- Ranking formula
- Net Return % = (Ending Event Equity − Starting Event Equity) ÷ Starting Event Equity × 100. Equity is cash plus the liquidation value of every open position, so unrealised losses count exactly like realised ones.
- Execution model
- All competitors trade against the same reference prices. Fills include size-dependent price impact modeled on each token’s reference pool, a 0.10% venue fee and a $0.05 network fee per trade. Long-only spot, no leverage.
- Limits
- Starting capital $10,000 (virtual). Max 50% of equity in one token. Minimum trade $10. Up to 20 trades per minute. Tokens need $100k reference-pool liquidity.
- Tie-breakers
- Competitors who make no trades rank below everyone who traded. Equal returns are separated by lower max drawdown, then fewer trades, then earlier registration. Rows identical on all three share the rank and split the prizes for the places they cover.
- Stale prices & outages
- A token whose reference price is older than 30s cannot be traded until data recovers; open positions keep their last good valuation and are marked stale. If every price is stale for 90s the event pauses automatically and the clock stops; the remaining time is restored on resume.
- Close & settlement
- At the close trading freezes. Open positions are valued at the closing reference price with full exit slippage and fees, as if sold. Results are provisional for a 2-minute review window, then final. Final results cannot be edited.
- Scoring for this format
- After each round the lowest-ranked survivors are eliminated until a champion remains.
- Integrity
- Prices, fills and timestamps are set by the server. Every trade is append-only, and every organizer action is written to a hash-chained audit log. Final results cannot be edited by anyone.