Trader’s Arena
Phemex Trader’s Arena event is designed for traders who have to form a team with a captain that will organize the entire operation. There will also be certain rewards for both the teams and the individuals. Once the teams are formed, the traders’ squads will have to battle one another.
This time, the competition is a little differentas this edition is not as long as the others, with all contracts accessible on Phemex, excluding the inverse ETH/USD contract counting.
The prize structure will stay the same but players who deposit funds into their contract trading account will have more extra reward opportunities during the registration period.
Finally, participants will get a ROI on their USD and BTC trading accounts once all contracts are available. The higher the individual ROI, the more it will add up to the team’s total ROI. Individual awards will be calculated based on aggregate PnL from USD and BTC trading accounts.
What are the rules in order to participate?
Like previous editions, everyone must follow a few rules to compete. This time, the rules are divided into two sectionsne for the captain and one for the rest of the squad.
Do you want to participate? Here are the rules.
If you are captain
- At the beginning of the tournament, each team member must have a net balance of at least 0.005 BTC or a USD trading account of at least $200.
- Only team members having a transaction volume of $500 or higher throughout the tournament will be considered legitimate team members for the captain’s incentive.
- The captain awards for team creation will be given in USDT.
If you are part of the team
- Phemex users can sign up to join any team of their choice once member registration begins. Users’ accounts must have a net worth of at least 0.005 BTC or USD trading accounts must have a net value of at least $200 at the time of registration.
- A legitimate team must have at least ten members, but there is no limit to the number of members. Any group that does not achieve this condition will be disbanded by the start of the tournament. Members will be allocated to other qualified teams at random.
- As the competition begins, if the BTC trading account’s net value is less than 0.005 BTC or the USD trading account’s net value is less than $200, the BTC trading account’s initial net value will remain 0.005 BTC. The USD trading account’s initial net value will remain $200.
- There is no way to change teams once you have successfully joined one.
- The awards are delivered within seven days of the competition’s conclusion. The prizes will be given out in BTC.
- Batch account registrations, profits from market manipulation and reverse transactions between group members to yield higher ROIs for a certain percentage of the team at the expense of the rest, and API users are not permitted. They will result in immediate disqualification for both the teams and the individuals.
- Sub-accounts cannot participate in the competition as individuals.
- The total quantity of BTC issued is subject to the OTC settlement rate conversion rate on the
day of issue and Phemex has the last say on how the converted price is interpreted.
- The platform reserves the right to make final and binding decisions on these rules.
- Trading bonuses and captain rewards will be distributed during the prize distribution period.
Dates and prizes
Keep in mind that to participate in the competition, users must be informed of the registration and competition dates, which are as follows.
- November 25, 2021 at 8:00 UTC to December 15, 2021 at 8:00 UTC aptain and team registration period
- December 15, 2021 at 8:00 UTC to December 30, 2021 at 8:00 UTC ompetition period
- December 30, 2021 to January 12, 2022 ward distribution
When it comes to awards, it relies on how many people participated. The more people to participate, the higher the prizes.
Participants’ prize pool
Team size and captain rewards
Participants that make adequate deposits to their contract trading accounts during the registration period will be eligible for trading bonuses. All trade bonuses and additional prizes will be given when the tournament concludes.
All the reward breakdowns may be found on the platform, as well as additional information necessary to participate in the competition.
Prepare to compete in the Phemex tournament and have the opportunity to win up to $750,000 with your team.
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