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The competition starts on Tuesday 12th July and runs for one week and the asset trade will be BTC/USD with BTC collateral. More assets will be added to the feature when it properly launches.
The competition takes place on the BNB Smart Chain Mainnet, with a Sovryn interface provided to bridge BTC from RSK to BNB smart chain and back.
The total prize money is 0.5 BTC plus a share of the profit/loss that the AMM incurs during the competition. Prize money is paid to top 3 traders and distributed in relation to their P&L.
For more information on perpetual future visit our wiki
Check out the Perpetuals WikiThe Sovryn Perpetuals AMM has a unique, capital efficient design so traders benefit from competitive slippage and fees.
The Sovryn Perpetuals AMM will enable you to use your bitcoin to gain long or short exposure to other assets, while only ever having to transact in bitcoin.
Satoshis becomes the standard! Margining financial instruments in terms of bitcoin will lead us one step closer to a $BTC standard world.
Enable you to use your bitcoin to gain
Enable you to use your bitcoin to gain
Enable you to use your bitcoin to gain
Lower slippage than other DeFi protocols. Perpetual future contract AMMs with comparable capital reserves.
Different types of margin collateral, e.g. BTC/USD with margin collateral in BTC.
Decentralized, privacy-focused trading. Maintain control of your capital and personal data.
Your most common questions, answered. Missing something? Ask us here.
© Sovryn. All rights reserved.
Competition start date is Tuesday 12th July and end date is Tuesday 19th July.
The instrument traded is BTC/USD collateralized in BTC.
The competition takes place on BNB Smartchain mainnet. Sovryn provides a user interface to bridge BTC from RSK to BNB Smartchain and back:
RSK to BSC: (or vice versa): click "RSK transfer" button
BTC to BSC: click "BTC Deposit" button
BSC to BTC: click "BTC withdraw" button
Gas fees on BNB Smartchain are paid in BNB tokens. However, with Sovryn Perpetual Futures, gas fees can be paid in BTC. Gas fees have no influence on the competition ranking.
The competition ranking is determined in terms of realized, relative P&L.
Specifically, the P&L is calculated as follows
X := Cumulative sum of transfer amount from perp to trader address
Y := Running max of -X
With every transfer T to or from the trader’s margin account, we update X <- X + T and Y <- max(Y, -X)
%PnL = X / Y
If the there is an open position, the PnL above is approximated via %PnL (approximated) = (X + margin balance) / Y
Because of the way the P&L is calculated, it is advisable to close open positions before the competition ends
Measuring relative P&L allows wallets with smaller funds to be able to compete with larger wallets.
At the end of the competition, the relevant trader ranking is the one displayed in the leaderboard
The total prize money is 0.5 BTC plus a share of the profit/loss that the AMM incurs during the time of competition. The prize money will be paid to the competitor’s wallet in RBTC a few days after the competition ends.
The total prize money is paid to the top 3 traders and distributed in relation to their P&L. For example, if the top 3 traders achieved a P&L of 200%, 100%, 15%, the best trader receives 0.31 BTC (200/(200+100+15) * 0.5 BTC).
To start the competition as a registered user, connect the wallet on the leaderboard site via button “connect wallet”. The leaderboard on the left side of the screen shows the traders positions. To start trading, click on the link “Perpetuals” in the gray top banner. Bridge BTC into Sovryn Perpetuals to be able to place trades.
