Leading crypto exchange Phemex will launch a new edition of their Phemex Traders Arena. After a huge success in the previous year, everyone has been invited to join this crypto contract trading competition to have a shot at winning a slice of $750,000 worth of Bitcoin (BTC).
Called the PT Arena 3: Race For Glory, from June 7th to June 20th, participants and their captains will be able to sign up. The competition will take place a day after that, from June 21st to July 4th. The prices will be distributed on July 12th.
As in previous years, the competition will be carried out for the BTC/USD contract pair. Different teams will have to compete for a total of the prize pool. As a requirement, participants must have a Phemex trading account with a minimum of 0.005 BTC upon registration. Once completed, they will receive a $5 trading bonus.
For this edition of the PT Arena, the prize pool will depend on the number of participants. The pool increases as more people sign up.
| 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 |
In addition, this third edition of PT Arena will include a reward for team captains.
| Team Members | Rewards for Captain |
| 10 | $300 |
| 20 | $500 |
| 30 | $700 |
| 50 | $1,300 |
| 100 | $2,500 |
| 150 | $4,000 |
| 200 | $6,000 |
The team rewards will constitute 78% of the total prize pool, with the first place to receive 25%, the second place 15%, the 3rd place 8%, and the 4th to 10th place an equal share of 30% of the total pool.
All valid teams must be comprised of a minimum of 10 members with the possibility of getting disqualified if they don’t meet this requirement by June 21st. For teams with less than 40 members, they will be ranked by looking at their top 10 trader’s average Return on Investment (ROI).
Teams with more than 40 members will be ranked based on their Return on Investment (ROI) for the top 25% of traders in the team.
For winning teams, the team captain receives 40% of the team reward, the top 10 traders get 30%, and the final 30% is shared equally with the rest of the team.
Phemex will also give rewards for the best individual traders based on their Profits and Losses (PnL).
The individual awards will represent 22% of the total final prize pool. The first three places will take 8%, 5%, and 2%, respectively.
Finally, everyone will have a chance to earn rewards if they sign up and follow Phemex’s Twitter account.