A trading competition is a competition for trading in a certain pair, where the main condition for determining the winners is trading volume, rP&L or the sum of these indicators. In addition, a separate customization can be added to each competition, which will be specified on the tournament page.

Globally, there are three parameters by which the winners are determined:

• Trading volume. Winners are determined based on their trading volume for a particular trading pair during the competition.
• rP&L. Winners are determined based on the size of their realized PnL within a trade on a particular pair during the competition.
• rP&L + Volume. The winners are determined by the results of their trading volume and rP&L. In this case, the rP&L value has more weight. In percentage ratio their values within the results calculation are rP&L = 60% and volume = 40%.

PNL, P&L (Profit and Loss) is a financial indicator used to calculate profits and losses in various areas of investment activity. Realized PNL, rP&L (Realized Profit and Loss) indicates the profit or loss after closing a position. If the position was closed in full, rPNL reflects the final result of the trade, if partially – profit or loss of the part of the position that was closed.

Competitions with the main parameter "Trading volume"

Let's imagine that we have announced the start of a competition where we need to fight for the largest trading volume on the BTC/USDT pair.

Please note that the winners of the competition are determined not by the profitability of their trades, but by the total trading volume of the selected pair. You can follow all the dynamics of the competition in the table right on the competition page.

Competitions with the main parameter "rP&L"

Now consider a scenario where the main parameter for selecting winners is realized profit, or rP&L.

P&L is calculated using a formula similar to traditional financial markets:

P&L = (Exit Price × Number of Units Sold) - (Entry Price × Number of Units Purchased) - Fee

The exit price is the price at which the user sells the asset and entry price is the price at which the user buys the asset. The number of units bought and sold refers to the amount of cryptocurrency traded. And fees are the amount of funds per transaction.

On this basis, let's imagine that you have 25,000 USDT on your balance. You decide to open a long position on the BTC/USDT pair. The price of BTC at that moment is 10,000 USDT. You buy 2.5 BTC. Later, the price of BTC rises to 12,000 USDT and you decide to close the trade by selling all your 2.5 BTC.

As a result, your rP&L is (12,000 USDT*2.5 BTC) - (10,000 USDT*2.5 BTC), i.e. 30,000 USDT - 25,000 USDT ≈ 5,000 USDT.

Please note that rPnL is taken into account in the formation of the competition tables and is displayed as a percentage (%).

This indicator is the key to winning the competition. Users with negative or zero rP&L can't get into the competition table.

Therefore, to win you should focus on increasing your realized profit rP&L. What matters here is not so much the frequency of trades, but their efficiency. These competitions are perfect for professional traders who easily operate leverage in margin trading. Please note that the rP&L indicator will be displayed on the competition table in Tether (USDT).

Competitions with the main parameter "rP&L + Trading Volume"

In competitions of the third type, the winners are determined based on the results of both rP&L and trading volume. That is, both indicators are taken into account and their results are summed up. Since rP&L is important for determining the winners, this type of competitions is also available only for margin and futures trading.

Let's take an example.

You have 20,000 USDT available on your balance. The price of BTC is currently 10,000 USDT. You decide to buy 2 BTC with this amount. Later, when the price of BTC rises to 11,000 USDT, you sell your assets. What happens to the indicators?

rP&L (realized P&L) is your profit. In this case: (11,000 - 10,000)*2 = 2,000 USDT.

Trading volume: You had two deals, a buy of 20,000 USDT and a sell of 22,000 USDT, for a total trading volume of ≈ 42,000 USDT.

rP&L + Trading volume: Sum up these figures and you get your result in the competition - 2,000 USDT (rP&L) + 42,000 (Trading Volume) = 44,000 USDT.

Formula for calculating your rating in the competition ranking: (rP&L*0.6)+(trading volume*0.4). We have (2,000 * 0.6) + (42,000 * 0.4) = 18,000. As a result, 18,000 is your ranking. In this formula, the value of 0.6 corresponds to the percentage of the rPnL value, and 0.4 corresponds to the trading volume value.

That is, even if a participant's rP&L is negative, he still has a chance to get into the competition table, as the trading volume value is also taken into account for this purpose. Realized profit and trading volume are taken into account in this competition. The higher these indicators are, the higher the participant will be in the competition table. Please note that the rP&L indicator is more important in calculations.

FAQ

How do I know if I can participate in the competition?

There are no restrictions for most competitions. Any verified WhiteBIT user can participate in them. However, there is a category of competitions that only new users of the exchange can join. Competitions for beginners are open to users who have registered on the platform no earlier than three months from the start date of a particular competition and have not yet participated in competitions on the exchange.

What is the minimum volume for participation?

For some competitions there is a setting of the minimum trading volume, which is necessary to get into the competition table. You can follow your position in the competition directly on the page of the selected competition, because the table information is updated every 30 minutes. Note that reaching the minimum volume does not guarantee a reward.

What restrictions might there be in the competition?

Competitions are subject to standard platform restrictions. For example, some markets and trade types may not be available in some countries. Also, the user is prohibited from executing their orders in order to build up trading volumes. In this case, the user may be suspended from further participation in competitions. You can learn more about the rules of participation on the page of the selected competition.

How is the distribution of awards handled?

In some competitions there is no fixed amount of winnings that the winner is guaranteed to receive. Rewards may be divided among the participants in the ranking in proportion to their contribution to the total competition trading volume or rP&L amount. As of recently, not only cash rewards, but branded merch, NFT and other types of rewards will be available.

Trading competitions on WhiteBIT are primarily about skill improvement, enthusiasm and development. Participate, win your well-deserved crypto trophies and get used to winning!

Support

In case of any questions related to trading competitions, you can:

• Leave a request on our website;
• Write to the support e-mail: support@whitebit.com;
• Write to the chat using the button in the lower right corner of the screen.