In its bid to promote the spirit of sportsmanship amongst BTC traders, the Phemex cryptocurrency exchange is here again with the third version of its trading competition dubbed the PT Arena 3: Race for Glory. This competition is strictly for BTC/USD perpetual contract trading and is open to all classes of traders in all of Phemex’s supported jurisdictions.
Registration for the competition is now open (June 7, 2021) until June 20. This first phase of registrations is for influential traders who wish to lead teams as Captains and for regular traders wishing to join their favorite teams. The competition will start shortly afterward, from June 21 to July 4.
Core Requirements to Join the PT Arena 3 Competition
Users must open a Bitcoin trading account to join the competition. As pointed out, the Race for Glory event is only available to users in permitted locations, and participants must verify their eligibility in this regard. The user’s BTC Trading Account net value must be at least 0.005 BTC at the time of registration.
At the point of registration, users can choose to be a part of any team; however, experienced and influential traders can decide to form their own team. There is no limit to the team size, but no team can have less than 10 members. Any pre-registered team that fails to hit this number will be disbanded, and members will be distributed at random to the other valid teams. The team you are on while the competition starts will be your team until the end; no switching is allowed.
For this edition of the PT arena, we’ve added team formation incentive to reward captains as follows:
|Team Members||Rewards for Captain|
Teams will be ranked based on the average Return on Investment (ROI) of each team’s top 25% best traders. For any team whose members are below 40, the performance of the top ten traders is what will be considered in calculating the team’s ROI. Users with sub-accounts cannot count as individual participants in this competition, and here are other actions that can lead to immediate disqualification of all participants, including teams and individuals;
- Batch account registrations,
- Any accumulated gains from market manipulations,
- Reverse transactions between team members to yield higher ROI’s for a certain percentage of the team at the expense of the rest,
The performance of individuals will also be taken into account for Individual reward allocations. The performance of users will be ranked based on their personalized Profits and Losses (PnL).
What is the Catch?
The maximum total prize pool is $750,000 USD. The final number of participants determines the award sum that will be shared at the end of the day. If 200 to 499 people participate, the prize pool will be US$3,000, 500 to 999, is US$14,000, and at its peak, 10,000 to 13,999 participants will share the US$750,000 price pool.
Of the prize pool, the Team Awards will take up 78% such that the first-place team goes home with 25% of the total prize pool, the second-placed team will take 13% of the total prize, the third-placed team will receive 8% of the total prize pool, and the 4th-10th place teams receive an equal share of 30% of the total prize pool.
The competition has structured how the funds will be shared in the group, with the captains of a winning team taking 40% of their team’s award, the top 10 traders sharing 30%, and all other members sharing the remaining 30%. Individuals that traded less than $500 will not be eligible for any award.
Awards for individual performances are as follows: the top 3 traders will share 8%, 5%, and 2% of the total prize pool.
All awards will be distributed on July 12, 2021.