JOE/USDC Trading Competition Rules

Rules

This trading competition (the “Trading Competition”) is subject to the Trading Competition Terms and Conditions and the following rules:

  • Registration for the Trading Competition will begin on May 24th, 2022 at 10 11:00 AM PST Time ("Pre-Registration Time"). Registration ends on June 1st, 2022 at 11:00 AM PST ("Registration End Time").
  • The Trading Competition will start on May 26th, 2022, at 11:00 AM PST Time (the “Competition Start Time”) and end on June 2nd, 2022, at 11:00 AM PST Time (the “Competition End Time”).
  • Eligibility for the Trading Competition will be determined between the Competition Start Time and the Competition End Time. You must have registered your participation in order to be eligible to receive a prize. Trades opened before the Competition Start Time are eligble, but traders must register to be eligble for prizes. Registration confirmations are visible on the Trading Competition Leaderboard with a Discord logo icon and a green checkmark. Unregistered participants will not have this icon, and will appear slightly transparent.
  • The final rankings will be calculated between the Competition End Time and 5 minutes after the Competition End Time.
  • You must have at least $30 USDC on the Futureswap protocol in collateral as of the Pre-Registration Time.
  • Your ranking will be based on the percentage change in profits and losses beginning at the Competition Start Time and ending at the Competition End Time as set forth on the Trading Competition Leaderboard.
  • How Profit & Loss ("P&L") is calculated:
    • Your score is based on your “PnL” (Profit and Loss) across the whole competition period.
    • We count how much money you brought in during the competition, and how much money you took out. At the end of the competition, we evaluate your open position, if any, and interpret it as if you have closed and withdrawn the full position value.
    • Your score is basically ‘money out’ / ‘money in’.
    • If you have an open position at the start of the competition, we record the value of this position as if it were closed on the start date and time. This is considered as your initial ‘money in’ value. Otherwise, your initial ‘money in’ value is zero.
    • If you withdraw and then add some money back in later, we do not count those as "new" money. We instead subtract this amount from your ‘money out’, and only add to your ‘money in’ after your ‘money out’ becomes zero.
  • The total amount of prizes that participants will receive in the Trading Competition is $11,000 USD’s worth of AVAX (the “Total Prizes”) as the price is determined at the Competition End Time.
  • The Total Prizes will be transferred as follows:
    • 1st place: $7,000 USD’s worth of AVAX
    • 2nd place: $2,000 USD’s worth of AVAX
    • 3rd place: $1,000 USD’s worth of AVAX
    • Raffle winner: $1,000 USD’s worth of AVAX
  • All prizes in the Trading Competition will be paid in AVAX to your Layer 1 wallet no later than two weeks following the Competition End Time.
  • Receipt of your prize is conditioned upon compliance with the Trading Competition Terms and Conditions.
  • The Total Prizes and each prize set forth above is net of taxes payable on such prizes in the winners’ respective jurisdictions. No personal information will be collected or submitted to a governmental agency in connection with such tax withholding.