Can’t wait for the Bybit World Series of Trading (WSOT) 2024 Main Competition (Squad Showdown)? We’re here to help you prepare! Learn everything you need to know about the competition, from eligibility criteria to ranking rules. With this information, you can develop a winning trading strategy and aim to be one of the top contenders in the World Series of Trading.
The Bybit WSOT 2024 Main Competition (Squad Showdown) features individual and squad categories, ranked by individual profit, trading volume, and squad profit percentage. Participants are divided into three weight classes (Lightweight, Gold, Diamond) to ensure fair competition and impact squad scores. Squads must have at least 20 members and reach a 50,000 USDT trading volume threshold to qualify for rewards.
How to Join the Bybit WSOT 2024: A Comprehensive Guide
The Bybit WSOT 2024 Main Competition (Squad Showdown) is a derivatives and options contest offering a massive prize pool of 7,150,000 USDT. It runs from October 10th to October 31st, 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 excluded.
To participate in WSOT 2024, click on the “Register Now” button during the registration period, which spans from October 1st to October 20th, 10AM UTC. Before joining, ensure you have a Unified Trading Account (UTA), as only UTAs are eligible. Market Makers, Pro 3+ (Pro 3, 4, and 5), and Institutional account users are not eligible. Additionally, you must deposit a minimum of 500 USDT to your UTA account before joining the competition.
This year’s WSOT introduces Subaccounts, allowing you 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 or individually. Squads must have at least 20 members to participate.
To create a more level playing field, WSOT 2024 introduces weight classes. Participants can choose from three tiers: Lightweight ($500), Gold ($2,000), and Diamond ($10,000). This tiered system categorizes users into corresponding weight classes based on their selected asset tier.
Each weight class has its own prize pool, with higher tiers sharing larger portions. Lightweight users (minimum balance: $500) have the top 100 individuals sharing 10% of the total prize pool. Gold users (minimum: $2,000) share 30%, while Diamond users (minimum: $10,000) share 60%. This ensures fair competition across different trading sizes.
Instead of individual or squad leaderboards, squads now compete against others in different “weight classes.” Squad points are adjusted based on member weight categories.
Bybit WSOT 2024 Squad Showdown Extra Rewards
The WSOT 2024 Squad Showdown features four reward categories: Squad PnL% Ranking (1,400,000 USDT), Regional Squad PnL% Ranking (1,400,000 USDT), Individual Profit (2,800,000 USDT), and Individual Trading Volume (1,400,000 USDT).
In addition to the main prizes, the WSOT 2024 Squad Showdown offers several extra rewards. The first is the Squad of the Year award, worth 100,000 USDT. This will be given to the squad that achieves a trading volume of at least 50,000 USDT and receives the most votes. Voting will take place from October 10th to October 21st, 2024. For every $30,000 traded, you’ll earn one vote, up to a maximum of 15 votes per user. Please note that votes cannot be changed once cast. All users who voted for the winning squad, as well as the squad members themselves, will share the 100,000 USDT prize.
The second extra reward is the Squad Streak Reward. The squad that maintains a top 10 squad PnL (%) ranking for the most days will equally share a 50,000 USDT prize among its members.
WSOT 2024 also features a PnL% Reset Card. Users with negative PnL% can earn one card for every 50,000 USDT traded, up to a maximum of three cards. VIP and Affiliated users receive one card upon registration.
The reward distribution period will be from November 1st to November 8th, 2024. 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 divided into Individual and Squad categories, ranked based on Individual Profit, Individual Trading Volume, and Squad PnL (%). Here’s how these categories are calculated:
Individual
Derivatives & Options Individual Profit
The Individual Profit reward features a prize pool of 2,800,000 USDT, distributed among the top 100 participants in each tier: Lightweight (10%), Gold (30%), and Diamond (60%). The system calculates profits based on contract snapshot prices at the last update.
How Individual Profit is Calculated
Rankings are based on user profits, excluding those with a trading volume below 50,000 USDT.
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]
Your UTA’s PnL (%) includes all USDT and USDC Perpetual contracts, USDC Options, Spot trading, Spot Margin trading, and leveraged tokens. Token prices can affect your overall PnL (%) as they are converted to USD equivalents.
Note: Deposits and transfers to/from your UTA affect your PnL (%). Assets exchanged within the UTA are not counted as deposits or withdrawals.
Key Actions Affecting PnL:
- Deposits to the UTA
- Deposits to your Inverse Derivatives Account
- Transfers from any account to your UTA (e.g., from Inverse Derivatives or Funding Account)
Account Equity: Calculated every five minutes.Initial Equity: Recorded 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.Withdrawals: Accumulated withdrawals during the competition.Deposits: Accumulated deposits during the competition.
Derivatives & Options Trading Volume
The Individual Trading Volume reward is 1,400,000 USDT, distributed among the top 100 participants. The system calculates trading volume for eligible contracts and rewards participants with higher volume. Each account’s trading volume is calculated separately, and the main account’s volume does not include Subaccount volume.
How Trading Volume Is Calculated
Rankings are based on user trading volumes, excluding those below 50,000 USDT. All calculations only factor in assets from the Derivatives account.
Any amount transferred to the Derivatives account is considered a deposit, and any amount transferred from the Derivatives account to Spot or Earn accounts is considered a withdrawal.
Squad
Squad PnL (%)
The Squad PnL (%) reward is 1,400,000 USDT, distributed among the top 10 squads. To be eligible, the squad’s total trading volume must reach or exceed 50,000 USDT.
Squad Leader and Member Rewards
In each winning squad, the Squad Leader receives 20% of the squad’s winnings, the top 20% of eligible members share 30%, and the remaining 50% is evenly divided among members who meet the threshold volume.
Division/Regional Squad
The 1,400,000 USDT Regional Squad PnL (%) reward is distributed among the top three squads in each of nine regions: English, Japanese, Korean, Mandarin, Russian, Ukrainian, Southeast Asian, European, and Open Zone.
How Squad Profit and PnL (%) are Calculated
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 contributes 0.01 points to the squad. If there are fewer than 20 members, the points are still divided by 20.
Weight Classes
Individual weightages affect the squad ranking. These weights are represented by weightage points: Lightweight (10 points), Gold (30 points), and Diamond (60 points). These points determine the influence of each member’s contributions in the squad ranking.
Bybit WSOT 2024 Frequently Asked Questions
Upgrading and Downgrading Asset Tier
- Can I upgrade or downgrade my tier?
Yes! You can upgrade your tier by depositing more funds into your participating account. Your ranking will automatically adjust to reflect your new tier.
Your initial tier is based on your account balance at registration. Downgrades won’t occur if your balance falls below the tier requirement, but your rankings will become invalid until your balance meets the requirement again.
Earning Squad and Individual Rewards
- Can I get both Squad and Individual rewards?
Absolutely! Joining a squad allows you to qualify for both types of rewards.
Making Withdrawals During the Competition
- Can I withdraw funds during the competition?
Yes, there are no restrictions on deposits, withdrawals, or asset exchanges during the competition. However, keep in mind that these actions can affect your PnL (%) and overall ranking.
Becoming a Squad Leader
- How do I become a Squad Leader?
Visit https://www.bybit.com/en/ and click the “Become a Squad Leader” button between October 1st, 10AM UTC and October 9th, 10AM UTC. Your request will be processed within two business days.
Once approved, you can recruit squad members by sharing your unique squad link or QR code found on your squad page. As leader, you can choose the squad’s entry settings: Public (anyone can join) or Private (requires a PIN code). Regional squads are open to all without a PIN.
Changing Squads During the Competition
- Can I switch squads after the competition starts?
Unfortunately, no. Squad changes are not allowed once the competition begins. However, you can choose a different squad one hour before the official start time.
Squads with Less Than 20 Members
- What happens if my squad has less than 20 members?
If your squad has less than 20 members, the system will automatically assign all members (including the leader) to a different, suitable squad 30 minutes before the competition starts.