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One of the leading bitcoin derivatives exchanges has launched a trading competition for FX pros. Bybit’s World Series of Trading (WSOT) event has been designed to attract traders who normally operate beyond the confines of the crypto industry. Poker pros, forex traders, and HFT experts are anticipated to be among the participants to sign up for the two-week event, which carries a 200 BTC prize worth close to $2 million.
Traders will be required to trade BTC-USD futures, with their profit vs loss percentage used to determine the ultimate winner. If successful, the event looks set to become bitcoin’s equivalent to the World Series of Poker, with all the glitz, stardust, and bumper payouts that come with it. Bybit has declared its intention to hold the event twice a year in a bid to shake up the derivatives industry and shine a spotlight on the burgeoning bitcoin futures market.
Growing Demand for Crypto Trading Competitions
Cryptocurrency trading competitions have grown in stature as the number of exchanges vying for market share has ramped up. Trading platforms use the events as an opportunity to attract new users and to incentivize existing traders to participate. Such events make for good publicity, and also help to boost liquidity, which is particularly beneficial for newly listed crypto assets.
The prize money available for crypto trading competitions usually runs into the tens of thousands of dollars, rather than the millions, and participants are rewarded according to the volume of crypto assets they trade. Derivatives exchanges such as Binance Futures and KuCoin Futures also offer trading events that are geared towards more professional traders, determining the victors based on their win rate expressed as a percentage.
Bitcoin Derivatives Enter the Big League
Demand for crypto derivatives products, primarily BTC and ETH, has ramped up significantly over the last 12 months. Derivatives volumes now exceed spot by a ratio of 5:1, and the gulf is widening. UX improvements have made derivatives products easier to access, while increased leverage has tempted retail traders to experiment with the high-octane thrills offered by futures platforms. The range of futures products available for trading has also increased. It’s now possible to trade bitcoin hashrate futures, bitcoin dominance (versus altcoins), bitcoin volatility, and futures of unreleased tokens that have yet to be listed on spot exchanges.
The bitcoin derivatives market was once dominated by BitMEX, the Seychelles-incorporated exchange founded by Arthur Hayes. Its market share has slipped, however, as BitMEX has lost ground to Huobi, Binance Futures, Bybit, OKEx, and Deribit. Meanwhile, institutional demand for bitcoin futures has been sated by CME and LedgerX.
Two Weeks to Make $2 Million
Commodities and forex traders who have been eyeing bitcoin futures with interest may be prompted to take the plunge when Bybit’s WSOT event kicks off in August. The 200 BTC in prize money should prove incentive enough, while the promise of participation from “poker legends” ought to add a touch of razzmatazz to proceedings.
Pre-registration for the event, which commences on August 10, is open now and there is the promise of 20% off in trading fees and up to $9,400 in USDT bonuses for participants. The event will run until August 31, when the maiden winner of the World Series of Trading will be crowned.
