Singapore-based crypto exchange, Phemex, is kicking off one of the biggest crypto trading competitions – The Phemex Trader’s Arena, “Trade or nothing!” – on March 24, with a $2 million total prize pool set to be shared among winning teams and individuals.
In an exclusive press release, Phemex confirmed the launch of its “Trader’s Arena – Trade or Nothing” trading competition awarding over $2 million in prizes. The competition officially kicks off on March 10th, 2021 opening the registration desk for team members and team leaders. It will run from 24th March 2021 till April 7th, 2021 and the rewards will start to be distributed a week later.
The competition aims to rank and reward the highest-ranking teams’ return on investment (ROI) and individuals’ Profit and Losses (PNL) during the competition period.
The prize pool starts off at $10,000 and will increase gradually across 10 levels as the number of participants increases across the competition. Once the competition registers at least 18,000 participants, the prize pool will increase to $2 million.
The 10-tier “Phemex Trader’s Arena” rewards levels. (Pic: Phemex)
Participants can either enter the competition as Team Captains or Team members. Each team must have at least 10 members – teams with less than ten members will be disbanded and individuals assigned to other groups.
The minimum trading account net balance to be eligible for the competition is 0.005 BTC (~$270, at current prices).
Winning payouts – Teams & Individuals
The Phemex trading competition-winning teams will share 78% of the total final pool prize while winning individuals will share 22% of the final total pool prize.
The 1st place team will receive 25% of the total pool prize and the 2nd and 3rd placed team will receive 15% and 8% respectively. The remaining six teams in the competition will share the remaining 30% of the total pool prize evenly.
The 1st place in the individual category will receive 8% of the total pool prize while 2nd and 3rd placed individuals receive 5% and 2% respectively. The 4th to 10th placed individuals will share 7% of the total prize evenly.
According to the release, captains of the winning teams will receive 40% of the team’s respective awards, 30% will go to the top 10 best performers on each group and the remaining 30% will be shared equally among the remaining team members. Any team with less than 20 team members will share 60% of the team’s reward – and the captain receives 40%.
The first 2000 registered participants will receive a $10 bonus and limited Phemex merchandise while the captains receive a 100 USD “team formation” bonus and 50% of the trading commissions.