We at CryptoTicker have teamed up with the popular crypto exchange Bybit and decided to host a trading competition with a prize pool of up to 15,000 USDT.
What will be traded?
BTCUSD Inverse Perpetual Swap Contracts will be traded, which may sound complicated at first, but is actually a very innovative thing. Basically, bitcoin is traded against the US dollar, with the exception that profits are displayed in USD but paid out in bitcoin.
One advantage of this type of trade is that the value of the profits can increase afterward. For example, if one makes a profit of 0.01 BTC (~$550), then the equivalent value in US dollars can become even larger (or smaller in a negative scenario) over time. This depends on the Bitcoin price performance.
Because each BTCUSD contract has a value of $1, the amount of capital used to place an order is also displayed in US dollars. In turn, it is much easier for the user to calculate in USD than in BTC. So, if you want to place a long order with $500, you enter the number “500” in the “Order Quantity” field, which will ensure that you will trade a number of 500 $1 BTCUSD contracts.
Up to $200 bonus for participation
For the participants, we have negotiated a bonus with Bybit. The bonus can amount up to $200 and will be determined depending on the accumulated deposits in the period from 09.03.2021 to 04.04.2021 as follows:
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- from 0.05 BTC on Bybit accumulated deposits = $50 bonus
- from 0.1 BTC on Bybit accumulated deposits = $100 bonus
- from 0.2 BTC on Bybit accumulated deposits = $200 bonus
Bybit Bonus: Bybit bonuses will be used to pay trading fees, margin and cover trading losses. Bonuses cannot be withdrawn.
What does “up to $15,000 USDT” prize pool mean?
The prize pool, as already described above, totals up to $15,000 and is dynamic. This means that it will be unlocked with an increasing number of users taking part in the competition. You can read more about this on the competition landing page.
The minimum number of BTC that must be deposited at Bybit in order to participate in the competition is 0.01 BTC.
Are there also individual prizes?
Yes, there are. 30% of the prize pool will be distributed to participants who generate a trading volume of at least 1 BTC. The remaining 70% will be divided among the top 10 participants, measured by performance, as follows:
- 1st place: 20%
- 2nd place: 12.5%
- 3rd place: 9%
- 4th place: 7.5%
- Places 5 – 10 : 3.5% each
How do I register and when does it start?
The registration period of the competition ends theoretically on March 3, 2021 at 00:00 am UTC, but the competition starts already on March 22, 2021 at 01:00 am and ends on April 4, 2021 at 00:00 am UTC, that’s why we recommend to register earlier. Below you can figure out how to do so:
- Visit the CryptoTicker trading competition landing page on Bybit.
- If you don’t have a Bybit account yet, sign up here, if you are already a Bybit user, click on “register now” and make sure you have a balance of at least 0.01 BTC in your account.
- Follow the further instructions displayed
- Done, you are now participating in the CryptoTicker trading competition on Bybit.