The OKX Trading Competition offers a structured environment for traders to showcase their skills and compete for rewards. Understanding the event's framework is crucial for effective participation and maximizing your potential returns.
This guide provides a comprehensive overview of the competition’s key dates, eligibility criteria, and the essential rules governing profit calculations and valid transactions.
Key Competition Dates
Mark your calendar with these critical timelines to ensure you don’t miss any important deadlines.
- Registration Period: Opens on December 19, 2024, at 12:00 UTC and closes on January 11, 2025, at 12:00 UTC.
- Trading Period: The competition itself runs from December 21, 2024, at 12:00 UTC until January 11, 2025, at 12:00 UTC.
Eligibility and Participation Requirements
To join and qualify for rewards, participants must meet specific criteria set by the platform.
- KYC Verification: All participants must complete the platform's identity verification process (KYC). This is mandatory both for entering the contest and for claiming any rewards earned.
- Geographic Restrictions: Adherence to local laws is paramount. Users from certain countries or regions, as determined by their verification information and detailed in the platform's Terms of Service, may be ineligible to participate.
- Registration: You must officially register by clicking the "Join" button on the competition's landing page. A successful registration is confirmed when the button changes to display "Joined". Failure to complete this step will void your participation.
- Leaderboard Consent: By joining, you consent to have your anonymized performance data, including your OKX UID, Profit and Loss Percentage (PnL%), and rank, displayed on the public leaderboard.
- Account Type: Participation is restricted to main accounts only. Sub-accounts are not eligible, and their trading activity will not be counted towards the main account's performance.
Understanding the Competition Mechanics
Grasping how performance is measured is the key to developing a winning strategy.
Data Display and Participant Threshold
Please note that all data displayed on the competition page is not in real-time and may have a slight delay. If figures appear outdated, refreshing the page after a short wait is recommended. Furthermore, the competition requires a minimum of 20 qualified participants to proceed; otherwise, it may be canceled.
Asset and Trading Volume Criteria
To be ranked, you must meet two fundamental requirements:
- Minimum Equity: At the precise start of the competition, your trading account must hold a USDT equity of 100 USDT or more.
- Minimum Trading Volume: Throughout the competition period, your cumulative trading volume on USDT Perpetual contracts must reach at least 10,000 USDT. Failure to meet this volume threshold will invalidate your score and exclude you from the leaderboard.
Profit and Loss Calculation Formula
Your ranking is determined by your Individual Profit and Loss Percentage (PnL%). The formula is as follows:
Individual PnL% = Profit / (Initial Equity + Total Deposit Amount) * 100%
Where:
- Profit is calculated as: [Unrealised P&L + Realised P&L - Initial Unrealised P&L].
- Initial Equity is the USDT value in your trading account when the competition begins.
- Total Deposit Amount is the sum of all USDT transferred into your trading account from external sources or obtained from selling assets in the spot market during the event.
- Initial Unrealised P&L: If you hold open positions at the competition's start, the unrealized P&L of those positions is recorded and used in the Profit calculation.
How Transfers and Spot Sales Impact Your PnL%
It is vital to understand that moving funds or trading on the spot market can directly influence your calculated PnL%.
Spot Sell Example:
- Selling 1,000 XRP for 500 USDT counts as a 500 USDT deposit.
- Buying and then selling 1 ETH for 2,000 USDT counts as a 2,000 USDT deposit.
Transfer Example:
- Transferring 1,000 USDT from your funding account to your trading account counts as a 1,000 USDT deposit.
- Withdrawing and then re-depositing 1,000 USDT counts as a single 1,000 USDT deposit.
Definitions of Valid Transactions
Not all incoming funds and trades count towards the competition metrics.
Valid Deposits include:
- Crypto deposits from an external wallet.
- Crypto purchases via fiat gateways (credit/debit card, bank transfer).
- Trades with P2P merchants.
Invalid Deposits include:
- Internal transfers from other accounts on the same platform.
- Trades with individual P2P sellers.
Eligible deposits in any cryptocurrency are converted to their USDT equivalent value based on the market closing price on the day they were received.
Valid Trades: Only trades on USDT Perpetual contracts are counted. Trades using perks like rebate cards, fee vouchers, or transactions on other instrument types like USDC perpetual swaps will not contribute to your trading volume. 👉 Explore more strategies for trading competitions
Frequently Asked Questions
Q1: I completed KYC after the competition started. Can I still join?
A: Yes, as long as you finish the KYC process and officially click "Join" on the landing page before the registration period ends on January 11, 2025. Your trading will only count from the time you are fully registered.
Q2: Why did my ranking drop after I withdrew funds?
A: Withdrawing funds from your trading account reduces your equity base. Since your PnL% is calculated as (Profit / Equity), a smaller equity base can significantly amplify your percentage loss if the market moves against you, even if the absolute monetary value is small.
Q3: Do trades on all futures markets count towards the volume requirement?
A: No. Only trading volume generated on USDT Perpetual swap contracts qualifies. Trades on other derivatives like USDC perpetuals or futures contracts with a set expiry date are not counted towards the 10,000 USDT minimum.
Q4: What happens if the competition doesn't get 20 participants?
A: The event may be canceled if the minimum participant threshold is not met. The organizers typically reserve the right to void the competition and cancel all rewards in such a scenario.
Q5: How often is the leaderboard updated?
A: The leaderboard data is not real-time and is updated periodically. If you do not see your latest performance reflected, it is advised to wait and refresh the page after some time.
Q6: Can I use a bonus or voucher to reduce fees during the competition?
A: While you can use them, be aware that trades where the fee was paid using a voucher or rebate card are typically not counted as valid trades for the volume requirement. It's often better to avoid them if your primary goal is to qualify for the competition.