The Phemex exchange has announced and launched the Phemex Olympics: United Through Trading competition, the latest in a series of competitive and educational events held this year.
Following the Olympics theme, the trading competition is divided into two categories — weightlifting and sprinting.
Olympic Traders: Weightlifting
The weightlifting category is based on trading volume, and those with the highest volume will receive the biggest rewards.
There are 10 ranks in this category.
The top 10 “heavy lifters” in this category will receive additional rewards and gifts based on their ranking.
In cases where traders have equal volume, the trader who joined the competition first will be ranked higher. All volume must be from contract trading, and all contract pairs on the exchange are allowed. API users may not participate.
Olympic Traders: Sprinting
The sprinting competition is, of course, based on speed. The winning traders are those who hit 500% ROI in the shortest time period. Both realized and unrealized PNL count towards the 500% goal.
Participants must have a minimum of 0.003 BTC in their trading account to register. The first 10 users to hit 500% ROI are decided as the winner, and in the case that ten traders do not meet this goal, those with the highest ROI will win.
Traders who joined first are ranked first in the event of a tie. Only BTC/USD trading is counted for the sprinting competition, and unlike the weightlifting category, API users may participate.
Competition Details
The competition will be held from July 30, 8 AM UTC-August 13, 8 AM UTC, and prize distribution will take place on August 20.
Visit the Phemex Olympics competition page to register for the events and track your progress.
Prizes will be distributed as BTC within 15 days after the end of the competition. Amounts are subject to OTC settlement exchange rates. Batch account registration, market manipulation, and API use for the weightlifting competition will result in disqualification. Only main accounts may be used, and users may participate in either or both competition categories as preferred.
The event comes a month after Phemex launched its last trading competition in which traders could win up to $750,000 in prize money. The exchange has stated that the ongoing 2021 Olympics provided the inspiration for this event.
