What Is the Bybit World Series of Trading (WSOT)?
WSOT, the World Series of Trading, is the largest crypto trading competition in the world. There’s a lot of buzz around the event because 8 million USDT is up for grabs. Anyone who knows how to trade crypto, or is interested in following experienced crypto traders, can participate by registering at the official tournament website.
The mega-event is a brainchild of Bybit, the innovative crypto exchange established in 2018. Bybit held the inaugural WSOT in 2020, when traders took away nearly $1.27 million in prize money. The overwhelming success of the inaugural WSOT 2020 turned it into a grand annual event, each year bigger than the previous one.
Key Takeaways:
WSOT is the largest crypto trading competition in the world, offering a current total prize pool of 8 million USDT.
The competition allows individuals to compete solo or join squads, and anyone with a minimum of 500 USDT in net assets can participate.
WSOT 2023 features various competitions, including the Derivatives Squad Showdown and Copy Trading Fest.
How Does the WSOT Work?
World Series of Trading (WSOT) is Bybit’s biggest annual trading competition, with a massive prize pool worth millions of dollars.
Every trader who joins the tournament can either participate as a solo trader or join forces as a troop/squad. Teams are ranked according to a profit-loss formula. In 2022, the leading troop amassed a whopping 3,114.2% in profit-and-loss, or P&L.
Individual players are evaluated slightly differently. In 2022, players were rated depending on either P&L or profit. The top-performing players had a P&L% of 10,012.35% and a profit of 1,663,429 USDT, respectively. In 2023, individual players will be ranked according to their trading volume or profit.
The competition typically involves derivatives trading for squads and solo players, with side campaigns involving lucky draws and lotteries. WSOT 2023 includes a new category, copy trading, through which Master Traders and followers can reap the rewards.
According to Ben Zhou, co-founder of the Bybit platform, not only was WSOT created for traders all over the world to learn more about crypto trading and win prizes, but Bybit has also pledged to use a part of the WSOT winnings to finance education and as charitable contributions.
In 2022, $400,000 worth of BTC was donated to UNICEF to provide science and technology to marginalized communities in East Asia and Pacific. For WSOT 2023, 5% of the eventual prize pool plus contributions from Bybit, totaling up to 400,000 USDT worth of United Arab Emirated dirham (AED), will be contributed to Dubai Multi Commodities Centre and other blockchain organizations to support the growth of the crypto industry.
Why Should You Join WSOT?
Bybit’s WSOT tournament has already attracted thousands of participants, benefiting both professional and novice traders. The highlight of WSOT is that you don't have to be a pro to take home huge prizes and bonuses. Every troop member will benefit if your team can generate profits and end up high in the overall ranking. For WSOT 2023, there’s even a copy trading competition in which followers stand a chance to earn rewards.
Who Can Participate in WSOT?
If you have a minimum of 500 USDT in either net equity or your net asset, you can participate in the tournament, provided you don’t live in a service-restricted location.
However, note that Market Makers and Pro account users aren’t eligible, as these are usually institutional traders who would make the competition unfair due to their high trading volumes. Subaccounts also cannot be used to participate in derivatives trading competitions.
Ranking System
The WSOT ranking system is based on the following profit/loss formula:
Individual P&L = [Account Equity − Initial Equity + Withdrawal amount during the competition − Deposit amount during the competition]
Initial Equity: The amount of equity when the competition commences (including unrealized P&L and/or bonus)
Final Equity: The amount of equity when the competition ends (including unrealized P&L and/or bonus)
Note: Asset exchanges, funds transfers, deposits and withdrawals, and bonus voucher redemption during the competition period may adversely affect P&L and, therefore, your rankings.
WSOT Competitions
The WSOT 2023 tournament is split into four reward categories, and involves two main competitions: Derivatives Squad Showdown and Copy Trading Fest.
The rewards breakdown for each category is as follows:
Derivatives Squad Showdown (team & individual): 6 million USDT
Copy Trading Fest: 300,000 USDT
Participation Rewards: 1.3 million USDT
Arena Raffle & Buddy Rally: 700,000 USDT
Derivatives Squad Showdown
The Derivatives Squad Showdown is split into both the Squad Showdown and the individual competition for single traders. The Squad Showdown is a team competition in which the entire troop is ranked based on P&L, with its rewards accounting for 60% of the 6 million USDT prize pool. Individual competitions are divided into two types of rewards: individual profit reward and trading volume reward. The remaining 40% prize pool is split equally between individual profit reward and trading volume reward.
Copy Trading Fest
The Copy Trading Fest is divided into a Master Traders competition and a followers competition, in which the 300,000 USDT in rewards are split 50-50. Master Traders compete to be in the top 10 to help their followers grow their profits, while followers strive to be among the top 50 with the highest P&L.
Bybit WSOT Over the Years
When WSOT 2020 first launched, it attracted nearly 12,000 participants worldwide, who played for $1.27 million in prize money and a chance to help fundraise the nearly $100,000 donated to UNICEF. Bybit also distributed $10,000 in social media giveaways.
The roaring success of the inaugural WSOT in 2020 led to a significant increase in both the number of participants and total prize pool for WSOT 2021. Almost 35,000 traders joined to compete for a prize pool of $4.09 million. WSOT 2021 also included over 1,000 NFTs as rewards. The larger prize pool allowed for a greater donation, totaling $400,000, for UNICEF.
WSOT 2022 attracted over 69,000 participants from 182 countries, with its total prize pool of 8 million USDT. WSOT 2023 also has a total prize pool of 8 million USDT — and even includes a Lamborghini and Rolex watch giveaway.
Things to Know Before Participating in WSOT 2023
The World Series of Trading 2023 will be nothing less than a singular, groundbreaking event in the history of crypto trading. If you're interested in taking up the challenge, the following are some basic guidelines.
Registration Period and Rewards
Registration for the 2023 Bybit WSOT event runs from Jul 24 – Aug 17, 2023. New users who sign up from July 13 to Aug 7 and deposit over 500 USDT also receive a chance to win a limited edition WSOT NFT collection (awarded on a first come, first served basis). To encourage active participation, organizers are offering an early bird reward of $10 worth of BTC bonus for participants who enroll within the first 72 hours. You can also receive a $40 BTC futures bonus if your total trading volume exceeds $30,000.
Competition Rewards
Derivatives Squad Showdown Troop Rewards
At the end of the tournament, 60% of the 6 million USDT team reward is shared among the top 10 troops. Each troop leader will get 20% of the Troop P&L% reward, in which both derivatives and options trading P&L% are taken into consideration. The top ten eligible members of the troop will share 30% of the Troop reward, while the remaining 50% is shared equally between members who reach the $30,000 minimum trading volume threshold. Bybit will also distribute up to $4,000 worth of BTC to popular leaders with a team size of 200 members. The first 10 team participants can also receive an additional $10 worth of BTC bonus.
Derivatives Squad Showdown Individual Rewards
The remaining 40% of the 6 million USDT team reward is shared between two types of rewards for individual competitions: trading volume rewards for up to 150 participants, and profit rewards for the top 150 participants. The rewards take into account both derivatives and options trading.
Copy Trading Fest
Copy Trading Fest has a 300,000 USDT prize pool, split equally between the Master Trader and follower copy trading contests. The top 10 Master Traders who achieve a trading volume threshold of $30,000 can win a share of 150,000 USDT, and the top 50 followers with the highest P&L get to earn a share of 150,000 USDT.
Side Campaigns
The Arena Raffle gives you a chance to win $1,000 worth of BTC and limited edition WSOT NFTs. Additionally, you can earn up to 12,000 USDT from the 80,000 USDT prize pool for the Buddy Rally. All you have to do is complete simple tasks or get your friends to make a deposit or trade with Bybit to earn these rewards from Jul 24 – Aug 17, 2023. Moreover, simply by participating in WSOT and trading at least $30,000 in the Derivatives Squad Showdown makes one eligible to win a Lambo or a Rolex. The Lambo and Rolex will be distributed in Bybit’s livestream lucky draw, which will be held on Aug 24, 2023.
Winner Announcement
The final result of Bybit’s WSOT 2023 trading competition will be announced on Aug 28, 2023, and the prize will be credited to the winner’s account 30 days after the end of WSOT. Every winning participant should receive their share between Aug 27 and Sep 27, 2023.
Final Note
With the new addition of copy trading as a competition, Bybit’s WSOT 2023 gives everyone a chance to enjoy huge prizes — irrespective of their trading experience. If you love trading, this is certainly a great chance to experience trading adrenaline.
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