On September 24th, Phemex opened the registration form for Team Captains. Now, on October 9th, Regular Team Members have 15 days to register in the competition and choose their teams.
The teams will compete against each other in a trading competition with a prize pool that ranges from 2 BTC to 100 BTC.
What is Phemex?
Phemex is a top crypto derivatives exchange, founded by professional Wall Street traders and investors. The platform supports 12 spot trading pairs and 15 contract trading pairs and allows its users to trade certain pairs with a leverage of up to x100.
Phemex is one of the first platforms to charge a small membership fee from its users, which allows them to provide zero-fee spot trading. Their high focus on security, combined with the excellent support provided to their clients, helped Phemex quickly become the favorite exchange platform of many crypto traders.
Phemex Trader’s Arena – Everything you need to know
The Phemex Trader’s Arena is a crypto trading competition that will run from October 24th to November 7th. The teams will earn rewards based on their trading performance during the competition, with the final prize pool being determined by the number of members registered.
The starting prize pool is 2 BTC (for 200 – 499 participants) and can go up to 100 BTC (for over 10,000 participants). So make sure you gather up your friends and sign up in order to earn as much as possible from the competition.
How is the prize distributed?
The prize will be awarded to both teams and individuals.
The 10 best performing teams will get 78% of the prize pool, as follows:
- The 1st place team will get 25% of the prize;
- The 2nd place team will get 15% of the prize;
- The 3rd place team will get 8% of the prize;
- Places 4 to 10 will all get an equal share of the 30% of the prize.
Moreso, the teams will have to split the prize according to the following formula:
- The team captain will receive 40% of the prize;
- The top 10 team members will share 30% of the prize;
- All remaining members will share the rest of the 30% of the prize.
That leaves individual traders with 22% of the final prize pool, which will be distributed in the following manner:
- 1st place gets 8% of the prize;
- 2nd place gets 5% of the prize;
- 3rd place gets 2% of the prize;
- Places 4 to 10 will share 7% of the prize.
How can you register?
The only requirement to join the Phemex Trader’s Arena is to have a Phemex BTC Wallet with a net value of at least 0.02 BTC.
If you meet the criteria, you can sign up for the event through the registration form.
Once registered, each team needs to have at least 10 members to be able to participate in the competition. If a team is too small, it will be automatically disbanded and the team members will be randomly assigned to other teams.
All the trading will be made exclusively in BTC/USD perpetual contracts, with BTC being the settlement currency.
Once the competition is over, Phemex will rank all the participants and start distributing the awards on November 12th.
So make sure you don’t miss the start. Gather your friends, register for the competition, and work your way up the ranks of the Phemex Trader’s Arena.