The GMX #EIP4844 Trading Competition is live: trade on GMX V2 on Arbitrum to win your share of a $500,000 prize pool!
A special Trading Competition will kick off on GMX on Wednesday, March 13, to celebrate the simultaneous launch of GMX’s new Trading Leaderboard and Ethereum’s EIP-4844 upgrade. The #EIP4844 improvement proposal is part of the crucial Dencun hard fork and will significantly reduce gas costs on Arbitrum and, by extension, GMX.
Join the GMX #EIP4844 Trading Competition: trade any tokens on GMX V2 on Arbitrum, experience the vastly reduced gas costs, get on the leaderboard, and win your share of the 280,000 ARB (~$550,000) prize pot!
Two consecutive one-week contests:
The GMX #EIP4844 Trading Competition will consist of two contests with two prize categories: top ROI and top notional profit. Both contests will last for seven days:
Wednesday 13 March 00:00 UTC until Wednesday 20 March 00:00 UTC
Wednesday 20 March 00:00 UTC until Wednesday 27 March 00:00 UTC
Competition Prizes:
The total prize pool of the GMX #EIP4844 Trading Competition is 280,000 ARB tokens, courtesy of the GMX STIP incentive program and the Arbitrum DAO. Each week, 100,000 ARB will be distributed to the winners of the Top PnL ($) category, and 40,000 ARB to the winners of the Top PnL (%) category.
-Top PnL ($) category:
1st Highest Notional PnL: 50,000 ARB
2nd Highest Notional PnL: 25,000 ARB
3rd Highest Notional PnL: 10,000 ARB
4-18th Highest Notional PnL: 1,000 ARB
TOTAL: 100,000 * 2 weeks = 200,000 ARB (~$400,000)
-Top PnL (%) category:
1st Highest PnL (%): 10,000 ARB
2nd Highest PnL (%): 7,000 ARB
3rd Highest PnL (%): 5,000 ARB
4th-18th Highest PnL (%): 1,200 ARB
TOTAL: 40,000 * 2 weeks = 80,000 ARB (~$160,000)
To view the current rankings in the competition, check out the newly launched GMX leaderboard:
> https://app.gmx.io/#/competitions/
How to understand Top PnL in % and Top PnL in $:
Achieving the Top PnL in $ (highest notional profit):
Top PnL ($) is simply the total realised and unrealised profit and loss for the competition period, including fees and price impact.
Achieving the Top PnL in % (highest return on investment; ROI):
Top PnL (%) will be defined as [PnL / Capital Used].
PnL is the Sum of all realised and unrealised profits and losses during the week-long competition window, including open positions at the deadline. Capital Used is defined as [sum of collateral of open positions - realised PnL + period start pending PnL]. Basically, it is how much money a trader used to generate the PnL. It takes into account Capital Used in any position open at the start of the competition window.
Competition rules:
There is no need to sign up for the competition: all trades on GMX V2 on Arbitrum during the competition period will automatically qualify.
Trades already open at the start of the competition period will count towards capital used.
Capital used is the total collateral used for all open positions at once. Profits earned, and reusing collateral from your prior trades during the competition to reinvest in opening new positions, will not increase your capital used. The minimum capital a trader is required to use to be eligible for both the Top PnL ($) and Top PnL (%) competition categories is $500.
Profits are counted on partially or fully closed positions, including the value of open positions at the competition deadline.
If you are trading directly with the GMX Contracts, trades should be possible based on the interface at app.gmx.io
Capital Used, Profit, and Loss, will all be calculated in USD
A trader can collect prizes in both categories: Top PnL ($) and Top PnL (%)
The competition funders reserve the right to disqualify any address at their sole discretion, in case violations of ‘Fair Play’ and/or trading activity are identified that do not follow the intent of the contest—including multi-account trading or manipulating markets to achieve specific results.
There may be a manual check of the final leaderboard rankings by a GMX committee before the distribution of the prizes.
To Trade on GMX:
Follow this guide to begin trading on GMX V2:
> https://docs.gmx.io/docs/trading/v2
Connect with GMX:
Website: https://gmx.io/
Twitter: https://twitter.com/GMX_IO
Telegram: https://t.me/GMX_IO
Discord: https://discord.gg/H5PeQru3Aa
Why is there a minimum $500?