How to Join Bybit Trading Competitions (Ultimate Guide)

The benefits you gain from joining trading competitions are boundless. You can make money, hone your trading skills, explore untried strategies and so much more. Bybit hosts a plethora of trading competitions, from small but frequent product-specific competitions held once a month or bimonthly to annual grand events like the World Series of Trading Competition (WSOT). These competitions are a perfect avenue to help you reap profits, regardless of the market condition. 

With so many types of competitions, you may need more clarification on what types you’re eligible to join and what kind of rewards you can gain from them. With this handy guide, you’ll wonder no more as we break down the nitty-gritty of participating in Bybit's trading competitions.

Key Takeaways:

• Trading competition is a great avenue to help you reap profits, even during a bear market.

• There are plenty of different trading competitions, including competitions for the highest P&L or trading volume.

• Participants in Bybit trading competitions can reap rewards from prize pools and the lucky draw for attractive merchandise — such as an iPhone, AirPods, a Lamborghini, a Rolex timepiece and more, depending on terms and conditions. 

Types of Trading Competitions

With all its varying products, Bybit has many different kinds of competitions, ranging from Spot to Derivatives and even Exchange-Traded Products (ETP) and Margin Trading. Regardless of the type of competition, participants are usually ranked on the leaderboard based on either profit and loss (P&L) ratio or trading volume. 

Profit and Loss (P&L)

P&L refers to the total amount of revenue and costs of your trading throughout the competition. Hence, when you compete to rank for P&L, you're competing to show how profitable you are.

The P&L (%) is calculated as follows:

P&L (%) = (Profit / Initial Equity + Total Deposits) * 100%

If you have the same P&L% as another participant, your total trading volume will then determine your ranking.

Learn more:

• How to Use the Risk-Reward Ratio for Crypto Trading

• What Are Realized and Unrealized Gains and Losses?

Trading Volume

Trading volume measures the total number of contracts or crypto traded during the competition. If you achieve the same trading volume as another competitor, you’ll then be ranked based on the time you took to reach that trading volume. 

Learn more: What Is Open Interest and Trading Volume?

Benefits of Joining a Crypto Trading Competition

Participating in a crypto trading competition offers numerous benefits to uplift your trading journey. These competitions bring exciting rewards that can increase your gains during a bull market, or offset your losses and reignite your motivation to seek financial gains during a bear market. Moreover, the experience gained from live trading is invaluable, surpassing theoretical knowledge. Competitions provide real-life insights, opening your eyes to new opportunities.

Competing also inspires you to explore innovative trading strategies, going beyond your comfort zone and potentially yielding astounding gains. Comparing your performance with other traders on a level playing field allows you to gauge your abilities and even earn coveted bragging rights if you emerge victorious.

Learn more:

• How to Use Bybit Demo Trading to Train Your Trading Skills

• Reasons to Join a Crypto Trading Competition

Registration Criteria

Please be aware of several registration criteria, as they’ll affect your eligibility to join the competitions.

Net Assets vs. Net Equity 

Depending upon the specific competition, the registration criteria will look at the amount of net assets or net equity you have in your Bybit account. But what’s the difference between net assets and net equity? Net assets are your total assets minus your liabilities, and include unrealized gains and losses, whereas net equity excludes unrealized gains and losses.

Number of Accounts

Besides net assets and net equity, other elements also come to play in influencing your eligibility to join a competition. For instance, a single user shouldn’t have more than one account. If you create multiple accounts to join competitions on Bybit, you’ll be considered a fraud and will consequently be disqualified. Furthermore, you can only participate in one competition within the same time frame, except for grand-scale competitions like WSOT and Copy Trading Fiesta that hold several events within one competition. In such cases, you’ll be able to participate in more than one event simultaneously.

Main Account vs. Subaccount

While you may only open one main Bybit account, you can open up to 20 Subaccounts connected to your main account. However, your Subaccounts cannot be used in trading competitions, since they include automated tools such as grid tools and copy trading, which poses an unfair edge over competitors who trade manually.

Market Makers and Pro Account

Similarly, Market Makers and Pro users are prohibited from joining Bybit competitions, as they’re typically institutional traders who can make use of their high trading volumes to gain an edge in the competitions.

Referral Link or Code

While most Bybit competitions only specify net assets or net equity as their registration criteria, certain competitions also require a referral link or code on top of the minimum net assets or net equity amount. Through joining such competitions, you can also expect exclusive rewards not found in other competitions.

Types of Rewards

Speaking of rewards, Bybit generally offers two types of rewards for its competitions: the prize pool and lucky draw. It’s important first to ensure you’re eligible for rewards, especially for P&L-ranked competitions. Even if the competition is ranked by P&L, you’ll still need to hit a minimum specified trading volume before you qualify for rewards. For example, the 2023 Trading Competition held in Feb 2023 required participants to reach a trading volume of at least $5,000 before they could earn any rewards.

Prize Pool

The main reward base for Bybit competitions is the prize pool. The prize pools can consist of hundreds of thousands of USDT, or even millions of USDT, depending on the scale of the competition. For large-scale competitions like WSOT and Copy Trading Fiesta, participants can enter several events under these competitions and obtain more rewards. 

Learn more: What Is Bybit Rewards Hub?

Tips to Winning in a Trading Competition

It's good to embrace a positive and encouraging mindset as you participate in trading competitions. Observe and learn from the strategies employed by other contestants to refine your own trading plan. By analyzing their moves, you can gain valuable insights and give yourself a competitive edge. Remember, however, that it's also essential to think critically and avoid blindly copying others.

Always analyze your own performance and adjust your strategy accordingly, even in short-term competitions. Also, stay informed about market events and developments that can impact your performance, as this knowledge will maximize your chances of success. With the right mindset and strategic approach, you can excel in trading competitions.

Learn more: Pro Tips to Win a Crypto Trading Competition

Upcoming Trading Competitions on Bybit

Bybit is actively organizing trading competitions to provide users with a chance to maximize rewards. Following are some of the ongoing trading competitions on Bybit that you might consider.

SEA Games Derivatives Trading Competition

In the SEA Games Derivatives Trading Competition, you can represent your country and increase your team’s Derivatives trading PnL (%) and/or volume to win a share from the 120,000 USDT prize pool. 

Represent Your Country Now

ETH Euphoria

As a final verdict on Ethereum Spot ETH approvals nears, ETH Euphoria is running from May 13, 2024, 10AM UTC through Jun 2, 2024, 10AM UTC. This event gives users the chance to turn their predictions of Ether’s price into opportunities. Participants can trade Spot and Derivatives to win a share of 80,000 USDT, and have a chance to win 1 ETH daily and enter the Lucky Draw for a Tesla Cybertruck. 

Turn Your Predictions Into Opportunities Now

FIRE Lucky Draw

Simply reach a minimum trading volume of $10,000 in Derivatives contracts to unlock one Lucky Draw ticket and earn a chance to win up to 1,200 USDT in airdrops. The more you trade, the more tickets you’ll receive. 

Join the FIRE Lucky Draw Now

Bybit Trading Competition FAQs

How do I know my rewards distribution status?

There will be a Bybit Announcement post regarding rewards distribution and dates.

When can I expect to collect my rewards?

You can only collect your rewards after a competition ends, with the waiting period ranging from one week to a month. A risk review will be conducted after each competition ends, after which the rewards will be given on the date specified in the announcement post. 

When is a user considered a fraud?

As highlighted above, creating multiple accounts to earn more rewards in competitions is considered fraudulent behavior and will lead to disqualification. Other fraudulent behaviors include wash trading, volume faking, market manipulation and more. Be sure to read the competition’s terms and conditions carefully to avoid getting disqualified. 

Conclusion

Now that you’ve learned about all the rankings, registration criteria and rewards in Bybit trading competitions, you might be eager to flex your muscles in some of them. But before you do, remember that it’s important to carefully pore over the terms and conditions to ensure you get properly reimbursed for your efforts.

We hope our tips will help your competition journey be a fun and fruitful one. May you enjoy the process and savor the sweetness of winning!

#LearnWithBybit