The Phemex Trader’s Arena is set to return and the spotlight is centered on the new competition called “Race for Glory”.
Phemex is known as one the fastest cryptocurrency exchanges in the industry and offers loads of trading tools. The team behind Phemex puts on the hottest competitive events for its community.
After the last two successful competitions, a new contest is here and the prize pool this time is up to $750,000.
Timeline for Phemex and the Race for Glory
Entries for the Phemex Arena Trader contest will start on June 7. Those crypto trading enthusiasts who would like to participate can register as a team leader until June 20 and start forming their team or join another team to get a chance of winning the prize.
The trading competition will run from June 21 to July 4. After the contest is finished, the host will then work on the leaderboard to announce the winning teams and rewards will be distributed on July 12.
Requirements and Basic Rules
Like the previous two competitions, participants need a BTC Trading Account with a net value of at least 0.005 BTC, including existing crypto balance as well as unrealized PnL at the time of registration.
After getting through the registration process, a participant will have to form their own team or become part of another team.
The minimum team size to enter the competition is 10 members and those who are not joining any team or have a smaller team size will be randomly assigned to different teams before the game begins.
Each team will have a Captain – the person who builds the team. Team captains will be eligible for additional benefits based on their team’s performance.
For the first time, Phemex has created a new reward incentive for team captains as follows:
|Rewards for Captain
If a team consists of less than 40 people, the rankings are determined instead on the average ROI of the top 10 traders. The individual rankings are also awarded to all competitors. In contrast to team rankings, individual ranks are driven by profit and losses (PnL).
The rules governing the Phemex Trader’s Arena contest restrict participating individuals and reverse trades between team members to yield higher ROI for selected team members.
Each trader is only allowed to use one account to participate in the event. The platform does not treat sub-accounts as individual participants.
The Phemex Trader’s Arena competition has a final prize pool, of which 78% will be awarded as a team prize and the remaining 22% as an individual prize. Each category will have a winner and two runners-up, decided on ROI (for teams) and PnL (for individuals).
Team rewards are great, the reward distribution is as follows:
- The 1st Place Team receives 25% of the total prize pool
- The 2nd Place Team receives 15% of the total prize pool
- The 3rd Place Team receives 8% of the total prize pool
- The 4th-10th Place Teams receive an equal share of 30% of the total prize pool
Additional prizes include:
- Captains of a winning team get 40% of their respective team’s award.
- The top 10 traders share 30% of their team’s award.
- The top 10 team members of each winning team will share 30% of their team’s award equally. All other team members will share the remaining 30%.
- If a winning team has less than 20 members, the captain will receive 40% of the team’s award, while the other 60% will be divided equally among the rest of the team members.
Accounts with transaction volumes below $500 USD during the competition period will not be eligible to receive any awards.
In terms of individual rewards, 22% of the final pool reward will be distributed to the 10 best individual players with 8% of the total prize pool for the 1st Place Individual, 5% for the 2nd Place Individual, 2% for the 3rd Place Individual and an equal share of 7% for the 4th-10th Place Individual.
Phemex is back with another great competition – and this time players are gunning for up to $750,000 in rewards. To join the Race for Glory, just click right here!