Bybit WSOT 2024: All You Need to Know To Maximize Your Gains

Excited about the upcoming Bybit WSOT 2024 Main Competition (Squad Showdown) but need help figuring out where to start? We’re here to help you! From competition entry criteria to ranking criteria, you’ll discover all the competition details you need to know to effectively strategize your trades — so you can ace this year’s World Series of Trading (WSOT) and be one of the top winners. 

Key Takeaways:

• The Bybit WSOT 2024 Main Competition (Squad Showdown) is split into Individual and Squad categories, which are ranked according to Individual Profit, Individual Trading Volume and Squad PnL (%). 

• Participants are categorized into three weight classes — Lightweight, Gold and Diamond. This supports fair competition among individuals, and also has an impact on their squads’ final scores.

• Squads need a minimum of 20 members, and must meet the 50,000 USDT trading volume threshold to qualify for rewards.

How to Join the Bybit WSOT 2024 Main Competition (Squad Showdown)

The Bybit WSOT 2024 Main Competition (Squad Showdown) is a derivatives and options contest with a total prize pool of 7,150,000 USDT that runs from Oct 10, 10AM UTC to Oct 31, 10AM UTC. All derivatives contracts (including USDT Perpetuals, USDC Contracts, USDC Options, and Inverse Contracts) are eligible. However, volumes from Copy Trading and MT5 are not included. 

To participate in WSOT 2024, click on the Register Now button during the registration stage between Oct 1, 2024, 10AM UTC and Oct 20, 2024, 10AM UTC. 

Before joining the Squad Showdown, you must open a Unified Trading Account (UTA), as only UTAs are eligible for participation. Please note that Market Makers, Pro 3+ (Pro 3, 4 and 5) and Institutional account users are not eligible for the campaign. After opening your UTA account, you’ll also have to deposit a minimum of 500 USDT before you can join the competition. 

This year’s WSOT allows you to use Subaccounts to participate in multiple competitions simultaneously. You can open up to five accounts — one UTA Main Account and four Unified Trading Subaccounts. 

You can join as a squad and/or as an individual. If you wish to join a squad in the competition, you’ll have to meet the requirements set by the squad. A squad will require a minimum of 20 members to be eligible to participate in the competition.

Besides the capability to use Subaccounts to participate in multiple competitions concurrently, this year's WSOT also levels the playing field with the introduction of weight class. The tiered system allows users to choose from three different tiers of wallet amounts, which are then categorized into three different weight classes, based on their selected asset tier — Lightweight ($500), Gold ($2,000) and Diamond ($10,000). 

Each weight class has its own prize pool, where users in higher asset tiers will share a larger portion of the prize pool based on their individual profit rankings. Lightweight users must have a minimum balance of $500 in their participating accounts, and the top 100 individuals in this tier will share 10% of the total prize pool. Gold users require at least $2,000, and the top 100 individuals in this tier will share 30% of the total prize pool. Lastly, Diamond users need a minimum of $10,000, with the top 100 individuals sharing 60% of the total prize pool. This structure ensures that both retail traders and larger players can compete fairly within their own divisions.

Additionally, instead of individuals competing in squads or in individual leaderboards, squads now compete with others in different "weight classes" as each squad's points will be adjusted according to the weight categories of its members.

Main Competition Reward Breakdown

The WSOT 2024 Squad Showdown is divided into four reward categories: 

• Squad PnL% Ranking (1,400,000 USDT) 

• Regional Squad PnL% Ranking (1,400,000 USDT) 

• Individual Profit (2,800,000 USDT) 

• Individual Trading Volume (1,400,000 USDT).

The WSOT 2024 Squad Showdown includes several extra rewards in addition to the main rewards. The first extra reward is for Squad of the Year, worth 100,000 USDT and awarded to the Squad that meets the trading volume threshold of 50,000 USDT with the most votes. You can choose to be loyal and vote for your squad, or vote for the squad you think is most likely to win. Voting will run from Oct 10, 2024, 10AM UTC to Oct 21, 2024, 10AM UTC. For every $30,000 in trading volume, you will get one vote ticket, up to a maximum of 15 vote tickets per user. Please note that votes cannot be modified after voting. All users who have voted for the final winning squad, as well as the members of the winning squad, will share the 100,000 USDT prize. 

The second extra reward is the Squad Streak Reward. The squad that hits the top 10 squad PnL (%) rankings for the most dates will share the 50,000 USDT prize equally among its members. WSOT 2024 also features an extra chance in the form of a PnL% Reset Card, whereby users with negative PNL% can receive one ticket for every 50,000 USDT transaction, with a maximum of three tickets during the event. If you’re a VIP or an Affiliated user, you’ll immediately receive one card upon registration. 

The awarding phase will occur from Nov 1, 2024, 10AM UTC through Nov 12, 2024, 10AM UTC. You can view your rewards on the My Dashboard page. All rewards will undergo a risk assessment before being distributed. Once cleared, your rewards will be available in the Bybit Rewards Hub within 10 days after WSOT concludes.

Bybit WSOT 2024 Main Competition Ranking Categories

The competition is split into Individual and Squad categories, ranked according to Individual Profit, Individual Trading Volume and Squad PnL (%). The following explains how we break down the ranking categories for individuals and squads, and details the formula used to determine the winners.

Individual 

Individual Profit

The Individual Profit reward features a prize pool of 2,800,000 USDT, which accounts for 40% of the total prize pool. This prize pool will be distributed among the top 100 participants in each tier — Lightweight (10%), Middleweight (30%) and Heavyweight (60%). The system will calculate the profits of all eligible contracts, based on the snapshot prices at the time of the last update.

How Individual Profit is Calculated

Rankings will be based on users' profits. However, users with a trading volume of less than 50,000 USDT will be excluded. 

Individual Profit Reward and Calculation Formula

Individual Profit = [Account Equity (incl. unrealized PnL and/or bonus) − Initial Equity (incl. unrealized PnL and/or bonus) + Withdrawal Amount During Competition − Deposit Amount During Competition]

The PnL (%) of your UTA will include all USDT and USDC Perpetual contracts, USDC Options, Spot trading and Spot Margin trading, as well as leveraged tokens. The tokens in your UTA will be converted to their USD equivalents, and your overall PnL (%) may be affected if the prices of the tokens fluctuate.

It’s important to note that actions such as deposits and transfers to and from your UTA will affect your PnL (%). Assets exchanged in the UTA are not counted as deposits or withdrawals. Below are the main actions that affect your PNL:

• Deposits to the UTA will affect PnL (%) 

• Deposits to your Inverse Derivatives Account will affect PnL (%)

• Transfers from any account to your UTA will also affect PnL (%), such as from the Inverse Derivatives or Funding Account. Note that transfers from the Funding Account to the Unified Trading Account will count as new deposits.

Account Equity: Calculated every five minutes until the conclusion of the competition.

Initial Equity: At the beginning of the competition, if a user's wallet balance in a specific contract currency is at least 500 USDT for more than five minutes, the system will record that balance as the initial equity for the competition.

Withdrawals: Accumulated withdrawals (including any withdrawals and asset exchange) during the competition period.

Deposits: Accumulated deposits (including transfers, awarded bonuses, commissions and asset exchange) during the competition period.

Trading Volume

The Individual Trading Volume reward is 1,400,000 USDT, accounting for 20% of the total prize pool and distributed among the top 100 participants. The system will calculate the trading volume for eligible contracts and reward participants with higher trading volume. Each account's trading volume will be calculated separately, and the main account's volume will not include the trading volume from any Subaccounts.

How Trading Volume Is Calculated

Rankings will be based on users' trading volumes, with trading volumes of less than 50,000 USDT excluded. All calculations only factor in assets from the Derivatives account.

Any amount transferred to the Derivatives account shall be considered as a deposit, and any amount transferred from the Derivatives account to Spot or Earn accounts will be regarded as a withdrawal.

Squad

The Squad PnL (%) reward amounts to 1,400,000 USDT, constituting 20% of the total prize pool and distributed among the top 10 squads. To be eligible for rewards, the total trading volume of the squad must reach or exceed a minimum value of 50,000 USDT. If the squad's cumulative trading activity is below this threshold, they won't qualify for the reward distribution, regardless of other factors. 

In each winning squad, the Squad Leader will receive 20% of the squad’s winnings, the top 20% of eligible members will share 30% of the squad’s winnings, and the remaining 50% of the squad’s winnings will be evenly divided among the Squad Members who reach the threshold volume. 

Division/Regional Squad

The 1,400,000 USDT Regional Squad PnL (%) reward accounts for 20% of the total prize pool. There are nine regions set for WSOT 2024: English, Japanese, Korean, Mandarin, Russian, Ukrainian, Southeast Asian, European and Open Zone. The top three squads of each region (27 squads in total) with the highest PnL (%) points will share the prize.

How Squad Profit and PnL (%) are Calculated

Squad PnL (%) Reward and Calculation Formula

Squad Member’s Profit = [Account Equity (incl. unrealized PnL and/or bonus) − Initial Equity (incl. unrealized PnL and/or bonus) + Withdrawal Amount During Competition − Deposit Amount During Competition]

Squad Member’s PnL (%) points = Profit / (Initial Equity + Total Deposits) * 100% * tier weightage points

Squad PnL (%) points = top 20% squad members' average pnl% points + percentage points of all squad members who meet trading volume threshold

Each member who trades for more than $50,000 will contribute 0.01 points to the squad. If there are fewer than 20 members in the squad who meet the requirements, the points will still be divided by 20.

As weight classes are attributed to individuals, the individual weightages will affect the calculation of the ranking in the squad. These weights are represented by weightage points — Lightweight (10 points), Middleweight (30 points) and Heavyweight (60 points) — which impact the importance of each level in the final calculation.

These points determine the influence of each member's contributions in the squad ranking, with higher-ranked categories such as Diamond contributing more heavily to the squad's overall Pnl (%) score.

Frequently Asked Questions

Can I upgrade or downgrade my Asset Tier?

You can upgrade your asset tier by transferring more funds into your participating account(s). Once upgraded, your ranking will be adjusted according to the new tier's rankings. Your initial asset tier is determined by the balance in your participating account(s) at the time of registration. If your balance falls below the minimum requirement for your current tier, you won't be downgraded. However, your rankings will not be valid until your balance meets the requirement again.

Can I receive both Squad and Individual Rewards?

Yes. You can receive both Squad and Individual Rewards if you join a squad.

Can I make a withdrawal during the competition period?

There are no restrictions on deposits, withdrawals or asset exchanges during the competition. However, please note that these actions may impact your PnL (%) and competition ranking.

How do I become a Squad Leader?

You can become a Squad Leader simply by visiting www.bybit.com/wsot2024 and clicking on the Become a Squad Leader button between Oct 1, 2024, 10AM UTC and Oct 9, 2024, 10AM UTC. Once you submit your request, approval will be done within two (2) working days. After becoming a Squad Leader, you can recruit Squad Members by sharing your squad link or the QR code on your squad page. As a Squad Leader, you can decide on the squad's entry settings. If a squad is set to public, anyone can join the squad. If a squad is set to private, a PIN code is required to join the squad. Note that anyone can join regional squads without a PIN.

Can I change squads during the competition?

No. You cannot change squads when the competition is taking place. However, you may choose to change to another squad one (1) hour before the start of the competition.

What if my squad has fewer than 20 members?

If a squad has fewer than 20 members, the system will automatically assign all members (including squad leader) randomly to a suitable squad 30 minutes before the start of the competition.

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