Monthly Trading Competition

Hypercall runs monthly trading competitions on testnet. Trade options with testnet funds, climb the leaderboard, and win real prizes.

$1,000

monthly prize pool

$500

1st place

$300

2nd place

$200

3rd place

All prizes are paid in SYN tokens at the market rate when distributed.

Testnet Competition

This competition runs on the Hypercall testnet. You trade with testnet funds (no real capital at risk), but the prizes are real. Request testnet funds from the faucet to get started.

Schedule

Each competition runs for one calendar month, from the 1st to the 1st of the following month at 4:00 PM ET. A new competition begins the moment the previous one ends.

How to Enter

There is no registration. Place any trade during the competition window and you are in.

Your wallet address is your identity. You can optionally set a leaderboard display name from the profile page (subject to moderator approval). If you have a Hyperliquid Name (HNS), it shows automatically.

How Rankings Work

Primary metric: Profit and Loss

The default ranking is by P&L, the net profit or loss from all your trades during the competition:

$$\text{P\&L} \;=\; \underbrace{\text{Realized P\&L}}_{\text{closed positions}} \;+\; \underbrace{\text{Unrealized P\&L}}_{\text{open positions at mark}} \;-\; \text{Fees}$$

Component	What it means
Realized P&L	Profit locked in when you close a position
Unrealized P&L	Mark-to-market value of positions still open, based on live quotes
Fees	All maker and taker fees from trades during the competition

For a single closed trade, realized P&L is:

$$\text{Realized P\&L} = (\text{exit price} - \text{entry price}) \times \text{size}$$

For open positions, unrealized P&L uses the current best bid/offer:

$$\text{Unrealized P\&L} = (\text{mark price} - \text{entry price}) \times \text{size}$$

tip

You do not need to close all positions before the competition ends. Open positions are marked to market using live quotes at the time of leaderboard calculation.

Competitions rank by absolute dollar P&L rather than return-on-capital (ROI). There are a few reasons for this:

• Equal starting conditions. On testnet, all participants receive the same faucet allocation, so starting balances are roughly equal. Absolute P&L is already a fair comparison.
• ROI creates perverse incentives. With percentage-based ranking, the optimal strategy is to request the minimum possible capital and make one concentrated bet. A $10 account that makes$5 shows a 50% return that is nearly impossible to beat at scale. This rewards luck over skill.
• Absolute P&L rewards trading at scale. Turning a meaningful profit requires sizing positions, managing risk across multiple trades, and sustaining performance over the full month.
• Efficiency already captures capital discipline. The Efficiency metric (P&L / Volume) measures how much profit you generate per dollar traded, rewarding traders who are selective rather than hyperactive.

Other tracked metrics

Competitions may also rank by:

Metric	Formula	What it rewards
Volume	$\sum(\text{price} \times \text{size})$ for every fill	Active participation
Efficiency	$\text{P\&L} \;/\; \text{Volume}$	Profitable trading with minimal activity

FIFO lot accounting

The engine uses first-in, first-out (FIFO) lot accounting to calculate P&L:

1. When you open a position, a lot is created at your entry price.
2. When you close, the oldest lot is matched first.
3. The difference between your entry and exit price on each matched lot is your realized P&L.

Positions opened before the competition carry over for FIFO lot matching, but only lots opened during the competition window generate P&L.

If you hold 5 ETH calls from before the competition and sell them during it, the realized P&L from that sale is not counted because those lots were opened outside the window. However, if you then buy 5 new ETH calls during the competition and later sell them, that P&L counts because the lots were opened within the window.

Example

Step	Action	Running P&L
1	Buy 10 BTC calls at $500 each	$0 (position opened)
2	Sell 5 at $700 each	+$1,000 realized
3	Remaining 5 marked at $600	+$500 unrealized
4	Total fees: $20
	Competition P&L	$1,480

$$\$1{,}480 = \underbrace{(\$700 - \$500) \times 5}_{\$1{,}000\;\text{realized}} + \underbrace{(\$600 - \$500) \times 5}_{\$500\;\text{unrealized}} - \underbrace{\$20}_{\text{fees}}$$

Tiebreakers

If two participants have the same P&L:

1. Higher total volume wins.
2. If still tied, wallet address is used as a deterministic tiebreaker.

Competition Lifecycle

Phase	What happens
Pre	Competition announced. Leaderboard is empty. Trade normally.
Active	Every trade is tracked. Leaderboard updates in real time.
Post	Final standings frozen. Prizes distributed within 7 days.

The leaderboard is live during the competition. Your rank updates after each trade.

Eligibility

• Open to all wallets that execute at least one trade during the window.
• No sign-up required.
• Market maker accounts are excluded from the leaderboard and prizes.
• Multiple wallets per person are allowed. However, coordinated trading across your own wallets to artificially inflate rankings (wash trading) is grounds for disqualification.

Terms and Conditions

1. No manipulation. Wash trading, spoofing, layering, and any form of market manipulation are prohibited. Hypercall reserves the right to disqualify participants engaged in manipulative behavior.

2. Disqualification. Hypercall may disqualify any participant at its sole discretion for behavior that undermines the integrity of the competition.

3. Prize distribution. Prizes are distributed in SYN within 7 days of competition end. Timing may vary based on operational factors.

4. Changes. Hypercall reserves the right to modify rules, adjust prize amounts, or cancel competitions. Changes to active competitions will be communicated.

5. Tax obligations. Recipients are solely responsible for any tax obligations from prize winnings.

6. No investment advice. Trading options carries significant risk, even on testnet where capital is not at risk. Competition participation is not investment advice.

7. Jurisdiction. Participants must comply with applicable laws. Participation from restricted jurisdictions is prohibited.

8. Final decisions. All decisions regarding rankings, disqualifications, and prize distribution are final.