Demex Futures Trading Competition

Published on: 29.06.2021

Switcheo announced that ETH and BTC quarterly futures are live on Demex, that’s why Demex Exchange is holding a trading competition with $120K USD worth of prizes up for grabs.

Traders can now open decentralized futures positions with up to 100x leverage – one of the highest in the market – using USDC as collateral. We are proud to be pioneering the way for the decentralized derivatives market by being the first cross-chain DEX to fully support quarterly futures.

How to participate

To participate in the competition, follow the instructions below. All steps must be completed for eligibility in the trading competition.

Create a wallet on Demex
Once your wallet has been created, follow the instructions here to register for the competition.
Make a successful futures trade on Demex for the ETHUSD and/or BTCUSD futures market expiring on 24 September 2021. Only trading volume for these 2 markets will be considered for the competition.

You can view your position in competition leaderboardanytime during the competition!

Competition Guidelines

The competition will take place over 21 days, starting from 29 June 2021, 11:00am UTC to 19 July 2021, 11:00am UTC.

Traders will be ranked according to trading volume only for the ETH and BTC futures markets with the 24 September 2021contract expiry.

The top 20 traders will share from a prize pool of $120K USD!

Maker Incentives

To ensure liquid orderbooks for tight spreads and low slippage, an additional incentive will be implemented for market makers who provide liquidity on Demex, even if their trade order does not get fulfilled.

How it works: Every $100 of liquidity provided by market makers that stays within 1% of the mid price (difference in best price of seller and buyer) for a duration of 1 minute will be equivalent to a trading volume of $1 (1% of liquidity provided).

To illustrate, if Bob submits a ETH/USD futures buy order with 1 ETH for $1,950 and the order stays within 1% of the current mid price at $2,000 for 1 minute (i.e. the order is not filled for a duration of 1 minute), it will be as if Bob has traded $20 (1% x $2,000) even though his order did not actually contribute to trading volume. If his full order gets filled eventually (in the next minute), the trading volume will also be counted, making his total trading volume $1,970 ($20 + $1,950).

If Bob’s order stays on the order book for more than 1 minute, his equivalent trading volume will increase accordingly per minute, assuming the order remains within 1% of the mid price.

*Snapshot is taken at precisely every minute. If order is placed at 8:00:01 AM and closed at 8:00:59 AM, it will not be counted

Fees for futures markets include:
Taker fees: 0.06%
Maker fees: -0.02% (rebates)
Transaction fees: 1 SWTH

Full contract specifications of the ETH and BTC futures markets can be found here.

Prize Pool

A total of $120k USD is up for grabs!

1st place: Tesla Model 3 (retail price of $40k USD)*
2nd place: $25,000
3rd place: $15,000
4th place: $10,000
5th place: $5,000
6th-10th place: Equal share of $15,000 prize pool ($3000 each)
11th-20th place: Equal share of $10,000 prize pool ($1000 each)

Winners will be contacted via Twitter DM by the Switcheo team and prizes will be distributed within 90 days of the end of the competition (with the exception of the Tesla Model 3).

What is Switcheo?

Switcheo builds platforms that break new ground. We bring you finance without limits, for lives without limits. Whether you’re a battle-weary trader or are just making your first purchase, there’s nothing cryptic about crypto on Switcheo.