Bitcoin

Bybit exchange will hold a trading tournament with a prize pool of up to 200 BTC

On July 30, Bybit cryptocurrency exchange opened registration for the World Series of Trading (WSOT) tournament. The WSOT is part of the Bybit Games program aimed at developing and strengthening the crypto industry.

The prize pool of the WSOT tournament will be up to 200 BTC depending on the number of participants. The tournament consists of two competitions with separate prize pools: team and individual trading. Registration for the WSOT will close on August 14, 2020, and the events will run from August 10 to August 31, 2020.

Team Competition or Final Battle for BTC

The total prize fund will be up to 150 BTC; the more participants, the larger the fund. Teams of at least 10 people are allowed to participate, each participant must have at least 0.1 BTC on the balance. When calculating the P&L and compiling the rating, Bybit will only take into account transactions on the BTCUSD perpetual futures.

Bybit will divide teams into divisions: Russian, English, Chinese, Korean, Japanese and algorithmic. Teams will compete within their divisions, with Bybit dividing the total prize pool between divisions so that divisions with more entrants receive a larger share.

A team can win prizes in three categories:

  • team P&L – for the best profit / loss ratio for the top 10 participants;

  • individual profit – for getting a participant into the top ten traders with the highest profit in the division;

  • individual P&L – for getting a participant into the top ten traders with the best profit / loss ratio among other participants in the team competition. 

Winners in the Individual Profit and Individual P&L categories will each receive 1.5% of the total prize pool. The winning team in the Team P&L category will receive 70% of the total prize pool, and Bybit will automatically distribute this prize among the team members:

  • the captain will receive 20% of the winnings;

  • The 10 winning team members who achieved the best P&L among the rest of the team will also receive 20%;

  • the remaining 60% will be distributed among all members of the winning team.

Solo Contest or Battle for USDT

The total prize pool will be up to 300,000 USDT. Participants compete with each other without division into divisions. To participate, you need to keep at least 300 USDT on a deposit at the time of registration. When calculating P&L and profit, only trades under the BTCUSDT contract are taken into account.

Individual traders can win prizes in the following categories:

  • individual profit – up to 50 traders with the highest profit during the tournament will share 70% of the prize pool;

  • Individual P&L – up to 50 traders with the best profit / loss ratio will share 30% of the prize pool.

How to increase your chances of winning a WSOT tournament

1. It is worth understanding the formulas for calculating P&L and individual profit, so as not to accidentally spoil your statistics with a deposit during a tournament.

P&L calculation formula:

(Account balance at the end of the tournament – (Initial account balance + Deposits during the tournament)) / (Initial account balance + Deposits during the tournament).

Formula for calculating individual profit: 

Account balance at the end of the tournament – (Initial account balance + Deposits during the tournament).

If a participant makes a deposit or withdrawal operation during a tournament, he will worsen his profit and P&L indicators.

2. You can use a special referral program and get up to 20% discount on trading commissions for the duration of the tournament. To get the maximum discount, you need to invite 5 participants to the tournament, for a minimum discount of 10% – invite one participant or register using someone else’s referral link.

3. It is worth refusing to trade other assets during the tournament. Profits from trading ETHUSD and other contracts will not be taken into account when calculating P&L and individual profit, but the loss will affect the final account balance and place in the standings.

Interesting facts about WSOT 

For registration before August 1, 13-00 Moscow time, participants will receive an Early Bird bonus of $ 50.

Tournament participants can also receive up to $ 9,400 in the special WSOT Planet bonus program and up to $ 10,000 through social media activity.

Bybit will donate an amount equal to 5% of the total WSOT prize pool to Unicef.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
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