Up to $750,000 in BTC up for Grabs in Phemex Trading Competition

Phemex is offering up to $750,000 in prizes for winning traders in the third Trading Arena competition to be held this month.

Phemex, a trading platform run by former Morgan Stanley executives, is launching the third edition of its Trading Arena competition. Traders compete for a Bitcoin reward pool of up to $750,000, depending on the number of participants.

Up to $750,000 in Prizes

Teams of traders will compete in the third edition of Trading Arena. You can apply to lead your own team on the Crypto Trading Competition landing page. Captain and team registration is from June 7 – June 20, and the competition itself begins on June 21 and ends on July 4. 

Teams must have at least 10 members to compete — any teams that don’t meet this minimum requirement will be disbanded and members will be assigned to other teams.

Team rankings will be based on the average Return on Investment (ROI) of each team’s top 25% best traders. If a team has less than 40 members, rankings will be calculated based on the top 10 trader’s average ROI instead.

All participants will also be ranked and rewarded at an individual level. Unlike team rankings, individual scores will be based on Profits and Losses (PnL).

To enter the competition, traders need to have a Phemex BTC Trading Account with an initial net value of 0.005 BTC at the time of registration. All traders will receive a $5 trading bonus for taking part.

Prize Pool and Awards Breakdown

The prize pool for PT Arena 3: Race for Glory depends on how many participants there are, the more participants, the bigger the prize pool.

Participants	Prize Pool (USD)
200-499	3,000
500-999	14,000
1000-1999	43,000
2000-3999	86,000
4000-5999	236,000
6000-7999	354,000
8000-9999	600,000
10000-13999	750,000

For the third edition of Trading Arena, Phemex has rolled out a brand new reward for Team Captains. Any individual that can successfully form a team will receive a prize that varies based on team size. 

Team Members	Rewards for Captain
10	$300
20	$500
30	$700
50	$1,300
100	$2,500
150	$4,000
200	$6,000

The final prize pool will be divided into two award categories: Team Awards and Individual Awards.

Team Awards amount to 78% of the final prize pool. The breakdown goes like this:

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

Captains of a winning team receive 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

Individual Awards amount to 22% of the final prize pool. The breakdown goes like this:

The 1st Place Individual receives 8% of the total prize pool

The 2nd Place Individual receives 5% of the total prize pool

The 3rd Place Individual receives 2% of the total prize pool

The 4th-10th Place Individual receive an equal share of 7% of the total prize pool

Calculation Formulas and Additional Details

Information about how Phemex will calculate the formulas for individual ROI and team ROI can be found here.

To view any other rules, prize breakdowns, and requirements for this competition, head to the Phemex landing page here.

All successfully registered participants are invited to follow Phemex’s official Twitter. For the entire duration of the competition, Phemex will reward random followers with daily merchandise.

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Source: cryptobriefing.com