This Competition Description is meant to be read in conjunction with the General Rules for Competitions on Bitfinex.com.
VOID WHERE PROHIBITED BY LAW
This Competition is only available to users who are at least 18 years of age and are not a Prohibited Person as defined in the Bitfinex Terms of Service. The General Rules for Competitions and this Competition Description will govern in the case there is any discrepancy in any social media posts or any other description of this Competition.
Name of the Campaign: “The Bitfinex Double Profit Reward” (the “Competition”)
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Prohibited Use: Entries from participants owned or controlled by the same person are not allowed. Double entries will be disqualified.
Description of the Competition: The Competition will take place on the Bitfinex platform (http://bitfinex.com) and broadcasted over official Bitfinex social media account; you can always identify the official account by URL or checking the official channel links on the footer of the http://bitfinex.com website.
Please note: Bitfinex or any of the official Bitfinex team will never contact you on any social media to ask for personal account information or share any files with you.
The Competition
The Competition will target all traders (the “Participants”) accounts on Bitfinex. All Participants who enter by form and trade during the Competition Period will be included in the Competition.
The Competition Period is 14th November 2024 00:00 UTC till 5th December 2024 23:59 UTC. At the start of the Competition Period and regularly throughout it, Bitfinex will publish posts announcing the Competition on all its official social channels.
To join the Competition, you must have a verified Bitfinex account at a Basic Plus level or above. You can sign up to Bitfinex at https://www.bitfinex.com/sign-up
Competition Process for Participants:
The process for selecting and including Participants in the competition will be undertaken by Bitfinex and the final selection of winning Participants and any decision to include certain Participants is solely at the discretion of Bitfinex.
1. Eligibility Threshold:
- Participants must subscribe to this Form to participate
- Participants can trade with any products on Bitfinex during the Competition Period.
- Participants can only deposit ONCE between 50 USDt and 1200 USDt during the Competition Period . No reloading allowed.
- Algo traders and market makers are excluded from the winner selection process.
- Deadline for entering the Competition is 72 hours before the Competition ends. Participants whose form entries occur in the last 72 hours of the Competition Period will be disqualified.
2. General Provisions:
- Bitfinex will verify the authenticity of trades by the Bitfinex Trading Rulebook.
- Any manipulation or deviation from the competition criteria may lead to disqualification.
- For any clarifications, the participant should reach out to our team by the official Bitfinex Support HERE
- One entry per household. If Bitfinex determines, in its sole discretion, that there is more than one entry per household, Bitfinex may invalidate all entries from that household.
- Bitfinex’s decision will be final and binding in case of any dispute.
3. Prizing Pool and Distribution
How to Qualify:
- Reach 12% profit and generate $1,200 in trading volume to unlock your share of the $12,000 prize pool.
- The higher your profits, the bigger your rewards—up to $12,000!
- Plus, traders who generate $120,000 or above in trading volume during the campaign period will qualify for a special 1.2x profit multiplier!
How It Works:
- Prize Pool: $12,000
- Eligibility: Traders who achieve 12% profit (%PnL) and $1,200 in volume enter the $12,000 pool.
- Reward Formula: Individual prize= (Individual PnL/Total PnL of all qualified traders) × 12,000
- Bonus: Achieve $120,000 and above in trading volume to apply a 1.2x multiplier to your profit.
Rewards Breakdown:
| Qualified volume to access pool | Qualified Pnl to access pool | Prize pool | Individual reward formula |
| $1200 | 12% | $12,000 | Individual PnL/ total PnL of people qualified * $12,000 |
Example Reward Breakdown
Say 10 traders make it above 12% profit and 1,200 volume.
Of which top 2,5,8 generated above $120,000 in volume and qualify for a 1.2x profit multiplier
| Winners | Volume | % Profit | Final % profit | Reward Calculation | Rewards ($) |
| Top 1 | $98,040.00 | 180% | 180% | 180/1002*12000 | 2155.7 |
| Top 2 | $121,050.00 | 170% | 204% (1.2x applied) | 204/1002*12000 | 2443.1 |
| Top 3 | $30,100.00 | 130% | 130% | 130/1002*12000 | 1556.9 |
| Top 4 | $110,300.00 | 111% | 111% | 111/1002*12000 | 1329.3 |
| Top 5 | $145,050.00 | 100% | 120% (1.2x applied) | 120/1002*12000 | 1437.1 |
| Top 6 | $67,342.00 | 100% | 100% | 100/1002*12000 | 1197.6 |
| Top 7 | $110,050.00 | 55% | 55% | 55/1002*12000 | 658.7 |
| Top 8 | $130,000.00 | 50% | 60% (1.2x applied) | 60/1002*12000 | 718.6 |
| Top 9 | $60,000.00 | 30% | 30% | 30/1002*12000 | 359.3 |
| Top 10 | $12,579.00 | 12% | 12% | 12/1002*12000 | 143.7 |
| 1002% | 12000.0 |
4. Results Announcement:
- Following the conclusion of the competition, Bitfinex will take up to 4-6 weeks to deliver prizes to the winners.
- For security reasons, Bitfinex will never publicise personal data in any winner announcements, however except where prohibited by law, Participants grant Bitfinex and its designees the right to use their chosen trading names and trading volume(s) for purposes of selecting and broadcasting winners and for advertising and promotional purposes for the Competition and similar promotions, worldwide, and in perpetuity without additional compensation, review or approval rights, notification or permission
Disclaimer: Bitfinex reserves the right to make changes without prior notice. Keep up to date by referring to this Competition Description.
Accordingly, capitalised terms used, but not defined in this Competition Description, have the meanings set out in the General Rules for Competitions: https://www.bitfinex.com/legal/general/competitions-terms