What Is the Bybit World Series of Trading (WSOT)?

WSOT, the World Series of Trading, is the largest crypto trading competition in the world. There's a lot of buzz around the event because 10 million USDT is up for grabs. Anyone who knows how to trade crypto or who's interested in following experienced crypto traders can participate by registering at the official tournament website.

The mega-event is a brainchild of Bybit, the innovative crypto exchange established in 2018. Bybit held the inaugural WSOT in 2020 when traders took away nearly $1.27 million in prize money. The overwhelming success of the inaugural WSOT 2020 turned it into a grand annual event, each year bigger than the previous one. 

Key Takeaways:

• WSOT is the largest crypto trading competition in the world, offering a current total prize pool of 10 million USDT. 

• The competition allows individuals to compete solo or join squads, and anyone with a minimum of 500 USDT in net assets can participate. 

• WSOT 2024 is unique in its integration of web3, the use of Subaccounts to participate in multiple competitions and a weighted astier system that encourages fair fights among individuals and squads.

How Does WSOT Work?

The World Series of Trading (WSOT) is Bybit’s biggest annual trading competition, with a massive prize pool worth millions of dollars. 

Every trader joining the tournament can participate as an individual or join forces to participate as part of a squad. Squads are ranked according to a profit-loss formula. In 2023, the leading troop amassed a whopping 2,361.1% profit-and-loss (PnL), earning 864,000 USDT. Meanwhile, individual players are ranked according to their trading volume or profit. The leading player for trading volume in 2023 reaped $1,444,006,094 in trading volume, while the top player for profit earned $4,449,813.54; each player was rewarded with 258,000 USDT.

The competition typically involves derivatives trading for squads and solo players, with side campaigns involving lucky draws and lotteries. WSOT 2023 included a new category, Copy Trading, through which Master Traders and followers can reap the rewards. This year’s WSOT has added a web3 voting competition on top of the Copy Trading side competition. 

​​According to Ben Zhou, co-founder of the Bybit platform, not only was WSOT created for traders all over the world to learn more about crypto trading and win prizes, but Bybit has also pledged to use a part of the WSOT winnings to finance education and as charitable contributions. 

In 2022, $400,000 worth of BTC was donated to UNICEF to provide science and technology to marginalized communities in East Asia and Pacific. For WSOT 2023, 5% of the eventual prize pool plus contributions from Bybit, totaling up to 400,000 USDT worth of United Arab Emirates dirham (AED), was contributed to the Dubai Multi Commodities Centre and other blockchain organizations to support the growth of the crypto industry. 

As part of WSOT 2024, Bybit will contribute up to 75 ETH to sponsor Ethereum’s first Attackathon — a global hackathon launched in collaboration with Immunefi and the Ethereum Foundation. This sponsorship aims to support and advance the Ethereum ecosystem’s Public Good Protocol.

Why Should You Join WSOT?

The WSOT Bybit tournament has already attracted thousands of participants, as it allows both professional and novice traders to benefit. The highlight of WSOT is you don't have to be a pro to take home huge prizes and bonuses. If your team can generate profits and end up high in the overall ranking, every member of the squad will benefit. 

For WSOT 2024, besides the jaw-dropping prize pool of up to 10,000,000 USDT there’s a copy-trading competition in which followers can earn USDT rewards, and a web3 competition in which you can simply vote to win MNT rewards. Furthermore, WSOT 2024 is also offering a lucky draw, with attractive prizes such as Rolex watches and world trip tickets to be won.

Who Can Participate in WSOT?

Anyone can participate in the tournament as long as they’re not part of service-restricted locations. That said, Market Makers, Pro 3+ (Pro 3, 4 and 5) and Institutional account users aren’t eligible, as these are usually institutional traders who would make the competition unfair due to their high trading volumes. 

You must open a Unified Trading Account and deposit a minimum of 500 USDT to participate in WSOT 2024. While Subaccounts can’t be used for participation in WSOT 2023, this year’s WSOT will let you connect up to four Unified Trading Subaccounts in order to join and maximize your rewards. 

WSOT Competition 2024

Main Competition (Squad Showdown)

The WSOT 2024 main tournament has a total prize pool of up to 7,150,000 USDT, split into four reward categories for its main derivatives and options competition. The tournament takes place from Oct 10, 10AM UTC to Oct 31, 10AM UTC.

Rewards breakdowns for each category are as follows:

• Squad PnL% Ranking: 1,400,000 USDT (leaders of the top 10 squads with the highest rankings can claim 20% of the prize pool)

• Regional Squad PnL% Ranking: 1,400,000 USDT (the top three squads of each region will share the prize pool)

• Individual Profit: 2,800,000 USDT (leaderboard ranked according to weights determined by asset tiers (discussed further below) — Lightweight: 10%, Middleweight: 20%, Heavyweight: 60% (up to 100 winners in each tier)

• Individual Trading Volume: 1,400,000 USDT (Up to 100 winners)

Apart from the main rewards, the WSOT 2024 Main Competition includes several extra rewards. There’s a Squad Streak reward with a 50,000 USDT prize pool, and a Squad of the Year reward with a 100,000 USDT prize pool. In addition, the Reset Card provides yet another extra chance in the form of PnL%, whereby users with negative PnL% can receive one ticket for every 50,000 USDT transaction, with a maximum of three during the event. If you’re a VIP or Affiliated user, you’ll immediately receive one card upon registration. 

Side Competitions

There are also various other side competitions you can participate in, such as the Copy Trading Fest and WSOT DEX Wave. 

WSOT DEX Wave

WSOT DEX Wave is a daily lucky draw and final prize pool that’s based on your voting strategy. Running from Oct 1, 10AM UTC – Oct 31, 10AM UTC, it features a prize pool of up to 1,000,000 MNT, split into two parts — a 200,000 MNT prize pool and an 800,000 MNT prize pool. 

To join the lucky draw, you’ll first need to create and connect a Seed Phrase Wallet or a Cloud Wallet. Next, vote for your favorite project to earn a one-time lucky draw ticket and a chance to share in the 200,000 MNT prize pool.

If the project you vote for ranks in the top 10, you’ll get to share the biggest portion of the final 800,000 MNT prize pool. The top 10 projects will be eligible to receive a direct review by Bybit’s CEO, Ben Zhou, for Bybit Spot and Perpetual contract listing. The winning project will also have an opportunity to film an exclusive Bybit documentary, entitled Journey With Ben. 

Copy Trading Fest

The Copy Trading Fest is being held concurrently with the Main Competition, between Oct 10, 10AM UTC and Oct 31, 10AM UTC. It offers a total prize pool of 100,000 USDT for the top 50 Master Traders with the highest PnL%, and a 100,000 USDT prize pool for the top 100 Followers with the highest profits generated during the event period via Copy Trading. 

To be eligible to win as a Master Trader or as a follower, you must have a minimum Derivatives transaction volume of $50,000 during the competition period.

Besides joining the competitions, you can also win more prizes and bonuses in other ways. Read more about these in the following sections.

Bybit WSOT Over the Years

When WSOT 2020 first launched, it attracted nearly 12,000 participants worldwide, who played for $1.27 million in prize money and a chance to help fundraise the nearly $100,000 donated to UNICEF. Bybit also distributed $10,000 in social media giveaways. 

The roaring success of the inaugural WSOT in 2020 led to a significant increase in both the number of participants and the total prize pool for WSOT 2021. Almost 35,000 traders joined to compete for a prize pool of $4.09 million. WSOT 2021 also included over 1,000 NFTs as rewards. The larger prize pool allowed for a greater donation, totaling $400,000, for UNICEF.

WSOT 2022 attracted over 69,000 participants from 182 countries, with its total prize pool of 8 million USDT. WSOT 2023 also had a total prize pool of 8 million USDT — and even included a Lamborghini and Rolex watch giveaway. WSOT 2024 is offering a sizable increase in its prize pool — a total of up to 10 million USDT that includes a luxury yacht, a Rolex watch and world trip tickets!

Things to Know Before Participating in WSOT 2024

The World Series of Trading 2024 will be nothing less than a singular, groundbreaking event in the history of crypto trading. It's special not only because of its sheer size, but also because it creates an opportunity for everyone to participate without strict registration rules. If you're interested in dominating the market, the following are some basic guidelines.

Registration Period

Registration for the 2024 WSOT Bybit event starts on Oct 1, 2024, 10AM UTC, and continues until Oct 20, 2024, 10AM UTC. To encourage active participation, Bybit is offering an early-bird bonus until Oct 4, 2024, 10AM UTC. Early-bird users whose trading volume exceeds 50,000 USDT during the competition period will receive a 50 USDT bonus. Registration will continue until Oct 10, 2024, 10AM UTC, after which the late registration period will run from Oct 10, 2024, 10AM UTC until Oct 20, 2024, 10AM UTC. 

The trading period will end on Oct 31, 2024, 10AM UTC, and the awarding phase will be held from Nov 1, 2024, 10AM UTC through Nov 12, 2024, 10AM UTC.

Ranking Mechanism

With its tiered system, WSOT 2024 presents a fairer environment for traders to compete in the Main Competition. The tiers allow users to choose from three different levels of wallet amounts, which are then categorized into three different weight classes based on each trader’s selected asset tier: Lightweight ($500), Middleweight ($2,000) and Heavyweight ($10,000). Each weight class has its own prize pool, ensuring that both retail traders and larger players can compete fairly within their own divisions.

Additionally, instead of individuals competing in squads or on individual leaderboards, squads compete with others in different "weight classes." At the end of each day, every squad's points will be adjusted according to its members' weight categories.

Bonuses and Rewards

You can receive a 50 USDT early-bird bonus if you register before Oct 4, 2024, 10AM UTC and achieve a trading volume above 50,000 USDT during the competition period. Bonuses cannot be withdrawn. Similarly, redeeming a bonus voucher during the competition is considered a deposit, which will negatively impact your PnL(%) balance.

If you participate in the Buddy Rally by inviting more friends to join WSOT 2024, you’ll be able to share in a prize pool of up to 200,000 USDT. Additionally, by joining the Livestream Lucky Draw, you’ll earn a shot at winning a 100 USDT bonus, a Rolex watch worth $15,000, a yacht worth $300,000 and $10,000 round-trip tickets to six different continents! 

You can check your rewards on the My Dashboard page. All rewards will go through a risk check before being distributed. Once cleared, your reward can be found in the Rewards Hub within 10 days after the end of WSOT.

Final Note

With the introduction of a weighted and tiered system, and the use of Subaccounts to participate in multiple competitions at once, Bybit’s WSOT 2024 creates a truly fair environment in which traders can compete for exciting prizes. If you love trading, this is certainly a great chance to experience trading adrenaline!

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