Perpkin Spice Season: $50,000 and a Perpkin Pie on the table

From November 10 to December 8, RISEx is running Perpkin Spice Season, a four-week trading competition with $50,000 in USDC rewards. There's no top 10 and no raffle. Every eligible trader gets a slice of the pool, sized by one public formula. On top of that, the whole community bakes the Perpkin Pie: when competition volume reaches $1B, it unlocks a Mystery Prize, and every $1M you trade earns you a Lucky Draw ticket.

How is my score calculated?

Your score combines three shares, each measured against every wallet that joined the competition:

• Volume share: your trading volume as a share of all participants' volume.
• OI share: your time-weighted open interest as a share of the total.
• PnL share: your positive realized PnL as a share of all positive PnL. If you finish down, this part is zero, but your volume and OI shares still count.

All scores add up to 1,000, so a Score of 11 means 1.1% of the total.

How much do I get paid?

Your score sets your share of the $50,000

Your reward is your Score divided by the total Score of Eligible wallets, times the prize pool.

An Eligible Score meets two conditions:

• Its claimable rewards are $10 or more.
• Its wallet has at least $100,000 in trading volume.

Scores that miss either condition still count toward the 1,000, but they aren't paid and drop out of the eligible total. Their value is re-split among every eligible wallet, so the full $50,000 is always paid and every payout is at least $10.

Example: a trader with 0.90% of volume, 1.20% of OI, and 1.20% of PnL has a Score of (0.90 + 1.20 + 1.20) ÷ 3 × 10 = 11.

• If every participant is eligible, the scores add up to the full 1,000. Payout: 11 ÷ 1,000 × $50,000 = $550.
• If participants who miss either condition hold 200 of the 1,000, eligible scores add up to 800. Payout: 11 ÷ 800 × $50,000 = $687.50.

So your payout starts at your score's share of the 1,000, and grows as more of the total sits with ineligible scores.

How do I qualify?

On the Competition Page, select the Perpkin Spice competition, click “JOIN” to sign up.

Trading at least $100,000 in volume puts your name on the leaderboard and gives you a chance to compete for a share of the $50,000. If you're below $100,000, you're excluded from the leaderboard and the payout pool.

Every RISEx market counts.

What is the Perpkin Pie?

The Perpkin Pie is a community goal. Every $50M traded in the competition bakes one slice. At 20 slices (a total of $1B in volume), the pie is fully baked, unlocking a Mystery Prize. Everyone who holds Lucky Draw tickets gets a chance to share the mystery prize, which we'll draw after the competition ends.

Track every slice on the Perpkin Pie tracker, refreshed every 15-20 minutes. We also post the Perpkin Pie’s progress on our X, so check our page daily.

What happens if $1B is not reached?

The Perpkin Pie is underbaked and therefore not usable. The mystery prize remains locked for future campaigns.

How do Lucky Draw tickets work?

Every $1M of notional volume you trade during the competition earns 1 Lucky Draw ticket. Each ticket increases your odds of winning part of the Mystery Prize, so the more you trade, the more chances you have.

What doesn't count?

• Trading activity outside the competition window.
• Unrealized PnL.

That's the whole recipe. Nothing gets added after the first trade.

When does it run and when do I get paid?

The competition opens on November 10 at 14:00 UTC and closes on December 8 at 14:00 UTC. We will distribute the rewards within 7 days of the campaign ending.

FAQ

Do I need to sign up?

Yes, on the competition Page, select the Perpkin Spice competition, click “Register” to sign up. To qualify and enter the leaderboard, you must cross $100K in volume.

Is there a limit on what one trader can win?

No. Your payout is your score's share of the $50,000, plus your cut of any shares re-split from under $10.

What if my share is under $10?

Shares under $ 10 aren't paid out. They're re-split among everyone else, so every payout is at least $10.

What is the Mystery Prize?

It stays under the crust until the pie is fully baked, at $1B. Then it's revealed, and a lucky draw wins it.

How many Lucky Draw tickets do I have?

One for every $1M of notional volume you trade during the competition, rounded down. More tickets, more chances to win.

Do I need an extra $100K in volume to get a ticket?

No. Once you qualify with $100K in trading volume during the competition, your total trading volume target is $1M per ticket.

Where can I see my score?

On the leaderboard at [URL]

Terms and conditions

• Participation is open to all RISEx traders active during the campaign window. By trading during the window, participants accept these terms.
• RISEx may disqualify any participant or wallet at any time, with or without notice, for conduct it considers abusive, manipulative or contrary to the spirit of the campaign. This includes self-matching, wash trading, circular flow, Sybil activity, multi-accounting, exploiting bugs or any attempt to game the ranking.
• Linked accounts are treated as one participant. Splitting activity across accounts to gain additional entries is multi-accounting.
• RISEx may amend, pause, extend, shorten, or cancel the campaign, and change its mechanics, rewards, or timing, at any time and for any reason.
• Rewards, including Perpkin Pie points, are subject to change and may be added, removed, or modified at the team's discretion. Points have no guaranteed monetary value. Nothing here guarantees any specific reward, benefit or future entitlement.
• All decisions made by the RISEx team in relation to this campaign are final and binding.
• This campaign is not an offer of securities or a solicitation to invest. Trading derivatives carries significant risk, including total loss. Participants are responsible for ensuring participation is lawful in their jurisdiction and bear sole responsibility for their trading decisions.
• Rewards will be credited within 7 days after the competition ends.
• These terms are governed by and construed in accordance with the laws applicable to RISEx operations. Where any provision is found unenforceable, the remaining provisions continue in full effect.