Bybit — a Singapore-based crypto derivatives exchange — is introducing a new contest for traders called the World Series of Trading (WSOT). The competition is the latest in the platform’s catalog of incentivized games targeted at getting customers to hone their strategies while standing the chance to win prizes.
Meanwhile, the crypto derivatives scene continues to expand with the competition among exchanges intensifying. Platforms that dominated the market in years past are seeing their rivals command a greater market share with traders looking for services that offer the most value.
WSOT: Latest Addition to Games Calendar
According to a press release shared with Blockonomi on Monday (July 6, 2020), Bybit is set to launch the WSOT event for crypto derivatives traders from across the world. The WSOT competition will be held twice a year with a prize pool of 200 BTC (~$1.86M) in this first edition.
As part of the press statement, the crypto derivatives exchange also revealed that participants will enjoy a 20% trading fee discount and Tether (USDT) bonuses totaling $9,400. The competition will reportedly take place between August 14 and August 31 with registration running until the end of July.
Commenting on the need for the WSOT, Bybit CEO ben Zhou remarked:
“The World Series of Trading will be the main tournament of Bybit Games and the crypto trading world. We at Bybit believe in the importance of empowering traders who embody the prowess and passion for crypto trading. This revolutionary event aims to champion the spirit of competition and fair play, and cultivate camaraderie between crypto derivatives traders from all over the world to create positive changes in the crypto space.”
The WSOT is the latest entry in the Bybit games catalog and will see popular names in the crypto trading scene as well as poker legends taking part. According to the crypto derivatives exchange, the competition will emphasize the spirit of transparency and fair play. As such, participant rankings in the tournament will be based on profit vs. loss percentages to even out the playing field.
Bybit Games Incentivizing Crypto Derivatives Traders
Bybit will be hoping that WSOT ends up being an even bigger success than BTC Brawl. Back in November 2019, Bybit debuted its multinational crypto derivatives trading contest which saw over 7,000 traders competing for the 100 BTC prize pool.
At the time, the contest was open to traders with a minimum of 0.05 BTC at the time. The competition came at a period when Bybit had crossed $4B in daily trading volume less than a year after beginning its operation. Bybit’s success has been in keeping with the crypto derivatives trading explosion see in Singapore.
As of the time of writing, open interest on Bitcoin (BTC) futures on Bybit stands at about $320 million based on data from crypto analytics platform Skew. Bybit is currently one of the largest crypto derivatives trading services in the world
Daily trading volume for BTC futures on Bybit is about $715 million with total trading volume steadily growing since the start of July. Open interest is also on the rise, crossing the $350M mark.
Crypto derivatives trading continues to gain prominence with the market expanding across several countries. Platforms are increasingly competing to offer the best futures, options, perpetual contracts and other trading instruments to customers. Earlier in June, Bybit enabled crypto purchases via debit and credit cards to offer faster fiat on-ramps for its customers.
As previously reported by Blockonomi, the crypto derivatives trading volume for Q1 2020 topped $2T which was almost a quarter of the $8.8T recorded for the total crypto market during the period.