Full details of Bybit’s 7-day challenge. Step into the USDT prize pool of 400,000 USD now!
Contest Overview
| Contest Sponsor |  (Bybit) |
|---|---|
| Prizes | USDT prize pool of 400,000 USD |
| Contest Period | from April 2, 2021 until July 2, 2021 |
Bybit 7-day Challenge Table of Contents
The Trading Contest has ended. Please note that the information of the ended Trading Contests and events maybe outdated.
For the latest Bybit’s Trading Contests and events, please refer to its main introduction page. Bybit’s main introduction page is here.
Bybit 7-day Challengehas begun
What are you waiting for? Step into the USDT prize pool of 400,000 USD now!
Want to improve your personal profitability ranking? Try the interest rate arbitrage strategy.
The funding rate of the BTCUSD perpetual contract is calculated every 8 hours and represents a short-term floating interest rate.
Reverse delivery contracts (BTCUSD0625 and BTCUSD0924) represent long-term interest rates.
If the positions in the futures and spot markets are complementary, the profit of one position can be used to make up for the loss of another position.
At the same time, it can also speculate on the difference between short-term interest rates (perpetual funding costs) and long-term interest rates (delivery premium).
Let’s make a simple example.
Assuming that the BTC spot price is 50,000 USD on March 1, the transaction price of BTCUSD0625 is 55,000 USD, which is equivalent to having a 10% premium to the spot price.
Leo used 1 BTC to short the $55,000 BTCUSD0625 futures contract and used 1 BTC to buy the $50,000 BTCUSD perpetual contract.
The BTC spot price and the perpetual contract price were still at $50,000 on March 10.
But the BTCUSD0625 futures price dropped to 53,000 USD, which is equivalent to having a 6% premium to the spot price.
Leo’s BTCUSD0625 short position gained 0.038 BTC of profit {55,000 × (1 / 53,000 – 1 / 55,000)} (approximately 3.8%) from the narrowing of the premium.
We assume that the funding rate is 0.01% every 8 hours.
In 10 days, Leo paid 0.3% of the long position of BTCUSD (0.01% × 3 × 10).
Leo’s final net profit from interest rate speculation will reach 3.5% (3.8%-0.3%) of its position value.
The interest rate arbitrage strategy gave Leo a bumper harvest within a week.
Hurry up and try this strategy!
Go to Bybit’s Official Website
Registration and Competition Period
The competition will start in April 2021 and will be held every three weeks.
Each game will start at 10:00 (UTC) on Friday and end at 09:59 (UTC) next Friday.
Registration for each game will be opened 7 days before the start of the game.
The registration time is 12 days in total. Users can register for the competition 48 hours before the end of each game.
How to participate in Bybit’s 7-day challenge?
After the registration starts, users with net assets ≥ 0.01 BTC / 500 USDT / 0.25 ETH / 100 EOS / 550 XRP can register for the competition; after the start of the competition, users can trade all types of contracts products that are being provided on the Bybit platform.
Participants in each competition will compete for the highest effective personal profit rate.
Participants can trade all types of contract products that the Bybit platform is providing.
Visit Bybit’s Official Website
How the winners of Bybit’s 7-day challenge are chosen?
The highest prize pool for each competition is 400,000 USDT.
Once the final result of the competition is confirmed, it will be displayed on the competition homepage, and the ranking of the contestants may change before the final confirmation.
The prize money of the competition will be calculated based on the number of participants and the unlocked prize pool, and will be awarded to the winners who have achieved excellent profitability in the competition.
Participants with the highest profit rate must meet the corresponding currency to reach the specified trading volume to receive the prize (that is, the final ranking is based on the profit rate of the currency that completes the specified trading volume), otherwise, they will not receive the corresponding bonus.
| Currency | BTC | USDT | ETH | EOS | XRP |
|---|---|---|---|---|---|
| Transaction volume ($) | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 |
The bonus will be distributed to the participant’s Bybit account within 5 working days after the result is announced, and it can be withdrawn directly.
If the transaction volume of all currencies of the user fails to meet the standard, the currency with the highest profit rate among them will be selected to participate in the ranking; if the corresponding transaction volume requirement is not met before the end of the competition, the reward will not be obtained.
If two contestants have the same “profit rate” or “effective profit rate”, the user with the highest total transaction volume will be selected for priority ranking.
Effective profit rate means the profit rate corresponding to any currency that reaches the preset trading volume.
Profit rate calculation formula
Profit rate = profit amount/(initial net value of account + recharge amount during the game)
Profit amount = final net value of the account (including unsettled profit and loss, experience gold)-the initial net value of the account (including unsettled profit and loss, experience gold) + cash withdrawal during the competition-recharge amount during the competition.
Recharge amount = accumulative recharge of the account during the competition, including on-chain transfer, receiving experience fee, commission withdrawal, currency exchange.
Withdrawal amount = accumulative withdrawal of the account during the competition, including commission, currency exchange.
Go to Bybit’s Official Website
Please check Bybit official website or contact the customer support with regard to the latest information and more accurate details.
Bybit official website is here.
Please click "Introduction of Bybit", if you want to know the details and the company information of Bybit.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...