August 2026 SYN Trading Competition

Archived

This competition has ended. The rules below are preserved as originally published for the event that began August 28, 2026 at 12:00 AM ET (04:00 UTC). See Trading Rewards for the current program.

Original rules

Realize positive competition PnL during the competition window to enter. This can come from a closing fill during the window or from settlement of an option whose canonical expiry falls inside the window. There is no separate registration or volume floor.

Prizes

Place	Prize
1st	$400, paid in SYN
2nd	$250, paid in SYN
3rd	$150, paid in SYN
4th	$120, paid in SYN
5th	$80, paid in SYN

The total prize pool is $1,000. All prizes are paid in SYN. At the end of the competition, each fixed USD prize value will be converted into SYN using the SYN/USD rate at that time. Hypercall will publish the conversion rate and exact SYN token amounts with the final results. A wallet must have positive competition PnL and finish in the top five official Score positions to receive a prize.

Official Ranking

The official standings rank wallets by Score. The PnL and Volume views on the leaderboard are informational.

$$\text{Score} = \text{Positive Competition PnL} \times \text{Volume Multiplier}$$

Only positive competition PnL receives a volume multiplier. Zero or negative PnL is not amplified and cannot win a prize.

Qualifying volume	Volume multiplier
$0	1.00x
$10,000	2.50x
$50,000	3.00x
$250,000	4.00x
$1,000,000 or more	5.00x maximum

There is no minimum-volume eligibility floor. The multiplier grows continuously from 1.00x to 2.50x between $0 and$10,000. It then grows logarithmically between each published positive-volume tier and is capped at 5.00x.

Prize eligibility

A wallet must have positive competition PnL. There is no minimum qualifying volume. The five highest eligible Score positions receive prizes after the integrity review.

Tiebreakers

Score ties are resolved in this order:

1. Higher raw competition PnL
2. Greater qualifying volume
3. Wallet address, used as a deterministic final tiebreaker

What Counts

Competition PnL

Competition PnL includes:

• Closing-fill PnL realized during the competition window
• Settlement net PnL from options whose canonical expiry falls inside the competition window

A position opened before the competition counts if it is closed or expires during the window. For a closing fill, the full realized_pnl recorded by the engine at that fill counts. The competition does not invent a start-of-window mark or split that realized result into pre-window and in-window price movement. For an eligible expiry, the full settlement net PnL counts. A position that remains open at the deadline contributes zero competition PnL. It stays open and does not disqualify the wallet.

Deposits and withdrawals are excluded from competition PnL and Score.

Qualifying volume

Only fills executed during the competition window count toward qualifying volume.

Instrument	Qualifying volume
Perpetuals	Execution price multiplied by size
Options	The lesser of underlying notional or 300 times the premium paid or received

The options cap prevents very low-premium contracts from creating disproportionate leaderboard volume.

Participation

• No registration is required. Realize positive competition PnL with your connected wallet during the competition window.
• Settlement-only entries can qualify. An option opened before the competition can create eligible PnL when its canonical expiry falls inside the competition window, even if settlement finishes after the window and the wallet executes no fill during it. Its qualifying volume is $0 and its multiplier is 1.00x.
• Your wallet is your identity. An approved profile name or Hyperliquid Name may appear on the leaderboard.
• Market makers are included in the leaderboard and prize eligibility.
• Multiple wallets are allowed, but coordinated self-trading or other activity intended to inflate rankings may lead to disqualification.

Final Standings

The leaderboard updates during the competition. Final standings are published only after every option expiring inside the competition window has completed settlement and the results have been reviewed.

Competition Integrity

1. No manipulation. Wash trading, spoofing, layering, and other attempts to manipulate rankings are prohibited.
2. Disqualification. Hypercall may disqualify activity that undermines the integrity of the competition.
3. Rules are fixed after the start. Scoring, eligibility, tie-breaks, and prizes cannot change once a competition starts.
4. Taxes and legal requirements. Prize recipients are responsible for applicable taxes and must comply with local laws and jurisdictional restrictions.
5. Trading risk. Trading options and perpetuals involves substantial risk. Participation is not investment advice.
6. Final decisions. Decisions concerning rankings, eligibility, disqualification, and prize distribution are final.