> For the complete documentation index, see [llms.txt](https://phemex.gitbook.io/phemex-web3-whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://phemex.gitbook.io/phemex-web3-whitepaper/incentives/trading-rewards/xpt-pre-mining/xpt-reward-calculation.md).

# xPT Reward Calculation

The formula to calculate each participant's xPT mined is as follows: 

<figure><img src="/files/8aoF3yYNfpXrdPr0Gmsv" alt=""><figcaption></figcaption></figure>

* The xPT pre-mining event will calculate total contract trading volume generated on Phemex (excluding USD-margined contracts), and that volume will be displayed in USD.&#x20;
* Effective contract trading volume from a user’s sub-account will be automatically counted as well, but users must use their main account to mint the Phemex Soul Pass.&#x20;
* xPT rewards will start to be calculated once each pre-mining stage officially begins. During the pre-mining event, users can still mint their PSP anytime and join the event. If PSP is minted while a pre-mining stage is already ongoing, then that user’s xPT rewards will start counting from PSP minting time.&#x20;
* In order to promote fairness during the pre-mining event for all types of users, the trading volume generated by users through API and non-API trading will be calculated based on different stage coefficients X. The stage coefficient corresponding to API trading will be lower, thereby increasing difficulty.  If a user performs both API and non-API trading, the system will calculate xPT rewards for each separately and display the summed up amount.
* Stage coefficient x will gradually decrease with each pre-mining stage, meaning that the reward mining difficulty rises with each subsequent stage.
* xPT rewards acquired by users during the pre-mining event will be reflected as metadata on the user’s Phemex Soul Pass.&#x20;
* Trading volume generated from contract trading bonuses will not be counted towards xPT reward calculation.&#x20;
* If a participating account has contract trading volume generated with a negative maker fee rate, then all the trading volume generated by this account will not count towards xPT reward calculation.&#x20;
* Contract trading volume generated as maker through API trading with a 0% fee rate will also not count, though API volume generated as taker will still count.&#x20;
* Users who are participating in the pre-mining event can access and enjoy all the trading services provided on Phemex as normal, including Hedge Mode contract trading, etc. Hedge Mode trading will not impact the calculation of a user’s pre-mining rewards.


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