xPT Reward Calculation

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

• 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.

• 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.

• 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.

• 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.

• Trading volume generated from contract trading bonuses will not be counted towards xPT reward calculation.

• 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.

• 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.

• 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.