The First Perpetuals ROE Trading Tournament on Spin is Coming
You’ve been waiting for it, you’ve asked about it on our Discord server, and you’ve discussed who will become the best Perpetuals trader. And now the preparations are over! We are thrilled to announce the first Perpetuals ROE Trading Tournament on Spin!
Starting from November 15th, 3 pm UTC, the Spin fam is invited to join the Perps trading tournament, trade NEAR-Perp, and generate the best ROE (or return on equity) to win a stake of over 2,000 USDC in rewards. The event will last for 14 days, and the final leaderboard snapshot will be taken on November 29th, 3 pm UTC. Importantly, the participants of the tournament will be able to influence the final prize pool by increasing the total volume of trades within the tournament period, so let’s find out all the details!
How to win a stake of over 2,000 USDC in the tournament?
So, this time you will compete against other traders on Spin to generate the best ROE (return on equity) within the tournament period. There’re a few things you should know before you join:
- Before or after the tournament starts, you need to deposit at least 100 USDC to your Spin Perpetuals account to join the event. You can make a one-time deposit, or use several smaller transactions. The most important thing is that you reach the 100 USDC threshold and you will start being counted as a tournament participant first after that. Smaller deposits will not be counted.
- The maximum deposit account will be increased to 1,000 USDC, meaning that users will be able to open positions worth up to 10,000 USDC (thanks to the leverage!).
- When the tournament finishes, you should have the minimum deposit on your account. That means, you can make extra deposits or withdrawals, but you should not go below the minimum threshold in deposited value when the event finishes.
- Your PnL (realized profit and loss) in percentage terms is used as the main parameter in increasing your position on the tournament leaderboard.
- Funding and maker fees are not included in the PnL.
Below is the formula used to calculate user’s ROE in Spin’s trading tournament:
Note: To make sure, your ROE is not affected by changes in the deposited value, we recommend that you make a deposit only once within the event period. If the user deposits X, makes some ROE and then deposits another X, their ROE will be decreased by 2.
As you see, the design of this tournament is a bit more complicated compared to the trading volume events, but you still can use the power of your Freaky Elves NFT to improve your leaderboard position! If you have at least one Freaky Elves NFT in your trading account when the tournament ends, your final leaderboard score improves by 1.1 (10%). So if your ROE was say 10%, your final score will equal 11%.
So let’s sum it up:
- To join the tournament, you should deposit at least 100 USDC (before or after the tournament starts, we will start calculating your ROE right after you exceed the minimum deposit threshold).
- You can make extra deposits or withdrawals as the tournament goes, but they may affect your ROE.
- You need to generate as high ROE as possible from November 15th, 3 pm UTC to November 29th, 3 pm UTC.
- You will be able to see your position on the leaderboard and track your progress. The leaderboard data is informative and the results will be double-checked before the winners are announced.
- When the tournament ends, you should have the minimum deposit value of 100 USDC on your account, otherwise your progress will not be counted.
- You can also increase your leaderboard position by holding a Freaky Elves NFT, it increases your ROE by 1.1.
How do traders increase the prize pool?
The rewards pool for the Perpetuals ROE Trading Tournament starts with 2,000 USDC, but as the total trading volume increases, the rewards pool grows as well!
If the rewards pool remains 2,000 USDC, the rewards for the Perpetuals ROE Trading Tournament are distributed according to the following model:
If traders increase the rewards pool, the prizes are scaled proportionally.
Note that the rewards are only distributed to the users with positive PnL, irrespective of their Freaky Elves NFT ownership. If the number of users with positive PnL is lower than 50, the rewards to the legit winners will be increased proportionally.
Traditionally, here comes our short FAQ!
- Am I valid as a tournament participant if I deposited more than 100 USDC before the tournament starts?
Yes, you can deposit the minimum amount of funds before or in the process of the tournament. The important thing is that you have at least 100 USDC deposited when the event ends!
- What will happen if I withdraw funds and my deposited value falls below 100 USDC?
In this case, your account will disappear from the leaderboard, but when you exceed the minimum threshold again, you will return to the leaderboard. The PnL generated earlier will be counted and you will be able to continue competing against other members.
- What happens if my balance falls below 100 USDC as a result of trades and I don’t make withdrawals?
No worries, in this case your ROE will go negative, but your results will still be tracked on the leaderboard. So you will be able to continue trading to improve your metrics!
- Does having numerous Freaky Elves NFT help?
No, the Freaky Elves bonus is only applicable once. You should have at least 1 NFT on your balance to be able to increase your final position on the leaderboard.
- How will I know that the prize pool has increased?
You can track the trading volumes of Perps to see if we have achieved a certain milestone. We will also publish the announcements on our Discord server as the prize pool increases, so join us on Discord not to miss the updates!