Competition Calendar
- Squad Leader Registration Phase (30 Days): May, 26, 2022, 6PM UTC to June 26, 2022, 10AM UTC
- Registration Phase (12 Days): June 10, 2022, 10AM UTC to June 27, 2022, 10AM UTC
- Late Registration Phase (10 Days): June 27, 2022,10AM UTC to July 7, 2022, 10AM UTC
- Competition Phase (20 Days): June 27, 2022, 10AM UTC to July 17, 2022, 10AM UTC

Registration Criteria
The Squad Leader can choose from one of the three entry thresholds below to set for his or her own squad:
- None (Consistent with the WSOT Threshold of Total Assets ≥ 500 USDT)
- Last 30 days Derivatives Trading Vol ≥ 50,000 USDT or Derivatives Account ≥ 1,000 USDT (Regardless of currency)
- Last 30 days Derivatives Trading Vol ≥ 500,000 USDT or Derivatives Account ≥ 10,000 USDT (Regardless of currency)

Users can select a squad that meets their threshold to join on the competition page. All participants must join at least one (1) squad. After joining a squad, they cannot change squads unless the squad is disbanded.

Participating Contracts
- USDT Perpetuals
- USDC Perpetuals, USDC Options
- BTCUSD, ETHUSD, EOSUSD, XRPUSD, BITUSD, DOTUSD, ADAUSD, SOLUSD, MANAUSD, LTCUSD Inverse Perpetuals
- BTC and ETH Inverse Futures.
The contest will be divided into English, Japanese, Korean, Mandarin, Russian, Turkish, Spanish, Vietnamese, French, Ukrainian and API divisions. All divisions will share the same prize pool.

Participation & Rewarding Criteria
- Squad Member Enrollment Criteria: Reach the requirements of the squad.
- Squad Member Ranking Criteria: At the start of the competition, if the user's wallet amount of one contract currency is ≥ 500 USDT for more than five (5) mins, the system will record that amount as the initial equity for the contest. If a withdrawal or transfer occurs later, the yield may be negative.
- Squad Member Rewarding Criteria: If it's based on the Threshold Volume, a user's Derivatives Transaction Volume must be ≥ 30,000 USDT during the competition period; if it's based on Effective P&L(%) or Profit, a user's Trading Volume must be above the prescribed threshold.

Prize Pools:
- Squad P&L(%) Reward: Accounts for 60% of the total prize pool, with the top 10 squads getting the reward. In each winning squad, the Squad Leader will get 20% of the Squad Rewards, the top 10 eligible members will share 30% of the Squad Rewards, and the remaining 50% of the Squad Rewards will be shared equally by the squad members who reach the threshold volume.
- Individual P&L(%) Reward: Accounts for 20% of the total prize pool, with the top 10 participants getting the reward. The system will calculate the coin P&L(%) and see which has a higher P&L(%) for eligible contracts.
- Individual Profit Reward: Accounts for 20% of the total prize pool, with the top 10 participants getting the reward. The system will calculate all your eligible contracts' profits according to the snapshot prices of the eligible Derivatives at the time of the last update.
- Popular Leader Rewards: Each Squad Leader whose squad reaches the member threshold count will get an additional withdrawable BTC.
- Each Derivatives contest is ranked by Squad P&L(%), Individual P&L(%), and Individual Profit which are updated every five (5) minutes.
- The USDC contest is ranked by Squad P&L(%), Individual P&L (%), and Individual Profit which are updated every one (1) hour. - Users can participate and compete in all three (3) contests. - Market makers and pro users are not allowed to participate in this competition. - If there are two (2) squads with the same member count, the first to reach the size will be granted the reward. If two squads reach the same member count at the same time, the squad with higher Trading Volume will be granted the reward.

Squad P&L(%) Reward and Calculation Formula
Squad Member’s Profit = [Account Equity (incl. unrealized P&L and/or bonus) - Initial Equity (incl. unrealized P&L and/or bonus) + Withdrawal Amount During Competition - Deposit Amount During Competition].
Squad Member’s P&L(%) = Profit / (Initial Equity + Total Deposits) * 100%.
Squad's P&L(%) = Total P&L(%) of top 10 members / 10 (members who are listed in the top 10 with trading volume < 30,000 USD and/or negative returns will be excluded). If there are fewer than 10 members in the squad who meet the requirements, it will still be divided by 10.
Deposits: Accumulated deposits (incl. transfers, awarded bonus, commissions, asset exchange) during the competition period.
Withdrawals: Accumulated withdrawals (incl. any withdrawals and asset exchange) during the competition period.
Initial Equity: At the start of the competition, when one currency asset reaches 500 USDT or above for more than five (5) mins, it will be used as initial equity.
Account Equity: Calculated every five (5) minutes until the conclusion of the competition.

Individual Profit Reward and Calculation Formula
Top 10 Individual Profit Ranking (trading volume < 30,000 USDT will be excluded).
Individual Profit = [Account Equity (incl. unrealized P&L and/or bonus) - Initial Equity (incl. unrealized P&L and/or bonus) + Withdrawal Amount During Competition - Deposit Amount During Competition].
Deposits: Accumulated deposits (incl. transfers, awarded bonuses, commissions, asset exchange) during the competition period.
Withdrawals: Accumulated withdrawals (incl. any withdrawals and asset exchange) during the competition period.
Initial Equity: After successful enrollment, when one currency asset reaches 500 USDT or above for more than five (5) mins, it will be used as initial equity.
Account Equity: Calculated every five (5) minutes until the conclusion of the competition.

Individual P&L(%) Reward and Calculation Formula
Top 10 Individual Profit Ranking (trading volume < 30,000 USDT will be excluded).
Individual P&L(%) = Profit / (Initial Equity + Total Deposits) * 100%.
Individual Profit = [Account Equity (incl. unrealized P&L and/or bonus) - Initial Equity (incl. unrealized P&L and/or bonus) + Withdrawal Amount During Competition - Deposit Amount During Competition].
Deposits: Accumulated deposits (incl. transfers, awarded bonuses, commissions, asset exchange) during the competition period.
Withdrawals: Accumulated withdrawals (incl. any withdrawals and asset exchange) during the competition period.
Initial Equity: After successful enrollment, when one currency asset reaches 500 USDT or above for more than five (5) mins, it will be used as initial equity.
Account Equity: Calculated every five (5) minutes until the conclusion of the competition.

Calculation Formula
- All calculations only constitute assets from the Derivatives account.
- Any amount transferred to the Derivatives account shall be regarded as a deposit, and any amount transferred from the Derivatives account to Spot or Earn accounts are regarded as withdrawals.



Early Squad Member Reward
- The first 10 users to enroll in a squad can get an extra $10 in BTC Derivatives bonus. If the team is disbanded, members will not receive the rewards.

Up To 20% Derivatives Taker Fee Discount:
- The discount levels will differentiate between "Inviters" and "Invitees".
- Discount rules for Invitees: If Invitees successfully sign up for the competition through the Inviter's invitation link, they will enjoy a 10% discount.
- Discount rules for Inviters: If the number of successful invitations is ≥ one (1), you enjoy a 10% discount; if the number of successful invitations is ≥ three (3), you enjoy a 15% discount; if the number of successful invitations is ≥ five (5), you enjoy a 20% discount.
- The discount will be automatically applied and will only be available for the duration of the event.
- This competition fee discount will apply to all Bybit Futures and Perpetual Contracts.
- Users who join during the late registration period will not be eligible for the discount.

Terms & Conditions
- Bybit reserves the right to disqualify a user if he/she engages in any inappropriate, dishonest, or abusive activities (such as wash trading, volume faking, participating using multiple accounts, market manipulation, etc.) during the competition.
- If users with similar trading strategies have been detected by our risk detection engine, only the participant with the highest P&L(%) or profit will be allowed to continue in the competition.
- If users have been detected to have engaged in matched trading activities by our risk detection engine, all associated users will be disqualified from the competition. During the competition, any user who cancels more than 10 orders per minute may be disqualified.
- If the Squad Leader of a squad in the top 10 is disqualified, his or her share of the reward will be evenly divided by the squad's top 10 qualified members with a ≥ 30,000 trading volume.
- Bybit reserves the right of final interpretation of the Terms & Conditions. If you have any questions, please contact our customer service.

FAQs
Q1: What is trading volume?
A: Trading volume is the trading amount with leverage, including buying and selling. The system will automatically convert your trading volume unit to USDT.
Q2: Can I make a withdrawal during the competition period?
A: During the competition, there are no restrictions on deposits, withdrawals, or asset exchange. However, these actions may impact your P&L(%) and competition ranking.
Q3: Can I receive both Squad and Individual Rewards?
A: Yes, you can receive both Squad and Individual Rewards.