It’s time for another grand trading competition with a massive prize pool. Join our Trading Rebate Rewards event to claim your slice of a whopping $2 million reward supply. After joining, you can trade any of Phemex’s supported contract pairs to increase your share of the final bonus. There will even be fun weekly missions that you can complete to double, triple, or even 5X your potential rewards! The competition lasts four whole weeks, and you can register to join ahead of time. Don’t wait any longer, it’s time to get busy trading and get busy winning!
How it works:
- Register for Phemex to create an account if you don’t one
- After registering, join the competition through the event page
- During the competition period, engage in contract trading to stack up your Personal Score and accumulate more rewards. All contract trading pairs supported on Phemex at the start of competition period will count towards your final rewards.
- The competition period is 4 weeks total. Each week will feature one new mission, which you can complete to also boost your final rewards.
- Available missions can be found on the event page and can be completed anytime during competition period. They don’t necessarily need to be done the specific week they are revealed.
- After the competition period ends, each participant will win a share of a $2 million total prize pool based on their contract trading activity and missions completed. More details regarding reward calculation are below.
Registration Period – March 17 to March 24, 2022
- Event has not officially started but users can join through event page
Competition Period – March 24 to April 21, 2022
- Weekly missions become available and contract trading will count toward Personal Score. Users can still join anytime during this period
Winners Notification: April 26, 2022
Distribution of Rewards: From May 3, 2022
Prize Pool – $2 million USDT
- Each eligible participant will receive personal rewards based on the following formula:
Personal Reward = Total Prize Pool X (Personal Score / Total Score of all users)
- Each eligible participant’s Personal Score is calculated based on the following:
Personal Score = (Fees Paid)0.7 * (Average Open Interest)0.3 * Mission Multiplier
- Details on each component of the above formula can be found in Terms and Conditions section of this announcement
- The more contract trading and open contract positions you hold during the competition period, the greater your share of the total $2 million prize pool! Performing weekly missions will also increase
- All rewards will be distributed as USDT to user’s Phemex spot wallet
Terms and Conditions
- Fees Paid (calculated in USD) will be accumulated during the entire competition period for users who join during registration period. For users who sign up when the competition is already active, Fees Paid will accumulate from time of registration to the end of competition period. Fees are tallied at the end of the competition.
- Because Phemex’s maker fees are negative, a maker’s score might be negative. When a user’s personal score is negative, it will be counted as zero. The total score of all users will not count any negative scores
- Average Open Interest refers to a trader’s average open interest (calculated in USD) across all contract markets during the competition. For example, if a trader opens a 10,000 USD contract position one minute after the competition period begins and maintains this position throughout the competition period, then average open interest is 10,000 USD. If a trader opens and closes a position of any amount within 10 minutes (time interval for data update), then the average open interest is 0. If a user opens a 10,000 USD contract position and maintains it for one-tenth the duration of active competition period, then their average open interest is 1000 USD (10,000 * 0.1).
- Every week will feature a newly added mission, and completing a mission increases the user’s mission multiplier by 1. Participants are incentivized to complete weekly missions in order to increase their share of the prize pool. Default mission multiplier starts at 1.
- Users are only eligible to participate with a single account. If we detect multiple accounts with the same IP addresses or UIDs, all offending accounts will be disqualified.
- The following actions will result in immediate disqualification：batch account registration, profits from market manipulation, self-dealing or wash trades.
- Only main-accounts are allowed, sub-accounts will not be counted.
- Phemex reserves the right to make any final and binding amendments to these rules.